Transition was the key word at the Private Banking & Wealth Management London Conference 2023 (PBL 2023).

Hosted at the historic Waldorf Hilton in the UK’s capital, the conference focuses on the big themes of the private banking sector. This includes economic activity, sustainable investing, digital integration and the latest investments and products.

Chair Ian Woodhouse, lead wealth management transformation and thought leader for Europe at Accenture, said in his opening remarks that the industry was changing from “optimising to reinventing”.

With regards to how the sector works at the moment, he explained: “There is a need to find a new balance.”

In particular, he noted the shrinking talent pool in the industry but said “technology can help with talent shortages if used correctly”.

With regards to how the sector is changing in the middle of an unstable economi future, Christine Ciriani, chief revenue officer, international & general manager, APAC, InvestCloud, added: “Uncertainty is on the minds of many of our clients.”

BNY Mellon: a transition

Keynote speaker at PBL 2023, Shamik Dhar, chief Economist at BNY Mellon, said: “We are in the middle of a transition out of the world we have been used to since the global financial crisis.”

He predicted further “economic and market volatility” with a probably recession in the US. However, he explained that was needed to “squeeze inflation out of the system”.

It was not all doom and gloom. Productivity was set for a boost due to the evolution of AI. Dhar stated he was actually “optimistic because of AI” and its impact on productivity.

He also explained that sustainability was going to continue as a trend and “the ESG boom has some way to run”.

PBL 2023 is an annual event and is also associated with the Private Banking London Awards. For the categories and nominees this year, please click here.