To Wagner, who’s INVAO labels itself a ‘blockchain investment management company’, blockchain feels a lot like the internet did in the 1990s. And crypto doesn’t necessarily mean Bitcoin”. According to a survey by de Vere, a financial consultancy, 68% of HNWIs in the US, UK, Japan and Germany, will invest in cryptocurrency over the next three years.īut as Frank Wagner, CEO and founder of INVAO Group, pointed out during the conference, “Blockchain does not exclusively mean cryptocurrencies. When GlobalData conducted its survey in mid-2018, 57% of Germany’s wealth managers thought they would lose market share to robo-advisors in the subsequent 12 months.īlockchain is another frontier for the German market. However, wealth managers believe it is only a matter of time before that changes. Just 7% of German investors have used robo-advisors when arranging investments in the past year, says GlobalData. Even cash is still widely used in the country, despite it’s near ousting in Sweden, 50 miles north of Germany’s seaboard. Germany falls behind Asia and Scandinavia when it comes to the use of robo-advisors and other fintech products, the panel at PBI Germany agreed. Leena Iyar, head of marketing at MOXTRA, INC. The future of digital banking in GermanyĪsked whether Germany could be considered a market leader in digital banking, a panel comprised of Heinz and Kolh and joined by Christof Roßbroich from Avaloq and Leena Iyar of Moxtra, was clear on their answer: no. Goldman Sachs, Citigroup, JP Morgan, Morgan Stanley, Bank of America, UBS, Credit Suisse and Deutsche Bank posted a total of 1,545 jobs for bankers in Britain in January, but just 301 were listed in Germany and France, according to Reuters. Public job postings underpin this opinion, shared by many. “I think there have been a few more local hires and maybe some people have moved here, but it’s not been a big movement”, said one. Surely these and other wealthy financiers moving to Germany will supplement banks’ domestic client books?įew of Frankfurt’s financiers attending PBI Germany have witnessed a Brexit boon, however. Up to 2,000 financiers are expected to relocate from London to Frankfurt by 2020 according to a study by Helaba, a German bank.Īt least a dozen global banks, including UBS, Wells Fargo, Citi and JP Morgan, have all announced plans to increase their presence in Frankfurt. Much of Germany’s HNW population owe their wealth to manufacturing for export markets.īut what about all those new clients moving to Germany? Many believe that that a no-deal Brexit would hurt the German economy more than the UK.Īny negative effects on industries exporting to the UK will be felt by their wealthy owners and, subsequently, private banks. Brexit boom and bustĪs Europe’s largest economy, Brexit – in whatever form it is concluded – will have an impact on Germany. Wealth managers can expect this to increase as European markets flatline. Property currently makes up 10% of an average HNWI’s portfolio in Germany, GlobalData estimates. “We do see a shift towards real estate businesses,” says Kohl. However, it does open the door to other asset classes. With German HNWIs currently allocating around 40% of their wealth to equities, according to GlobalData, that seems unlikely. Gerit Heinz, global chief investment strategist at Deutsche Bank Wealth Management speaking at PBI Germany
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