An “unsustainable” 40 per cent of wealthy investors’ expected portfolio returns are being swallowed up by fees and other charges, according to research by Royal Bank of Scotland.
European private banks and other wealth managers have maintained their cost base over the past two years, despite plunging investment returns and declining assets under management, RBS found, eroding returns for their clients.
Using figures from UBS Wealth Management, RBS said the expected annual return of the average private bank client had fallen from 6.4 per cent prior to the financial crisis to just 3.9 per cent.
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