Wealth Managers Struggle to Tap the Wealthy in Emerging Markets (II)
Wealth managers are struggling with how to approach the newly affluent and wealthy in emerging markets according to an article (Wealth Managers Try to Tap the Affluent in Emerging Market) in Institutional Investor with Tucker York, the global head of the private wealth management division of Goldman Sachs Group, being quoted as saying:
“Creating the infrastructure to manage wealth is expensive. When we go into a new market, we feel we need to be prepared to go all in.”
Christine Mar Ciriani, a partner in and head of Capco’s Swiss offices in Geneva and Zurich, also commented:
“The cost of entering new markets is increasingly high as more complex international compliance and operational requirements come into play. The days of simply assuming you had to be active in every market has passed. Increasingly, we see major firms enter developing economies only when they are confident that we can fully leverage other business activities in those markets…. A rising trend we have seen in recent years is the adoption of purely digital investment advisory services by ultra-high-net worth families in developing Asia as well as other markets.”
To read the whole article, Wealth Managers Try to Tap the Affluent in Emerging Markets, go to the website of Institutional Investor.
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