Recovery of the economy and the desire of wealthy investors once again earn the financial markets have launched a re-division of the Ukrainian market of financial services and VIP-momentum for the development of wealth management. How to work and earn what new control status of the Ukrainian millionaires?

No service life-style management mainly limited to theater tickets and leisure clients … - says board member and advisor to the head of government BG Bank's work with VIP-clients Nick Piazza on the specifics and realities of today's Ukrainian wealth management ( WM). Two weeks ago, he and his partners opened the office in central Kiev, aimed at wealthy clients with a volume of between $ 100 thousand small Ukrainian bank, which is still in the 71-th place in terms of assets, is well placed to compete with the specialized Swiss banks such as Pictet - Piazza does not hide his ambitions.

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of Pictet Swiss and other banks that specialize in wealth management, while Ukrainian realities may cause except that a skeptical smile. Phase theater tickets they have been for hundreds of years ago, and now offer their customers the widest range of services ranging from buying Ferrari out of turn and ending with the decision of the thorniest issues, like a secret weekend in Paris or the registration of a will. But Paris and Ferrari - it only flowers, the main thing - accounts of rich clients, for which daily flow into the markets of shares and other assets of billions of dollars, often bypassing the tax authorities and other unpleasant places. Despite the crisis in the coming years, the money river will become even more affluent - predicted the Boston Consulting Group, the beginning of 2013 the assets of wealthy people will exceed $ 108 trillion. - That is, pre-crisis level. But whether the Ukrainian bankers to win a piece of the world market management of major states?

Treasury of VIP-clients

big money - big problems. And above all in terms of reliable and profitable use of capital. Of course, scatter the money for several deposits in different banks - a matter of one day. But this does not exhaust the possible deployment of surplus funds. In the West, integrated service VIP-clients - is a long-standing industry, originating back to the XVIII century. Today is the mass of credit structures, specializing exclusively in the work of the rich and very rich people.

Our financial

VIP-service only at the beginning of his long journey, but the financiers are optimistic about the future. If properly managed, this business can generate significant fee income, and the volume of attracted funds from large private investors can make a significant share in total liabilities of the bank, - considers Nick Piazza. Of course, in this case, a solid client is entitled to rely on a particularly reverent attitude. In banking there is even a special term for this most anxious - wealth management.

According to the report of the Boston Consulting Group, the total value of world wealth-assets at the beginning of 2009 was approximately $ 92 trillion. In an earlier report, prepared by Capgemini and Merrill Lynch Global Wealth Management, total assets of millionaires was the beginning of this year total $ 32.8 trillion. This significant difference in the assessment of the market has turned due to differences in methodology for assessing the welfare of wealthy people. For example, a sample Capgemini and Merrill Lynch is an investor with an investment portfolio of $ 1 million, and the Boston Consulting Group to include all the wealthy, who use the services of wealth management.

Ukrainian spatter-dock

complete investigation of the Ukrainian market wealth-assets yet. According to the State Tax Administration, in 2008, the hryvnia, millions have declared more than 7,4 thousand Ukrainians. However, the total amount of funds for wealthy clients assessed only in an approximate sense. Head direction Wealth Management BG Bank Vasil Revishvili proposes to calculate the volume of the market wealth management at the rate of 1-2% of GDP. Given that the nominal GDP of Ukraine in the past year amounted to almost a trillion hryvnia, we can assume that the volume of Ukrainian market of wealth-assets can be estimated at 10-20 billion UAH. Even if we accept as a basis for this figure, then, according to bankers in the management of the specialized units of banks and asset management companies is still no more than 10-15% of wealthy clients.

What are the conditions for entry into the category of client departments wealth management? On average, Kyiv market this service starts somewhere from $ 100 thousand Why this amount? On average, a rich client brings to the bank about two percent of profits annually. Customer are personal managers, each of them for 40 clients. The international practice in this business recommends that no more than 50 clients. At the threshold of $ 100 thousand cost of maintaining a staff member working places on his trip paid off, and the bank still makes a profit, - told us the staff of the Division for the VIP-clients of one of the major banks.

But more often, according to Vassil Revishvili, at an elite service can expect customers whose invested funds exceed $ 1 million (the so-called high net worth individuals HNWI). Multimillionaires are still the most profitable segment of the market, precisely because they lead an aggressive fight against the big banks with loud names such as UBS, Credit Suisse, Deutsche Bank, Goldman Sachs and JPMorgan. However, as the booming stock markets gave way to stagnation, the number of corporate and individual bankruptcies increased and competition in the market was becoming increasingly acute, financial institutions have become more and more attention paid to people with conditions as measured six-digit numbers (mass affluent, or sub - HNWI). Now many banks are not averse to control a fortune of $ 500 thousand, or even $ 100 thousand way, in the U.S. on this market segment accounts for about one-third of the invested resources, and it is growing most rapidly. The demand for an individual approach on the part of customers is growing, but financial institutions are faced with a decline in profit margins in the industry: high maintenance costs of the elite, and the income from the management of medium-sized states are relatively small.

The Discreet Charm of the Bourgeoisie

In Western countries control states include a wide range of highly personalized service, covering all aspects of not only the financial life of the customer. Controlling the state assumes that the bank becomes a trusted financial advisor to the client, undertakes a comprehensive customized solution of financial problems for him, and then to his heirs. Naturally, such cooperation requires a high level of trust the client to the bank.

Ukrainian history of competition in the market of wealth management is not very long: BG Bank draft less than a month. Another project - the representation of the Swiss daughters of the Latvian Parex banka - bank AP Anlage und Privatbank, which specializes in serving large private clients, - only a week. Project Andrew Onistrata with the bank National Credit to create a boutique bank for wealthy clients - two months. Meanwhile, all they have to compete with the classic WM-practitioners. This is a private banking boutiques such as Swiss Pictet, Lombard Odier Darier Hentsch and Sarasin Cie, administering tens of billions of Swiss francs and operating in many countries, including Ukraine. In addition, some functions of WM is already covered VIP-divisions of the Ukrainian banks.

However, the national specifics of the private capital is such that the basis of cooperation of the client and the bank still are trusting relationship. We can therefore say that the volume control on the domestic capital still leading local companies, even simply by the number of clients. But large volumes of customers rely on foreigners: the international companies with a great name and a long history of expertise in this area is somewhat higher. Even if the recent problems with Lehman Brothers someone and scare, alternatives do not exist. Ukrainian investors feel more secure if a counterparty serve foreigners. Such options are at our banks have appeared more than five or six years ago, while traditional management of large states took shape in Europe for centuries.

in Ukrainian banks there is an old exclusive working arrangements. The VIP-clients do not attach a personal manager - his leads personally one of the deputy president of the credit institution. When a client wants something, he simply calls the top bank manager, and he immediately gives the appropriate instructions to staff. Let's call this kind of VIP-service informal. Often, however, a special service plan, developed for a particular client, under its finances, such a procedure does not provide for the conduct of business. And VIP-service in a similar service in the Western sense of the word can hardly be called. However, according to bankers, they increasingly prefer to work with the market customers, and therefore increases the need for a more gourmet offerings.

Menu for VIP-client

And then it's time to talk about what it was set WM-service can expect from the bank particularly important person. First of all, WM-range of services includes a classical private banking, and asset management, and service life-style. In the case of large banks such VIP-client has only a personal manager. Large client saved from waiting in lines - on a phone call to meet him, transmit to the comfortable office and immediately served. For example, a plastic card of any of the international payment systems, which typically produce two to three weeks, the client department will issue a half hour, quickly open the account in any currency. But this is, so to speak, only service. As for the content part, the bank primarily offers a wealthy person means a headache - a service of a qualified fund management, embedding them in a variety of assets: deposits, securities, gold, antiques and more. Due to the relative underdevelopment of the Ukrainian financial market, domestic banks can offer customers a limited range while investment instruments. Transactions in gold in Ukraine for individuals known to be unprofitable, the stock market is not enough liquid, the infrastructure of civilized circulation of art and antiquities is only beginning to emerge. However, progress still is.

According to Nick Piazza, where the development of the Ukrainian stock market banking VIP-service has increasingly become an investment grade. It is now of VIP-service and emerging in its classical form, ie as a full range of financial services are very busy and very wealthy man. It is interesting that in times of crisis and change preferences for the wealthy invest their savings. Today there is a shift in the cache and increased private investment in fixed income securities denominated in foreign currency (euro bonds), - says Piazza.

There are other possibilities. First and foremost is access to international markets, where the range of tools is very wide. In addition to standard types of assets, ie securities, gold and different rates are given opportunities to try yourself and the commodity market. This can be fixed-term contracts for oil, metals, coffee - the world's commodity exchanges offer such an opportunity. In this case the client can either make their own decision on the formation of its investment portfolio, or to trust banking professionals.

Bank may also provide clients with legal support, especially in matters of tax optimization.

There is anotherhighly sought type of services - the creation and maintenance of the so-called integrated customer account. The rich man often has a very diverse set of assets: shares of various companies, bonds, real estate, currency values, antiques and much more. All this is in different places on different accounts, and sometimes a single asset management is absent. All together can pull and a very considerable sum of money, but assets are scattered. Why should they collect? If customers suddenly need to take a large loan, then used as the collateral such fuzzy assets very difficult. It is much easier if they are whole, that is, that this was the most integrated account , - said Vasily Revishvili.

Tariff policy banks for VIP-clients, too, has its own, very special. Naturally, it depends on the contributions received - bankers call it flexible approach to the client. And it concerns not only the integrated services (such as the securities market size of the fees for the customer has traditionally reduced in proportion to its turnover of transactions), but also the maintenance of deposits - are here, too, there may be individual rates, it is significantly different from the market.

Fixed price list of services, as a rule, no, their range is practically unlimited. Recall a well-known case in which the security service one of the largest banks has helped the client department PB-counter raider capture of one of its assets.

Yet Ukrainian banks have yet to establish traditions inherent in the classical wealth management. But the main thing to overcome stereotypes in the service of families of wealthy clients, as in Ukraine is still possible to hear the opinion that to obtain high-quality service can only persons personally acquainted with the chairman of the bank or at least his deputy. While in the classical industry, every client of the Department WM can rely on such services.

Vyacheslav Mironenko, Elena Moshenets

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