In a 16th century Swiss castle in March the boss of UBS challenged the head of its private bank to explain his plans for overhauling the business of managing the money of the rich.
China’s top affluent citizens sent 2.8 trillion yuan (HK$2.5 trillion) overseas in 2011, about 3 per cent of the nation's gross domestic product that year, said
Global private banks always chase wealthy clients, but Credit Suisse has narrowed its quarry further - to the richest of Asia's rich.
When the world's richest people want to manage and grow their wealth, they now consider safety of assets, not investment return, as the top priority, following the 2008 global financial crisis...
While investment banks across the town are laying off staff, Bank of China (Hong Kong) is on a hiring spree for its newly launched private banking business.
Morgan Stanley this week laid off several private bankers, including one vice-president and some associates and analysts.
Pictet & Cie of Switzerland, the world's 11th-largest private bank in terms of assets under management, has set up a branch in Hong Kong to foster its expansion into Asia.
Amid the overcast economic outlook, Hong Kong appears to be a bright light beckoning a host of financial companies, all vying for continuing growth.
In Asia, client loyalty does not come easily for private banking firms, especially after the huge losses investors experienced in the 2008 financial crisis.
Hong Kong is home to more US-dollar millionaires than ever, and the demand for private bankers to help them get richer is rising in tandem.
If you love working with people and have a knack for investing, private banking might be the perfect career for you.
Most private banks have a minimum amount for opening a private bank account. Most require at least US$250,000 on average to open an account, but some require at least US$1million.