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While he took the flak and had to apologise to clients for problems and mis-sold products soon after the crisis, he is now reaping the rewards of a rise in form and fortune. UBS Wealth Management Written by Yuri Bender UBS Wealth Management has turned its operation around, shaken off much of its post-crisis bad publicity and returned to the upper echelons of the private banking industry in 2012.
While he took the flak and had to apologise to clients for problems and mis-sold products soon after the crisis, he is now reaping the rewards of a rise in form and fortune. Pictet & Cie Written by Yuri Bender Pictet has been one of the fastest growing banks in the private client world, increasing managed assets by 23 per cent to 2bn (€235bn) in 2012, according to figures from Scorpio Partnership.
While some bank watchers in Geneva claim that unlimited liability partnerships were only rethought because partners were becoming increasingly concerned about potential liabilities to US tax authorities, the Pictet partners see the move as part of a longer-term trend, rather than reacting to specific current circumstances.
It will also mean a much more transparent set of reporting requirements, with the bank now able to bat away accusations of being a secrecy-shrouded operator.
These clients lodge some of their assets with investment US banking-led institutions, but are also keeping faith with traditional Swiss private banks, he says.
As well as portfolio management, the bank is increasingly active in family governance and succession planning, helping families build solid governance structure to help manage change.
Inflows from new entrepreneurs, many of them enriched by social media, are increasingly drawn in by the bank’s strong brand, says Heinrich Adami, head of the London office for the Swiss wealth manager.
The bank’s global family offices group functions as a joint venture between the wealth management unit and investment banking, to target the needs of the world’s largest 250 family offices.
Many of these changes have been brought in by wealth management boss Jürg Zeltner, something of a “Teflon Don” character according to Swiss consultants.
“The real test will be in five to 10 years time, when they will see if we can deliver our vision.” OTP Private Banking Written by Elisa Trovato OTP Private Banking is a dynamic, growing player in the Central and Eastern Europe, having a dominant market position in its home country, Hungary, and good coverage in several CEE countries.
Last year the institution saw its AUM swell by 24 per cent to around HUF 739bn (€2.5bn) and its client base rise by 22 per cent, compared to an average growth rate of 13 per cent of its Eastern European competitors, according to OTP.