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His counterpart at Credit Suisse, Tidjane Thiam, still has some work to do and I’m sure he will be judged fairly by the market as soon as he has done all that he intends to. In a sense, the cultures are possibly different, and Sergio being Ticinese was almost an insider in the culture, and for Thiam instead it will take more time to shape a culture at Credit Suisse to his own taste.

How do you think the guild of private bankers in Switzerland is doing?

I’m delighted that the private banking profession has professionalized itself. By necessity, it had to give up the position rent of less-than-reputable sources of funding and now it has to compete on highly competent service, which is the right way to go. I think that if the position-rent had gone on for much longer, the profession would have self-imploded.

What about privacy?

That is not to say that I’m not a strong advocate of privacy. I remain very convinced that governments try to stick their nose into matters which don’t belong to them and we have proof every day that that’s the case. «Big brother» overreach is a big temptation when in power.

How well are private banks doing on competing on good service?

I think there’s been huge progress, certainly in Switzerland and Liechtenstein. I think there is however a lot of hypocrisy and preaching from other financial centers.

«There are still rogue elements in every system»

You just have to look at how long it takes to open an account in Miami versus how long it takes in Zurich, the amount of review that is done on their clients and so on, then compare the relative sophistication of the offer.

Switzerland still has its fair share of money-laundering scandals.

There are still rogue elements in every system, but I believe the healthy part is prevailing and setting the standard.

Does size matter in the wealth management industry?

Beyond the certain minimum of size required so you can afford better compliance, management and so on, I don’t think there is an advantage anymore. Access to quality investment products is more important, and you need a culture of serving the clients rather than just selling products.

Rodolfo «Rudi» Bogni, an Italian citizen, is chairman of Northill Capital and a trustee of the Prince of Liechtenstein Foundation and of LGT. The 71-year-old ran UBS' private bank until 2000. In 1995, Bogni, then 48 years old and CEO of Swiss Bank Corporation (SBC) in London, returned to university for two years to study advanced math after derivative instruments burst on the scene. finews.com spoke to Rudi Bogni on the sidelines of an event co-hosted by the Swiss Finance Institute (SFI) and Capco.