Global guidance for the wealthy

Wealthy people tend to travel, and so does their money. When moving abroad or back home, entrepreneurs, expatriates and athletes all share the same problem: international tax laws and banking regulations can be difficult to track and understand. SEB Private Banking offers professional advice in 11 geographies.

Gerth Svensson is global head of SEB private banking, with operation in countries such as the Nordic and Baltic regions as well as the financial hubs in Switzerland, Luxemburg, London and Singapore.
– At SEB we have a long tradition of private banking services, he explains. The Wallenberg family started financing Swedish entrepreneurs already in the 1850’s, and when these entrepreneurs spread out in the world, they needed someone to look after their financial needs.

To some extent these entrepreneurs are still one of the main foundations in SEB Private Banking, but other wealthy individuals such as professional athletes and expatriates also belong to the target group.
– Every client has his or her special needs, and our ambition is to help them in as many ways as possible, from day to day banking to comprehensive international legal and tax advice. In this area, we believe we have an unmatched competence.

Complexity is common
Wealth structuring is an important part of private banking, and is crucial for wealthy clients with complex wealth situations.
– Naturally, tax issues are often one of the most prominent concerns, especially when clients expatriate from the Nordic countries to other parts of the world. They are perhaps only abroad for two or three years. During that time many appreciate to be able to manage the day to day banking activities with a banker who is not only fluent in the Nordic languages and knows the cultures, but also understands their financial situation and has knowledge in the local regulations.

The advice range from questions related to generation planning and international mortgage lending to complex issues for wealthy entrepreneurs who have sold their Nordic companies and moved abroad. As an international player the perspective is global. From the office in Singapore, SEB can for example help clients all over Asia.
– We are the only Nordic bank with physical representation in Singapore, which means that we have clients operating in China and other parts of the region, says Gerth Svensson. With around 450 employees worldwide, we can offer a very personal service as well as an in-depth knowledge of the local market.

Three levels of service
There are basically three different kinds of services. Discretionary management is for clients who want help with taking care of their investment decisions within a risk level they feel comfortable with. Other clients prefer advisory management where they have discussion with their banker before every transaction is executed. Savvy clients have full access to equity research and a personal broker.
– One good advantage with being in many markets is that we can work in all different timezones, says Gerth Svensson. We can update our positions and recommendations to the clients very quickly, 24 hours of the day.
In the aftermath of our latest financial crisis, Gerth Svensson is surprised how fast things got back to normal.
– The risk appetite came back much stronger than I anticipated, and while some people obviously want more stability and less risk in their portfolio after times like these, others seek new investment opportunities in a recovering economy.

In Europe, many of the clients are entrepreneurs, while in Asia there are plenty of business professionals. But what about the athletes we mentioned earlier – what makes them part of the target group?
– Professional athletes often find themselves in a very vulnerable position. They move abroad very young, and they often move from country to country. They are therefore in need of long term professional advice, not least since they create their entire wealth during a limited number of years. We can help them out with investments, tax issues, language barriers and retirement plans.


The article is previously published in the magazine Swedish Bulletin.