Word: socgén
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...only profits but 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...
...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 is that customers are getting more demanding, but the talent base isn't able to [meet] their demands...
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