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...assets under management in Singapore are growing by 20% a year. Growth rates like that make it the fastest-growing private-banking market in the world, says Scott of BCG. And the world's largest financial institutions?among them HSBC, UBS and Citigroup?are expanding their Singapore presence. Credit Suisse, for example, currently employs roughly 500 private bankers in Singapore, more than any place outside Switzerland?and the bank has plans to hire 100 more this year. Bank Julius Baer, the venerable Swiss private bank, has similarly high expectations. "We're trying to position Singapore as a second leg [after...
...conference room in Singapore's Conrad hotel in early august, a gathering of Credit Suisse Group employees is in the throes of an intense role-playing exercise. As part of their training to become private bankers, the recruits take turns acting out the roles of bank "relationship managers" and their wealthy clients. Taped to the wall of the room are posters offering helpful tips on such challenges as "Resolving Skepticism" and "Resolving a Misunderstanding." Under the stern eye of Penny Radcliffe, head of Credit Suisse's in-house training program, their performances are carefully scrutinized and criticized. One stylish...
...Citigroup Private Bank, a division of U.S. financial-services giant Citigroup, says it has already captured half of Asia's approximately 88 billionaires as clients, even as it launches operations in the relatively untapped markets of China and India. Also expanding their Asia footprints are Swiss behemoths such as Credit Suisse and UBS. The latter, which is already the world's largest private bank with $1.32 trillion in assets under management, had just 153 private bankers in Asia Pacific six years ago; earlier this year that number reached 600, most of them working in Hong Kong and Singapore...
...That's because there's so much room for growth. According to a 2005 report by Credit Suisse, only about one in five wealthy Asians uses private-banking services, which run the gamut from investing in stocks, hedge funds and private equity to providing tailored advice on everything from estate planning to buying the right Learjet or yacht for your family. At the same time, the region's robust economic expansion is creating a population explosion in the champagne-swilling classes. Most private banks sell their services only to those who are, in the industry jargon, "high-net-worth individuals...
...advisers" plotting corporate takeovers and tax dodges with their superwealthy clients over lobster and Ch?teau Margaux. While the banks do offer many perks, it is no longer such a rarefied niche market. For many financial institutions, private banking is increasingly crucial to the bottom line. For example, 46% of Credit Suisse's pretax banking profit in the second quarter of this year was generated by private-banking operations. While retail banks must focus on volume by hawking me-too products to millions of less-wealthy customers, private banks can rack up bountiful revenues by offering a wide range of lucrative...