In wealth management circles, the shock isn’t so much that Collardi has moved – rather, it’s the rival he has moved to.

A change in the interest rate environment will require a fundamental shift in mind-set from the clients of Brazil’s private banks – are they ready for it and where should they look for returns?

To John Woods, chief investment officer for Credit Suisse Private Bank in Asia, Belt and Road is a megatrend: one of those overarching themes that play out over many decades. His job is to translate that into an investable form for high net-worth clients.

High net-worth families and their wealth are more mobile than ever, making private banking an increasingly global affair. The industry is changing at breakneck speed, but it is also a place where old-fashioned virtues lead to higher profits and more business from new clients.

In 2003, the average number of high net-worth clients per relationship manager or financial adviser in the US was 170 – today, that figure is expected to be about 280, with advisers regularly claiming to know someone who knows someone who has at least 500.

Blue states lead lagging US on environmental, social and governance (ESG) investing; pension funds hold investment managers accountable.

UBS Americas head says cost of hiring too expensive; fees and salaries based around AuM rather than product.

No other sovereign wealth fund looks like Australia’s. Its chief investment officer reckons that, by some measures, almost two-thirds of the fund is in alternative or illiquid assets. Even so, it’s working.

European wealth managers are battling it out in Asia but North America is where private banking revenues are.

The Swiss bank stands apart from its peers. It helped its clients profit, both in the serene waters of 2019 and in the wake left by Covid-19 as it spread across the world in 2020

“I think this crisis has shown why being with a firm focused on wealth management as a primary business and having a global perspective matters to clients,” says Tom Naratil, co-chief executive of UBS global wealth management (GWM) and president of UBS Americas.

Our review period was a difficult one for private banking operations in the region, as it was worldwide: the fourth quarter wiped out huge chunks of revenues and assets for some international and local players, and it was a year that required sound individual advice for clients.

For the second year running Credit Suisse is Latin America’s best bank for wealth management, this year bolstered by the completion of a three-year turnaround across the whole bank.

Household net financial wealth in CEE has roughly doubled since 2006 and private banking and wealth management services are increasingly in demand across the region.

With a new strategy of regionalization, integration and innovation, Credit Suisse’s wealth management business has set itself apart from its peers and brought the ethos of Swiss personalized service to an international platform.