ZГјrich-based rival Credit Suisse is following suit, with particular success in Asia.

Repeat world-champion UBS has doubled down on wealth management as a core business, but integrated it with the capabilities of a global investment bank and brokerage to attract the rising breed of activist rich. Global FinanceвЂ™s Best Private Banks awards celebrate the institutions that are meeting these challenges with fresh energy and creativity.

Two recent survey findings underline the industryвЂ™s shifting landscape: Just 20% of Asian high-net-worth individuals use a private bank, compared to 70% of their North American counterparts (according to Ernst & Young) and three-quarters of US вЂњmillennialsвЂќ ages 35 and under intend to be вЂњself-directedвЂќ with their finances (say Deloitte and Merrill Lynch). Another part, for the industryвЂ™s dominant global giants, is fending off aggressive new Asian competitors that have long-standing connections with the continentвЂ™s rising rich.ДЄbove all, private banking needs to establish a new long-term raison dвЂ™ГЄtre, as its traditional role in tax avoidance shrinks and clients increasingly want to manage their own finances instead of leaving them in their bankerвЂ™s hands and checking in once a quarter. Part of the challenge is creating with clients a new digital relationship that neither sacrifices the intimate counseling many still crave nor bankrupts the provider with the investment involved. KEB Hana | Q&A with Sung-Yeop Kim, EVP, head of the Wealth Management Group and Private BankingД®mirates NBD | Saod Obaidalla, EVP, head of Private Banking Yet private banking still faces a large strategic, if not existential, challenge: adapting from centuries of focus on conservative, multigenerational European and North American wealth to new wealth creators who tend to be entrepreneurial and Asian. The industry slashed its average cost-to-income ratio by more than 3% in 2016, according to London-based analyst Scorpio Partnership. Private banks took advantage of the lull for tactical improvements on at least one front: expenses. The world turned its attention to bigger problems. Most of the year passed without any fresh Panama PapersвЂ“style scandal. Soaring stock markets pushed assets under management up to more than $17 trillion worldwide. The year 2017 provided breathing space for the global private-banking industry. Craig Mellow Click here for World's Best Private Banks 2018.

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