Despite rising costs, declining revenue and increased regulation, banks in Switzerland can still make money in asset management, said Boris Collardi of bank Julius Baer on Saturday.This content was published on December 27, 2014 - 14:06
Customers with comparatively low fortunes of a few hundred thousand Swiss francs are turning their backs on Swiss banks, said Boris Collardi, head of Julius Baer, in an interview published in the Neue Zürcher Zeitung newspaper.
Collardi believes that very wealthy customers will remain true to the country, however, because they appreciate the high quality of service and security they receive.
“For me, Switzerland is still the clear leader as a centre for international asset management,” Collardi told the NZZ. “Nowhere in Europe will investors get such good service.”
Collardi minimised the importance of competition provided by banks in Singapore, saying that for Europeans the country is too far away. For Julius Baer, Switzerland will always remain the heart of the company, he said.
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