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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