The most valued attributes of a good wealth manager, after producing strong returns, are discretion and security. As a result, wealth managers are reluctant to hand over back-office functions to third parties. However, under pressure from the financial crisis, they are considering outsourcing.

Charles van der Merwe, chief executive of Pershing, a subsidiary of the Bank of New York Mellon, said outsourcing has helped wealth managers and asset managers reduce middle and back-office costs. He said: "There is no doubt that costs have been a strong driver for outsourcing."