Legitimate rival to Switzerland; M&A robust in spite of banking downgrade

US demand for LatAm investment expected to hold up; also developing vehicles for Brazilians investing abroad.

Firm seen as ‘catalyst for consolidation’; Fierce competition driving down fees

Euromoney’s private banking awards dinner, held on February 21 at Plaisterers Hall in London, celebrated not only this year’s winners but also 10 years of the survey.

Strong wealth management focus; Main push in Brazil and Mexico

As chief executive of UBS Wealth management since 2009, and head of what is now clearly the group’s most important business, Jürg Zeltner, looking more youthful than a 25-year veteran of the bank has any right to, speaks to Euromoney as one of the most powerful figures on the UBS group executive board. He is pleased with his division’s re-emergence as an active asset manager, its return to the top of the Euromoney private banking rankings and with the success of its signature discretionary management products for high-net-worth clients. But he is restless to grow and improve the business in various ways, by developing its product mix, revenue streams and client profile.

The markets had another volatile year in 2012, but there are signs of green shoots for the global economy. The heads of the largest global private banks discuss how they are ensuring that their clients are well-positioned for 2013.

Two characteristics set UBS apart from other private banks, says Bob McCann, head of UBS Wealth Management Americas. “First, we are truly global. Other banks claim to be, but if you look at their revenue streams they are not balanced internationally, or they are pulling out of international businesses to focus domestically. And second, wealth management is a core business accounting for over 50% of UBS’s total revenues.

Some $30 trillion will transfer from the baby-boomers to their children and grandchildren in the next 30 years. These younger generations think differently and bank differently. Private banks must adapt their businesses to ensure the money stays with them.

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.