That huge amount of money in the system : five times more dollars, two times more euros, three times more yen--to unwind that trade is going to take a long time, that is why I think it takes a generation.

Juerg Zeltner

Categorized in : Company News

Goodwill got fully destroyed after the crisis and to rebuild that takes a long time, sometimes I think to myself it takes a generation. Maybe it requires a new generation of people who believe that the system has learned and things have been rebalanced.

If you look at global wealth, around 70 percent is today onshore, in the long-term, it's pretty clear that with all the ongoing changes, people will regain more confidence in the (Chinese) government and people will want their assets close to home and I want to be able to access those assets.

China is clearly our number one opportunity. China is already our largest wealth management market (excluding Switzerland and the United States). It's bigger than Germany.

The (Australian) market is dominated by local banks. It is very competitive environment and of course we look at our options in such an environment.