Benjamin Cavalli, Credit Suisse
Head of private banking South Asia and Singapore CEO
Since the global financial crisis, there is less risk taking in the industry and the use of leverage has also decreased significantly. A decade ago, the concepts of strategic asset allocation and diversified long-term investing were not in fashion. Since then clients are now more aware about behavioral biases, particularly herd behavior which was prevalent during the crisis.
Instead, clients are now more rational and have embraced managed solutions to build a core portfolio. This in turn led to a more diversified fund solutions shelf at Credit Suisse, as well as increased penetration rates for discretionary and advisory mandates.
In addition, we also see a shift towards having enhanced product disclosures and more transparency on fees as a result of greater attention from regulators on suitability and selling restrictions.
At Credit Suisse, we responded to these changes with Credit Suisse Invest, a human-led, digitally-enabled advisory solution which combines the bank’s Digital Private Banking technology platform, a retrocession free offering and a contextualized advisory process.