Acquisition appetite and strategy in the private banking and wealth management industry.
The turbulence in global financial services over the past year or so has been widely reported in the international media and needs no repetition here. What is interesting is the extent to which the private banking and wealth management sector has been relatively sheltered from the travails of the broader banking industry.
Many private banks appear to be adopting a wait-and-see approach until some normality returns to the global economy and/or they have got their own houses in order. In addition, there seems to be a general lack of attractive acquisition targets available, especially in the Asia-Pacific – a seemingly perennial challenge in this sector but made worse by the fact that many would-be sellers are not prepared to accept current (relatively low) valuations.
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