Geneva: A World Financial Centre
Private banking was born in Geneva which today is the heart of the Swiss asset management business. Switzerland manages approximately 35% of private and institutional offshore funds. Seventy-five banks (including some 50 foreign-owned institutions) are active in the sector. Industry specialists estimate that approximately 40% of the USD3,000bn assets managed in Switzerland are directly or indirectly controlled from Geneva. |
A Leading Asset Management Centre
 Some 35% of the world's private assets deposited outside the country of domicile are managed from Switzerland.Geneva is both the cradle and the modern capital of international asset management. It has become a reference point for other financial centres. Internationalisation of the term "Private Banking" underscores the fact that the quality criteria applied in Geneva are a benchmark for the profession worldwide. The two major Swiss banks have the largest proportion of their assets under management in Geneva. An increasing number of foreign banks are choosing Geneva as the base for their international asset management operations. Today, Geneva is home to some 50 foreign banks. This cross-fertilisation accounts for the centre's dynamism. This is further enhanced by the activities of hundreds of finance companies and independent asset managers as well as the portfolio management departments of leading international accountancy firms and stock-brokers. |
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A Long-Standing Tradition of Global Investing
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Geneva's bankers are famous for their skills in developing strategies for allocating and managing assets on a global scale. Since the 17th century, they have been thinking internationally and diversifying their investments by country and currency. This emphasis on risk diversification and hedging remains a cornerstone of Geneva's banking expertise. Advantages of the Geneva Market-Place Several significant factors have influenced the development of Geneva's financial market-place. Its future as a centre is closely linked to the climate in which the banking and finance industry evolves. Protection of the right to privacy (banking secrecy) and a tax system that favours expansion in the sector are indispensable. The highly motivated and multi-lingual workforce is another major asset. A Unique Service Culture Outstanding service quality is instantly noticeable from the very first contact. Responsive service, attention to individual needs and close personal relationships that only trust and discretion can inspire are the hallmarks of excellence. |
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