In addition, successful measures against tax evasion as well as tightening regulatory rules have intensified global competition. Swiss private bankers are painfully aware of these issues and the resulting decline in revenues and stagnation in costs. In particular, small-sized Swiss institutions report high cost/income ratios. Nevertheless, Swiss wealth managers were successful in acquiring new client assets in 2010. This is demonstrated in the latest edition of “The International Private Banking Study”, published by the Department of Banking and Finance of the University of Zurich.
The tightening of regulatory rules and the strong efforts by various governments and international organizations to fight tax evasion have left clear marks on the international private banking industry. Traditional offshore centers, such as Switzerland or Liechtenstein, have suffered from a strong decline in wealth management revenues and, as a consequence, from increasing cost/income ratios. Among the nine countries and regions analyzed, Swiss private banks were the least efficient with an average cost/income ratio of 77 per cent in 2010. This represents a worsening of 17 percentage points when compared to 2007.Size is not the only criterion for success
The study was performed with the financial support from the Association of Swiss Commercial and Investment Banks (VHV/BCG). It represents the fifth issue of the „The International Private Banking Study“ previously published in 2009, 2007, 2005 and 2003.
The study is available free of charge on: www.bf.uzh.ch/go/pbsContacts:
Nathalie Huber | idw
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