Wealthy Russians turn to private banks for lifestyle solutions

Russian private wealth clients are increasingly looking for various solutions from their private banks that stretch beyond the traditional financial services. These are grouped under the umbrella “lifestyle solutions”.

Examples are real estate acquisition and valuation, help with relocating abroad or back to Russia, children’s education abroad and insurance services.

An area that has also seen particular demand is related to art projects. Clients require help with the acquisition of art, creation of collections, analysis of existing collections and various other services.

Various Russian asset managers and private banks offer art banking solutions. An example is Nord Capital, an investment manager with offices in Moscow and Switzerland. It offers a specialised service advising Russian clients on investing in art.

But increasingly, Russia’s high net worth individuals are looking for easy access to all these services in one simple step, leading private banks and wealth managers to develop teams focused specifically on these varied needs.

These “lifestyle solutions” are offered by a number of key private banking players on the local market, include large international ones, such as Credit Suisse.

Some local players have agreements with lifestyle service companies. For example, one of Russia’s leading private banks Alfa Bank, partners Prime Lifestyle, which offers everything from estate management to event organisation.

However, local banks have only just started developing this capability. One of the pioneers is Troika Dialog, which recently hired a dedicated head of lifestyle to build up this range of services.

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