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Global wealth managers will flourish over 3 years, says PwC

Global wealth managers and private banks are anticipating a 30 per cent growth per year over the next three years, according to the latest findings from PricewaterhouseCoopers 2007 Global Private Banking/Wealth Management Survey.

The survey captures the views of senior executives from 265 organisations within the global private banking and wealth management industry and results show markets in Asia Pacific and Eastern Europe are expanding the fastest.

Chief executives in Asia Pacific expect their organisations’ assets under management to grow at an annual rate of 34 per cent and those in Russia are predicting between 30 and 50 per cent growth.

Almost 90 per cent of chief executives think there will be at least some, if not significant, consolidation in the industry and more than 50 per cent plan to open operations in new countries over the next two years to access new clients.

PwC global private banking and wealth management leader Bruce Weatherill says: “Our 2007 survey reveals a period of exceptional opportunities for wealth managers. Buoyed by rising global wealth, wealth managers everywhere are anticipating extremely high rates of profitable growth that have not been seen during the 14 year history of our survey, and probably at any other time.

“However, chief executives have some hard decisions to make in order to achieve their growth ambitions. This is a time when strategic choices have to be made and finite resources have to be focused on serving existing clients as well as supporting highly ambitious growth plans.”

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