Dmitry Pentsov, is senior associate of in Geneva. He joined this firm in 2006. Previously, he worked as legal counsel for one of the largest Russian natural resource companies, as legal counsel for a major New York-based commodities trading company, and as an associate at the Moscow office of a leading US law firm.

His practice in the area of private clients covers international wealth transfer and structuring, including trusts, banking and asset management, the acquisition of private aircrafts, yachts and real estate, as well as relocation to Switzerland. He is a member of the New York State Bar Association and of the St Petersburg City Bar Association.

So what are his brief thoughts on the industry?

“In my personal view, the most important issue for the Swiss wealth management is how to adapt to the informational transparency requirements of modern times and how to modify its activities in order to preserve clients and assets currently under its management to win in a competition with other major financial centres,” he said.

“Over the next year or so, I expect a consolidation in the Swiss wealth management industry, meaning that the number of service providers could be significantly reduced,” Pentsov added.