Given the importance to Switzerland of wealth management, Nicolas Pictet, chairman of the Swiss Private Bankers Association, has said the industry needs a more competitive regulatory framework to enable firms to vie for business.

Date: June 29, 2012

Tags: Switzerland, Regulation

Given the importance to Switzerland of wealth management, Nicolas Pictet, chairman of the Swiss Private Bankers Association, has said the industry needs a more competitive regulatory framework to enable firms to vie for business.

In a recent speech, Pictet pointed out that the financial sector has contributed by more than a third to Switzerland's GDP over the past 20 years, despite two financial crises during this period. 
 
In light of this, Pictet said the industry needs to be more competitive in its legislation, and needs to branch out into a number of fields like institutional asset management and fund management to strengthen its position.

Besides, he said the industry needs a realistic framework in order to adapt to a new international tax environment.
 
More details: http://www.swissprivatebankers.com/en/media/file.cfm/document/AG_ABPS_2012_Pictet_en.pdf?contentid=2369