Chennai:
Wealth managers and private banks are anticipating
unprecedented growth over the next three years, according
to the latest findings from the PricewaterhouseCoopers
2007 Global Private Banking / Wealth Management Survey.
CEOs
of different companies are predicting that on an average,
their assets under management will grow 30 per cent annually.
The
survey, which ascertained the views of senior executives
of 265 organisations within the global private banking
and wealth management industry, found that markets in
the Asia-Pacific region and Eastern Europe are expanding
the fastest, as organisations rush to service the new
wealth creators in these regions.
The
study also revealed the commitment among wealth managers
to increase `share of wallet,'' compared to previous surveys.
Share of wallet has emerged as the new key performance
indicator, globally as well as in emerging economies like
India, as wealth managers seek to become trusted advisers
and gain new clients.
According
to the survey, almost 90 per cent of CEOs are of the view
that there will be at least some, if not significant,
consolidation in the industry; and more than 50 per cent
of them plan to open operations in new countries over
the next two years.
The
survey is split into seven sections: CEOs'' views, markets
and clients, systems and processes, profitability and
performance metrics, human resources, client relationship
managers and risk management and compliance.
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