Swiss bank chiefs optimistic on new money flows
The chief executive of Swiss private bank EFG International is confident of hitting targets for new money flows despite the worsening economic backdrop, according to Swiss newspaper Finanz und Wirtschaft.
Lawrence Howell told the newspaper the bank was in line with its medium-term objectives for both net new money and the recruitment of new advisers.
The bank has said it aims to grow assets by 20% this year, to Swf120bn, and hire an additional 120 advisers.
Yesterday, Herbert Scheidt, chief executive of Swiss bank Vontobel, told the Cash Daily Tuesday newspaper he was satisfied with net new money flows in the first half, although conceded the bank had suffered from volatility in financial markets.
He said he expected further consolidation in the Swiss banking sector as a result of the financial turmoil, although described rumours that Bank Sarasin would take over Vontobel as "pure fantasy".
A survey of Swiss banks released this week by IBM found managers were confident the local wealth management industry would continue to grow despite the credit crunch, as rich individuals sought the perceived safety of Swiss banks.
However, the survey also reflected concern the problems being experienced by UBS, the largest Swiss wealth manager, would have a negative impact on the industry.
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