Asia's Richest Delight Banks by Abandoning Their Trading Egos
- Credit Suisse says clients outsource investing amid volatility
- Managing money boosts margins for firms’ wealth managers
Pedestrians walk past an office tower in the central business district in Singapore.
Photographer: Paul Miller/BloombergThis article is for subscribers only.
For private bankers in Asia, there’s a silver lining to the stock market meltdown that engulfed the world in late 2018.
With Asia’s swelling ranks of millionaires chastened by portfolio losses, firms from Julius Baer Group Ltd. to UBS Group AG say they’re finding rich clients more open to giving them discretionary mandates, where they hand over lump sums and let the bank manage the money for a fee. For private banks, that’s a far more lucrative proposition than having customers pay per trade.