NEW YORK, Oct. 19 /PRNewswire/ -- Focusing on the theme "New Realities, New Responses," Credit Suisse Private Banking USA hosted its fifth annual Wealth Management Conference in New York, NY, on October 15, 2010. Participants discussed topics ranging from the upcoming mid-term U.S. elections to how global innovation is driving change in the new decade. Highlights included keynote addresses by George Will, America's foremost political commentator and Pulitzer Prize-winning columnist of The Washington Post and Newsweek; Stephen Moore, senior economics writer and member of the editorial board, The Wall Street Journal; and Stephen Dubner, journalist and co-author of the bestsellers "Freakonomics" and "SuperFreakonomics." Robert Weissenstein, Chief Investment Officer of Credit Suisse Private Banking Americas, also spoke about the investment landscape.
Over 250 ultra-high and high-net worth investors – entrepreneurs, executives and families – attended the conference. The 2010 conference was the most interactive yet, with wireless keypads allowing participants to vote instantly in response to a number of questions that Weissenstein posed.
- 58% of respondents said they have become less aggressive with their overall investments over the past two years.
- 53% said they would focus their investments over the next 12 months on Emerging Markets over US (27%), Europe (1%), Environment-related (9%) and Technology-related (11%) investments.
- 88% named employment as the most important issue in the elections, ahead of the budget deficit (9%), regulatory reform (3%) and Afghanistan (0%).
- 66% think their personal financial situation will be better a year from now versus 32% the same and 2% worse.
- 62% of those surveyed believe a double-dip recession is unlikely compared with 24% who think it is likely and 15% who don't know.
- 48% say the US economy will improve in the next 12 months, while 41% think it will stay the same and 11% think it will get worse.
- 56% think increased regulation in financial services is negative, while 30% feel it is positive and 13% feel it will have no effect.
- 69% think increased regulation in healthcare is negative, while 24% feel it is positive and 6% feel it will have no effect.
- Compared to last year, 48% will maintain the same level of giving to philanthropy, while 36% will increase their contributions and 16% will decrease them.
In addition to presentations from thought leaders and experts on a variety of topics, participants attended panel discussions on timely topics including the prospects of municipal bonds as state and local governments continue to face the financial crisis; investing in sustainability; the lingering issues that the real estate sector is facing; and innovation as an increasingly critical driver of value for companies.
"We at Credit Suisse Private Banking USA understand that managing the wealth of ultra-high net worth individuals and families is a complex challenge affected by many factors," said Matt Gorman, head of the New York office. "We enjoy these settings because they not only allow us to be at the forefront of delivering new perspectives on wealth management, but also to better know and understand our clients and the wealth management issues that they're most concerned with."
In his keynote speech, George Will described the upcoming elections as the most hard-fought, liveliest midterm vote of recent times, highlighting federal spending, healthcare reform, and the overall expansion of the federal government as key considerations. Stephen Moore spoke about the way forward to fixing the economy. Stephen Dubner also discussed how basic human impulses drive the development of societies and markets.
The next Private Banking USA Wealth Management Conference will take place in San Francisco in November.
Credit Suisse AG
Credit Suisse AG is one of the world's leading financial services providers and is part of the Credit Suisse group of companies (referred to here as 'Credit Suisse'). As an integrated bank, Credit Suisse offers clients its combined expertise in the areas of private banking, investment banking and asset management. Credit Suisse provides advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally, as well as to retail clients in Switzerland. Credit Suisse is headquartered in Zurich and operates in over 50 countries worldwide. The group employs approximately 49,200 people. The registered shares (CSGN) of Credit Suisse's parent company, Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com .
In Private Banking, Credit Suisse provides comprehensive advice and a broad range of wealth management solutions, including pension planning, life insurance products, tax planning and wealth and inheritance advice, which are tailored to the needs of high-net-worth and ultra-high-net-worth individuals worldwide. In Switzerland Credit Suisse supplies banking products and services to individual clients, corporates and institutions.
Credit Suisse Securities (USA) LLC is an indirect subsidiary of Credit Suisse. The Private Banking USA business in Credit Suisse Securities (USA) LLC is a U.S. regulated broker dealer. It is not a chartered bank, trust company or depository institution. It is not authorized to accept deposits or provide corporate trust services and it is not licensed or regulated by any federal banking authority.
SOURCE Credit Suisse AG