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Global Private Banking and Wealth Management
Book

Global Private Banking and Wealth Management

The New Realities

Wiley, 2006 Mehr

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Editorial Rating

7

Qualities

  • Comprehensive
  • Background

Recommendation

In this lengthy and detailed survey of the private banking and wealth management business, David Maude offers a picture of the current condition of the industry and provides historical detail about how the very wealthy manage their affairs. His objective and balanced chapters examine the challenges confronting the business today, as client relationships change, and he offers a vision for the future. This book probably belongs on the shelf of those in the private banking and wealth management business, or those rich enough to need the advice. getAbstract recommends it to anyone with an interest in how other people’s money is managed.

Summary

The Global Market

Wealth management was a high-growth financial-services sector in the 1990s, but it slowed between 2000 and 2002 with the general turndown in global investment markets. The future, however, looks bright. Many new competitors have entered the glamorous wealth management and private banking industry, and the number of millionaires is growing faster than the overall population. However, the business faces some challenges.

Wealth management is, generally speaking, the business of providing services to the wealthy. Private banking is a subset of wealth management and consists of providing more or less traditional banking services to the wealthy. In addition to private banking, wealth management services may include brokerage, insurance, asset management advice, offshore and onshore services, and even concierge services. The onshore-offshore distinction is quite important. Clients in need of offshore services have particular reasons for keeping their wealth outside of the country in which they reside, such as confidentiality, taxes and geopolitical risk.

The wealthy are not homogeneous; numerous market segments exist within the wealth management market...

About the Author

David Maude is an independent consultant and a former senior economist at the Bank of England and Her Majesty’s Treasury.


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