Family offices step up pressure on private banks

Multi-family offices are looking to pick up wealthy clients, with executives pointing to their own independence while questioning the approach of private banks to selling products and advising on portfolios. “It has evolved to a point where [private banking] is very commoditised and the client base feels [the approach is] a bit impersonal,” suggests William Chan, CEO of Stamford Privée, a Singapore-based MFO he set up to run his family's money. “[Clients feel private banks] are pr…