Boutique private banks struggling in Asia
Scale and stability are increasingly important for wealth managers in Asia – as is reflected by the recent exit of several relatively new players in the region.
There’s been a steady flow of Western private banks – chiefly from Europe – setting up shop in Hong Kong and Singapore in recent years, but making a success of an Asian wealth business is easier said than done.
The years 2009-2010 in particular saw a swathe of firms – from small boutiques such as Reyl & Cie to mid-tier players like BSI – establishing a presence in the region. Swiss boutiques Bordier & Cie and Gonet & Cie are two of the more recent arrivals in the Lion…
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