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市場調查報告書

2011年瑞士財富管理市場

Wealth Management in Switzerland 2011

出版商	Datamonitor
出版日期	2011年10月	商品編碼	222837
內容資訊	英文
價格	US $ 4495 PDF by E-mail (Single user license)

簡介
目錄
相關商品

2011年瑞士財富管理市場 是由出版商Datamonitor在2011年10月所出版的。這份英文市場調查報告書價格從美金4495起跳。

簡介

瑞士財富管理市場（資產運用）及個人金融產業正享受著因數個世紀以來，國際性高產階層之全球化發展。形成其自豪之泉源為其自自由裁量權、服務品質、進軍國際投資機會、國內金融系統之穩定。其中，國內金融事業之參與使廣大之境外市場也有所經營。

本報告為，關注瑞士財富管理市場，並活用Datamonoto之2011年版Global Wealth Managers Survey調查數據，匯整國內高產階層（HNW）需求及市場決定因素等分析、市場趨勢及競合情形，以下列摘要形式闡述。

概要

發展因素
摘要
調查方式

實施概要

瑞士金融產業面對追求透明化之輿論高漲
競爭力高之出口及服務業帶動瑞士之金融
Swiss National Bank制定國內廣大之金融中心
- 歐洲指令（European directive）及加強對瑞士法郎加強策略對對沖基金於新立法、市場挑戰之具體舉例
瑞士個人高產階層（HNW）之資產無法恢復到金融風暴前水準
具有很長歷史之瑞士境外市場
瑞士個人高產階層於風險選擇上較保守，大部分投資於股票或債券
瑞士財富管理市場為多個不同金融商業模式之綜合體
- M&A以活用市場撤退企業之優勢為重點
- 由選擇競合分析至企業，市場中以各種商業模式為銷售要點

瑞士高產階層市場規模及未來發展預測

簡介
宏觀經濟概要
- 宏觀經濟觀點之趨勢及業績
- 國內生產總值（GDP）
- 通貨膨脹
- 長短期利率
- 股票市場之資本化
- 所得分配及差異
瑞士財富管理法規
- 管理機構
- 產業團體
新立法及市場挑戰
- 瑞士財富管理應該理解歐盟AIFMD（另類投資基金指令）之意義
- 瑞士法郎之加強
測定高產階層人口
- 瑞士國內高產階層佔有整體32.9%
- 2010年高產階層有所增加
- 2010年資產價值止跌回漲
境外市場
- 國外客戶資產額超過國內居民持有資產
- 瑞士境外AUM（運用資產）最大來源為歐洲、東歐、北美
- 免稅、調查、條約開拓瑞士境外金融環境之新局面金融環境

瑞士個人高產階層

瑞士高產階層投資人
瑞士個人高產階層之投資對象一般為股票、固定收益證券、現金等現金產品
瑞士個人高產階層於建議類資產運用服務之需求高
瑞士個人高產階層財務成熟，追求直接對談之關係
瑞士個人高產階層雖相信財富管理，但其資產運用大多委託業者

瑞士財富管理市場中競合企業發展

瑞士財富管理市場之商業模式
競合企業趨勢
瑞士財富管理市場之主要競合企業發展

附錄

圖表

The Swiss wealth management and private banking industry benefits from centuries of development as a global bank to the internationally wealthy. It prides itself on discretion, quality of service, access to international investment opportunities, and the stability of the Swiss banking system. Onshore banking business operates alongside an extensive offshore market.Build your customer targeting strategy using in-depth HNW demographics and needs analysis based on Datamonitor's annual Global Wealth Manager Survey.Assess your competition through detailed profiles of notable players, including the customer targeting, marketing and product strategies they employ.Size your potential client base using Datamonitor's proprietary data, presenting the number of affluent individuals by liquid asset band to 2014.Well-publicized tax amnesties, the threat of government enforcement and loss of anonymity, and the broad international consensus for improved finance and tax regulation has had an impact on the Swiss offshore banking industry. Moreover, the rapid appreciation of the Swiss franc has increased wealth manager's cost bases and reduced profitability.According to Datamonitor's Global Wealth Managers Survey 2011, the Swiss HNW customer is typically male and over 51 years old. He most commonly earned his wealth through entrepreneurship, earned income, or inheritance. Most of his liquid wealth is held in equities and corporate bonds. The Swiss HNW looks for advisory asset management.The Swiss banking industry is based on a "universal banking" concept, whereby all banking institutions can offer all banking services including credit/lending services, asset management, and deposit and securities services to onshore and offshore clients. Despite this concept, there are numerous different banking business models in Switzerland.What strategies are my competition employing to win and keep affluent clients?Which products and services will affluent clients in Switzerland want in the next two years?How is the Swiss wealth management industry structured? What role do banks and asset managers play?How many potential clients in Switzerland have onshore liquid assets that would allow me to run a very profitable business?Who are the main regulators in Switzerland and which legislation has impacted wealth managers?

Swiss banking faces increasing calls for transparency
The Swiss economy is led by a strong export and services economy
The Swiss National Bank regulates Switzerland's extensive financial sector
Recent legislation and market issues include the European directive on hedge funds and the strengthening Swiss franc
Switzerland's HNW population are yet to recover assets to pre-crisis levels
Switzerland has a long-established offshore market
The Swiss HNW individual has a moderate risk appetite and invests most into equities and corporate bonds
The Swiss wealth management market is a mixture of numerous different banking business models
M&A has been focused on taking advantage of competitors leaving the market
Profiled competitors have been selected to highlight the various business models in the market

SIZING AND FORECASTING THE AFFLUENT MARKET IN SWITZERLAND

Introduction
Macroeconomic overview
Macroeconomic trends and performance

GDP

Inflation
Long-term and short-term interest rates
Stock market capitalization
Income distribution and inequality
Regulation of wealth management in Switzerland
Regulators
Industry associations
Recent legislation and market issues
Swiss wealth manager should be aware of the implications of European AIFMD
Strengthening Swiss franc
Sizing the onshore affluent population
Switzerland's onshore affluent population accounts for 32.9% of the total population
The number of affluent individuals in Switzerland started to increase again in 2010
The value of assets also stopped declining and increased in 2010
The offshore market
Foreign client assets outweigh those held by Swiss residents
The largest sources of offshore AUM in Switzerland are Europe, Eastern Europe, and North America
Tax amnesties, investigations, and treaties are reshaping the Swiss offshore banking environment

HNW CUSTOMERS IN SWITZERLAND

Who is the Swiss HNW investor?
Most HNW individuals are over 51 years old
Men account for a significant proportion of HNWs in Switzerland
The majority of HNWs have amassed their fortunes through entrepreneurship or earned income
Swiss HNWs typically invest in equities, fixed income, and cash or near-cash products
In broad asset class terms, Swiss HNWs have the largest proportion of their portfolio in equities
Detailed asset class analysis shows Swiss HNWs have most invested in equities and corporate bonds
Within two years, equities will see a minor reallocation in Swiss HNW portfolios
There is a high demand for advisory asset management services among Swiss HNWs
Swiss HNW individuals are seeking advisory asset management services and tax planning and advice
Swiss HNWs currently have a strong appetite for advisory asset management
Looking forward two years, advisory asset management will remain in high demand
Swiss HNW individuals currently have high demand for tax planning and advice and mortgages
Within two years tax planning will continue to be in high demand but inheritance and financial planning will also increase
Swiss HNWs are financially sophisticated and demand face-to-face relationships
Swiss HNWs have a higher than regional average knowledge of risk and return
A high premium is placed on face-to-face contact
Swiss HNWs are loyal to their wealth manager, but spread assets across numerous firms
Swiss HNW individuals spread their assets across more than one wealth manager
Swiss investors display a high degree of loyalty to their bank's brand and to their individual wealth manager
Customer referrals are the most effective means of customer acquisition
Aside from referral from an existing client, no other client acquisition technique truly stands out for its success rate

COMPETITOR DEVELOPMENTS IN SWISS WEALTH MANAGEMENT

Business models of Switzerland wealth managers
Domestic providers operate in both onshore and offshore banking
Competitor trends
M&A has been focused on competitors leaving the offshore market and local player consolidation
Swiss banks are expanding their domestic network to focus on Swiss onshore clients
Key competitors in Swiss wealth management
Competitor profile: Credit Suisse
Competitor profile: Zurcher Kantonalbank
Competitor profile: Wegelin & Co.
Competitor profile: Hottinger & Cie
Competitor profile: HSBC Private Bank

APPENDIX

Supplementary data
Western European stock market capitalization by major exchanges
Definitions
EU passporting
High net worth (HNW)
Liquid assets
Mass affluent
Measures of growth
Onshore
Para-banking sector
Methodology
Overall methodology
Global Wealth Managers Survey 2011
Global Wealth Model methodology
Selected bibliography
Further reading
Ask the analyst
Disclaimer

TABLES

Table: Selected competitors in Switzerland and their corresponding business models
Table: Key macroeconomic data for Switzerland
Table: The AIFMD outlines strict guidelines for marketing AIFs in Europe
Table: The management of AIFs is also covered by the directive
Table: Affluent population as a percentage of total adult population in selected global wealth markets, 2010
Table: Number of mass affluent individuals by asset band (000s) 2006-10
Table: Number of HNW individuals by asset band (000s), 2006-10
Table: Number of HNW individuals by asset band (000s), 2011-14
Table: Value of liquid assets held by the mass affluent population (€bn) 2006-10
Table: Value of liquid assets held by the mass affluent population (€bn), 2011-14
Table: Value of liquid assets held by the HNW population (€bn), 2006-10
Table: Value of liquid assets held by the HNW population (€bn), 2011-14
Table: Total assets under management in Switzerland
Table: Switzerland has DTAs including the administrative assistance standard with 31 countries
Table: There are 24 cantonal banks which all offer wealth management products and services
Table: Selected Swiss private banks have long-established operations dating back hundreds of years
Table: There are numerous domestic banks focused on asset management
Table: Foreign universal banks and asset managers have well-established operations in Switzerland
Table: Competitor profiles by business model
Table: Credit Suisse's sponsorship deals match its expansive global network
Table: Key global performance indicators for Credit Suisse, 2010
Table: Credit Suisse wealth management private client AUM by region, 2010
Table: Key performance indicators for Zurcher Kantonalbank
Table: Wegelin's discretionary management services cater for current market conditions
Table: Wegelin sponsors numerous aid organizations in Switzerland and abroad
Table: HSBC Private Bank specialist services
Table: Key performance indicators for HSBC Private Bank, 2010
Table: Western European stock market capitalization (€bn), 2006-10

FIGURES

Figure: Switzerland has the seventh largest economy in Western Europe
Figure: The Swiss economy came out of recession in late 2009
Figure: Inflation remains low as the strong Swiss franc promotes increased import activity
Figure: The target range was lowered to 0.00-0.25% in mid-2011
Figure: The yield on Swiss 10-year government bonds has remained low since 2006
Figure: The SIX Swiss exchange is the fourth most capitalized stock exchange in Western Europe
Figure: Switzerland has the 10th lowest GINI coefficient in Western Europe
Figure: The Swiss franc has rapidly strengthened against the dollar and euro in 2011
Figure: Efforts by the SNB to calm the rapid appreciation of the Swiss franc have had mixed success
Figure: Switzerland's onshore affluent population accounts for 32.9% of the total adult population
Figure: The largest expat communities are from Italy and Germany
Figure: The mass affluent population is forecast to recover to its 2007 high between 2011 and 2012
Figure: The HNW population is forecast to recover to its 2007 high between 2011 and 2012
Figure: The total value of mass affluent liquid assets will surpass its 2007 high in 2012
Figure: The total value of HNW liquid assets will surpass its 2007 high in 2012
Figure: There are more foreign assets managed in Switzerland than domestic assets
Figure: Europe is the largest source of offshore AUM in Switzerland
Figure: Most Swiss HNW individuals are over 51 years old
Figure: Men account for a significant proportion of Swiss HNW individuals
Figure: Swiss HNWs have most commonly amassed their wealth through business/entrepreneurship, earned income, and inheritance
Figure: Swiss HNW individuals invest more than the regional average in alternative investments
Figure: Swiss HNWs favor equities, corporate bonds, and deposit savings as well as precious metals
Figure: Swiss HNW individuals will not significantly change investment habits within two years
Figure: Discretionary, advisory, and execution-only services are widely available in Switzerland
Figure: Advisory asset management services are in high demand in Switzerland
Figure: Current demand for asset management services will not change within two years
Figure: Tax planning and advice is in high demand in Switzerland
Figure: Tax planning will still be in high in two years alongside growing demand for financial planning
Figure: Swiss HNW have complex characteristics that must be managed efficiently by their managers
Figure: Face-to-face relationship management is very important for Swiss HNW individuals
Figure: Face-to-face contact occurs once a quarter between wealth manager and client
Figure: Swiss HNW individuals spread their assets across more than one wealth manager
Figure: Swiss HNWs rely on the advice of someone they know when choosing a wealth manager
Figure: Referral from an existing client is the most successful new client acquisition technique
Figure: Client events give private bankers the opportunity to contact clients face to face
Figure: UBS and Credit Suisse are Switzerland's two largest banks
Figure: Wealth managers have opened new branches in Switzerland to expand their onshore presence
Figure: Credit Suisse also offers an advanced iPhone app version of the Direct Net online platform
Figure: Credit Suisse Group maintains a Twitter feed
Figure: The Americas represent the third largest source of wealth management AUM for the bank
Figure: ZKB's Twitter page has only a small group of followers
Figure: Wegelin maintains a Twitter page, Facebook page, and RSS feed
Figure: Hottinger has expanded substantially since 2001
Figure: The HSBC private banking global network is extensive
Figure: Global Wealth Managers Survey 2011 geographic coverage

OVERVIEW

Catalyst
Summary
Methodology

EXECUTIVE SUMMARY

Swiss banking faces increasing calls for transparency
The Swiss economy is led by a strong export and services economy
The Swiss National Bank regulates Switzerland's extensive financial sector
Recent legislation and market issues include the European directive on hedge funds and the strengthening Swiss franc
Switzerland's HNW population are yet to recover assets to pre-crisis levels
Switzerland has a long-established offshore market
The Swiss HNW individual has a moderate risk appetite and invests most into equities and corporate bonds
The Swiss wealth management market is a mixture of numerous different banking business models
M&A has been focused on taking advantage of competitors leaving the market
Profiled competitors have been selected to highlight the various business models in the market