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Financial center – Many Swiss private banks are struggling for survival | News

Saturday, August 19th, 2017 | Economy

From last 130 institutes to 2021 probably still around a hundred left over, said Heinz Rubin, managing partner of the consulting firm zeb specialized in the financial sector. "I know of some banks that are in process." It was mainly small institutions with less than a billion of assets under management. Other small houses are looking for acquisitions in order to better utilize their infrastructure with additional customer deposits and thus ensure their survival.
Over the last few years, many foreign banks, especially foreign banks, have withdrawn from the Swiss market and sold their daughters. The reasons for this are, on the one hand, high costs due to the increasing regulation and expensive new IT systems, as the consultants explained. In addition, bank customers are less willing to pay institutions high fees for managing their assets. This is reflected in an increasing price competition.
The asset managers are competing here through passively managed investment vehicles, which simply represent a specific index. The latter would have developed much better than the actively managed funds of private banks – and this would result in significantly lower costs for the customer.
The declining fees and higher costs are also reflected in the margins of the financial institutions: they are likely to continue to decline in the opinion of Rubin. The banks would therefore have to lower their costs further and try to convince their customers with new – also increasingly digital – offers. The study examines the Swiss private banking market – without the two major banks UBS and Credit Suisse.


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