The Swiss have an enigmatic approach to investor services. At their best, they are unbeatable: Pictet, for example, has long been regarded as the world's most accomplished custodian when it comes to client service. But Pictet's long record of consistent excellence is the exception rather than the rule.

Over the years, the larger Swiss banks have been unable to decide whether they want to be committed providers of investment administration services, frustrating potential clients that have seen them as a credible alternative to the American hegemony.