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Can CH remain at the top in wealth management?鈥擜Q&A with Julius Baer CEO Philipp Rickenbacher - YouTube
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switzerland is the biggest offshore
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wealth manager in the world making
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private banking one of the most
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important segments of the swiss
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financial industry but can it maintain
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or even advance its leading position
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welcome to finance.swiss i'm tanya
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koenig and today i'm speaking with
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philip rickenbacher ceo of udo spare to
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find it out hi philip hi tanya
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[Music]
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besides heading a private bank you're
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also the chairman of the association of
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wealth management banks so to give us a
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little bit of context what's the
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proportion of these assets managed in
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switzerland in
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absolute terms and relative to other
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financial centers
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switzerland is the preeminent global
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cross-border wealth management center
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out of 10 trillion of assets managed
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globally cross-border switzerland
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roughly has two and a half trillion
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under management clearly ahead of
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singapore clearly ahead of hong kong of
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the us and of other financial places and
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switzerland plays also an important role
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in the 240 trillion domestic wealth
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management markets across the world with
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swiss banks present in many of the key
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markets and managing money domestically
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that's testament to the strong value
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proposition of swiss banking
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far beyond
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the banking secrecy-led value
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proposition from a long time ago we know
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it we're facing the greatest wealth
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transfer in the history of humankind our
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swiss banks prepared to cater to a
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younger clientele with different needs
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different preferences compared with the
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previous generations
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with 200 or 300 years of history swiss
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banking always had to cater to next
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generations to remain in business and
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yes this time around the generation is
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quite challenging a new view of the
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world
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digital natives completely different
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needs sometimes different language and
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different values
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but there are also commonalities of the
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new generation with all generations the
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complexity of wealth the need for
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education in financial matters and the
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need for personal relationships and for
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trust this together gives us a fantastic
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base to work from yes we cannot rest on
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our laurels we need to redefine what we
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do how we do and with this generation
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also why we are doing things so you're
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not worried about the future i am never
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worried about the future i'm embracing
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the challenges then geopolitics are
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affecting every corner of the world
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economy there are more and more voices
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who think that the global economy is
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also in the process of fragmentation
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so what's your take on that
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this time around i think there's a lot
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happening on the geopolitical side and a
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lot of uncertainty
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you're saying fragmentation and i agree
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with that i think the world
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is deglobalizing to some extent or at
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least slowing down its globalization
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blocks are forming east and west but
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also within
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regions like in europe after brexit
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but
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the fragmentation is not the only thing
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going on we are coming out of a time
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when the world has seen a digital divide
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already before the pandemic and the
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divide between those who are digital and
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those who stay behind
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we have seen a pandemic divide and the
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pos pandemic recovery divide and we're
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seeing yet another divide which is now
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linked to the inflation and and what is
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happening and i think this is creating
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completely new boundary conditions it's
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also creating opportunities on a
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geopolitical scale opportunities for
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those countries that are well networked
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and that are builders of bridges as
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switzerland has always been and so i
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think switzerland's starting position as
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a beacon of stability and with its
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active neutrality in in a world that
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changes so fast is actually very strong
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then but how can swiss banks navigate
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this this business risks that you also
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mentioned before
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navigate is the right word when when
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you're out there in the sea and it's
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getting rough
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you don't switch off the engine and hope
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for the best you switch it on you put in
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your gears and you push in the direction
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where you think you need to go and
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that's what swiss banks need to do first
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and foremost with our clients because
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that's what makes us relevant and help
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them navigate this world
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then reinventing our business model our
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strategies advancing our work in this
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field creating new value propositions
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doing more on the digital side
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conquering new asset classes there's a
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lot of things that swiss banking and
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swiss wealth management is doing right
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now but not just in isolation it's about
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creating connections between the
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industry the authorities politics
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academia and using the ecosystem that we
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have it's about continuing to develop
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new talent in this market
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and it's about also for swiss banks to
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be relevant in the societies where we
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live and where we operate because we do
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play a role also on that level and all
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of these things together i think create
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a good package it's a time for us to
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move forward and we've taken it with a
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lot of energy it's obviously well known
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that switzerland has a long-standing
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tradition in in private banking but for
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a variety of reasons competition is
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getting fierce internationally so what
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are swiss banks doing to stay ahead of
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the curve and why should high net worth
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individuals continue to trust their
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wealth to swiss institutions
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switzerland has always punched above its
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weight it's a little country it's
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landlocked it has no resources and so
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was not said to succeed in areas like
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biotech like pharma like high tech as we
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do today and the same holds true for
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banking and what helps us is very stable
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fundamental conditions having a strong
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economy having a liberal mindset in the
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country having a rule of law and
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excellent infrastructure on top of that
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we have an outstanding dialogue between
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the industry authorities and the
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politics we have a fantastic link to
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academia and we have an ability to
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develop great talents all those are
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ingredients that create a great
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competitive framework for switzerland
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and then on top of that i do embrace
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competition competition is something
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that keeps us on our toes that's
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creating energy that lets us develop
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that lets us measure our capabilities
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and confirm
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the direction that we're taking
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and so yes indeed we are ready to
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compete and the fact that our clients
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entrust their fortune to swiss banks is
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reflective of our success in this
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competitive environment great feeling
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thank you very much for taking your time
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and for giving us
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this insight thank you very much
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[Music]
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you
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