Russia’s newly rich – opportunity or risk for wealth managers?

October 9, 2007

geneva.jpgRussia’s growing class of mega-rich have so far attracted few private banks to set up shop in St. Petersburg or Moscow. Instead, you can moscow.jpgoccasionally overhear Russian on Geneva’s streets, known for their low-key bank buildings, boutiques and stores selling expensive, exquisitely-made Swiss timepieces. “We know there’s wealth generated in the country but we’re not sure how stable that is,” Reinhard Krafft, a private banking director at Sal Oppenheim said. 

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