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| EXECUTIVE SUMMARY |
• International banking advice is crucial as globalization shows no signs of slowing • US/China trade dispute has limited impact on wealthy families’ banking needs, but will impact their portfolios as markets respond • Regulation continues to be a burden as countries have multiple regulators that banks must work with, while harmonization of regulations looks unlikely soon • Family offices and multi-family offices are increasing in number around the world • Technology is a key differentiator for private banks today • Appetite for philanthropy and sustainability is growing in Asia, Latin America and the Middle East |
Clive Horwood, Euromoney Everyone here today is dealing with clients with international needs and there is a sense that clients are only going to become more international. How important is it today, therefore, to have an international private banking platform? Rick, as the largest manager of wealth assets worldwide, can you tell us how UBS approaches this?
RG, UBS Our clients are global citizens, and what we mean by that is we may have a client who created his fortune in the US but has children all over the world, or he may manage a global business.