Private banks are well aware they need to adjust their offer to clients, with an increasing focus on private equity, real estate and ESG products along with a shift in the way they manage relationships

While US private banks have used the huge wealth generated by a booming economy to transform themselves, European players, and the Swiss in particular, are having to overcome multiple headwinds. One thing is certain though: the successful firms of tomorrow will be the ones who put clients firmly at the heart of their business

PWM’s annual private banking awards see a strong showing from leading US banks which are combining technological innovation, customer service and business acumen, in stark contrast to their risk-averse European rivals 

The civil unrest going on in Hong Kong is nothing new, rather part of a long history of protest which has previously led to social reforms. But with a looming threat of Chinese intervention, the hope is that the territory’s leaders engage in dialogue with civil society to maintain the city’s advantages as a financial centre

Private banks’ are frequently dazzled by the size and past performance of ‘blockbuster’ funds and ‘star’ managers and include them on their approved lists of funds without carrying out robust checks. They need to up their game

Private banks need to put technological solutions at the heart of their operations if they are to meet the demands raised by clients and relationship managers, though there will always be a need for human interaction

Today’s ‘global families’ are no longer simply looking for portfolio management from wealth managers. The modern private bank must adapt to offer a much wider range of services to all members and branches of these increasingly international clans

Much of the talk around the ongoing Brexit process ignores the importance of trade and the myriad benefits of closer relationships with neighbouring countries