Private banking: the post-eldorado era

Transcription

1 Private banking: the post-eldorado era Michel Juvet Partner 9 June 2015

2 All crises beget new regulations 2008: the turning point Client protection MIFID, UCITS, FIDLEG Bank balance sheets Basel III Banking supervision ECB EBA, FINMA Fiscal transparency Taxed assets strategy, AEOI Business model Strategy Page 2

3 These regulations affect all banks Private banking is especially affected, as it addresses both the domestic and export markets! Parliament, SNB, FINMA FIDLEG, FINIG Swiss bank Swiss clients Foreign clients Competition G20, OECD MIFID, AMF, FCA, MAS, UCITS Costs Onshore Offshore AEOI Market access Page 3

4 Offshore The role of the authorities is to ensure a level playing field for all! Offshore G20, OECD AEOI Market access Page 4

5 Switzerland, onshore and offshore Role of the banks: find your place! Compliance capacity Knowledge and implementation Market/client segmentation Global banks v. niche players Core business definition Added value, collaboration, M&A Innovation IT challenges, connectivity Page 5

6 Swiss challenges 1. Attractiveness of Switzerland (tax, 9 February, access to foreign markets) 2. Jobs in CH or abroad 3. Asset management academics innovation 4. Banking industry structure: too big to fail/small is beautiful 5. Swiss-specific considerations (Swiss finish, negative interest rates) 6. QE and unbalanced administration Page 6

7 Swiss qualities 1. Banking stability UBS only! 2. Multi-currency and multi-tax-regime wealth management 3. Pensions experience 4. Adaptability 5. Swiss quality/historical expertise Private banking = a proxy for economic growth Page 7

8 Bordier & Cie Reaffirming our values We are a people business, and that is what sets us apart. Our history has taught us that virtues come with age. As a family of entrepreneurs, we have for more than 170 years contributed to protecting and growing the assets entrusted to us and ensuring they are safely passed on to future generations. You are the starting point for our entire philosophy, which is built around non-negotiable fundamental values that have withstood the test of time. Commitment and responsibility Our partners bear unlimited liability for the undertakings by Bordier & Cie. Their own personal money is at stake, meaning that they share the same concerns as you. Your interests and those of Bordier & Cie are wholly aligned. Total independence Our independence enables us to focus exclusively on your long-term objectives. Availability We intend to remain a banking group on a human scale that is there for you we will always have time for you. Our partners and wealth managers are familiar with your history, support you along the way and are available for you at all times. These outstanding features ensure a one-of-a-kind "Bordier experience" combining a tailored service with high performance. Page 8

9 Bordier & Cie Core business strategy 1. Unbeatable service Loyal employees Personal knowledge of clients RM = mini family office Senior managers who manage assets and are responsible towards their clients Transparency: Direct investments Open architecture Cutting-edge technology (e-banking, mobile banking, social networks, intranet networks) Page 9

10 Bordier & Cie Core business strategy 2. The big picture cash family services tax business transmission portfolio management pension financial planning inheritance macroeconomic analysis real estate savings Page 10

11 Bordier & Cie Core business strategy, private wealth management 3. Investment philosophy, corporate values and investing Values Philosophy Convictions Wealth management Independence We are committed to being independent, which encourages us to be different We are not bound by benchmark indices and can choose to diverge from these We avoid being swept along by the markets or the media and apply active management Responsibility We concentrate on our clients' interests: capital preservation, source of long-term performance The financial markets are not efficient in extreme situations We are prepared to miss out on a potential market upswing if that enables us to avoid a downturn Coherence Our investment universe is compatible with our values A clearly defined strategy brings long-term benefits We follow a disciplined investment approach Long-term We do not seek out short-term gains We construct a sustainable portfolio of core holdings The core holdings are periodically rebalanced based on internal analysis Transparency All our investments are understood and transparent Direct investments, open architecture Page 11

12 Clients Bordier & Cie Who, where and what? Bordier Europe Bordier Switzerland Bordier Paris Bordier UK Bordier Singapore Bank Bank Asset + portfolio management Financial planning Research Products Pension Fund Management Asset + portfolio management Financial planning Portfolio management Financial planning Portfolio management Services (tax, legal) Services (tax, legal) Services (tax, legal) Services (tax, legal) Swiss + Offshore France Belgium UK + RND Asian Page 12 page 12

13 Disclaimer Ce document a été produit uniquement à des fins d information générale. Les vues et opinions exprimées sont celles de Bordier & Cie. Son contenu ne peut être reproduit ou redistribué. Toute reproduction ou diffusion non autorisée de ce document engagera la responsabilité de l utilisateur et sera susceptible d entraîner des poursuites. Les éléments qui y figurent sont fournis à titre informatif et ne constituent en aucun cas un conseil en investissement. Par ailleurs, il est souligné que les dispositions de notre page d informations légales sont entièrement applicables à ce document, notamment les dispositions relatives aux limitations liées aux différentes lois et règlementations nationales. Ainsi, la Banque Bordier ne fournit aucun service d investissement ni de conseil à des «US Persons» tels que définies par la réglementation de la Commission américaine des opérations de Bourse (SEC). En outre, l information figurant sur notre site Internet y compris le présent document ne s adresse en aucun cas à de telles personnes ou entités. This document has been issued for information purposes. The views and opinions contained in it are those of Bordier & Cie. Its contents may not be reproduced or redistributed. The user will be held liable for any unauthorised reproduction or circulation of this document, which may give rise to legal proceedings. All the information contained in it is provided for information only and should in no way be taken as investment advice. Furthermore, it is emphasized that the provisions of our legal information page are fully applicable to this document and namely provisions concerning the restrictions arising from different national laws and regulations. Consequently, Bordier Bank does namely not provide any investment services or advice to US persons as defined by the Securities and Exchange Commission rules. Furthermore, the information on our website including the present document is by no mean directed to such persons or entities. Bordier & Cie Private Bankers since 1844 Rue de Hollande 16 CH 1211 Geneva 11 t bordier.com