Having established themselves in the European market, edge IPK and Earnix are expanding into the US property and casualty market. Both vendors have compelling offerings that should succeed in the US market, however, new regulations in the US insurance market and cost restrictions brought on by the current economic climate will not make it easy for either company.
UBS has opened a wealth management and investment house in Israel, offering domestic and international investment management services. The decision follows an in-depth market analysis that identified the country as a promising market in terms of wealth growth. Israel's resilient economy and its robust financial system are expected to attract further players to the market in the next few years.
The Israeli wealth market may only be the 30th largest in the world, but the penetration of HNWs in the adult population and a growing propensity to deposit money in Switzerland mean Israeli HNWs are of increasing significance for Swiss wealth managers. As a result, more Swiss banks are opening up onshore operations in Israel, with media reports suggesting Pictet & Cie will soon follow suit.
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