Benjamin Cavalli is one of Switzerland's most influential private bankers in Asia. His experience in the region makes him a strong candidate for Credit Suisse's top management. finews.asia's interview.
Benjamin Cavalli, how long have you been in Asia?
For 23 years. There are two types of people: the expats like me who stay almost forever, and those who leave after two or three years.
Today, the reality is that banks want a long-term commitment in the region from their employees, so they bring people on local contracts. It takes time to win the trust of clients in Asia. It can’t be done in two years.
Would you go back?
I’ve been in Asia for a long time, and feel at home here. Professionally, there’s a lot of work in my responsibility.
What if an opportunity in Switzerland arose?
It’s not an issue at the moment. Singapore is my home. There’s a lot to do in Asia.
How did you end up staying in the region?
I love working in a dynamic environment where growth is tangible, be it Hong Kong, Singapore, or Vietnam.
«It’s exciting to be part of that experience»
These countries have undergone unbelievable development in the last 20 years. It’s extremely exciting to be part of that and experience what individual entrepreneurs and their firms contributed to it.
The fourth-quarter downturn in financial markets caused private banks some trouble. Unlike others in Asia, Credit Suisse managed to hike client assets, with fewer advisers. How?
Our integrated business model lets us chaperone Asian entrepreneurs early in their business cycle and supports them as their firms grow.
«We want people interested in expanding their horizon, so not pure-play private bankers»
If they come into money, for example through a public listing or a trade sale, odds are that we’ll be asked to help – because we were there from the beginning, so to speak. We’ve certainly benefited strongly from that in recent years.
That’s why you need fewer private bankers?
We don’t have a hard target for the hiring of relationship managers. It’s a mix of in-house talent for us and outside advisers, we find in the labor market.
We want people interested in expanding their horizon, so not «pure-play private bankers», but advisers who can offer our entire product range and understand how to show clients new opportunities. I would even say that our «front» bankers are 20 to 30 percent more efficient than our main competitors historically.
What’s the average assets per private banker in Asia?
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