Private banking forms a more exclusive (for the especially affluent) subset of wealth management. At least until recently, it largely consisted of banking services (deposit taking and payments), discretionary asset management, brokerage, limited tax advisory services and some basic concierge-type services, offered by a single designated relationship manager.
Private banking is the way banking originated. The first banks in Venice were focused on managing personal finance for wealthy families. Private banks became known as ‘Private’ to stand out from the retail banking & savings banks aimed at the new middle class. Traditionally, private banks were linked to families for several generations. They often advised and performed all financial & banking services for families. Historically, private banking has developed in Europe (see the List of private banks). Some banks in Europe are known for managing assets of some royal families. The assets of the Princely Family of Liechtenstein are managed by LGT Group (founded in 1920 and originally known as The Liechtenstein Global Trust). The assets of the Dutch royal family are managed by MeesPierson (founded in 1720). The assets of the British Royal Family are managed by Coutts (founded in 1692).
Monaco were a side project of New Order bassist Peter Hook. Together with David Potts, the only remaining member of Revenge, the band was formed in 1995. The group is best known for the 1997 single "What Do You Want From Me?" and the album from which it was taken, Music for Pleasure, which sold over half a million copies. Hook and Potts currently work together in The Light.
Follow-up album "failures"
In 1999, Polydor Records rejected Monaco's follow up album, the self-titled Monaco, due to the radically changing trends in music at the time in a money saving move reducing their artists to the more popular music. Papillon Records agreed to pick up the album, though the planned single release of "I've Got A Feeling" was recalled in the UK due to sample clearance issues. Despite favorable reviews, the album was released with almost no promotion at all; it is now sought after as a collector's item and fetches fairly high prices on sites like Amazon.com and eBay.