The race is on to capture the biggest slice of Russia's lucrative private wealth management market, with top Swiss banks, international retail banks and local asset managers all jockeying for pole position in the Moscow market.
Many of the country's wealthiest individuals still keep the bulk of their wealth overseas. According to PricewaterhouseCoopers (PwC), in 2009 high-net-worth individuals in Russia kept no more than 10% to 15% of their wealth with domestic private banks and asset managers.
