Special report: Private banking

Private banking has become more popular for a number of reasons. Whether it is due to the lack of regulation or the openings for more complex products, private bankers are becoming a more important player in the structured products world

The advance of the regulator into the world of retail structured products has produced an unexpected cost for private bankers. When they are defining their clients, private bankers tend to have two constituencies, the ultra-wealthy and the plain wealthy. There is never an argument about whether the ultra-wealthy are professional investors: they are, and as such consider themselves to be free to invest as they see fit, which generally means they will go to any lengths to avoid appropriateness or