The bank expects many of its clients to have even less. It's a very attractive market, but it's quite a small market. Banks in Britain are especially willing to be patient because of the mixed nature of wealth creation there. The U.S. economy is relatively easy to get rich in. In the less enterprising economies of Continental Europe, wealth is often inherited.
Banks are anxious to get into private client management for two key reasons.
The fee income can make it extremely profitable, and the profit is generated without risking a bank's capital. Coutts is thought of as a red-carpet clearing bank. That's not what our private bank is all about. We're more interested in asset management. There are no set criteria in terms of assets.