Private banking: the post-Eldorado era - Michel Juvet | Partner 9 June 2015
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Private banking: the post-Eldorado era Michel Juvet | Partner 9 June 2015
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
These regulations affect all banks
Private banking is especially affected, as it addresses both the domestic and export markets!
Parliament,
SNB,
FINMA
Swiss bank
FIDLEG,
FINIG
Swiss clients Foreign clients
G20,
Competition OECD
Onshore Offshore
MIFID, AMF,
FCA, MAS, AEOI
UCITS Costs Market
access
Page 3Offshore
The role of the authorities is to ensure a level playing field for all!
Offshore
G20,
OECD
AEOI
Market
access
Page 4Switzerland, 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
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
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
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
Bordier & Cie
Core business strategy
1. Unbeatable service
• Loyal employees • Transparency:
• Personal knowledge of clients Direct investments
• RM = mini family office Open architecture
• Senior managers who manage assets and are
responsible towards their clients
• Cutting-edge technology (e-banking, mobile
banking, social networks, intranet networks)
Page 9Bordier & Cie
Core business strategy
2. The big picture
portfolio savings
management
cash pension
tax
financial
planning
business macroeconomic
transmission analysis
inheritance
family
services
real estate
Page 10Bordier & Cie
Core business strategy, private wealth management
3. Investment philosophy, corporate values and investing
Values Philosophy Convictions Wealth management
We are committed to being We are not bound by We avoid being swept along by
Independence independent, which benchmark indices and can the markets or the media and
encourages us to be different choose to diverge from these apply active management
We concentrate on our clients' We are prepared to miss out
interests: capital preservation, The financial markets are not on a potential market upswing
Responsibility
source of long-term efficient in extreme situations if that enables us to avoid a
performance downturn
Our investment universe is A clearly defined strategy We follow a disciplined
Coherence
compatible with our values brings long-term benefits investment approach
The “core holdings” are
We do not seek out short-term We construct a sustainable
Long-term periodically rebalanced based
gains portfolio of “core holdings”
on internal analysis
All our investments are
Transparency Direct investments, open architecture
understood and transparent
Page 11Bordier & Cie
Who, where and what ?
Bordier
Europe
Bordier Bordier Bordier Bordier
Switzerland Paris UK Singapore
Bank Bank
• Asset + portfolio • Asset + portfolio • Portfolio • Portfolio
management management management management
• Financial planning • Financial • Financial
• Research planning planning
• Products
• Pension Fund
Management
• Services (tax, legal) • Services (tax, legal) • Services (tax, legal) • Services (tax, legal)
• Swiss + • France • UK + RND • Asian
Clients
• Offshore • Belgium
Page 12
page 12Disclaimer 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 +41 58 258 00 00 | bordier.com
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