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Join our External Asset Managers Events - Accelerating M&A in an environment of consolidation and regulatory change

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The External Asset Management (EAM) sector has started to change dramatically. The pressure of regulatory changes, increased costs, organic growth challenges and requirement for adapted investment offerings have accelerated M&A amongst EAMs considerably in the past 12 months, and we expect this trend to continue in the coming months and years.

We are hosting external asset management events (Lugano 28th of September, Geneva 29th of September and Zurich 26th of October) and will highlight key learnings from recently announced M&A transactions, as well as key considerations for market participants to take advantage of current sector dynamics.

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Posted on 6/09/2022 | 0 Comments

New US Tax identification number requirements create unworkable situations for Qualified Intermediaries


The IRS has recently announced a number of changes related to identification requirements impacting Qualified Intermediaries (QIs). This blog is the first of a two-part series and describes how the current design of the Secure Access Account (SAA), and in particular the request to provide a US Tax identification number to validate the QI’s Responsible Officials identity, would impair the QIs’ capabilities to comply with their electronic reporting obligations through FIRE. The second part of this series, covering QI’s new due diligence challenges linked to their non-US account holders’ US Tax identification number requirement for 1446(a) and 1446(f) purposes, will follow in a separate blog.

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Posted on 19/07/2022 | 0 Comments

The Deloitte approach to strategically realign risk management in banks


The operating model of banks is under significant pressure to change. This also affects the risk functions. A survey conducted by Deloitte Switzerland in March 2022 found that risk managers are increasingly concerned with the transformation that is occurring. The four key issues of digitalisation, strategic positioning, governance and 3 LoD organisation are potentially far-reaching strategic topics in the risk area. There is an unmistakable trend towards digitalisation in risk management and corporate governance.

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Posted on 11/07/2022

Rapidly changing Sanctions regime: Recommendations for financial institutions to manage the risks sustainably


As the severity of the Western sanctions against Russia increases, client and reputational risks for financial institutions are becoming apparent regarding clients with a close association to sanctioned entities. Senior management must strike a delicate balance between protecting the reputation of the bank and the potential adverse consequences to their clients, whilst maintaining full regulatory compliance. Therefore, decisions should be supported by thorough analysis and expert recommendations. We recommend three ways for senior management to make this process more sustainable: i) ensure everyone in the organisation has the same view of what acceptable relationships look like ii) outline minimum factors to consider as part of any decision-making process iii) facilitate by standardising and automating of the required data gathering.

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Posted on 5/07/2022 | 0 Comments

Accelerating consolidation dynamic among Swiss External Asset Managers amid regulatory and profitability challenges ahead

Accelerating consolidation dynamic among Swiss External Asset Managers amid regulatory and profitability challenges ahead

With approximately 2,500 External Asset Managers (EAMs) and Trustees managing between CHF475-600bn of AuM, Switzerland is one of the most active and fragmented wealth management centres globally. The sector finds itself at the crossroads of a multitude of national and international trends. Industry players are struggling to grow organically via the recruitment of senior Relationship Managers (RMs) able to attract sufficient client assets. Meanwhile revenue margins are decreasing, weighing on the industry at large. Clients’ demand for alpha generation, notably through differentiated and sustainable offerings, and implementation of the Financial Institutions Act (FINIG) are further challenges to EAMs’ profitability. In some cases the new regulatory approval process has discouraged EAMs from filing an application.

As a result there has been  a notable increase in the number of M&A transactions in Switzerland over the past 18 months, and in particular since the beginning of 2022. Consolidation in the industry is picking up speed.

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Posted on 30/06/2022 | 0 Comments

Why banks struggle to create inspiring content

More than 70% of all prospects and clients look for banking products & services information online before making a purchase decision

This blogpost is the third in our five-part series on “Five strategic imperatives for marketing and sales executives in banking”.

Here’s a question for you: When was the last time you read a post or watched a video from your bank? Let’s pretend that you do remember – what did you think of it?

The answer is likely to be on a scale from “it was ok” to “I don’t remember”. And perhaps you don’t expect more – after all, it’s content from a bank and not The Economist, right?

This should be a wake-up call for banks, as our latest study reveals that more than 70% of all prospects and clients look for banking products & services information online before making a purchase decision.

Based on our experience planning and implementing various content creation and distribution initiatives for banks, we believe that talking about financial topics in simple terms and educating investors is key. Banks should aim to compete with top content creators and news outlets.

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Posted on 27/06/2022 | 0 Comments

Wealth Management Platform: Enhancing the product portfolio

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The first and second post of this series have explored how changes in the marketplace and client expectations necessitate a shift to different wealth management platforms. We will now assess the changes driven by emerging products.

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Posted on 16/05/2022 | 0 Comments

New challenges and priorities for CROs in 2022

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In 2018, Deloitte Switzerland established a Risk Executive Network (REN) for CROs in leading Swiss banks, to exchange views about risk-related priorities within the financial services industry. The REN consists of 35+ CROs and holds four sessions each year.

In March 2022, Deloitte Switzerland carried out a survey to identify the strategic priorities of CROs. The survey focused on priorities in digitalisation, risk management, regulations, and strategy/governance. There are priority issues for CROs in all four areas, but we observe a strong trend in their concerns towards digitalisation in risk management and corporate governance issues in this year’s assessment. 

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Posted on 11/04/2022 | 0 Comments

Wealth Management Platforms: Transforming client experience

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Wealth Management is changing dramatically. The first post of this series has demonstrated how revenue growth is enabled by modern platforms. The second will take into account the perspective of a changing client base, and it will discuss how to deliver the right customer experience to these clients through a modern platform.

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Posted on 29/03/2022 | 0 Comments

Join our Wealth Management 4.0 webinar: How digital, social, and economic trends will transform the investment industry

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Digital technologies are impacting the future of wealth management across many aspects. 40% of wealth management clients say digital access has greater importance in their decision making, according to Wealth and Asset Management 4.0, a recent paper by ESI Thoughtlab and Deloitte.

Three-quarters of firms surveyed believe that investors' primary engagement channel will be digital within the next two years. How can firms adapt to these consumer changes for growth?

Please join us on 4 April (Monday 4 April 2022 - 16:00 CEST - 17:00 CEST) for a virtual 45-minute panel discussion, where we will hear from industry leaders what they think the wealth management sector will look like in the future. Lou Celi, CEO, ThoughtLab, will present the key findings of the Wealth and Asset Management 4.0 report.

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Posted on 21/03/2022 | 0 Comments

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