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Swiss asset manager GAM has opened its second U.S. office in Miami to enhance its reach to international clients, particularly in North and Latin America. The office will be led by Alejandro Moreno, who has been with GAM since 2022, and will also feature Charissa Pal as Business Development Manager, bringing over 20 years of industry experience. This new location aims to strengthen GAM's collaboration with its New York office and other regional branches to cater to the growing demand from international customers.
Investors are increasingly favoring emerging market funds that exclude China, driven by concerns over geopolitical tensions and the perceived risks associated with the Chinese economy. This shift has led to a surge in "ex China" funds, which have attracted $10bn in net inflows this year, as clients seek greater exposure to markets like India and Taiwan. Political motivations, particularly among US investors, are influencing this trend, with some pension funds divesting from Chinese assets due to national security concerns.
In August 2024, significant leadership changes occurred in the Asia-Pacific wealth management sector, including the appointment of a new CEO for DBS in Singapore and key roles at Eastspring Investments, Lighthouse Canton, and Emirates NBD. Notable hires included Ashwin Jayaram at Julius Baer and Tomoko Ueda at BlackRock, while VP Bank closed its Hong Kong office, focusing on Singapore. Other firms like Capital Group and Federated Hermes also made strategic appointments to enhance their regional presence.
Assenagon has expanded its sales team with the appointment of Marc Fankhauser as Sales Director in Zurich, effective October 1, 2024. Fankhauser, who specializes in advising German-speaking clients, brings extensive experience from Evooq and Vontobel, along with a Chartered Alternative Investment Analyst (CAIA) qualification. He is the fifth sales hire this year, reflecting the company's growth and increased demand for client support in a competitive market.
Swiss private banking is undergoing significant transformation as many institutions face challenges from declining margins, regulatory pressures, and reputational damage due to scandals. The trend of family-owned banks relinquishing independence is accelerating, with notable mergers and sales, reflecting a shift in the industry landscape. Factors such as high operating costs, outdated clientele, and a lack of digital innovation are driving this evolution, suggesting that the future of many private banks is uncertain.
The Swiss National Bank (SNB) has cut its benchmark interest rate by 25 basis points to 1.00 percent, signaling a likely further reduction in December and March due to low inflation and economic weakness. Analysts anticipate continued upward pressure on the Swiss franc, suggesting potential foreign exchange interventions to stabilize the currency. The SNB's revised inflation forecasts indicate a significant decrease in price pressures, reinforcing the need for a cautious monetary policy approach.
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