Private banking: the post-Eldorado era

Private banking: the post-Eldorado era
Michel Juvet | Partner
9 June 2015
All crises beget new regulations
2008: the turning point
•
Client protection

MIFID, UCITS, FIDLEG
•
Bank balance sheets

Basel III
•
Banking supervision

ECB EBA, FINMA
•
Fiscal transparency

Taxed assets strategy, AEOI
Business model
Strategy
Page 2
These regulations affect all banks
Private banking is especially affected, as it addresses both the domestic and export markets!
Parliament,
SNB,
FINMA
Swiss bank
FIDLEG,
FINIG
Swiss clients
Foreign clients
G20,
OECD
Competition
MIFID, AMF,
FCA, MAS,
UCITS
Page 3
Onshore
Costs
Offshore
AEOI
Market
access
Offshore
The role of the authorities is to ensure a level playing field for all!
Offshore
G20,
OECD
AEOI
Market
access
Page 4
Switzerland, onshore and offshore
Role of the banks: find your place!
•
Compliance capacity
Knowledge and implementation
•
Market/client segmentation
Global banks v. niche players
•
Core business definition
Added value, collaboration, M&A
•
Innovation
IT challenges, connectivity
Page 5
Swiss challenges
1.
Attractiveness of Switzerland – (tax, 9 February, access to foreign markets)
2.
Jobs in CH or abroad
3.
Asset management – academics – innovation
4.
Banking industry structure: too big to fail/small is beautiful
5.
Swiss-specific considerations (Swiss finish, negative interest rates)
6.
QE and unbalanced administration
Page 6
Swiss qualities
1.
Banking stability – UBS only!
2.
Multi-currency and multi-tax-regime wealth management
3.
Pensions experience
4.
Adaptability
5.
Swiss quality/historical expertise
 Private banking = a proxy for economic growth
Page 7
Bordier & Cie
Reaffirming our values
We are a people business, and that is what sets us apart.
Our history has taught us that virtues come with age.
As a family of entrepreneurs, we have for more than 170 years contributed
to protecting and growing the assets entrusted to us and ensuring they are
safely passed on to future generations.
You are the starting point for our entire philosophy, which is built
around non-negotiable fundamental values that have withstood the
test of time.
Commitment and responsibility
Our partners bear unlimited liability for the undertakings by Bordier & Cie.
Their own personal money is at stake, meaning that they share the same
concerns as you. Your interests and those of Bordier & Cie are wholly
aligned.
Total independence
Our independence enables us to focus exclusively on your long-term
objectives.
Availability
We intend to remain a banking group on a human scale that is there for
you – we will always have time for you. Our partners and wealth managers
are familiar with your history, support you along the way and are available
for you at all times.
These outstanding features ensure a one-of-a-kind "Bordier experience"
combining a tailored service with high performance.
Page 8
Bordier & Cie
Core business strategy
1. Unbeatable service
•
Loyal employees
•
Personal knowledge of clients

Direct investments
•
RM = mini family office

Open architecture
•
Senior managers who manage assets and are
responsible towards their clients
•
Cutting-edge technology (e-banking, mobile
banking, social networks, intranet networks)
Page 9
•
Transparency:
Bordier & Cie
Core business strategy
2. The big picture
cash
tax
business
transmission
family
services
Page 10
portfolio
management
pension
financial
planning
macroeconomic
analysis
inheritance
real estate
savings
Bordier & Cie
Core business strategy, private wealth management
3. Investment philosophy, corporate values and investing
Values
Philosophy
Convictions
Wealth management
Independence
We are committed to being
independent, which
encourages us to be different
Responsibility
We concentrate on our clients'
interests: capital preservation,
source of long-term
performance
The financial markets are not
efficient in extreme situations
We are prepared to miss out
on a potential market upswing
if that enables us to avoid a
downturn
Coherence
Our investment universe is
compatible with our values
A clearly defined strategy
brings long-term benefits
We follow a disciplined
investment approach
Long-term
We do not seek out short-term
gains
We construct a sustainable
portfolio of “core holdings”
The “core holdings” are
periodically rebalanced based
on internal analysis
Transparency
All our investments are
understood and transparent
Page 11
We are not bound by
benchmark indices and can
choose to diverge from these
We avoid being swept along by
the markets or the media and
apply active management
Direct investments, open architecture
Bordier & Cie
Who, where and what ?
Bordier
Europe
Bordier
Switzerland
Bordier
Paris
Bordier
UK
Clients
Bank
Page 12
page 12
Bordier
Singapore
Bank
• Asset + portfolio
management
• Financial planning
• Research
• Products
• Pension Fund
Management
• Asset + portfolio
management
• Financial
planning
• Portfolio
management
• Financial
planning
• Portfolio
management
• Services (tax, legal)
• Services (tax, legal)
• Services (tax, legal)
• Services (tax, legal)
• Swiss +
• Offshore
• France
• Belgium
• UK + RND
• Asian
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Par ailleurs, il est souligné que les dispositions de notre page d’informations légales sont entièrement applicables à ce document,
notamment les dispositions relatives aux limitations liées aux différentes lois et règlementations nationales. Ainsi, la Banque Bordier ne
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Furthermore, it is emphasized that the provisions of our legal information page are fully applicable to this document and namely provisions
concerning the restrictions arising from different national laws and regulations. Consequently, Bordier Bank does namely not provide any
investment services or advice to “US persons” as defined by the Securities and Exchange Commission rules. Furthermore, the information on our
website – including the present document – is by no mean directed to such persons or entities.
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