The cancellation of events from exclusive meetups to sports outings may reveal just how useful they were in bringing in new business
Monaco at night. Picture: REUTERS
The coronavirus pandemic has intruded even here, in the big-money world of superyachts and the private bankers who tend to their owners. This weekend’s scheduled Formula One race, during which banks outdo one another to entertain clients, has been cancelled. Art fairs in Switzerland and Hong Kong are on ice, polo and classic car events have been postponed in the US, and gatherings in Michelin-starred restaurants from London to Singapore have disappeared from the calendar.
Other banks are also seeking to recreate engagement online. Credit Suisse has postponed until December its flagship client event — known as the Salon — that’s hosted by executive board members. Starting in June, it plans to invite Nobel Prize winners and business leaders to speak at monthly webinars.
It’s also risky. A soured margin loan to Lu Zhengyao, the billionaire founder of Luckin Coffee, contributed to an increase in Credit Suisse’s first-quarter loan-loss provisions, which grew five-fold from a year earlier, according to people with knowledge of the matter. While the Monaco Grand Prix isn’t the only super-exclusive event for ultra-rich, it has a wow factor that will be particularly difficult to replicate online.
Frankl’s go-to staples include kilos of caviar and double magnums of Whispering Angel Rose. Two years ago, the CEO of a financial-services company flew directly from the Nice airport to the yacht’s helipad with his assistant, while deejay Bob Sinclar played a live set for guests.
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