Rival forces: behemoths and boutiques

Asset classes catching the attention of private banks and their clients include private markets, infrastructure and tokenised investments. The ideal wealth manager to oversee these may be a major bank, or part of the rising ranks of independent asset managers and multi-family offices, growing fast through mergers.
Collectively, this cohort are known as ‘External Asset Managers’ by private banks, which are all setting up thriving desks to service them, as they don’t want to entirely lose the relationship when key clients migrate to them.