Private banks must revamp to regain clients

Private banks in Asia will need to change their approach to serving the high-net-worth segment in the post-crisis era, according to fund-of-hedge-fund executives. Once a vital distribution channel for fund of hedge funds, private banks have lost the confidence of HNW individuals and are now used as a conduit to sell the banks’ own products, according to FoHF panellists at the Fund Forum Asia event in Hong Kong last week. Prior to the crisis, private bank channels had an “open ar…