Capco has appointed George Feiger, a former UBS global head of private banking, as partner to lead the company's business innovation solutions practice, focusing on personal financial services.
Feiger’s principal responsibility will be to bolster Capco’s global client practice in the areas of asset management, private banking, wealth management, retail banking, online brokerage, and insurance. He will report directly to Rob Heyvaert, chairman and chief executive officer of Capco, and will be based ultimately in New York.
Prior to joining Capco, Feiger was global head of private banking outside Switzerland for UBS, where he created a worldwide onshore private banking business. Before that, he was global head of investment banking at SBC Warburg, and a member of the group executive boards of both Swiss Bank Corporation and its successor, UBS. He also served as director of McKinsey & Co. in Europe and the US.
Commenting on the current state of the wealth management industry, Feiger says the days of one size fits all, centralised house investment strategies and in-house products are past. "Now, successful private client relationships will be achieved with fully integrated platforms of real-time and high quality advice, accounting, portfolio management, and reporting tools that allow execution, settlement, and position updating with rapid precision for clients," he says.
According to industry estimates, global private wealth assets could increase to $44.9 trillion by 2004 (from $25 trillion in 1999).