In the highly competitive UHNWI market, the integration of Bedrock into the Corient Group marks a significant step up in scale. Maurice Ephrati explains the rationale behind this move and how it will enable the firm to address the growing complexity of international wealth, whilst preserving the independence and personalised service that underpin Bedrock’s model.
By joining Corient, what new capabilities will you be able to offer your clients?
The needs of ultra-high-net-worth families have become increasingly global and complex. It is now common for members of the same family to live in different countries, hold assets spread across several jurisdictions and face sophisticated challenges relating to investment, succession, governance, philanthropy and wealth structuring. Meeting these needs requires access to extensive resources, specialist expertise and technology, as well as the ability to coordinate a range of specialist skills, both in Switzerland and internationally. By joining Corient, we are significantly strengthening our capabilities in all these areas. Our clients will thus benefit from a richer and more international environment, whilst retaining the personalised approach, long-term relationships and client-centred culture that have always characterised Bedrock. More importantly, this development is taking place without any compromise on independence, which is essential when advising ultra-high-net-worth families.
For Bedrock, what is the strategic rationale behind this partnership?
The rationale is entirely driven by our clients’ interests.
We operate in one of the most demanding segments of wealth management. Today, ultra-high-net-worth families expect truly international capabilities, seamless coordination across different jurisdictions, sophisticated reporting tools and access to specialist expertise in highly specific fields.
Furthermore, Corient is not a bank. Like Bedrock, it is an independent, partner-owned wealth management firm. Its business is centred on advisory services rather than product distribution. This approach frees us from conflicts of interest.
How does this integration affect your medium-term growth prospects?
Firstly, we benefit from the enhanced capabilities offered by a larger, integrated organisation.
The wealth management industry demands ever-greater investment in technology, cyber security, reporting, operational infrastructure, regulatory expertise and talent. At the same time, client expectations continue to rise.
Within Corient, we will be able to accelerate our investments in all these areas.
Our aim is not growth for growth’s sake. Our ambition is to build an organisation capable of serving some of the world’s most sophisticated families for decades to come.
How does this transaction fit into your long-term vision for Bedrock?
Over the past twenty years, we have built a group recognised for its independence, its entrepreneurial spirit and the close nature of its client relationships. The question we asked ourselves was simple: how can we further strengthen this model for the future?
We are convinced that the future belongs to companies capable of combining genuinely independent advice with capabilities on a par with the largest institutions.
This transaction enables us to realise precisely that ambition.
We are not changing course. We are continuing along the path that Bedrock has followed since its inception.
What does Corient bring to the table that you could not have achieved whilst remaining independent?
The key point is that Corient is itself an independent group. The company is owned by its partners, is not listed on the stock exchange and does not belong to any banking group. This was a fundamental criterion for us.
What Corient brings is a larger platform. As clients’ needs become more international and complex, the resources required to serve them also increase.
Ultimately, this move gives us the means to support our clients with greater depth and scope.
What major trends are shaping the evolution of independent wealth managers?
The most significant trend is the increasing sophistication of clients’ needs.
Ultra-high-net-worth families are now increasingly international. Their members frequently reside in several countries, their businesses operate on a global scale and their assets are spread across different jurisdictions. Wealth management is therefore becoming much more complex.
A second trend is the growing demand for integrated advice. Clients now expect expertise not only in investments, but also in wealth succession, family governance, philanthropy, family dynamics and strategic decision-making.
A third trend is the growing importance of technology, transparency, cyber security and institutional-grade infrastructure.
All of these developments favour firms capable of combining highly personalised advice with substantial resources and a truly international reach.
How does the partnership with Corient work in practice in terms of governance and operational integration?
The key point is that this is a full integration.
We will not remain an independent firm operating on a third party’s platform. We are becoming a single, integrated organisation, founded on a common culture, shared values and a shared commitment to independent advice.
This alignment is, in fact, one of the main reasons why this transaction made sense.
Both our organisations believe in long-term relationships, an entrepreneurial spirit and putting the client’s interests first. The aim is therefore not to maintain parallel structures but to bring together complementary strengths within a single organisation.
This integration will foster more consistent governance, a stronger organisation and a better flow of expertise within the group.
How will responsibilities be divided between Bedrock and Corient in terms of client service and platform development?
I would actually avoid presenting this as a division of responsibilities.
Following the transaction, we will operate as a single, fully integrated organisation. The aim is therefore not to divide roles between two separate entities, but to combine complementary capabilities within a single group.
Bedrock brings several decades of experience in supporting ultra-high-net-worth international families. Corient, for its part, brings significant scale, substantial resources, advanced technologies and specialist expertise.
The result is a stronger platform, capable of offering broader solutions and more in-depth support, whilst preserving the personal relationships that remain at the heart of our business.
What concrete changes will this merger bring to the way you work in the short and medium term?
For clients, continuity remains the priority. Relationships, trust and the quality of advice remain unchanged.
What will gradually evolve is the scope of the resources available to support these relationships. We will have access to greater expertise, enhanced infrastructure, more advanced technologies and a much wider global network of professionals.
As our clients’ circumstances become more international and complex, this enhanced platform will enable us to offer them a broader range of expertise.
Ultimately, the aim of this integration is very simple. We will be better placed to support some of the world’s most discerning and sophisticated families, whilst preserving the independence and alignment of interests that led them to choose us in the first place.