Anuj Khanna, Pictet & Cie.’s CEO for South
Asia, sees more ultra high net-worth individuals (UHNW)
in Asia questionning the current private banking business models,
while senior bankers within the industry are unhappy about the way
the business is changing today.
“Private banking in Asia is at an inflection point,” he
said. “The writing is on the wall and that is that many of the
larger clients are questioning the private banking business
model.
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“Those who can impact it are voting with their feet. He also
mentioned that wealthy clients are increasingly requesting their
bankers to become independent or risk losing their
accounts.”
Furthermore he sees rising frustratation among senior
private bankers over changes in the management structure, and
believes that new technology platforms are necessary for
managing an ever-growing number of relationship managers and their
profit targets.
Spending more time on bureaucratic and administrative work, just
as a junior banker, brings down satisfaction levels
considerably.
On this Khanna said: “If you’re a very senior private
banker, you’re asking yourself ‘why do I have to go through all of
that’.’’
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