Word: asianized
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...Singapore is determined to become a private-banking haven to rival Switzerland. Several years ago, the city-state's leaders recognized that despite its transparent legal system, low taxes and stable government, Singapore (population 4.2 million) really wasn't big enough to challenge Hong Kong or Tokyo as an Asian center for investment and merchant banking. But tiny Switzerland manages to punch way above its economic weight in private banking. Why couldn't Singapore exploit the same opportunity in Asia...
...Although the current scramble for Asian clients is driven by the region's growing wealth, the seeds of the boom were sown not by prosperity but by adversity. In the past, Asians have tended to manage their money without professional help, and to stash a lot of it conservatively in cash, savings deposits and real estate. "The Asian rich have had a high propensity to hold cash," says Scott of BCG. "That was why private banking didn't take off for a long time in Asia." But several economic shocks?including the tech-stock crash of 2000 and the 9/11...
...that aura of exclusivity and sophistication that the client with everything may be inclined to prize. One vehicle with almost irresistible snob appeal is the "Ultimate Wine Fund" offered by the private-banking arm of the French giant Soci?t? G?n?rale Group. Available primarily to customers of SocG?n's Asian private bank, the fund is linked to a specially created Cayman Islands firm that, acting on the advice of wine experts and auction houses, buys and stores select vintages. Investors wanting to cash out after the minimum one-year holding period may redeem their shares for actual bottles of wine, which...
...private banks to distinguish themselves from competitors in a fragmented market that's ferociously competitive. The largest global private banks in Asia are UBS, Credit Suisse, HSBC and Citigroup, but there are scores of others, and no single player is dominant?Citigroup, which manages roughly $70 billion in Asian private-banking assets, is one of the top-three regional players, yet it still controls just 3-4% of the Asia market. With customers up for grabs, selling services can be about marketing the sizzle?bragging rights and a sense of privilege?as well as the steak. Thomas Meier, head...
...biggest challenge for now is not, in fact, attracting clients but finding and training enough qualified staff to service them. Asian private bankers differ from their European counterparts, according to Credit Suisse industry analysts. They tend to be relatively young (average age: 35). Yet, because of the proliferation of esoteric investment choices, their work is becoming more complex than ever before. "The technology in private banking has evolved tremendously," says SocG?n's Truchi, exacerbating the need for more sophisticated bankers. "It's gone from simple brokerage services to hedge funds and derivatives." Says BCG's Scott: "The biggest pitfall...