Swiss Wealth Management: A Brand Put to the Global Test<\/p>\n
International expansion confronts Swiss wealth managers with a delicate balancing act: How do you assert yourself between Swiss roots and local identity? finews\u00a0checked in with Marcuard Heritage’s outposts in Abu Dhabi and Singapore.<\/p>\n
The international expansion of Swiss wealth managers into emerging and established financial hubs requires strategic skill and cultural adaptability. An established Swiss brand alone is not enough to succeed in highly competitive growth markets.<\/p>\n
A conversation with\u00a0Michael Kuenzi, head of the\u00a0Marcuard Heritage<\/a>\u00a0office in Abu Dhabi, and his colleague in Singapore,\u00a0Michel Keiser, about the balancing act between global appeal and local roots, changing client needs, and what \u00abSwissness\u00bb means today.<\/p>\n Mr. Kuenzi and Mr. Keiser, Marcuard Heritage deliberately chose to establish a presence in the United Arab Emirates and in Asia. What were the strategic considerations behind these locations, and what goals are you pursuing there?<\/p>\n Michael Kuenzi, Abu Dhabi (AD):\u00a0For Abu Dhabi, diversification is the key consideration. Anyone holding substantial wealth should use different financial centers. We are pursuing three primary goals here: managing client assets that are already in the UAE but have historically been serviced from other centers, building an attractive platform for our relationship managers (RMs) from other booking centers, and third, building a local client book with locally hired RMs. The first goal has largely been achieved; the other two are ongoing processes.<\/p>\n Michel Keiser, Singapore (SG):\u00a0We have been on the ground in Singapore since 2008. Marcuard Heritage recognized Asia’s immense growth potential early on, and we are building on those investments today. We are currently in the midst of a major transition: the traditional discretionary business model is being complemented by an active advisory approach, which remains dominant in Asia. Demand for active advice is far greater here than in Europe \u2013 on this point, local adaptation is decisive. Recently, we have also benefited from the demise of Credit Suisse, winning over local talent and their clients to the advantages of independent advice.<\/p>\n Can you quantify that success: How have assets under management developed at both locations, and since when have the offices been profitable?<\/p>\n Keiser:\u00a0In Singapore, assets under management have been stable at around $500 million for several years and are now poised to grow markedly. The location has been profitable from the start.<\/p>\n Kuenzi:\u00a0In the Emirates, we had something of a jump-start, as we have been booking client assets there for diversification purposes for ten years. We are currently in the lower three-digit million range and recently reached breakeven \u2013 on a monthly basis.<\/p>\n How is your brand perceived in each local market, and how much do you rely on \u00abSwissness\u00bb in client acquisition?<\/p>\n Keiser:\u00a0In Singapore, we are still partly seen as a kind of startup, something we want to change by consistently expanding our services. As for \u00abSwissness\u00bb: in certain Asian countries, it has suffered badly since the Credit Suisse drama and the controversial AT1 write-downs. The Swiss brand as a haven of safety with a substantial trust bonus has been dented, which is reflected, for instance, in lower demand for booking options in Switzerland. For us in Singapore, \u00abSwissness\u00bb is currently of secondary importance. What counts is solely the service delivered by the people in charge. It’s a people’s business. And, objectively speaking, banking services in Singapore and Hong Kong are in no way inferior to those in Switzerland.<\/p>\n \u00abThe Swiss brand as a haven of safety with a substantial trust bonus has been dented.\u00bb<\/p>\n Kuenzi:\u00a0From my perspective, the Swiss brand still stands for many positive values in the UAE, and our Swiss roots therefore carry positive connotations per se. We are proud of them and happy to mention them. What matters, however, is that \u00abSwissness\u00bb merely lays a kind of carpet. Our clients, our employees, and our network are highly international. Focusing too heavily on our Swiss origins would not do justice to this reality. Ultimately, client acquisition is first and foremost the RM’s job. The strongest argument is the personal trust between RM and client, supported by our expertise and our network.<\/p>\n If not through Swiss origins alone \u2013 how do you anchor yourselves as a foreign player in such different cultures?<\/p>\n Kuenzi:\u00a0I often look to Singapore, where a strong local identity and perception have already taken shape. For Abu Dhabi, that is a blueprint, which is why we are pushing above all the build-up of local know-how and a local network. In concrete terms, that means hiring employees and approaching clients of Arab descent, developing an affinity for and understanding of the country and region, and embedding ourselves in this culture \u2013 or in short: learn and understand. Building a network takes time above all. It is not just about knowing many people, but about establishing long-term, personal relationships of trust. You constantly have to ask yourself: How can I help the person across from me? That creates bonds.<\/p>\n Keiser:\u00a0In an extremely competitive environment like Singapore, it would be difficult in the long run without local roots and integration. The art lies in bringing two cultures \u2013 Western and Eastern \u2013 closer together and bridging potential prejudices and divides. We have managed this well thanks to our long-standing presence, cultural integration, and a mix of local and foreign employees. I myself benefit from 18 years of experience in Singapore and a corresponding network. Cultural adaptability is imperative. An inflated self-assurance among Western expatriates is not well received everywhere. One has to acknowledge that Asia’s financial industry has long since caught up in many areas.<\/p>\n Let’s turn to your clients. What characterizes a typical client at your respective locations?<\/p>\n Kuenzi:\u00a0It is still too early for a definitive characterization in Abu Dhabi. We are currently in a learning phase and don’t want to generalize too quickly.<\/p>\n Keiser:\u00a0There is no such thing as the one typical client. We focus mainly on Asian clients domiciled in Greater China. In general, expectations of bankers in Singapore and Hong Kong are high when it comes to advisory activity and service. High and ultra-high-net-worth clients often expect proactive advice \u2013 and not infrequently daily contact. If that isn’t delivered, they quickly switch bankers or institutions. That puts considerable pressure on the industry.<\/p>\n \u00abThe market for experienced RMs is still thin, as private banking in the UAE is itself still very young.\u00bb<\/p>\n How intense is the competition compared to Switzerland?<\/p>\n Kuenzi:\u00a0The market for independent wealth managers in the UAE is very large. The external asset management (EAM) industry, however, is still new to the local banks, which is why we often act as partners rather than competitors. Recruitment is trickier: the market for experienced RMs is still thin, as private banking in the UAE is itself still very young.<\/p>\n Keiser:\u00a0The EAM industry in Asia is growing rapidly in terms of volume, technology, and regulation. Competition, particularly in Singapore and Hong Kong, is extremely fierce. The battle for \u00abhuman assets\u00bb and attractive clients is part of the daily agenda. The banking scene in Singapore is very tightly knit \u2013 everyone knows everyone. As a foreign market participant without correspondingly deep local connections, it is nearly impossible to win good talent.<\/p>\n Finally: What can other locations learn from your experience, and where do you see the next \u00abplaces to be\u00bb for an international wealth manager like Marcuard Heritage?<\/p>\n Kuenzi:\u00a0One can learn from the speed of the build-up in Abu Dhabi. The financial regulator of the Abu Dhabi Global Market is extremely active, rolls out the red carpet for newcomers, and organizes top-tier networking events. As the next potential \u00abplace to be\u00bb for Marcuard Heritage, I clearly see Hong Kong.<\/p>\n Keiser:\u00a0Singapore shows that the financial industry can enjoy high standing. The state lives off services and human capital, policy is aligned accordingly, and the industry’s contribution is valued by the population. That, unfortunately, has been somewhat lost in Switzerland over the years. As for the next locations: given the geopolitical situation and high entry barriers in established hubs, I see potential in centers such as Bangkok or Kuala Lumpur.<\/p>\n Are there concrete plans at Marcuard Heritage regarding Hong Kong? If so, what is the time horizon?<\/p>\n Kuenzi:\u00a0Hong Kong is a major international wealth management hub and has featured in our strategy discussions time and again for some ten years. At present, however, nothing concrete is planned.<\/p>\n Michel Keiser<\/a>\u00a0has headed the Singapore office of\u00a0Marcuard Heritage<\/a>\u00a0since 2024. He previously worked for Credit Suisse in Singapore, among other roles as head of international private banking and desk head for the Malaysia\/Singapore market.<\/p>\n Michael Kuenzi<\/a>\u00a0has headed the Abu Dhabi office since 2024. He has held various leadership roles at\u00a0Marcuard Heritage<\/a>\u00a0since 2013. Before that, he worked for Lombard Odier and UBS in London and Moscow.<\/p>\n","protected":false},"excerpt":{"rendered":"Swiss Wealth Management: A Brand Put to the Global Test International expansion confronts Swiss wealth managers with a…\n","protected":false},"author":2,"featured_media":553968,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[72,176,61,234387,60,174,175],"class_list":["post-553967","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-finance","tag-ie","tag-international-expansion-confronts-swiss-wealth-managers-with-a-delicate-balancing-act-how-do-you-assert-yourself-between-swiss-roots-and-local-identity-finews-checked-in-with-marcuard-heritage","tag-ireland","tag-personal-finance","tag-personalfinance"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/553967","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=553967"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/553967\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/553968"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=553967"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=553967"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=553967"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}