The past year’s expansion in Asia’s wealth management industry bears little resemblance to the boom of 2007, when firms were hiring indiscriminately and clients were less cautious, said the head of Credit Suisse Group AG’s private-banking unit in the region.

“In 2007, banks who were expanding organically hired everyone that could count to ten without using ten fingers,” Marcel Kreis said in a June 24 interview. “Certainly we’re not back: the investment environment, the client environment, the whole thing is not what it was in 2007.” Source

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