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The Future of Boutique wealth managers

Published by: Datamonitor

Published: Jul. 6, 2007 - 24 Pages


Table of Contents


Overview
Catalyst
Summary
Executive Summary
Market Context
Small private banks have had historic advantages
These advantages are slipping away
There is a growing shift towards service focus within wealth management
The future for boutique private banks is hard to predict
Competitive Dynamics
The UK has a number of quality small and medium wealth management providers
Continental Europe is home to many boutique private banks
The USA has developed its boutique wealth management sector into a profitable industry
Table of Contents
Table of figures
Table of tables
MARKET CONTEXT
Small private banks have had historic advantages
Boutique banks provided a unique level of exclusivity
Smaller banks offer greater agility
Boutique banks pride themselves on personal relationships
These advantages are slipping away
Globalization makes international reach a necessity
The primary challenge facing boutique wealth managers is distribution
Society is becoming more egalitarian
There is a growing shift towards service focus within wealth management
Products are becoming commoditised
This is something smaller banks can take advantage of
Complexities of new wealth management demands
Technology is moving on, but banks must be careful how they attempt to differentiate themselves
The future for boutique private banks is hard to predict
Difficult to compete effectively against the larger players
Possibility of polarisation in the market
High level of recent merger activity
COMPETITIVE DYNAMICS
The UK has a number of quality small and medium wealth management providers
Butterfield Private Bank
C Hoare & Co
Church House
Duncan Lawrie
Continental Europe is home to many boutique private banks
Insinger de Beaufort
Hugo Kahn
Syz & Co
Dominick Company
La Roche & Co
Rahn & Bodmer
Wegelin & Co
Berenberg Bank
The USA has developed its boutique wealth management sector into a profitable industry
Bessemer Trust
Glenmede Trust
APPENDIX
Definitions
Private bank: what is considered to be a 'private bank' varies, from comprehensive banking service to core specialist
Methodology
Further reading
Ask the analyst
Datamonitor consulting
Disclaimer
List of Tables
Table 1: Bessemer Trust Client Base: Profile
Table 2: Bessemer Trust Assets: Profile
List of Figures
Bessemer Trust Client Base: Profile

Abstract

Introduction

This report will examine the business model of boutique wealth managers in the UK. It will assess how the business model has evolved since 2004-5, how boutiques are using technology, and profile some boutiques including newer players

Scope

  • Discusses key issues relating to the challenges and opportunities facing boutique private banks in today's environment
  • Explores current trends in the wealth management sector including technology trends and merger and acquisition activity
  • Evaluates the current business model for boutiques and looks at future possibilities for development
  • Provides detailed profiles of 14 boutique wealth managers across the globe including scale, services, and growth potential.


  • Highlights

    Private banking has long been a preserve of the wealthy. As the financial services landscape has changed, however, so have the needs of these clients. In the past, small private banks have had advantages in their ability to service their customers, due to flexibility and their ability to provide personalized customer service, among other reasons.

    however, while small banks have historically dominated the upper echelons of private banking, they have been losing ground in recent years as their traditional differentiating features have been assimilated and offered by larger competitors.

    Despite growing numbers of potential clients for the wealth management industry, these clients are often demanding different services than the traditional boutique wealth managers might offer. However, there is the potential for boutique wealth managers to take the lead through offering a more integrated service.

    Reasons to Purchase

  • Understand the challenges facing boutique wealth managers in today's competitive environment
  • Gain industry knowledge into the future possibilities for the wealth management sector, including opportunities for growth and development
  • Obtain detailed profiles of a large number of independent and boutique wealth managers in Europe and the US which demonstrate potential for growth


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