Europe wealth management quotes of the day

GENEVA (Reuters) - The following are selected quotes from speakers at the Reuters Wealth Management Summit in Europe:

IMPACT OF MARKET TURBULENCE

Ray Soudah, founder of Millenium Associates, which advises private banks on M&A:

"It's complete rubbish (that the industry has not been impacted). "How can you have the world hedge fund index, in which there are $2.5 trillion invested, most of which is private money, showing a negative 2 percent on average … and therefore say there is no impact."

ON HAVING CLEAR PLANS FOR WEALTH

Daniel de Fernando Garcia, head of asset management and private banking at Grupo BBVA:

"What do you want your money for? One choice is to stay rich, one is to get richer and the other is to enjoy it.

"What is important is that every time, every invesment decision they allocate money to only one of these decisions. You cannot pretend to stay rich and become richer with the same investment decision. If you want a piece of art, get the piece and then go about your business. But don't try to combine those things."

ON WHY THERE HAS NOT BEEN MORE PRIVATE BANK M&A

Ray Soudah, founder of private bank M&A advisor Millenium Associates:

"Past predictions where there would be a large volume of consolidation, which has not happened, especially in the offshore market, were based on rational thinking and now we have to base them on irrational thinking. Irrational thinking in the sense that it's human, human beings, management and owners, basically are not inclined to dispose of their assets when they are making money. They're more inclined to do that when they are losing money or not making so much."

ON THE DANGER OF UNDECLARED MONEY IN SWISS BANKS

Stephanie Jarret, partner at Baker & McKenzie

"The typical small Swiss bank doesn't realise the world has changed, because others have realised the change and are making adjustments. (Banks from other countries) have gone the other way."

ON FIGHT FOR BANKING TALENT

David Steinegger, chief executive of Lombard International.

"There's this so-called war for talent. We're not out there in the middle of the battlefield with huge artillery, our war on talent is more about guerilla warfare. Lombard is an entrepreneurial business (and) there's things we can do to attract talent."

ON WOMEN AS PRIVATE BANKERS AND AS CLIENTS

Reinhard Krafft, head of private banking, Sal. Oppenheim Jr. & Cie:

"You see daughters coming in charge, very well educated, and getting into the position of leading corporations as well. It's still more male than female, more patriarchs than matriarchs, but that has certainly changed.

"We've recently hired very good (female) professionals in the private banking field and I must say I'm being more active in putting women into advisory positions and investment positions. Women say 'We had to try harder' and it shows. They are very good."

ON EVOLUTION OF LATIN AMERICAN MARKETS

Daniel de Fernando Garcia, head of asset management and private banking at Grupo BBVA:

"What we're seeing is the starting of a private banking industry onshore. Until very recently, most Latin American countries still the dominant factor is the offshore. But over the last few years, what we have seen is a substantial exchange in the macro-economic and stability of the major countries. Mexico, Brazil, Chile, Peru and even Colombia are undergoing extremely positive substantial change."

ON WHY MORE MONEY MANAGEMENT REGULATION ISN'T SO BAD

Baker & McKenzie's Jarret:

"I personally would like to see a little bit more regulation...Switzerland could have problems in the future due to the lack of regulation of certain parts of the wealth management industry...That leaves Switzerland open for a number of potential scandals in the future. There are people in the market perhaps not qualified to be doing what they are doing."

ON HOW STRUCTURED PRODUCTS PERFORMED AMID SUMMER TURMOIL:

Nicolas Cagi Nicolau, Societe General Private Bank's global head of structured products solutions:

"Of course we suffered. I will not say the opposite. But we didn't suffer so much when compared to the benchmark."

"We had some products which went down, definitely. But when it has been well sold, clients feel comfortable with that."

ON INTESA SANPAOLO PROSPECTS

Paolo Molesini, chief executive officer for IntesaSanpaolo Private Banking:

"We think we will continue to grow above the average because we have a competitive advantage, which is the synergy with the corporate side of the bank.

ON INTESA SANPAOLO EXPANSION

Molesini, IntesaSanpaolo

"To build up an offshore private bank in Switzerland and to serve those customers (in eastern Europe) is for us a very important opportunity.

"We are building a platform but of course we would be delighted to find a bank in order to save time,"