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  Continued...