witzerland’s wealth management industry is leading the charge to the east, now that assets of wealthy individuals from the Asia-Pacific region are surging ahead of those held in Europe.
Rich Asians hold $10,800bn in assets, compared to Europe’s $10,200bn, according to the Capgemini and Merrill Lynch World Wealth Report 2011. Asia Pacific assets are growing at 12 per cent annually, against Europe’s 7 per cent.
Drawing up their battle plans to conquer these fast-growing private wealth markets, universal banks like UBS and Credit Suisse and boutique brands like Pictet and Sarasin all need asset diversification, deeper client relationships and must fight to keep experienced relationship managers.