Targeting Key Ex-Soviet Bloc Clients in Wealth Management 2010

Introduction
With the global recession having knocked billions off affluent investors' portfolios, wealth managers are looking to rebuild their businesses, and the former Soviet Bloc countries provide fertile hunting ground for wealth managers, both local and foreign, to find new clients.

Features and benefits
Use our Global Wealth Model data to find out how many potential clients are in your target customer base and build your business plans for 2011-14
Use our analysis of client characteristics to understand how best to target each nationality with the right products and services
Understand your competition, including the strategies they are using to build business, using our competitive profiles
Highlights
When it comes to service and contact expectations, Russians are the most demanding, according to their banks. Russia's affluent population, like those in Kazakhstan and Ukraine, is financially unsophisticated and conservative. The reasons for this have to do with these countries' histories and the source of most of the wealth there today.

All three nationalities hold the vast majority of their onshore liquid wealth in deposits, and only in Russia do investors put any money in equities, mutual funds or bonds; these products barely exist for Kazakh or Ukrainian investors onshore.

The wealthy Russian, Kazakh and Ukrainian client bases have historically been the preserve of the international banks, as local offerings were, until recently, thin on the ground. Global banks such as Coutts, Société Générale Private Banking and Citigroup tend to target these customers from outside their home market.

Your key questions answered
How many onshore clients are there in Russia, Kazakhstan and the Ukraine whose liquid assets exceed my threshold?
What are the investment and cultural characteristics of these clients and how do they translate into demand for products and services?
What innovative strategies is my competition for these customers (both local and international) pursuing?
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TABLE OF CONTENTS
Overview 1
Catalyst 1
Summary 1
Methodology 2
Executive Summary 3
The wealthy in Kazakhstan, Russia and Ukraine are first generation entrepreneurs, reflecting the economic changes their countries have undergone in the past 20 years 3
The opportunity is significant, with nearly 1.4 million affluent individuals onshore, and offshore holdings of at least $55 billion 3
Despite taking big risks in building their fortunes, clients prefer investments they consider to be 'safe' 4
Wealth management is a new concept in the region 4
International banks dominate wealth management for Russians, Kazakhs and Ukrainians 5
Market Opportunity 9
The onshore customer base in Russia, Kazakhstan and Ukraine 9
The offshore customer base 21
Investor Characteristics 26
Behavioral characteristics 26
Product and service needs 32
Competitor Developments 39
There is increased focus on this lucrative customer segment 39
Russia's onshore wealth management market is the most developed in the region 40
Kazakhstan has virtually no onshore wealth management 43
Ukraine's embryonic onshore wealth management market is being developed 43
International banks have well developed services for wealthy Russian, Kazakh and Ukrainian clients 45
Appendix 51
Definitions 51
Methodology 51
Further reading 53
Ask the analyst 53
Datamonitor consulting 54
Disclaimer 54


TABLE OF FIGURES
Figure 1: Russia's affluent population will see growth again in 2010f 11
Figure 2: Kazakhstan's affluent population will not recover until 2011 15
Figure 3: The affluent population in Ukraine will resume growth again in 2010f 19
Figure 4: Switzerland dwarfs the Channel Islands/Isle of Man as the most popular destination for CEE deposits and funds in 2009 22
Figure 5: At least 150,000 Russians and Ukrainians have leave to enter the UK each year 24


TABLE OF TABLES
Table 1: Russia: aggregate onshore liquid assets segmented by asset band (€bn), 2005–09 11
Table 2: Russia: number of individuals segmented by asset band (000s), 2005–09 12
Table 3: Russia: aggregate onshore liquid assets segmented by asset band (€bn), 2010f–14f 12
Table 4: Russia: number of individuals segmented by asset band (000s), 2010f–14f 13
Table 5: Kazakhstan: aggregate onshore liquid assets segmented by asset band (€bn), 2005–09 15
Table 6: Kazakhstan: number of individuals segmented by asset band (000s), 2005–09 16
Table 7: Kazakhstan: aggregate onshore liquid assets segmented by asset band (€bn), 2010f–14f 16
Table 8: Kazakhstan: number of individuals segmented by asset band (000s), 2010f–14f 17
Table 9: Ukraine: aggregate onshore liquid assets segmented by asset band (€bn), 2005–09 19
Table 10: Ukraine: number of individuals segmented by asset band (000s), 2005–09 20
Table 11: Ukraine: aggregate onshore liquid assets segmented by asset band (€bn), 2010f–14f 20
Table 12: Ukraine: number of individuals segmented by asset band (000s), 2010f–14f 21



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