Private banking, which used to call to mind the image of an immensely wealthy client meeting his adviser in the luxury of a Zurich banking parlour, has now become the latest growth product for the international asset management industry. Once mostly restricted to offshore banking centres such as Switzerland and Jersey, private banking is now a major activity onshore as well.
The emergence of a class of 'poor rich' or 'mass affluent' customers, said to number nearly 50m just in Europe alone, and with between $100,000 and $500,000 to invest, has led financial institutions the world over to launch asset management packages with a greater or lesser degree of personalisation. The development of cost effective Internet tools for banking, fund and equity investment has played no little part in encouraging this trend.
More private banking means more private bankers, and of course a need to train them. Euromoney's Private Banking MasterClass will take place in London from 14th to 16th November. The course will be led by Michael Penniman, who has had 20 years' experience of all aspects of asset management, having held senior positions with Coutts & Co, Merrill Lynch International Bank and Morgan Guaranty Trust Company.
Subjects dealt with by the course include organisation, structure and management of private banking, product development, marketing and communications, the profiling of clients, asset management, and an analysis of the private client industry.
For further details, download the brochure, or contact clreynolds@euromoneytraining.com.
The course will be repeated from 30th May to 1st June, 2001.
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