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Middle East Wealth Management Forum 2020 - Exclusive Insights - Fadi Barakat

Fadi Barakat of 

Jan 31, 2020

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1. How will Private Banks and Independent Firms collaborate or compete in the future?

Video transcript

1. How will Private Banks and Independent Firms collaborate or compete in the future?

The private bank will compete with the independent asset manager, and they don't like to see their ultra-high net worth clients leaving and setting up family offices because that's their bread and butter. What I've seen though over the past three to four years is how they're trying to capture this market is a set-up of external asset manager desks and services. There's more presence, especially by the Swiss banks. They're coming here looking at independent asset managers, family office to give them the service and offer them discounted rates, institutionalised service, that you would not be able to get as a private client. So, we've had visits from all the big banks, the Swiss banks, coming here, competing with the local private bank offering that they have to get those clients that are escaping from their hands. So they're trying to close that gap by offering external asset manager solutions.

 

 
 
 
 

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