More wealth being generated across the region has meant increased demand for private banking services. Even non-resident Europeans and Indians, Pierre-F Baer reveals, are coming to these shores to benefit from the expertise in areas such as estate planning.

“We’ve been growing at 35 per cent per year, for the last seven years,” he says. “But each new set of clients brings their own needs and the challenge is to maintain this growth rate. It may be a generalisation but in Europe, many reach a level of comfort that disincentivises them from achieving greater things. In contrast, people here tend to be extremely focused on business, and generally speaking, open to change. This will to continually move forward is extremely motivating.

“You can’t separate new money from old, entrepreneurs from inherited wealth. Some old-money clients are extremely dynamic and trade FX round the clock. Then there are self-made thirty-something entrepreneurs who, because they take more than enough risk in their business, prefer a conservative portfolio.
“Many entrepreneurs do not resolve succession planning issues until much too late.”