-- The prestigious PBI Global Wealth Awards which recognise the best and brightest in the wealth industry will be held in conjunction with the summit.-- Members of the media are invited to attend both the Summit and Awards Gala Dinner.
Singapore, Oct 6, 2011 - (ACN Newswire) - The crisis in the eurozone, the accelerating flow of wealth to Asia from the West and the rise of vibrant private banking centres like Singapore will be among the major discussion themes for the 21st Private Banker International Wealth Summit, the world's oldest-established private banking symposium.
Delegates from all over the world will hear a list of distinguished speakers deal with a wide range of subjects which are increasingly impacting the private banking industry.
Renato de Guzman, CEO of Bank of Singapore, Nick Pollard, CEO of RBS Coutts Asia, Shayne Nelson, CEO of Private Bank, Standard Chartered and Peter Flavel, chief executive of JP Morgan Private Wealth Management Asia, are among this year's keynote speakers.
Summit chairman, John Evans said: "This is an extremely challenging environment for private banking. The global economy is slowing, the eurozone lurches from crisis to crisis and increasing numbers of wealthy individuals feel safer with their money in Asia, a region now producing personal wealth at a higher rate than anywhere else in the world.
Private banks, large and small, are having to radically overhaul their business models to keep pace with sweeping change on the wealth landscape."
This year's Summit theme is: Going
"Singapore, Hong Kong, Shanghai and Beijing, Mumbai, Sydney and Middle East centres like Bahrain, are now making the pace in private banking. In addition, private banking is being pioneered in Vietnam, Indonesia and a number of other locations," said Evans.
According to Ledbury Research, Asia-Pacific is not only producing more wealthy people overall than most regions, but is also outperforming in the super-rich categories. By the end of this year, for the very first time, the Asia-Pac decamillionaire population -- those with a net worth of $10 million or more -- will total 260,000 individuals, exceeding that in Western Europe.
The Summit will extensively deal with entry strategies for these key new jurisdictions for wealth.
This marks the 7th year that the 21-year Summit, which has previously been held in London, Paris and Geneva, is being held in Singapore, a reflection of the city-state's rising importance for global wealth and investment.
The Summit is also designed as a learning experience for the new breed of domestic banks across Asia which represents growing competition for the Western institutions which have hitherto dominated wealth management.
"The rise of OCBC/Bank of Singapore, DBS, ICICI Bank and other Asian players is changing the competitive landscape for the wealth industry in Asia and beyond. Asia truly is coming into its own," said Evans.
But for all players, competitive pressures remain formidable. The Summit will address key issues like recruiting and retaining the right advisory staff, the growing burden of regulatory compliance, the cost-pressures which have made some European banks rationalise operations in places like India and the right class of investment products to appeal to wealth clients who are risk-averse in the current uncertain economic environment.
Source: Private Banker International
Titien Ahmad (Ms) Regional Director, Asia Pacific VRL Tel: +65 6383 4688 HP: +65 9478 6908 email@example.com Rosemary Pang (Ms) Media Relations VRL Tel: +65 6383 4688 firstname.lastname@example.org
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