Private banks around the world are expected to enjoy unprecedented growth over the next three years with assets under management expected to increase by 30 per cent per annum, according to a new study.
-Asia-Pacific and eastern Europe are expanding the fastest as banks rush to tap into the growing ranks of the wealthy in these markets, according to the 2007 global private banking study by PwC which questioned senior executives of 265 organisations in 43 countries.
In Asia-Pacific, those chief executives questioned expect assets under management to increase by an annual rate of 34 per cent, and in Russia between 30 per cent and 50 per cent.
The study found that private banks planned to move into these more lucrative markets through acquisitions.
Almost 90 per cent of chief executives believe there will be at least some, if not significant consolidation, in the private banking industry and more than half of chief executives questioned plan to open operations in new countries over the next two years to target new wealthy clients.
Bruce Weatherill, global private banking and wealth management leader at PwC, said: “Buo