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Countries covered: Europe
The brief is a review of wealth management in 2002 - the state of play in the market one year on, development of trends mentioned one year ago (in our 2001 review of wealth management), a series of lessons learnt or core truths about the wealth management market, and what is in store for 2003. Scope Based on interviews with leading figures, extensive surveys and secondary research; The results of Datamonitor Wealth Team's investigations of the wealth management market in 2002 global coverage, with emphasis on the crucial European markets; covering all levels of wealth management from mass affluent to ultra high net worth customers. Reasons to Purchase Understand the most important developments in the wealth management market in 2002 and their impact on competitors; Learn lessons from the winners and losers in 2002 Foresee potential obstacles and opportunities through 2003 market predictions Action points provide ideas for concrete actions to take maximum advantage of the current wealth market. Report Highlights Wealth management faced its most difficult year for more than a decade in 2002. Private bank's assets under management and customer numbers fell. Costs and distribution channels were cut, and heads rolled from the bottom to the very top of private banking. Lloyds TSB, Coutts, Merrill Lynch and Goldman Sachs were amongst banks to change their heads of private banking in the search for a new direction in 2003. Increasing legislative pressure made 2002 a particularly difficult year for offshore private banks. Smaller banks lost assets and may be open for acquisition, while larger players tried to maintain assets as customers repatriated them onshore. 2003 will prove another challenging year, but opportunities exist for smart operators. The downturn offers opportunities to acquire new staff and businesses cheaply. While asset management services will continue to prove difficult to sell, private banks can compensate by exploiting the boom in protection and alternative product groups. |
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