Private Banking Explained: How Swiss, US and Brazilian Private Banks Really Work
What you get, what you pay for and how the entry tickets are set, from Geneva to New York to São Paulo.
MAN TARGET EditorsOctober 28, 2026 4 min read
Private banking is less a product than a relationship. Past a certain level of wealth, a family stops buying funds one by one and starts buying a team: a relationship manager, investment specialists, lenders and planners who look at the whole balance sheet, including the business, the properties and the next generation.
What a private bank actually does
- Investment management: either discretionary, where the bank decides within an agreed mandate, or advisory, where you approve each move.
- Credit: loans secured on your portfolio, mortgages on prime property and financing around a business sale.
- Wealth planning: succession, holding structures and coordination with your lawyers and tax advisers.
- Access: private markets, structured products and the bank's investment bank when an owner wants to sell or raise capital.
Three traditions
Switzerland built the model on cross-border wealth, stability and booking centres supervised by FINMA. Scale now matters as much as discretion: UBS reported $55.1 billion of net new assets in its wealth unit in the third quarter of 2026.
In the United States, private banks sit inside large universal groups and lean heavily on lending and planning. Thresholds are rarely published. One that was: in 2016 WealthBriefing, citing the Wall Street Journal, reported that J.P. Morgan had raised its US private bank minimum from $5 million to $10 million in investable assets.
Brazil's market is large and fast-growing. ANBIMA counted R$2.774 trillion in private-banking assets in June 2026, up 5.2% in six months, across more than 203,000 accounts, with an average of about R$13.6 million each. Itaú Private, which says it passed R$1 trillion in assets at the end of 2025, lowered its entry level from R$15 million to R$10 million, according to an interview with Bloomberg Línea.
The minimum gets you in the door. The questions you ask decide what you get once inside.
How minimums are set
Each bank sets its own threshold by segment and by booking centre, and it changes with strategy. Some count only investable assets; others weigh credit, a business relationship or growth potential. Treat any figure as a starting point for a conversation, not a rule.
What to ask before you sign
- Which legal entity books my assets, in which country, and who supervises it?
- What is the all-in annual cost, including management fees, product fees, custody and foreign exchange?
- Is the mandate discretionary or advisory, and how is performance reported against a benchmark?
- Who is my relationship manager, how many families do they cover, and what happens if they leave?
Key takeaways
- A private bank bundles investment management, credit and wealth planning for one family relationship.
- Minimums are set by each bank and segment, and change over time; few banks publish them.
- In Brazil, ANBIMA counted R$2.774 trillion in private-banking assets and more than 203,000 accounts in June 2026.
- Always ask where your assets are booked, who regulates that entity and every fee you will pay.
FAQ
What is the minimum to open a private bank account?
It depends on the bank and segment, and most do not publish it. Itaú Private's entry level was reported at R$10 million in 2026; J.P. Morgan's US threshold was reported at $10 million in 2016.
What is the difference between private banking and wealth management?
The terms overlap. Private banking usually adds credit and banking services to investment management for wealthier clients.
Are Swiss private banks still secret?
Swiss banks remain known for discretion, but they are supervised by FINMA and operate under international tax-transparency rules. Ask an adviser how they apply to you.
Comparing private banks? Ask to meet an independent Man Target partner adviser.
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