Today, private banks are able to identify, target and reach niche family office and high net worth client segments. Along with strategic service design, banks can create a well-differentiated, bespoke offering and build strong client relationships.
When markets slumped in March as the spread of coronavirus gathered pace, wealth managers’ trading volumes soared as ultra rich clients reshuffled their portfolios.
It was this market frenzy that helped Swiss banks UBS and Credit Suisse – the world’s biggest wealth managers – post bumper first-quarter profits while much of the global banking sector was scrambling to make provisions to withstand the economic fallout from the pandemic.
Recent news headlines state that the hedge fund industry saw its highest level of redemptions during the 1st quarter of 2020 in over a decade, with $33 billion leaving the industry. A more appropriate headline would have been “Hedge Funds Only Lose 1% of Industry Assets – Learned from 2008 Experience.”
When global equity markets lost around US$16 trillion of their value in a single month this year, the wealthy found themselves no more protected from financial loss than anyone else.
Hedge fund manager Stanley Druckenmiller told the Economic Club of New York on Tuesday that stock market is historically overvalued.
Deals worth more than $120 million struck in April alone, as investors look to make the most of soft valuations and a bigger shift towards tech in the post-COVID-19 world.
If you’re in the UK, the lockdown has been lifted, sort of. Following Boris Johnson’s speech last night, citizens are now free to drive a car to work, to hang out on beaches and in parks (from Wednesday), and to meet other people as long as it’s only one at a time and they meet outside and remain two metres apart. Johnson omitted to mention whether bankers can now meet clients too, but he probably didn’t need to: clients don’t want to meet them anyway.
Attitudes to environmental and social roles are changing among owners and investors
Bloomberg interviewed four billionaire owners of family-owned companies in real estate, oil, media and technology about their experiences during the pandemic and how they’re positioning their firms for the coming months.
Are you? You may not be the only one. We have seen stock markets like the Toronto Stock Exchange take major hits over the past two months due to the effects of Covid-19 taking its toll on almost every industry. With some recent rises in markets continuing to build investor confidence, we are still left in the unknown for why this is happening.
