Issue 117 - The Winners by Asian Private Banker

THE WINNERS

INDEPENDENT. AUTHORITATIVE. INDISPENSABLE. #APBAFD2017

AWARDS FOR DISTINCTION 2017

LETTER FROM THE EDITOR

Each and every year, I am encouraged and energised in equal measure by the quality of submissions we receive, and each and every year we see a marked improvement in standards and transparency. But the 2017 cycle genuinely caught me off-guard. In total, we received just under 150 entries from approximately 40 institutions spread across the Asia Pacific and Middle East. I want to take this opportunity to make a few observations. The most competitive category in terms of the number and standard of submissions was Discretionary Portfolio Management (I had an inkling this would be the case, and I will profess that it is a personal favourite award). The journalists at APB take this as a strong indication that the industry is moving in the right direction. It did not go unnoticed that a number of banks in 2017 doubled down on their efforts to direct assets into managed solutions, in the process driving the average DPM penetration rate in Asia to just over 9%. The most successful submissions were those that not only demonstrated consistent, relative performance on a 1, 3, and 5-year basis, but also some degree of meaningful mandate innovation. This leads to my second observation. To my mind, the most exciting addition to our programme is the CIO Office of the Year award. Again, APBâ&#x20AC;&#x2122;s journalists are avid - yes, avid - followers of private banking house views and many of you will have noticed that we feature asset allocation strategies on our APB Mandate homepage. The fact that clients increasingly depend on house views (directly and indirectly) is another clear signal that the industry is moving in a healthier direction. Third, it is exciting to see that many onshore players are pursuing international standards, whether by placing a greater emphasis on internal training and development, emphasising asset allocation and core-satellite investing, or working more closely with third-party solutions providers. I pledge to continue to refine our criteria and sharpen our lines of enquiry. In 2017, we focused on growth quality and placed a real emphasis on understanding every submission as it pertains to that institutionâ&#x20AC;&#x2122;s business proposition and niche. I thank the industry for pitching with earnestness and transparency to ensure that the Awards for Distinction remain the benchmark for private banking excellence in Asia.

Cheers,

Sebastian Enberg Editor Asian Private Banker

AWARDS FOR DISTINCTION 2017

CONTENTS Awards for Distinction 2017

3 Letter from the Editor 6 Editorial About the Asian Private Banker Awards for Distinction 2017 7 Editorial Nine recent trends that have shaped Asia’s PB industry 10 Private Banker of the Year Ronald S. Lee, Goldman Sachs 12 Editorial A year of Straight Talk 15 Best Private Bank - Asia Pacific Credit Suisse CEO Andrew Shale Editor Sebastian Enberg Editorial Richard Otsuki Priyanka Boghani Charlene Cong Alice So Gigi Lam Liz Mak Managing Director Paris Shepherd Research Stratos Pourzitakis Shunta Kamba Business Development Sonia Lam Sam Chan Joanne Tse Olaide Ogungbesan Benjamin Yang

Digital Tristan Watkins Yiyang Zhou Cécile de Buor Evy Cheung Jacqueline Kwok Alice Wong Vivian Chong Sanya Amin Events Koye Sun Vanessa Ng Finance & Operations Karman Wu Yuki Chan Sandy Lau Martina Ngai Head of Europe Madhuri Chatterjee Production DG3

Published by Key Positioning Limited 13B Greatmany Centre 111 Queen’s Road East Wanchai, Hong Kong Tel: +852 2529 1777 Fax: +852 3013 9984 Email: info@asianprivatebanker.com 4 ISSN NO. 2076-5320

16 COO of the Year Geoffroy De Ridder, UBS 17 CIO Office of the Year UBS 19 Best Private Bank - Pure Play Union Bancaire Privée 20 Best Private Bank - HNW Services UBS 21 Best Private Bank - UHNW Services Credit Suisse 22 Employer of the Year Goldman Sachs 23 Best Private Bank - Hong Kong Credit Suisse 25 Best Private Bank - Singapore Bank of Singapore 26 Advertorial AXA IM Robotech Strategy heralds Brave New World of Investment Opportunities 29 Best Private Bank - China International Goldman Sachs 31 Best Private Bank - China Domestic China Merchants Bank

AWARDS FOR DISTINCTION 2017

33 Best Wealth Manager - China Domestic Noah Holdings

56 “Excellence” and “One to Watch” Winners 2017

34 Best Private Bank - Australia Credit Suisse

59 Best Private Bank - Advisory Services BNP Paribas

35 Best Private Bank - NRI Bank of Singapore

60 Best Private Bank - Fund Advisory Services Credit Suisse

37 Best Private Bank - India Domestic BNP Paribas

61 Best Private Bank Discretionary Portfolio Management UBS

39 Best Wealth Manager - India Domestic IIFL Investment Managers Wealth Management

62 Best Private Bank - Alternative Investments Goldman Sachs

40 Best Private Bank - Indonesia International Credit Suisse

64 Best Private Bank - Family Office Services UBS

41 Best Private Bank - Indonesia Domestic Bank Mandiri

65 Best Private Bank - IAM Services Julius Baer

43 Best Private Bank - Malaysia International Credit Suisse

66 Best Private Bank - Wealth Planning Services Credit Suisse

45 Best Private Bank - Malaysia Domestic Maybank

67 Best Private Bank - Philanthropic Services UBS

46 Best Private Bank - Middle East Emirates NBD

68 Editorial Eight exclusive data points that mattered in 2017

47 Best Private Bank - Philippines International Julius Baer 48 Best Private Bank - Philippines Domestic BDO 49 Best Private Bank - Taiwan International UBS 50 Best Private Bank - Taiwan Domestic UBS 51 Best Private Bank - Thailand International Credit Suisse 52 Best Private Bank - Thailand Domestic KASIKORNBANK PCL.

70 Best Private Bank - Digital Experience Credit Suisse 71 Best Private Bank - Tech Disruption UBS 72 Best Private Bank - Training & Development Bank of Singapore 73 Best Private Bank - Next Generation Programme UBS 74 Best Private Bank - Corporate Social Responsibility Credit Suisse

54 Editorial Top 5 private banking investment trends in 2017

AWARDS FOR DISTINCTION 2017

EDITORIAL

ABOUT THE ASIAN PRIVATE BANKER AWARDS FOR DISTINCTION 2017 Since 2011, the Asian Private Banker Awards for Distinction have set the standard for excellence in private banking in Asia Pacific. The Awards, which are open to private banks and institutions with private banking facilities in the region, stand apart due to the independence, objectivity, and rigour of the judging process. CAT E G OR I E S Institutions are invited to make submissions on a category-specific basis and only those institutions that do so will be considered for an award. The Private Banker of the Year and Best Private Bank - External Asset Managers’ Choice awards are exceptions to this rule, being respectively determined by the Judging Panel and feedback gathered from external/independent asset managers and multifamily offices in Asia. A total of 41 categories were awarded for 2017. M E T H ODO LO GY Winners are selected by the Judging Panel on the basis of any and all information submitted. The Judging Panel assesses submissions using weighted quantitative and qualitative metrics, with great emphasis on the former, as defined by the Submission Guidelines (visit apb.news/afd2017 for details). The Judging Panel recognises and understands the nuances of running a profitable and sustainable private banking business and therefore retains some flexibility regarding weightings. JUD G IN G PA N E L The Judging Panel is made up of Asian Private Banker’s editorial team. Combined, this is the industry’s most experienced and connected bureau of journalists covering private banking in the Asia Pacific region.

Sebastian Enberg editor

Richard Otsuki deputy editor & head of investment coverage

Priyanka Boghani head of private banking coverage

Liz Mak China editor

Charlene Cong senior reporter

Alice So senior reporter

AWARDS FOR DISTINCTION 2017

EDITORIAL

Nine recent trends that have shaped Asia’s PB industry China rewrote the rule book for wealth management

Investment banks make foray into asset management

Behind the heady AUM growth figures, wealth management in China has in recent years become synonymous with the murky but lucrative and interconnected world of shadow financing between banks, trusts, wealth and asset managers, private equity and online finance firms. But Chinese regulators hardened their stance in 2017, striking the market in unison with a series of reforms, including closing down channels for inter-industry regulatory arbitrage and upping investor disclosure requirements, thereby forcing the industry to reconsider what wealth management is.

Following early 2017’s blockbuster fund-linked note trades – the industry raised an estimated US$3 billion in 1H17 through this note, including US$100 million by UBS WM in the first two weeks of the year – investment banks demonstrated that their foray into asset management by delivering structured products with an actively managed underlier was not a one-off phenomenon but a potentially long-lasting trend. Wealth managers and investment banks followed up with a series of actively managed certificates (AMCs) which are being increasingly implemented into discretionary mandates.

The regulatory drive has stimulated a number of high profile exits by internet wealth platforms that focused on lending. Banks are no longer rolling over guaranteed wealth management products as they race to meet a 2019 compliance deadline. Private equity players bemoan that the changes will eat into returns and extend investment cycles for the long-term.

ESG: All hype or here to stay?

The more sanguine, however, say that 2018 is shaping up to be a ‘reboot year’ for the Chinese HNW market and only those firms that truly deliver value to clients in the form of long-term wealth planning solutions and asset allocation will survive and flourish.

AWARDS FOR DISTINCTION 2017

A common (mis)perception in Asia is that HNW investors don’t want ESGcompliant solutions because the overlay may incur a performance discount. Even so, the industry shifted up a gear in 2017, rolling out various ESGcompliant offerings, ranging from a small set of new funds to the full implementation of new investment philosophies into platforms and processes. While numerous private banks spoken to by Asian Private Banker said that ESG is being prioritised by top-level management, Deutsche Bank Wealth Management said that the industry is only

Conversation Partners:

INDUSTRY

at the beginning of the ESG journey with the approach set to enter the investment mainstream. BNP Paribas Wealth Management went one step further, launching an ESG discretionary portfolio management (DPM) solution in Asia. The private bank said that it constructs portfolios based on positive screening and best practices that take into account criteria beyond traditional financial metrics, in an effort to be “at the forefront of what will eventually be a growing trend in Asia”. Expect others to follow suit in 2018.

DPM continues to break new record-highs Asia’s private banking industry continues to make inroads in the discretionary portfolio management space, deepening DPM asset penetration beyond 2016’s record high of just over 8%. According to a survey conducted by Asian Private Banker in September 2017, nearly half of Asia’s private banks had grown their DPM assets by at least 10% YTD. Notably, a number of smaller private banks saw marked success, including UBP which in June said its DPM assets had increased by 35% in the 12 months following its Coutts acquisition. Meanwhile, regional DPM powerhouse, Bank of Singapore, told Asian Private Banker in October that DPM assets had grown by 30% YTD.

Emphasis on suitability and AML Asia’s regulators didn’t miss a beat in 2017, with Hong Kong authorities focusing on client suitability and Singapore’s MAS on AML. The year also brought its fair share of major regulatory events. Hong Kong’s Court of Appeal, for the first time, ruled against a private bank in a misselling case, while HSBC Private Bank (Suisse) SA Hong Kong was fined HK$400 million in November. Both instances highlight the importance of matching client risk profiles with the appropriate product. On the Singapore AML-front, MAS continued its crackdown on activities surrounding Malaysia sovereign fund 1MDB, with MAS’s Ravi Menon publicly stating that it is an “absolute priority” for the regulator to restore the city-state’s integrity as a financial centre. The regulator is also investigating a suspicious US$1.4 million transaction from Guernsey that involved Standard Chartered as well as Singapore’s linkages to the Paradise Paper leak.

Private banks tackle tech disruption with platform renewals Private banks in 2017 persevered to deliver superior client experience and operating efficiency through costly front-to-back platform upgrades. These projects typically involved the uprooting and replacing of legacy systems. Ultimately, only a handful of institutions remained on schedule. Both Standard Chartered Private Bank and Julius Baer announced delays to their IT and core platform overhauls, while HSBC Private Banking maintains that it will go live with its new Avaloq platform “soon”, three years after it signed up with the provider. UBS Wealth Management and BMO Private Bank both managed to go live with their core banking renewals on time.

AWARDS FOR DISTINCTION 2017

Drive to build recurring revenue – via advisory and discretionary Buffeted by a slump in transactional volumes for much of 2016 and regulatory tightening around client suitability, Asia’s private banks in 2017 made a concerted effort to shore up recurring revenue streams. Funds penetration increased past 2016’s level of around 11%, while the average DPM penetration rate also increased. Interestingly, momentum also picked up around flat-fee advisory services – the most notable move coming from Credit Suisse, which rolled out CS Invest in APAC. A number of other banks have indicated that they are actively exploring flat-fee advisory or indeed plan to launch a service in 2018.

Major leadership changes at the top The industry saw an unusually high number of CEO changes at both regional and global levels in 2017. In Asia, and in chronological order: Pierre Masclet took on the role of CEO for Indosuez Wealth Management in Asia; J.P. Morgan Private Bank named Kwang Kam Shing as its new Asia CEO with Andrew Cohen being bumped up to an international role; Pierre Vrielinck became BNP Paribas Wealth Management’s regional head with Mignonne Cheng staying on as chairman; and Bassam Salem will leave the industry with Steven Lo taking over the reins as Citi Private Bank’s Asia CEO. Globally, EFG International’s Joachim Straehle retired after successfully integrating BSI’s business, and Jürg Zeltner, UBS Wealth Management’s president, also retired to be replaced by Martin Blessing and Tom Naratil as co-Presidents of the newly-unified Global Wealth Management business. Finally, Boris Collardi left Julius Baer to join rival pure play Pictet in Switzerland. Expect Asia to see a lot more of Collardi going forward.

Chinese private banking celebrates 10th anniversary by going offshore Furious growth domestically – China’s top 10 private banks have averaged 35% AUM growth rate since 2012, according to APB data – caught the industry’s attention in 2017; but arguably the most compelling trend was the continued expansion of Chinese private banks beyond their home market. Armed with deep pockets, oodles of patience and an understanding of their clients’ needs for international diversification, a number of lenders expanded their offshore presence in Asia and beyond. For example, both CMB and CCB opened dedicated private banking branches in Singapore and the former opened a wealth management centre in Hong Kong; Minsheng cut the ribbon on a private bank and wealth management centre in IFC 2, and BoCom announced that it will pump HK$7.9 billion into a new HK subsidiary that will house private banking activities. Meanwhile wealth management firm Noah Holdings expanded its US business and established a foothold in Canada and Australia.

RONALD. S. LEE

head of private wealth management, Asia Pacific, Goldman Sachs

For Asia’s private banking industry to evolve in a healthy and sustainable manner, the current generation of leaders must not fail to impart upon the leaders of tomorrow the virtues of business responsibility, fiduciary duty and reflexivity in thought and action. Above all, the industry requires deft stewardship, and this requires key stakeholders to believe it is necessary to leave their respective businesses in better shape than when they first took the reins. This is a lofty ideal, but our quest to identify one outstanding private banker that consistently strikes a delicate balance between delivering business performance and shaping industry values yielded a number of worthy contenders - and none more so than Ronald S. Lee, Goldman Sachs’ head of private wealth management in Asia. Those who have had the good fortune to interact with Lee will attest to the fact that he views himself as a facilitator first and foremost. To quote: “My highest and best use in the business is to make it clear to my colleagues that I’m there to help them succeed and be effective in their primary objective … Our bankers are there to serve the clients, and I’m there to serve the bankers.” Indeed, during his tenure to date, Lee has fostered a culture of inclusivity and feedback that places the needs of the client at the centre of all activities. His team, fiercely loyal, are in their own rights outperformers and mirror Lee’s proclivity to defer success to the broader firm, cognisant of the fact that they themselves are only as good as those they depend on to deliver. Such a cascading effect has enormous implications for any business. In Lee’s case, the overriding concern today is how to remain “interesting” and “important” to clients – a question, that in turn, leads to important conclusions around cultural diversity, both for the firm and the wider industry. His thesis is that diversity in the workplace has a direct bearing on the firm’s relevance to clients; and thus, beyond delivering financial targets, Lee expends significant time and energy ensuring that Goldman

“We are encouraged by the continued growth of our Asia wealth management business. The progress we’ve made is the result of a collective team effort and we thank Asian Private Banker for this award.”

Sachs PWM’s employee profile reflects its rapidly changing client base in Asia (it is no accident that Goldman Sachs PWM has won Asian Private Banker’s Employer of the Year award for three consecutive years, largely on account of the emphasis Lee places on diversity, and it should not go unnoticed that Lee is the firm’s co-chair for Diversity in Asia). Let us not forget that Lee currently oversees one of Asia’s most successful private banking franchises in terms of growth momentum, going by APB data. But more importantly, Lee has overseen the firm’s transformation in Asia into a wealth advisory provider of the highest order. Need it be repeated here that few, if any other private banks in Asia have had more success in impressing upon Chinese clients the importance of delegation than Goldman Sachs? This feat alone is evidence of the strong sense of stewardship that pervades both Goldman’s and Lee’s mission. On account of Lee’s commitment to advancing the quality of Goldman Sachs PWM’s culture and business – and by extension, setting a positive example for the leaders of today and tomorrow – Ronald Lee is the Private Banker of the Year for 2017.

EDITORIAL

A year of straight talk Traditional private banks have thousands of funds on their shelves. We believe quality is a lot more important than quantity in this business given that only very few funds outperform on a long term basis.

Client feedback is fundamental. I randomly pick out 10-20 client reports every weekend and I read through them and then I will give the respective client advisor [CA] feedback on where they should improve and how coverage should be broadened. Edmund Koh head of wealth management APAC UBS

Vincent Chui head of Asia institutional equity distribution & PWM Morgan Stanley

To remain relevant as one of the largest financial institutions in the world, having a presence in Asia Pacific is critical. The private bank is, without doubt, the centre of our proposition here ...

What is clear is that in a relatively short period of time, institutions and clients alike have increased their knowledge and understanding of private banking, such that we now stand at an important juncture whereby private banking service providers must decide upon their developmental path and business model. Liu Min general manager wealth management and private banking department Bank of China

Andrew L. Cohen CEO, international private bank J.P. Morgan

When it comes to investing, I am an atypical private banking head because I buy and test every single product we launch. I just find that if you don’t do that, then how can you be credible with your clients? If our product doesn’t do well, I suffer as well – but I think that’s the ethical way. Francesco de Ferrari head of private banking APAC & CEO Southeast Asia Credit Suisse

Anshu Kapoor head of global wealth management Edelweiss

I do not think there is enough competition [in India]. This is because if you look at the ultra high net worth market – we define this as clients with over US$5 million in investable assets – there are 140,000 households in India. These households have a combined wealth of around US$ 2 trillion. At the moment, the top ten wealth managers in India do not even have 5% of the market share. In this sense, the wealth management industry has not even made a dent.

AWARDS FOR DISTINCTION 2017

EDITORIAL

Kong Qinglong general manager China Minsheng Banking Corporation Private Banking

Jimmy Lee head Asia Pacific Julius Baer

Michel Longhini CEO private banking UBP

It is very important for us to help our clients build a mindset towards asset allocation. In the past 20 or 30 years, commercial banks have approached wealth management as a fixed income distribution business. This is no longer tenable. Deepening financial reforms are likely to make these fixed income WMPs much rarer.

In Asia specifically, if you look at productivity/efficiency, our concentration of HNW and UHNW customers has risen to above 85%. We are reducing complexities throughout the business. We are close to CHF 300 million per banker without investment banking help. We launched our DPM booking centre in Hong Kong at the end of September and, within a month, we had recorded net new money inflows into DPM [in Hong Kong] of over CHF 1 billion.

We are not loud in terms of advertising because the bank has never been very active in that area. But we like to be loud in our facts: there are not many banks that have, more or less, doubled their size in the last five years in this business, created two booking centres in Asia, and grown the institutional business significantly. Both in Asia and Europe, we are certainly seen as the player that is committed to private banking. You don’t buy four banks in five years just for kicks.

AWARDS FOR DISTINCTION 2017

We’re still very small, and while we have grown in leaps and bounds, I think that is still not enough. We have certain economies of scale but we need to scale up a bit bigger and invest in more facilities for our clients. So at this point in time, we have ambitions to grow in a much bigger way. Ong Yeng Fang managing director & head UOB Private Bank

This idea of implicit guarantees cannot last forever. The key is to educate investors. Education will mature investors’ minds. We all know there is no such thing as risk-free investing – risk is unavoidable – so we as an industry need to continue to increase our level of professionalism to remain in line with regulatory standards. Wang Jingbo co-founder and chairman of the board of directors Noah Holdings

Bassam Salem former Asia CEO Citi Private Bank

My message to the boards of various banks sitting outside of Asia would be that it is necessary to be in the region and to learn first-hand what the landscape here is like, including how markets function and what clients want. It is a different world out here and not one that can be understood through industry reports or third-party analyses.

CHINA INTERNATIONAL WEALTH MANAGEMENT LEADERS − PRIVATE DIALOGUE 中国国际财富管理领袖高峰会 − 私人对话

Thank you to our friends, colleagues and partners who made the first China International Wealth Management Leaders - Private Dialogue 中国国际财富管理领袖高峰会 − 私人对话 such an outstanding success Over 70 of the key leaders driving the international expansion of the Chinese private banks and wealth managers participated in this closed door Private Dialogue.

Leadership Delegations From Agricultural Bank of China

CTBC Private Bank

Ant Financial Services Group

GF Asset Management

Bank of China International

GF Group

Bank of Communications

Haitong International

Bank of East Asia - Wealth Management Division

Haitong Securities International Securities Group

Bank of East Asia - Private Banking

Hang Seng Bank

Bank of China (Hong Kong)

HNA Innovation Finance Group

China Construction Bank

Huatai Financial Holdings

China Construction Bank (Asia)

ICBC

China International Capital Corporation

ICBC Asia

China Merchants Bank

Selected Speakers

Diana Chen 陈静 Managing Director Head of Private Wealth Management and Retail Brokerage Huatai Financial Holdings (HK) Ltd 董事总经理、私人财富管理及零售经纪业务主管华泰金融控股（香港）有限公司

Kenny Lam 林国沣 Group President Noah Holdings Limited 集团执行总裁诺亚控股有限公司

Kevin Huang 黄彦军 Head of Global Private Banking China Merchants Bank 海外分部主管总行私人银行部招商银行

Richard Williamson 魏林森 Managing Director Offshore Business CreditEase Wealth Management 海外业务董事总经理宜信财富

Sunny Ho 何心源 Managing Director Head of Private Banking, Hong Kong Branch China Minsheng Bank Corporation 私人银行部总经理中国民生银行香港分行

Tom Da 笪洋 CEO, Juhui Financial Securities Limited Jupai Holdings Limited CEO, 钜匯金融证券有限公司, 钜派集团香港

Jupai Noah Holdings

China Minsheng Bank

Noah International (Hong Kong)

Citic Securities

Shanghai Commercial Bank

CMB International

Shenwan Hongyuan (H.K.) Ltd

CMBC Hong Kong Branch

SWS

CreditEase Wealth Management

Participant Profile

Conversation Partners

Consultant 2

Wealth Manager 9 Securities 7 Private Bank 33 Financial Firm 11

Networking Partners

Francesco de Ferrari head private banking Asia Pacific, CEO Southeast Asia and frontier markets, Credit Suisse

CREDIT SUISSE Credit Suisse’s decision to to integrate its banking platform in APAC was nothing short of an emphatic declaration of intent from the Swiss major, which has set its sights on meeting and exceeding the complex private and business needs of Asia’s entrepreneurs. By all measures, the gambit is paying off. After a resilient, industry-leading performance in 2016 amidst testing market conditions, Credit Suisse’s private banking arm and the wider Wealth Management & Connected (WM&C) business which also includes underwriting and advisory and financing, hit full stride in 2017, buoyed in part by supportive markets but never truly depending on the market environment to drive opportunity and outcome. Indeed, it is fitting that a firm that positions itself as the “trusted entrepreneurs’ bank in Asia Pacific” is itself the industry’s most entrepreneurial wealth manager, by virtue of its ethos and structure. Credit Suisse’s integrated platform not only facilitates (and incentivises) near-seamless collaboration across the bank – including between PB and IB – but it enables the bank to react efficiently and with agility to client demands and market opportunities as they arise. With a genuine, region-wide footprint that spans 12 locations – including onshore and offshore markets throughout Asia major – Credit Suisse’s APAC private banking business boasts truly diversified coverage on a single platform; and though all geographies delivered strongly for the bank in 2017. Another significant feather in Credit Suisse’s cap is its digital offering, which continues to go from strength to strength. Not only did Credit Suisse roll out to Asian private clients its eponymous flat-fee and retrocessionfree advisory mandate solution, Credit Suisse Invest, enabled on its digital private banking (DPB) platform, but it also became the first private bank in the region to provide clients with access to an automated account aggregation and reporting tool through its partnership with fintech firm, Canopy. Ultimately, Credit Suisse notched up record growth and performance in 2017, with WM&C delivering pre-

AWARDS FOR DISTINCTION 2017

“In 2017, we delivered another year of strong growth, continuing the momentum in recent years and outperforming the industry. With strong double digit increase in top and bottom line, we continue to demonstrate our revenue agility with strong gains across all three lines – net interest income, recurring and transactionbased revenues. This reflects the unique advantage of our onshore and offshore business model that delivers diversified earnings and is able to realize the unique opportunities in each market. Our comprehensive products and solutions platform as well as our advisory model has enabled Credit Suisse to consistently serve our clients’ private wealth, personal ambitions and business needs in one place. Underlying our accelerating growth is our empowered Asia Pacific Division. This unique business model has enabled us to serve our ultra-high-net-worth entrepreneur clients in a truly integrated way. - Francesco de Ferrari, head private banking Asia Pacific, CEO Southeast Asia and frontier markets, Credit Suisse

tax income of CHF 581 million, up 73% in YoY terms, helmed by major contributions from the private bank. The quality of private banking revenue has also improved, as evidenced by a more even distribution between transaction-based, net interest income, and recurring commissions and fees. Client assets under management are also rounding the CHF 200 billion milestone, and significantly, the private bank continues to outperform its primary competition in terms of growth and profitability, posting the largest percentage increases in AUM per RM, NNA per RM (including annualised) and PTI. For the third consecutive year, Credit Suisse is Asian Private Banker’s Best Private Bank – Asia Pacific.

Geoffroy de Ridder head of fondcenter, UBS Asset Management

GEOFFROY DE RIDDER - UBS Amidst seismic regulatory upheaval, fierce market competition and industry-wide disruption, the pursuit of greater business efficiency and sustainability has only intensified. Now more than ever, Asia’s private banks depend on the chief operating officer as pivotal to the success of a private banking business, but too often this proffers a busted flush. And so the quest to identify such an exceptional practitioner is not so easy. Often surreptitious in nature, the COO is found toiling away in the background, kneedeep in challenges pertaining to the complexities of cost-income ratios, an HR quagmire and a maze of P&Ls of gargantuan proportion. At the same time, the individual is tasked with tracking technology trends, compliance issues and cultural transformations. Suffice to say, the COO stands away from the CEO’s spotlight and sits firmly at the centre of all decisions needed to run a tight and lean organisation. It is for these reasons that for the first time, Asian Private Banker has decided to create the COO of the Year Award. In 2017, one individual stood out from his peers, excelling in his ability to successfully transform the firm’s operations across a range of processes – Geoffroy de Ridder, UBS Wealth Management’s former APAC COO. Many practitioners faced the daunting and pressing task of streamlining a number of operations onto one platform and ultimately struggled to adhere to go-live timelines. De Ridder was the rare exception in 2017. He drove UBS Wealth Management’s One Wealth Management Platform project smoothly in Hong Kong and Singapore. Impressively, the US$1 billion project did not encounter a single delay, going live on time. This is no small feat when considering it involved 33,000 hours of training, 20,000 test cases, 20 billion data record transfers, and relationship managers (RMs) clocking in the night

“This award is not only a personal honor, but a recognition of the strong platform that we have built at UBS as well as the talented and dedicated colleagues that I have the privilege of working with. 2017 was truly a year of transformation as we took steps to unify and advance our infrastructure for the future. Our commitment to giving our clients the best experience and upholding our rigorous regulatory standards is firm, and we will continue to drive innovation and operational excellence in our business model.” - Geoffroy de Ridder, head of Fondcenter, UBS Asset Management (former chief operating officer, Asia Pacific, UBS Wealth Management)

before the go-live to review their client accounts on the new system. De Ridder also oversaw a number of technological innovations in 2017, ensuring that UBS Wealth Management remained well ahead of the pack on all matters digital. For example, the Swiss manager of wealth extended its automated advice offering, UBS Advice, onto its mobile app, allowing clients to receive push notifications and to communicate with its bankers through a chat functionality. UBS Wealth Management also rolled out its artificial intelligenceenabled offering to give clients advice based on portfolio holdings. As a result, de Ridder managed to strike the perfect balance between two important mandates of a COO – running the bank and changing the bank – making him Asian Private Banker’s COO of the Year for 2017.

AWARDS FOR DISTINCTION 2017

Min Lan Tan head chief investment office APAC, UBS Wealth Management

UBS Market uncertainty and a slow but steady decline in selfdirected investing in Asia have only increased clients’ dependence on their private bank to provide house views for strategic and tactical guidance, whether to gain insight, to select investments from a prescreened universe, or for the simple fact that they have delegated management responsibilities. Indeed, in an environment where long-term returns are expected to moderate, rates, growth, and earnings dispersion continue to rise, and geopolitical uncertainties loom large, risk management and diversification matter more than ever. In 2017, UBS’s CIO Office, backed by an army of 200 analysts globally covering more than 1,800 stocks and 800 bond issuers, outshone its peers in this highly competitive space, delivering strategic asset allocation guidance that not only ranked first in terms of performance but also consistency. Rather than attempting to gamble with concentrated lucky bets and thereby increasing the propensity for major swings between over and underperformance, UBS’s CIO office delivered minimal long-term deviation between real and projected annualised performance. Tactically, the bank made key calls in an already strong bull market to further enhance performance. These included an early overweight call on US and EM equities, a 12-month call on oil for US$60 per barrel amid scepticism around a supply cut agreement, and a key contrarian call for a stronger EUR against USD despite market-wide expectations that the dollar would strengthen. But even the most robust CIO office risks irrelevance if the firm is unable to communicate its views with bankers and clients alike. On this front, UBS is an unrivalled leader in content generation and distribution. In 2017, the private bank conducted 2,000 media presentations and 1,000 media appearances and

AWARDS FOR DISTINCTION 2017

“UBS Wealth Management’s Chief Investment Office is core to the bank’s transformation to an Investment Manager. With over 200 analysts present in 10 key financial hubs in all major regions of the world, we set the investment backdrop for about CHF 2.3 trillion of assets under management. Our mission is simple – to help our clients preserve and grow their wealth. Drawing on our proprietary models, round-the-clock investment analyses, and access to the world’s top asset managers, we produce one concise global investment view – the UBS House View. Importantly, CIOaligned investment solutions have also had a strong track record, with scope to enhance and complement traditional portfolio strategies in areas such as quant-driven strategies and sustainable investing.” - Min Lan Tan, head chief investment office APAC, UBS Wealth Management

produced 900 publications, all distributed through multiple traditional and non-traditional channels in the Asia Pacific. The Swiss bank’s deep content shelf not only includes reports covering the full spectrum of asset classes, themes and security selection but also timely thought leadership covering some of today’s most germane topics, including cryptocurrency, “The Belt and Road Initiative” and wealth management for women. Boasting a robust and rigorous investment process framework, founded on a strong performance track record, and a potent ability to generate relevant and timely content, UBS is Asian Private Banker’s CIO Office of the Year for 2017.

Agility & Rigor A powerful combination

At UBP, we are proud to foster talent and expertise among our teams. Our commitment: to bring you a service of the highest calibre. Private Banking | Asset Management | Treasury & Trading | www.ubp.com Past performance is not a guide to current or future performance. The value of investments, and the income from them can go down as well as up, and you may not recover the amount originally invested. UBP is authorised and regulated in Switzerland by the Swiss Financial Market Supervisory Authority and is authorised in the United Kingdom by the Prudential Regulation Authority. UBP is subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority; it is a licensed bank regulated by the Hong Kong Monetary Authority (HKMA) and a registered institution regulated by the Securities and Futures Commision (SFC) in Hong Kong for Tyoe 1, 4 & 9 regulated activities; and is regulated as a merchant bank by the Monetary Authority of Singapore, is an exempt financial adviser under the Financial Advisers Act (Cap. 110 of Singapore) to carry on certain financial advisory services, and is exempt under section 99(1)(b) of the Securities and Futures Act (Cap. 289 of Singapore) to carry on certain regulated activities.

Michael Blake head of region and CEO Asia, Union Bancaire Privée

UNION BANCAIRE PRIVÉE In the short space of 18 months, Union Bancaire Privée (UBP) has emerged from the relative fringes of Asia’s wealth management industry to become a pure player to be reckoned with. The Coutts acquisition may have provided the Swiss bank with some scale in the region – Asia AUM initially jumped from around US$800 million in 2015 to around US$10 billion – but UBP’s most noteworthy achievement is surely the way it has used the acquisition as a springboard to achieve quality top and bottom line growth, all the while retaining the firm’s entrepreneurial and client-centric DNA. In 2017, UBP recorded strong double digit AUM growth driven in large part by strong inflows from new UHNW clients and a North Asia business firing on all cylinders. Similarly, revenues have continued to increase on a quarterly basis, with average monthly revenues ballooning over 15 times post-acquisition. But what really stood out to the Judging Panel was quality of this growth, epitomised by a marked increase in advisory and discretionary mandate penetration and a healthy mix between recurrent and transactional revenues, as well as an increase in profitability due in large part to platform optimisation and investments in new talent. Banker productivity is also up significantly since the Coutts transaction, with UBP’s frontline today originating more UHNW relationships than ever before. At the same time, RM numbers have grown eightfold with an emphasis placed on proven experience – the average UBP banker in Asia has more than seven years of wealth management experience and over 30% of RMs have over 10 years service with the bank. Of course, client centricity and a clear awareness of niche are crucial to building a successful pure

AWARDS FOR DISTINCTION 2017

“At a time of rapidly changing market dynamics, we continue to see strong demand - from clients and practitioners alike - for a pure play wealth manager that can deliver customised investment solutions with speed and agility. Our mission at UBP is to meet that demand by providing clients with timely, tailored investment advice. We are singularly focused on this objective, are encouraged by the positive response we have seen in 2017 and will build on this momentum, working closely with our clients, in 2018.” - Michael Blake, head of region and CEO Asia, Union Bancaire Privée

play private banking business, and UBP in 2017 demonstrated how it effectively leverages its global network to deliver timely research, advice and solutions to private clients in Asia across all asset classes in an entrepreneurial and nimble manner. Special mention must be made of UBP’s pedigree in the alternatives space and particularly its ability to provide private banking clients with access to opportunities typically only available for institutional investors. Thus, though these are early days for UBP’s wealth management business in Asia, credit must go to the entire UBP team for the astute and sustainable way it has gone about building and activating a private banking business that has a clear vision and that is already experiencing quality growth across all financial indicators. Union Bancaire Privée is Asian Private Banker’s Best Private Bank – Pure Play for 2017.

Jean-Claude Humair chair of UBS Wealth APAC board and regional market manager of Hong Kong, UBS Wealth Management

UBS UBS Wealth Management has come closer than any large-scale financial services provider at striking a perfect balance between client-centricity and business scalability. This is no mean feat considering the sheer scale and spread of its operations across APAC, the increasingly complex nature of its clientele and their needs, and widespread disruption headlined by rapid technological advancement. At the heart of UBS’s proposition in Asia is a commitment to guide clients across all life stages – from the aspirational period of wealth accumulation, through wealth preservation to succession and legacy planning – placing equal emphasis on three fundamental aspects of a HNWI’s life: business, family and passion. Overseen by some of the bank’s most senior and experienced practitioners who guide the bank’s HNW strategy in APAC and oversee governance, UBS WM’s client-centric advisory model is underpinned by an industry-leading platform and a dedicated presence across Asia’s major financial hubs, including booking centres in China, Hong Kong, Japan, Singapore and Taiwan, and delivered by the industry’s largest frontline which is guided by a CIO office that was without peer in 2017. UBS is a staunch champion of asset allocation and coresatellite investing. Clients are actively encouraged to delegate responsibilities – and delegate they do, with UBS boasting a mandate and funds penetration rate that surpasses its largest peers. Beyond the vanilla, clients are exposed to a range of unique offerings that, in many cases, are driven by the latest research and views on emerging trends globally, including behavioural finance. For instance, UBS’s Systematic Allocation Portfolio funds address loss aversion and investors’ tendency for performance-destroying behaviour by dynamically shifting the equity allocations – based on market signals. This possibility to adjust equity allocations significantly is unique in mutual funds. Similarly, UBS continues to strike a chord with Asian HNW investors with a penchant for alternative assets, providing access to unique private equity opportunities normally reserved for institutional clients. Its multi-vintage private equity fund of funds solution, with a low minimum entry, offers HNWIs true diversification across investment types, strategies and managers, geographies and vintages.

“UBS is one of the few banks with an independent HNW Board to develop strategic focus, share best practices and drive synergy across the region. Winning this award is an important recognition of our core business focus and we are very proud of this achievement. Our team will strive to continue serving HNW clients in APAC using a holistic, client-centric approach to help clients fulfill their life goals with the latest technology, tailored solutions and the integrated bank approach together with our partners in IB and AM.” - Jean-Claude Humair, chair of UBS Wealth APAC board and regional market manager of Hong Kong, UBS Wealth Management

UBS is also at the cutting edge of digital innovation in wealth management, putting ideas into practice at a greater clip than almost any other private bank in the region. Beyond disseminating timely content to advisors and clients alike via multiple digital channels, UBS was the first private bank in Asia to roll out a digital flat-fee advisory solution, proving itself to be one step ahead of the competition. UBS’s HNW clients in the region are also spoilt for choice in terms of the quantity and quality of events and forums the bank hosts – its UBS Wealth Insights conference is renowned for its quality of speakers, while CIO WM client calls provide nearinstantaneous guidance on market-moving events and their implications on holding. By getting the fundamentals rights, the results have followed. In 2017, the Asia Pacific region once again led the way in terms of net new money inflows, pushing invested assets well beyond the US$300 billion milestone. Moreover, Asia Pacific today accounts for around 30% of group WM (ex-Americas) profits and invested assets and, with China firmly in the private bank’s sights, the APAC region is set to become even more important to UBS as a whole. UBS is Asian Private Banker’s Best Private Bank – HNW Services.

AWARDS FOR DISTINCTION 2017

SJ Hwang head of product and solutions, private banking Asia Pacific, Credit Suisse

CREDIT SUISSE Widely viewed as the most effective means to meet the needs of Asia’s sophisticated and entrepreneurial UHNW clients, the ‘one bank’ approach bears organisationally complex and financially significant (not to mention culturally disruptive) implications for a bank, which must commit to establishing best practices around fee-splits, cost allocation, balance sheet sharing, and myriad issues pertaining to client risk. Credit Suisse’s integrated business model in Asia Pacific, which focuses on allocating resources by client and product ‘hubs’ to ensure that client needs are addressed in a direct and agile manner, has thus far proven to be the most potent expression of the ‘one bank’ paradigm in the region. Whereas some peers remain hamstrung by global dependencies around expertise, systems and infrastructure, Credit Suisse’s model promotes effective execution on account of greater local and divisional autonomy. The crux of Credit Suisse’s approach is that it enables the bank to surround its ultra clients in a 360-degree manner across investments, strategic and wealth solutions, and liability solutions with a nimbleness that is uncommon for large financial institutions. Its prime services span alpha generation, prime brokerage and business consulting, with the bank able to book clients in both IB and PB; a dedicated strategic advisory and private assets team focuses on working with the investment bank to deliver tailored corporate and financing solutions as well as proprietary deals to UHNW clients; an industry-leading wealth planning proposition; and Credit Suisse’s investment solutions proposition includes access to best-in-class and exclusive hedge fund and private equity managers, direct co-investment opportunities, and the region’s leading funds advisory service, growing its UHNW assets in discretionary mandates, advisory mandates, alternatives by at least 25% year-on-year, with UHNW funds assets more than doubling. Further, Credit Suisse’s centralised financing division in APAC is a true game-changer, insofar as it provides a common platform for the bank to coordinate and unlock its existing expertise in structuring, risk management, and trading and syndication. Indeed, whereas other

AWARDS FOR DISTINCTION 2017

“In the past two years, our unique Asia Pacific Division model has significantly deepened and strengthened our capabilities in servicing our core UHNW clients, with our integrated Wealth Management & Connected business seamlessly providing private banking, underwriting and advisory and financing solutions to these entrepreneurs who are driving wealth growth in the region. Leveraging the bank’s global platform and the integrated multi-disciplinary competencies in APAC, our unique model has enabled Credit Suisse to serve UHNW clients holistically across their private wealth, businesses and their personal aspirations. This has led to very robust double-digit growth of our UHNW client assets and profitability, while continuously delivering landmark client solutions throughout the year. - SJ Hwang, head of product and solutions, private banking Asia Pacific, Credit Suisse banks are reducing their liabilities exposure and focus in the region, Credit Suisse has a demonstrable track record of deploying its balance sheet in a smart, strategic manner, leading the market in debut loan issuance and private financings. As with any pioneering approach, the truly integrated model Credit Suisse has employed to serve its entrepreneurial ultra clients in Asia will continue to require monitoring, refinement and cultural reinforcement; and as with any business model, its value will be judged by its performance across different market conditions. But based on currently available evidence, Credit Suisse is one step ahead of the competition. Registering stellar and diversified results, and backed by an industry-leading platform and the most senior members of the organisation, Credit Suisse is the deserved winner of Asian Private Banker’s Best Private Bank – UHNW Services for 2017.

Florence Kui chief operating officer for Asia, Goldman Sachs Private Wealth Management

GOLDMAN SACHS Because employees are, in many respects, the lifeblood of any organisation, much can be learned about a business’s health and sustainability by the way it approaches the wellbeing of its staff, whether through providing training and development, systemic access to management, support services, or, fundamentally, an inclusive culture. For the third consecutive year, Goldman Sachs has not only demonstrated in emphatic fashion that it places the utmost importance on the wellbeing of its employees across all facets of the work-life interface, but that it routinely reflects upon its responsibilities as an employer of choice by continuing to improve and refine its employee proposition. Indeed, few if any banks in Asia go to greater lengths than Goldman Sachs to attract talent from a diverse range of backgrounds and geographies, as evidenced by its social media-enabled recruitment process that has proven a success with the newest generation of professionals, as well as the private bank’s apprenticeship programme with Hong Kong’s PWMA and HKMA that exposes second-year university students to the firm, thereby opening a pipeline for future recruits. From the get-go, new joiners receive 360-degree support from Goldman Sachs. The firm places a major emphasis on mentoring and systematic feedback to draw the best out of its employees and to ensure that all staff are aligned around a common goal. To this end, the bank rolled out a PWM Mentoring Month in 2017 to reinforce menteementor connections, with recent joiners encouraged to participate in roundtable discussions to help them get more out of their personal connections within the firm. In 2017, Goldman Sachs Private Wealth Management completed 158 mentorship pairings.

“Our success is built on our people and that’s why we are focused on recruiting and retaining the best talent. We continually invest in our employees’ training and development, and put a lot of effort into cultivating an environment where they can perform at their best.” - Florence Kui, chief operating officer for Asia, Goldman Sachs Private Wealth Management

Furthermore, the bank’s New Private Wealth Advisory Program in Asia provides new joiners with intensive training in Hong Kong and New York across the full spectrum of relevant topics to ensure full integration and productivity in the shortest possible period of time. Goldman Sachs is also an industry leader in terms of providing a workplace environment that prioritises diversity and individual expression, as well as a healthy work-life balance. The bank’s forward-thinking approach to employee wellbeing extends to its concern for physical wellness and health, psychological services, recreational opportunities, and maternity and familial support and benefits. More recently, Goldman Sachs introduced a new initiative that supports employees on maternity leave at different stages and recently-returned mothers with integration. Ultimately, Goldman Sachs continues to set best practices for the industry in terms of what it means to be an employer of choice, deservedly earning the title of Employer of the Year for 2017.

AWARDS FOR DISTINCTION 2017

François Monnet head private banking Greater China, chief executive Hong Kong branch, Credit Suisse

CREDIT SUISSE Hong Kong is home to some of Asia’s oldest wealth and was a regional ‘first mover’ in terms of global investing (especially in equities and real estate). As such, Hong Kong’s UHNWIs and HNWIs are among Asia’s most over-banked across investment, commercial and private banking services, making it difficult for any relative newcomer to earn significant wallet and mind-share. Credit Suisse is certainly no newcomer to Hong Kong, having maintained a presence in the city for nearly 50 years and today boasting relationships with over half of Hong Kong’s Forbes List billionaires. But the private bank, powered by its industry-leading integrated platform in Asia, has in recent years set about increasing the quality and productivity of these relationships, and its overall penetration of the city’s entrepreneurial UHNWIs, with spectacular results. In 2017, Credit Suisse’s Hong Kong and the overall Greater China private banking business continued to make significant contribution to the regional franchise. In 2017, net new money from Hong Kong clients increased by a triple-digit percentage with the majority coming from existing clients – clear evidence that the bank’s efforts to further ‘activate’ its current relationships are paying off. Moreover, revenues continue to grow at a strong double-digit percentage, not only by successfully riding the global rally but in a well-diversified fashion across transactional, recurring and interest income. And the year was punctuated by a raft of customised financing solutions that showcase Credit Suisse’s UHNW capabilities, including the delivery of a massive share-backed lending structure for a client with a HKSE-listed company; a stellar injection into flow investments, especially in fund solutions; and the opening of the single largest discretionary mandate in Asia for Credit Suisse, where the bank managed to win the majority of client assets from a pool of other industry majors.

AWARDS FOR DISTINCTION 2017

“The new Hong Kong market leadership in the last 18 months was instrumental in driving our growth. We achieved this in a systematic way by focusing on some of our existing key clients, applying disciplined account planning to better serve their needs and deepen their relationship with Credit Suisse. With all-inclusive offerings across our integrated bank [...] we turned many prospective situations into successful mandates, some of which achieved record numbers, turning 2017 into an exceptional year for Credit Suisse Private Banking in Hong Kong.” - François Monnet, head private banking Greater China, chief executive Hong Kong branch, Credit Suisse

Headline growth and achievements of this calibre are only possible when the business, and critically, its people are unified around a common cause. Indeed, bankers at Credit Suisse are clear beneficiaries of the bank’s integrated approach in APAC, which promotes greater autonomy and agility at the regional level, thereby enabling the private bank to respond quickly to client demands. But Credit Suisse’s success in 2017, in Hong Kong is also testament to the astute and systematic way the bank’s leadership has pursued greater efficiency and productivity in its existing client relationships. It is no exaggeration that in 2017, Credit Suisse firmly established itself as private banking leader in Hong Kong, grabbing market share from its competitors and further increasing mindshare among the city’s sophisticated UHNW entrepreneurs, in the process, earning the title of Asian Private Banker’s Best Private Bank – Hong Kong for 2017.

Olivier Denis global market head for Singapore, Malaysia and International, Bank of Singapore

BANK OF SINGAPORE In the past two years, Bank of Singapore’s development has taken on a more strategic hue. Many will point to the Barclays acquisition in 2016 as the pivotal moment for the private bank, insofar as the deal propelled Bank of Singapore into the upper echelons of the regional league table (although it should be noted that Bank of Singapore was growing at a healthy clip before the deal). But it was in 2017, arguably, that Bank of Singapore truly affirmed its credentials as “Asia’s global private bank” on account of a series of astute strategic initiatives and quality growth across key financial metrics. Buoyant markets may have provided sufficient fuel for the industry to post strong top and bottom-line and client asset growth in 2017, but Bank of Singapore once again stood out for the quality of its business performance. Indeed, in a market that remains brokerage-heavy, Bank of Singapore, while offering a full range of investment products and services, boasts a market-leading discretionary portfolio management proposition that is backed by a top-tier CIO office and continues to best its Singapore-peers by penetration rate and returns across all portfolios. Its funds business also fired on all cylinders in 2017, partnering with leading providers to deliver solutions across all asset classes, including a unique multifactor strategy that includes smart beta ETFs and the blockbuster distribution of senior loan fund earlier in the year. On the strategic front, Bank of Singapore signed an agreement with Vontobel, a leading wealth manager in Europe, while its decision to open a branch in Dubai International Financial Centre last February has only strengthened the bank’s already robust NRI proposition. And though early days, the private bank is ramping up its Greater China presence with a raft of hires and deepening its penetration of UHNWIs, recording strong NNA growth from new ultra clients in 2017. Credit must also go to Bank of Singapore for enhancing its training and development programme, arguably

AWARDS FOR DISTINCTION 2017

“Bank of Singapore has built a reputation as Asia’s global private bank known for providing best-in-class advice and solutions through partnerships with leading global partners. We are supported by one of Asia’s largest research teams, with key strengths in emerging markets. As a result, we are able to deliver superior investment returns and corresponding growth for our clients. Our clients value our unique position – a pureplay private bank that is nimble and responsive to today’s fast-paced environment, and at the same time, able to give them access to services beyond private banking services that a universal bank is able to offer. Through our parent company, OCBC Bank, we are able to extend to them a broad array of commercial banking capabilities across OCBC Bank’s regional and international network.” - Olivier Denis, global market head for Singapore, Malaysia and International, Bank of Singapore

making greater strides than any other private bank in 2017 to increase front-to-back professional standards. The wealth manager celebrated its first batch of Advanced Diploma in Private Banking graduates and rolled out an Advanced Certificate in Private Banking for marketing associates and support functions, among other initiatives. Such is the intensity of competition in Singapore – not to mention Asia major – that private banks will continue to have their strategic acumen tested. In 2017, Bank of Singapore rose to the challenge, proving its credentials as ‘Asia’s global private bank’ and once more earning itself the title of Asian Private Banker’s Best Private Bank – Singapore.

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AXA IM Robotech Strategy heralds Brave New World of Investment Opportunities Robotics are no longer the preserve of science fiction. Their science has marched into the arena of investment opportunity as spectacular advances in robotics and automation saw the sector soar in value in 2017.

Tom Riley portfolio manager Framlington Equities at AXA Investment Managers

From robots on factory production lines to driverless vehicles and robotic surgery, rapid advancement in the field of robotics means that today, robots are capable of performing highly sophisticated, delicate work, as well as working alongside humans to boost productivity.

Accordingly, there is a sharp rise in the global robotics market, which is expected to grow by 10-15% a year until 2025, according to projections by the International Federation of Robotics (IFR).1 AXA Investment Managers (AXA IM) has successfully tapped into important trends around the rise of robotics with the launch of its global Robotech strategy, which focuses on three key applications of the technology across industrial automation, transportation, and healthcare. The strategy, which has been in operation since 2015 with AUM circa US$4bn as of December 2017, also invests in the enablers of these technologies – software, semiconductors, and the Internet of Things. Tom Riley, lead manager of the strategy, describes robotics as a major multi-decade theme, adding: “It is already an investable area from which we aim to select 40 to 60 fast-growth companies to build a global portfolio, diversified across market cap and sectors,” he says.

In its 2017 report, the IFR describes the potential for robot installations in general industry as “tremendous” and predicts continued growth in the automotive industry in particular, both in emerging and traditional markets. It also estimates that more than 1.7 new industrial robots will be installed in factories worldwide between 2017 and 2020, with the worldwide stock of operational industrial robots rising from 1.828 million units at the end of 2016 to 3.053 million units by the end of 2020. Moreover, by 2025, the market for industrial robots is projected to rise to US$33.8 billion compared to just US$12.3 billion in 2016, according to venture capital firm Loup Ventures. The potential for considerable growth in the application of industrial robots in Asia is particularly acute. In China, robot density, or the number of robots compared to workers, has doubled to 49 per 10,000 workers since 2013. China’s robot density is still a long way behind Germany’s 301, Japan’s 305, and South Korea’s 531, giving it considerable room for growth. China is projected by Teradyne, a global leader in automation equipment, to be the fastest-growing market for robot sales between now and 2020.

From robots to co-bots The rise of the robots is driven by technology becoming more affordable and easier to programme at a time when labour costs are increasing in developed and emerging markets and working populations shrink, particularly in major economies like China and Japan.

“We are at the early stages of the robot revolution. Robotics will continue to have a significant impact on society for years to come and an increasing number of new, listed small and mid-cap companies will become investment opportunities over time.”

Asian automation In the Asia region, the robotics sector is going from strength to strength, with China, South Korea, and Japan, together with the US and Germany, making up the five major markets globally. China alone sold 87,000 industrial robots in 2016 – nearly as many as Europe and the Americas combined.

Source: International Federation of Robotics (IFR), as at December 2017. Image source: AXA IM, as at December 2017

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Republic of Korea 5% 531 Japan 5% 305

Germany 6% 301 US 15% 176

China 22% 49

Average global robot density

Key Forecast annual growth rate 2018-2020 Number of robots per 10,000 workers

Until recently, the application of robotics in industrial automation has been largely confined to the auto and aerospace sectors. However, technological advances have given rise to significant growth potential in new markets such as semiconductor testing, general manufacturing, assembly and the food and beverage sector. Furthermore, the development of advanced sensors and microprocessors over the past decade has facilitated the rise of collaborative robots – widely referred to as ‘co-bots’ – which are able to work alongside humans. Co-bots are generally cheaper than traditional robots, with prices ranging from US$25,000 to US$45,000 compared to traditional factory floor robots which have price tags of at least US$100,000, according to manufacturing and supply chain analysts Manucore. Sales of co-bots are projected by Teradyne to rise by 50% a year between now and 2020, making them the fastest growing sector of the global industrial robotics market.

Motoring ahead The auto industry is increasingly being driven forward by the growing amount of electronics and technologies integrated within vehicules – a development which has the potential to make motoring safer. The advent of driverless cars raises the prospect of greater mobility opportunities for elderly and disabled people who currently are unable to operate a vehicle, as well as freeing up time for current drivers, thereby raising productivity levels.

AWARDS FOR DISTINCTION 2017

Source: AXA IM, as at December 2017

With design and production cycles stretching up to a decade, there is considerable visibility on the future revenue growth for component suppliers, providing investment potential not only in the car industry but also in automated vehicles used in the mining and agriculture sectors.

Healthy outlook Robots are also shaping lives via their application in the healthcare industry, and are increasingly being used in surgical procedures. The AXA IM Robotech strategy also focuses on those two key areas: the expanding field of robotic surgery and the capturing of data to drive better patient outcomes. The market for robotic surgery is not only large but continues to grow rapidly. While it is currently focussed on hernia and colorectal procedures, robotic surgery is expected to be extended to general surgery as new techniques are developed. The benefits for patients include reduced scarring from smaller incisions, lower infection rates because of a cleaner surgical environment, and the potential for improved procedural precision compared with human-led surgery. Intuitive Surgical, the global leader in robotic surgery, carried out more than 750,000 procedures in 2016 and predicts a growth in business of 14% to 15% a year. The increasing availability and connectivity of data, meanwhile, allows for the continuous remote monitoring of a patient’s condition, allowing for the early detection and treatment of any serious conditions and potentially saving lives. 27

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Long-term vision With its Robotech strategy, AXA IM focuses on quality companies exposed to the structurally growing area of robotics and automation. It invests across the value chain of equipment manufacturers, component suppliers, and software companies.

in automotive and industrial applications. Main customers for these microchips were previously smartphone, PC, and television manufacturers, but they are increasingly being used in factories and cars.

These companies are typically leaders in their field with proven track records of investing in research and development to maintain their market positions and to remain at the cutting edge of robotics technology.

“The more intelligence that goes into factories, machines, or processes, the greater the potential productivity gains for companies,” says Riley, pointing to a raft of benefits including the ability to monitor and manage inventory in real time, create 3D simulations of products and processes, and reduce waste costs.

AXA IM takes a long-term investment approach in analysing companies and their outlook, typically covering a three to five-year span. This translates into a relatively low turnover strategy of 20% to 30% per annum. “Our investment style involves spending a lot of time meeting management teams, both of the companies we are already invested in and where we see potential investment opportunities,” says AXA IM’s Riley. “We round this out by meeting customers, competitors, and suppliers to these companies to get a full picture of the industry in which they operate. “In addition, we visit factories where these technologies are deployed and attend robotics and automation shows which give us the opportunity to view products first hand, which we believe helps us better understand the products and their future potential.”

Meanwhile, as the technology of robotics expands into more areas of industry and consumer electronics, the outlook for the sector in the years to come is bright as cutting-edge innovation opens up a new world of possibilities. “After a very strong 2017 for the robotics and automation sector, we see this strong demand continuing into 2018 and beyond,” says Riley. “This is driven by continued technological innovations, but most importantly the broadening of the adoption of automation equipment into new industries.” Sources: AXA IM as at February 2018

Strategic investing The Robotech strategy has benefited particularly from a few sectors including factory automation, semiconductor and industrial software. AXA IM also invests in companies that sell microchips used

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AWARDS FOR DISTINCTION 2017

Nick Yim head of North Asia, Goldman Sachs Private Wealth Management

GOLDMAN SACHS Chinese HNWIs tend to have a home bias and a penchant for self-directed investing. Indeed, when considering China’s high rates of economic growth and wealth creation, coupled with the potential for investors to achieve outsized returns domestically, it should come as no surprise that impressing upon Chinese HNWIs the importance of pursuing conservative riskadjusted returns can be a challenging task. However, one private bank in Asia has done just this. In 2017, Goldman Sachs stood out from its peers in the China International space, clearly demonstrating its ability to win the trust of China’s wealthy by virtue of the quality of its advice and management.

“It was a record year for our China business with assets and fee-based inflows reaching new highs. These reflect the strength of our business and the quality of our relationships with clients.” - Nick Yim, head of North Asia, Goldman Sachs Private Wealth Management

2017 was a record year for Goldman Sachs on a number of fronts. With a stated aspiration to be “more global than local competitors and more local than global competitors”, the private bank continued to evolve its business to one that centres on the delivery of holistic wealth advisory that leverages its strategic partnership with Beijing Gao Hua Securities.

Indeed, the bank’s focus on client experience and servicing extends to the quality of its frontline: relationship managers oversee no more than 15 clients each and 20% of them have at least ten years of relevant experience. The bank has also revamped its digital channels to enable online access for portfolio reviews, risk analysis and secured payments, and plans to further enhance the digital platform to include online trading capabilities and interactive sessions with client advisors.

The results speak for themselves. Goldman Sachs’ fee-based business (excluding interest income) from Chinese private clients surged by more than 50%, representing half of the total revenue share – a percentage that surpasses even some of the ‘purest’ private banks that proclaim to have limited interest in transactional income. Moreover, client trust and satisfaction continues to rise, best evidenced by growth in discretionary portfolio management (DPM) assets and a boost in average client account sizes.

Ultimately, while the desire to tilt revenue share in favour of fee-based income is an industrywide ambition, and though some leading Asia players have made inroads in this endeavour, few can boast that their efforts are led by the Chinese HNWI segment. Goldman Sachs can, and its outstanding progress in promoting portfolio-oriented investing – especially through its wide range of DPM solutions – is just cause for Asian Private Banker to name Goldman Sachs 2017’s Best Private Bank – China International.

AWARDS FOR DISTINCTION 2017

Jing Wang general manager, private banking department, China Merchants Bank Head Office

CHINA MERCHANTS BANK China’s wealth management industry reached an inflection point in 2017 when authorities set about deleveraging markets, removing opportunities for regulatory arbitrage and doing away with implicit guarantees. As a result, a vast number of banks will need to regear their operating models to ensure business sustainability. But for some, including China Merchants Bank (CMB), the changes will only reinforce their conviction that wealth management is a systematic and client-centric endeavour. Indeed, the emphasis CMB Private Banking places on client satisfaction and risk-adjusted returns in this largely volumes-infatuated space is sufficient cause to name it China’s best private bank in 2017. CMB’s “1+N” investment consulting service – where “1” represents an experienced private banker and “N” an investment consultant team – is designed to ensure clients receive the most suitable advice and solutions according to their needs and profiles. This service is supported by a scientifically-informed approach to asset allocation, which harnesses the latest theories relating to VAR risk management and portfolio management. CMB’s dedication to meeting the exacting needs of its clients extends to its suite of value-added services, including events and tailored salons covering health, parenthood, philanthropy and business matters, and a next-generation forum that addresses issues around succession planning. Clients are also exposed to a consistent output of market views and research produced in-house, thereby raising their financial acumen and, in turn, increasing the quality of their interactions with the bank. As a private bank originated from and rooted in China, the bank is not without international ambition. Its overseas development emphasises the idea of ‘Chinese heritage, global insights’, and the strategy of the bank’s international expansion is to follow its clients. CMB ensures that its investment advisory

AWARDS FOR DISTINCTION 2017

“As the pioneer and leader in China’s private wealth management market, we will continue to adhere to the idea of committing to our clients’ everlasting family fortune, and to continuously improve our services to satisfy the needs of our clients. We will also actively expand our international coverage by setting up private banking and private wealth management centres in global financial centres such as Hong Kong, New York, Singapore, London and Sydney. With our best-in-class global asset allocation and the global lifestyle service, we are confident in our ability to bring to our clients their familiar service experience both inside and outside of China.” - Jing Wang, general manager, private banking department, China Merchants Bank Head Office

approaches, market research, product review and legal and compliance in the overseas market are aligned with that for its onshore market. By getting the fundamentals right, CMB – China’s largest private bank, with AUM of RMB 1.8 trillion as of September 2017 – continues to reap rewards on the business side. Its growth over the past decade is, itself, worthy of note. In the short span of ten years, the private bank has amassed client assets at a CAGR of 39.8% (2012-2016), with net new money inflows totalling RMB 355 billion in 2017 (+49.15% YoY); pretax profits hit RMB 3.48 billion at a cost/income ratio of 29.8%; its client base continues to swell, at latest count reaching 65,694; and its footprint now encomapasses major Mainland cities and global metropolis including Hong Kong, Singapore, New York and Sydney. China Merchants Bank is Asian Private Banker’s Best Private Bank – China Domestic for 2017.

Kenny Lam group president, Noah Holdings

NOAH HOLDINGS In 2017, Chinese regulators delivered a wakeup call to the domestic wealth management industry in the form of a coordinated crackdown on the use of wealth management products (WMPs) as channels for shadow lending and the provision of implicit guarantees, among other widespread practices. Widely expected to separate the wheat from the chaff, the reforms should play into the hands of wealth management firms that are not only appropriately licensed, but that conduct their business in line with the long-term, holistic needs of clients. Accordingly, a select few firms are paving the way for this new era of Chinese wealth management, with Noah Holdings, China’s largest independent wealth management firm, leading from the front. In 2017, Noah cemented its position as China’s most mature and forward-thinking wealth manager for China’s rapidly growing HNW segment, further pivoting away from pure product distribution to become a full-spectrum solutions provider and, correspondingly, the go-to wealth manager for domestic and overseas Chinese clients who not only demand best-in-class investment opportunities but genuine global asset allocation and ancillary services around succession and tax planning, trusts management, and immigration and education. Delve beneath the surface of Noah’s impressive figures for 2017 (for instance, accumulated products distributed increased by 32% YoY to RMB 470 billion, the average transaction per client hit RMB 9.26 million, and asset management AUM jumped 24% YoY to RMB 143 billion [as of 30 September 2017]) and what becomes apparent is just how much the firm is prioritising quality, sustainable growth. Almost half of total revenue in 2017 is attributable to recurring fee income. At the same time, Noah distributed less fixed-income products – traditionally the bread and butter for Chinese wealth management firms – in favour of private and secondary market equity products.

“We are very honoured to be selected again as China’s Best Wealth Manager. At Noah, we believe in building a team that is sustainable – one that services our clients for the long term. We will continue to push very hard to ensure that we lead the market with thought and purpose.” - Kenny Lam, group president of Noah Holdings

real estate capabilities in New York, dedicated presences in Canada and Australia, and launching a Global Family Office service targeting UHNW Chinese families. Noah continues to dedicate huge resources to upskilling its relationship managers and clients alike. Adding to an already comprehensive training system for its vast frontline, Noah launched the Noah Wealth 2017 Private Banker Program in cooperation with Shanghai University of Finance, with its primary focus being asset allocation. Similarly, Noah’s Enoch Education arm provides extensive training to the wealth manager’s clients, on the basis that the healthy development of China’s wealth management industry is contingent upon investors to better understand asset allocation and the relationship between risk and return. Ultimately, it is Noah’s dedication to progressing the art and science of wealth management in China that makes it a worthy recipient of the title of Best Wealth Manager – China Domestic for the second year running. Setting aside the firm’s strong business performance, Asian Private Banker notes the strides Noah is making in establishing best practices, meeting the increasingly globalised needs of Chinese investors and, ultimately, demonstrating the long-term promise of China’s wealth management industry.

2017 will also go down as a marquee year for Noah on account of its globalisation activities, with the firm adding

AWARDS FOR DISTINCTION 2017

Alex Wade head of developed and emerging Asia, private banking Asia Pacific, Credit Suisse

CREDIT SUISSE The sea changes that have surged through the Australian wealth management industry during recent times led to significant consolidation as a number of international banks decided to exit the market. Credit Suisse, however, remains fully committed to the country where its dedicated presence and differentiated model has bolstered its penetration of ultra-high net worth and high net worth clients with its business growing apace. Its private bank client base has also become more diverse over time, extending to foundations, charities and endowments, family offices, entrepreneurs and successful business owners and retirees. Indeed, Credit Suisse leads the market with strong growth in both profitability and revenue in 2017, while AUM also doubled during the past two years. The leap in revenue YoY was especially significant for its recurring income and lending businesses, while the private bank’s Australian external asset management (EAM) business, launched in 2015, cemented a dominant position with its multi-asset and multicurrency loan platform. In 2017, Credit Suisse launched its Digital Private Banking platform in Australia, creating a new multichannel service delivery model combining a digital and direct client experience, and this is anticipated to become a key driver of future business growth.

“Credit Suisse Private Banking Australia celebrated its 10th anniversary in 2017, marking a decade of success. In a market where there has been significant consolidation in the wealth management industry, Credit Suisse is strongly positioned as one of the very few global banks with a true private banking model,. We set about the long term process of building a team of advisors who shared the transparent values of a new style of private wealth management. Our advisors are paid a fixed salary with a discretionary bonus that takes into account a number of measures such as client satisfaction and adherence to compliance guidelines. Now this is commonplace. At the same time, we worked closely with our leading investment banking franchise to provide innovative and tailored integrated solutions to UHNW entrepreneur clients.” - Alex Wade, head developed and emerging Asia, private banking Asia Pacific, Credit Suisse

The private bank also delivers top quartile discretionary portfolio management with a long-term track record of outperformance versus the benchmark. Its DPM services are now extended to its EAM client base, further cementing Credit Suisse’s pioneering status in the Australian wealth management market. Credit Suisse is Asian Private Banker’s Best Private Bank – Australia for 2017.

AWARDS FOR DISTINCTION 2017

Vikram Malhotra global market head for South Asia and Middle East, Bank of Singapore

BANK OF SINGAPORE While Bank of Singapore has long since been a seasoned specialist in managing non-resident Indian (NRI) wealth, 2017 saw the private bank widen the gap on its competitors on the back of the successful integration of Barclays’ Singapore and Hong Kong businesses and thoughtful, strategic changes across its operations in Dubai. Bank of Singapore has, for some time, developed its book of business in the Middle East, one of the world’s largest NRI capitals. This has included marshalling its plans to expand in Dubai in order to simultaneously focus and expand its service offering on the growing number of HNWIs in the region. Having received the all-important Category 4 licence to operate a branch in Dubai International Financial Centre, the private bank successfully expanded its product offering with a range of customised private banking solutions across investments, credit and wealth planning advisory services for its ultra high and high net worth clients. The approval has also enabled Bank of Singapore to build its research and advisory capabilities in the region. To further enhance the firm’s NRI proposition in the Middle East, in early 2016, Bank of Singapore relocated an NRI specialist desk from Singapore to Dubai and so, today, the bank boasts close to 45 managers in the city with plans to hire 20 more relationship managers in 2018. These teams will operate seamlessly across its Dubai, Singapore and Hong Kong desks to cater to NRIs in the Arab states. In addition, the successful integration of Barclays’ wealth business, that began in 2016, saw US$13 billion in assets transferred, further bolstering Bank of Singapore’s already extensive coverage of the NRI segment. The acquisition, involving a sizeable team of NRI bankers migrating to Bank of Singapore, helped bolt the bank’s presence as an NRI bank of choice.

AWARDS FOR DISTINCTION 2017

“The successful integration of the Barclays wealth business in 2016 further bolstered Bank of Singapore’s already extensive coverage of the non-resident Indian segment. This laid a strong foundation for us to consolidate our position in 2017 as the leading private bank in this space in Asia and possibly globally. Serving the NRI segment from our three strategic hubs – Singapore, Dubai and Hong Kong – has been a key factor in our success. According to Capgemini, Singapore and Dubai were the top two offshore destinations for Indian wealth. Close to 40 percent of their overseas assets were held in these markets.” - Vikram Malhotra, global market head for South Asia and Middle East, Bank of Singapore

As a result, Bank of Singapore has built a strong base in two locations that account for the top two offshore destinations for Indian wealth – Singapore and Dubai. Asian Private Banker notes that the Singaporean bank carried out these initiatives through a disciplined, prudent approach to expenditure that has kept its cost-income ratio for the business line far below the industry average. The bank’s NRI business performance speaks for itself. Bank of Singapore scored high across a number of key metrics in 2017 including high double digit AUM growth and triple digit growth in operating profit – a direct result of significantly increasing the number of client facing staff for its NRI business. Bank of Singapore is a much deserved winner of Asian Private Banker’s Best Private Bank – NRI for 2017.

Samir Bimal head of Indian markets, BNP Paribas Wealth Management

BNP PARIBAS Few, if any, foreign private banks are more successful in building synergies between their onshore India and non-resident Indian (NRI) businesses to deliver a comprehensive Indian wealth management proposition than BNP Paribas. And, if proof were needed, in 2017 the French heavyweight continued to reap the benefits of its unified approach to creating business across interlinked markets, delivering robust economic performance involving all key metrics. That included increasing revenues, asset growth and client penetration. On the back of an impressive year for its NRI Business, BNP Paribas Wealth Management in 2017 cemented its status in India as a true ‘one-banking’ player capable of delivering a full arsenal of solutions to a sophisticated pool of clients. Much of this is made possible on account of BNP Paribas’ status as one of the few global players in India to have a Non Banking Finance Company (NBFC), enabling it to provide sophisticated financing solutions such as tailor-made credit structuring and liquidity extraction flexibility. Moreover, its demonstrated ability to leverage its corporate and institutional, investment and retail banking arms allows the bank to offer its entrepreneurial client base a “business owners’ advisory” model focusing on clients’ business assets, liabilities and large transactions. Accordingly, the firm’s investment and financing solutions are among the biggest revenue generators for the private bank. BNP Paribas Wealth Management has also devoted a great amount of attention to increasing its clients’ experience. That extends beyond tailored events and networking opportunities as clients felt the benefit from the global rollout of a suite of digital tools in 2017,

AWARDS FOR DISTINCTION 2017

“For the past 20 years, BNP Paribas Wealth Management has built longstanding relationships with some of the leading families in India mainly by anticipating clients’ evolving objectives, a commitment to creating a comprehensive platform and the strengths of a global institution and the team. Our strong onshore presence is also a reflection of our integrated bank approach that brings together our bank-wide strengths that our clients can leverage on.” - Samir Bimal, head of Indian markets, BNP Paribas Wealth Management increasing the number of client touch points and the quality of their interactions. Internally, BNP Paribas Wealth Management devotes resources to upskilling and optimising its talent: 100% of staff took part in training programmes in India, new joiners were subject to intensive onboarding programmes in Singapore and, most importantly, the bank has placed an emphasis on achieving gender diversity in the India team. Ultimately, the results speak for themselves: since 2012, BNP Paribas Wealth Management has registered high double-digit multi-year growth across NNA and AUM, revenues, client accounts, headcount and a reduction in cost/income ratio in India, effectively demonstrating momentum, relevance and sustainability. BNP Paribas Wealth Management is Asian Private Banker’s Best Private Bank – India Domestic for 2017.

Yatin Shah co-founder and executive director, IIFL Investment Managers

IIFL INVESTMENT MANAGERS WEALTH MANAGEMENT A number of large-scale government-backed reforms, coupled with unprecedented economic growth in India in 2016 and 2017, created the perfect storm for domestic wealth managers keen to harness a largely untapped HNWI market. Indeed, India is home to an estimated US$797.5 billion in high net worth wealth, yet only 12.9% of this total is managed by wealth managers and private banks. IIFL Investment Managers’ wealth management arm has been quick to seize this opportunity, already servicing 10,000 families across its 23 offices in the country with its deep shelf of innovative and inhouse products and wealth structuring services. In 2017, the domestic wealth manager was able to benefit from its newly launched advisory offering and from the 21.6% stake picked up by private equity firm General Atlantic. In point of fact, IIFL Investment Managers excelled across a number of key metrics; total AUM jumped to just around US$22 billion, marking a CAGR increase of 40% and both revenue and profit before tax have grown at a CAGR of 45% and 47% respectively since 2012. IIFL Investment Managers also poured resources into refining and upgrading its technology platforms. In 2017, it rolled out a dossier of digital tools for its clients and its relationship managers such as video statements powered by artificial intelligence and agile workflows for client account opening and documentation. In an industry known for its challenges in the field of human resources, IIFL Investment Managers continues to add to its frontline, housing the highest number of relationship managers for its wealth arm in the country. Its unique employee ownership model, whereby employees are offered a stake in the firm, is a key differentiator among its local and foreign competitors, engendering low employee attrition rates.

“For about a decade, we have built our institution on the principles of simplicity, transparency and client-centricity. What sets us apart is our broad array of products, robust riskmanagement systems, simple fee structure and a key differentiator - our innovative offerings. In such a short time we have emerged as the leading wealth management company servicing 10,000 families with assets under management and advice of around US$22 bn. Employee ownership is among our key differentiators and we foster an entrepreneurship mindset among our employees. We are a company where ‘owners work and workers own’. We possibly have the youngest team and yet possess one of the highest work experiences. This helps us manage the delicate balance between the investments required to build our platform as well as correctly align incentives of the employees. Our attrition rate remains the lowest in the industry. We realise that no two clients are the same. The strategy for each investor differs based on the client’s risk-taking ability and existing asset allocation. Technology is causing disruptions in every industry and wealth management will be no different. The human touch point and value proposition still dominate our industry. We harness technology for all our internal applications to achieve faster client mapping and introduce client-specific products.” - Yatin Shah, co-founder and executive director, IIFL Investment Managers

For the second consecutive year, IIFL Investment Managers is Asian Private Banker’s Best Wealth Manager – India Domestic for 2017.

AWARDS FOR DISTINCTION 2017

Johanes Oeni market group head, Indonesia, private banking Asia Pacific, Credit Suisse

CREDIT SUISSE Leveraging one of the industry’s most compelling ‘one bank’ platforms configured for Asia’s offshore and onshore markets, and a team that is unparalleled in terms of size and experience, Credit Suisse’s Indonesia UHNW business has once again demonstrated its ability to deliver complex and bespoke solutions to a client roster that includes well-over half of the country’s 150 wealthiest individuals. To a large extent, Credit Suisse’s investment banking prowess in Indonesia forms the backbone of its private banking offering for Indonesian entrepreneurs. Boasting market-leading expertise across all major industries in Indonesia and a leadership team that is without peer, Credit Suisse has consistently led the pack in terms of the value and number of deals in M&A, equity-linked, and debt capital markets for the better part of 17 years. Furthermore, around two-thirds of the transactions completed in 2017 were solely run by bank, and repeat business also increased significantly, pointing to the deep trust clients have for Credit Suisse’s execution capabilities. The financial results speak volumes. Client assets have grown at a compound annual rate of 7% for the past five years, with net new assets recording multifold jump in the first nine months. Similarly, revenues and PTI have notched up strong double digit growth. But perhaps more importantly, Credit Suisse refuses to rest on its laurels. The bank continues to pursue new opportunities by deepening and broadening its footprint in second and third-tier cities; it continues to empower its RMs by providing full back office support, comprehensive training for junior bankers and access to senior management; and its Indonesia clients and prospects benefit from tailored thought leadership and networking events.

“This integrated model is critical for us to successfully serve our current and future generation of clients in a market where entrepreneurship is driving economic and wealth growth. Not only is Indonesia ranked ninth globally in terms of the number of large listed family-owned businesses, the number of UHNW entrepreneurs is expected to continue to increase by more than 10% annually in the next five years.” “Having the largest and most experienced team covering the Indonesia market, we grew private banking net new assets and profitability steadily last year, expanding our footprint systematically across the market, further deepening market share while focusing on entrepreneur clients in sectors where our integrated capabilities are most relevant.” “Credit Suisse will continue to partner closely with them across their entrepreneurial activities and private investments.” - Johanes Oeni, market group head, Indonesia, private banking Asia Pacific, Credit Suisse

private banking industry. But meaningfully banking Indonesia’s entrepreneur class demands commitment through cycles, deep expertise and coverage, and a platform that can meet clients’ diverse and complex needs. On all measures, Credit Suisse has once more delivered. For this reason, Credit Suisse is Asian Private Banker’s Best Private Bank – Indonesia International for 2017.

As a wealth management market of inordinate potential, Indonesia should not be ignored by Asia’s

AWARDS FOR DISTINCTION 2017

Elina Wirjakusuma senior vice president wealth management, PT Bank Mandiri (Persero) Tbk - Indonesia

BANK MANDIRI 2017 was a seismic year for regularisation in Indonesia with the government concluding what is widely referred to as the largest and most successful tax amnesty of its kind. Those HNWIs that are now re-engaging with Indonesia’s domestic private banking industry will derive significant confidence from the fact that Bank Mandiri – a true pioneer of the country’s private banking industry – continues to go from strength to strength. In 2017, Bank Mandiri’s Mandiri Private services, available to clients with funds placement in excess of IDR 20 billion, outshone its competitors on a number of fronts. Not only does it boast an industry-leading products and services platform backed by Mandiri Group and partners – clients have access to a full suite of best-in-class mutual funds, retail brokerage, government bonds, and treasury products – but it also deploys solutions on a systematic, asset allocation basis – a hallmark of any true wealth manager. Bank Mandiri’s wealth planning services also deserve special mention. Mandiri Private truly stands by its clients throughout all life stages, with an emphasis on preparing families for wealth succession. Mandiri Private clients also receive access to dedicated external specialists, including tax consultants to aid in strategic wealth structuring, as well as exclusive debit and credit cards embedded with concierge services. In addition, Mandiri Wealth Management launched its first Mandiri Private office in Jakarta opened in September 2017, providing clients with a dedicated facility to make transactions and meet with RMs, or simply to use the lounge and meeting room for their purposes – a leap in terms of private banking services within its vicinity.

“The Best Private Bank in Indonesia – Domestic’, for the second time in a row. To be selected for such award twice by Asian Private Banker is an honourable acknowledgement for Bank Mandiri Wealth Management business in the dynamic private banking industry & competition in Indonesia.” “We are continuously improving our services and focus on delivering values for our high net-worth customers and their families. Our customers have always been our source of inspiration for improvement, and we would like to share this award with them.” - Elina Wirjakusuma, senior vice president wealth management, PT Bank Mandiri (Persero) Tbk - Indonesia

managers to undergo certification across various fields, including risk management, insurance and mutual funds selling. And as of the end of 2017, the majority of its frontline had 6-10 years experience in the industry. All this translates into another stellar year for Bank Mandiri’s private banking business, which recorded strong business performance in terms of funds under management growth, net new assets inflows, revenue growth, and PBT. Client numbers have also swelled, which is perhaps the most compelling evidence that Bank Mandiri remains without peer. Bank Mandiri is Asian Private Banker’s Best Private Bank – Indonesia Domestic for 2017.

Bank Mandiri continues to pour resources into its staff training, obligating all Mandiri Private relationship

AWARDS FOR DISTINCTION 2017

IAM & FAMILY OFFICES LEADERS CONVERSATION 2018 Brings together the key leadership of the increasingly significant and important IAM community

12 June, Singapore | 14 June, Hong Kong www.apb.news/iflc2018

This event qualifies for CPT/CPD accreditation.

Conversation Partner:

RSVP to Vanessa Ng vanessa.n@asianprivatebanker.com / +852 2529 1276

Marcus Slöör market group head Malaysia, private banking Asia Pacific, Credit Suisse

CREDIT SUISSE In 2017, Credit Suisse is once again the proven premier international private bank covering Malaysia as the goto solution provider for entrepreneurs, with very high penetration of the country’s Forbes 50. The bank demonstrated its prowess to emphatically provide an holistic service for both its clients’ corporate finance and private wealth needs. In corporate finance, the bank stood out as the foreign bank with the most significant deal count in 2017 and topped Malaysia’s league table as the country’s top foreign equity capital markets house – boasting a sizeable 17% of the local market share. Meanwhile, it also executed the highest number of M&A deals – among them, the most high profile deals transacted in Malaysia in 2017. Amid the ongoing talks of market consolidation by regional banks, the bank stood firm in 2017 with Credit Suisse attracting a significant amount of local new assets compared to the same time in the previous year. Total assets under management were up close to 20% YoY, with revenue and pretax income increasing robustly during the period. The bank has also shown itself to be a trusted player among clients across all its businesses – over 80% of the private banking new assets and 11 out of the 12 investment banking deals executed between 2016 and 2017 emanated from existing clients. Credit Suisse attributes its success to the deep bench of senior bankers with long tenure dedicated to the market, as well as the active collaboration between its Malaysian corporate investment bank and its private banking services arms, and more broadly with its asset management and global markets division in Asia Pacific.

“As one of the very few international banks with dedicated private banking coverage of the Malaysia market for more than 20 years, we had another successful year in 2017 recording strong growth in our asset base and profitability, with particularly robust net new assets gathering. While continuously investing in expanding our specialist expertise and our comprehensive product and solutions as well as digital platforms, we are also committed to developing our deep talent bench and growing talent from within. During the year, we appointed veterans of our Malaysia team with deep UHNW client experience to management team, expert relationship manager and senior client partner positions. A significant portion of our talent base comprises senior bankers with over 10 years’ tenure at Credit Suisse, who are supported by a team of dedicated investment consultants. Working in close partnership with our investment banking franchise, we are well entrenched as the Trusted Entrepreneurs’ Bank for Malaysian clients with leading integrated wealth management, capital markets and financing capabilities. 2017 was a very strong year particularly in delivering these integrated solutions to our top UHNW clients, particularly driven by our financing capabilities and increasing our penetration of billionaire clients.” - Marcus Slöör, market group head Malaysia, private banking Asia Pacific, Credit Suisse

Credit Suisse is Asian Private Banker’s Best Private Bank – Malaysia International for 2017 – a win for the bank for the fourth year on a roll.

AWARDS FOR DISTINCTION 2017

Alvin Lee head of group wealth management and head of Singapore, Community Financial Services, Maybank

MAYBANK 2017 was a momentous year for Malaysia’s Maybank with the establishment of its eponymous Islamic Private Wealth platform, marking the launch of the first of its kind regarding Sharia-compliant wealth management services in Asia. Within six months of its launch in early 2017, it attracted an impressive US$ 1.3 billion of AUM. Such an encouraging result was boost enough to pave the way for Maybank Private Wealth to expand its template in the Asian region and the Middle East as it continues its commitment to service customers seeking Sharia-compliant solutions for their wealth – a true pioneer for the industry. At a broader institutional level, Maybank is the only bank with a presence in all 10 ASEAN countries to date – a strength that Asian Private Banker recognises as a considerable point of differentiation to its peers. And remarkably, against this broad physical footprint, the bank also enjoys an unrivalled online presence with some 77% of HNW customers active on its platform.

“Maybank is committed to growing a strong Private Banking franchise, and to be among Asia’s Top Wealth Management players. We have developed an aggressive business plan and go-to-market strategy, which leverages the Group’s capabilities and network to develop and enhance the suite of wealth management products and services for our clients.” - Alvin Lee, head of group wealth management and head of Singapore, Community Financial Services, Maybank “We are truly honoured to be conferred the title of Best Domestic Private Bank in Malaysia for the third consecutive year. It is a testament to the advancements we have made in the private banking space in Malaysia.” - Eunice Chan, head of high net worth and affluent banking, Maybank Malaysia

Underpinned by a strong, combined online-offline coordination and lifted by strong performances in its investment activities for the past two years, the platform’s AUM climbed steadily with a CAGR of 8%, reaching close to RM30B. The healthy growth has contributed to a strong bottom line in excess of RM230M in revenue for the year. Maybank is Asian Private Banker’s Best Private Bank – Malaysia Domestic for 2017.

AWARDS FOR DISTINCTION 2017

Saod Obaidalla executive vice president, head of private banking, Emirates NBD

EMIRATES NBD The Middle East and North Africa’s private banking industry is expanding in line with the development of this oil-rich region. Leveraging the trend, Emirates NBD Private Banking has remained a consistent achiever in 2017, posting significant growth across key financial metrics. Last year has proved to be an exceptional year for Emirates NBD, the private banking unit was growing its AUM by a significant amount, with a large focus placed on fee-based discretionary income, which has greatly contributed to the bank’s overall performance. This huge progress has been achieved not only through the organic growth from existing clients in the bank’s core markets, but also through the new market segments the bank rolled out, notably African high net worth and ultra high net worth individuals. Recognising value-added services needs from their increasingly sophisticated investors, Emirates NBD has developed its products and services offering in terms of both breadth and depth, and also expanded its expertise into customised deals. Emirates NBD has also proven itself to be the leading bank in delivering first-to-market innovations during the past year. These include “branch of the future”, tablet-based financial planning and robo-advisory.

“We are delighted to be honoured once again by a prestigious platform such as the Asian Private Banker. As a bank that is fully focused on a customer-first approach, we are valued for our bespoke advisory services, delivered by an experienced team with deep investments expertise and local insights, supported by innovative digital platforms that enable our customers to experience a truly integrated private banking experience.” - Saod Obaidalla, executive vice president, head of private banking, Emirates NBD

On the talent front, Emirates NBD has invested heavily in its learning and development centre. Over the past 12 months, over 150 employees have attained accredited financial certification and completed soft skills and customer service training from the bank. In addition, “recognition, work life balance, open door policy and diversity” has played a vital role in employee retention at Emirates NBD. Emirates NBD is Asian Private Banker’s Best Private Bank – Middle East for 2017.

AWARDS FOR DISTINCTION 2017

From left to right: Christian Cappelli group head emerging Asia; Angela Bow head Japan, emerging Asia & intermediaries; Ivan Guidi deputy head Japan, emerging Asia & intermediaries

JULIUS BAER As one of the fastest growing economies in the world and given its strong demographic fundamentals, the Philippines harbours inordinate potential as a wealth management market. But banking the country’s growing pool of HNW and UHNW investors demands a strong grasp of cultural and geographical complexities, best-in-breed advice and solutions, experienced personnel, and business agility. Julius Baer delivers on all fronts. Combining its pedigree as a top-tier Swiss wealth manager with formidable local knowledge, Julius Baer did more than any other private bank in 2017 to bring quality, holistic advice and solutions to international Philippines clients. Julius Baer has assembled an experienced and diverse coverage team that reflects the nuances of the Philippines market. The team speaks 13 languages, including Tagalog, Visayan, Cebuano, Ilonggo and Mandarin, and boasts a median of 17 years of private banking experience in the Philippines. A pure private bank in the truest sense, Julius Baer places a huge amount of importance on understanding its clients and their needs, meeting clients four-to-five times before presenting solutions. Its relationship manager to investment advisor ratio is top-class, with the number of relationships tagged to an investment advisor up over 100% in 2017. This alone points to the seriousness with which Julius Baer takes its fiduciary responsibility – a noteworthy virtue considering the high degree of product pushing in the market. The emphasis Julius Baer places on delivering best-inclass advisory services is well-reflected in its headline growth figures for 2017. Net new money inflows increased by a strong double digit percentage YoY as did total AUM and revenues across all locations. Julius Baer has proven its ability to create relevant and impactful solutions for clients which leads to a lot of quality growth.

AWARDS FOR DISTINCTION 2017

“In an impressively competitive landscape, we are grateful for this award. We believe this recognition reaffirms the ability of Julius Baer to attract and retain top-tier talents in the Philippine market. Increasingly, both clients and relationship managers understand the benefits of a listed pure private bank without compromises. Clients are overwhelming choosing to bank with firms that are innovative and smart, and yet remain human. This award belongs to our clients, bankers and our partner specialists who are highly passionate about excellence and relevant impact.” - Angela Bow, head Japan, emerging Asia & intermediaries, Julius Baer - Christian Cappelli, group head emerging Asia, Julius Baer

Furthermore, Julius Baer has demonstrated that it has the know-how to service clients whose needs are becoming more complex and mature in nature. The bank further deepened its penetration of tailored wealth planning solutions, posted a large increase in assets under discretionary management (no mean feat given the relative adolescence of the market) and launched a client-facing app that provides access to Julius Baer content anytime, anywhere. Industry watchers and practitioners generally agree that a private bank’s success in Asia depends to a large extent on its ability to attract and retain internationalised clients from the region’s onshore markets, and to consistently meet their evolving needs. In 2017, Julius Baer was the standout private bank for the Philippines International clients and the deserved winner of Asian Private Banker’s Best Private Bank – Philippines International.

Albert Yeo president, BDO Private Bank

BDO With a prowess for wealth generation that is backed up by an economic growth rate of 6.7%, a benign inflation environment at just 3.4%, and a low central bank interest rate of only 3%, the Philippines stands as one of the most promising private banking markets in Asia. Add into the mix a proposed comprehensive tax reform package designed with an eye to bring down the nation’s corporate tax rate (currently among the highest in Asia), and it is unsurprising that a number of foreign banks are actively considering onshore set-ups. The Philippines market is also one of the region’s most complex – a fact that plays into the hands of domestic incumbents with strong branch networks, a deep understanding of cultural nuances and, of course, long-standing relationships. In 2017, BDO Private Bank, a wholly-owned subsidiary of the country’s largest lender, BDO Unibank, proved itself head and shoulders above the competition on account of its deep resources and a full service-range dedicated to capturing the ‘Philippines opportunity’. From pure investment execution to advisory and discretionary services, the bank bears the hallmarks of an international-quality wealth manager. Not only do clients benefit from its full-spectrum, open-architecture product platform for local and global asset servicing, but the private bank delivers funding for education and new business ventures; its offering extends to bespoke wealth planning services and philanthropy, and clients are well-catered to by a network of customer lounges dotted throughout the archipelago. With an average tenure of 7.6 years, BDO’s bench of 41 private banking relationship managers can rightfully claim to be the country’s most experienced team, each

“We at BDO Private Bank thank Asian Private Banker for this latest award,” said Albert Yeo, president of BDO Private Bank. “We consider this a recognition of our efforts to render the best service to our clients and thank our clients for their continued trust and confidence on BDO PB.” “This award will serve as added inspiration for BDO PB to focus on becoming a world-class private bank. We aspire to provide international products and services, open more wealth management capabilities, protecting our clients’ interest at all times.” - Albert Yeo, president, BDO Private Bank

servicing an average client AUM of PHP48 million (US$1 million), and supported by an equally experienced team of wealth advisors. Accordingly, since 2013, BDO Private Bank has grown its client assets at a compound annual rate of 32.9%, to PHP 393.2 billion as at the end of October 2017. BDO Private Bank’s mantra is that ‘real value’ is achieved “when assets transcend monetary profit, and they are no longer wealth for its own sake”. A testament to BDO’s maturity as a wealth manager is the fact that it has positioned the business around helping clients achieve their financial life goals through all life stages – an imperative for any private bank that aims for longterm relevance and competitiveness. BDO is Asian Private Banker’s Best Private Bank – Philippines Domestic for 2017.

AWARDS FOR DISTINCTION 2017

David Man regional market manager of Taiwan International, UBS Wealth Management

UBS Already a wealth management heavyweight in Taiwan and armed with an impressive brand presence among HNWIs that is the envy of the island’s domestic banks, UBS Wealth Management demonstrated in 2017 that growth for the business has not yet plateaued. Indeed, 2017 was an emphatic growth year for UBS’s Taiwan International business, which registered record net new money inflows and, since 2011, the business has grown at 10% CAGR with its net revenues doubling. In addition to a revenue base built on a solid foundation of fee-based income, with a double digit client penetration rate into advisory and discretionary mandates, UBS Wealth Management was able to bring its “one-bank” capabilities to its Taiwanese international clients.

“We are proud to be named Best Private Bank – Taiwan International for the third consecutive year. Our commitment in providing holistic and innovative solutions, strengthen and upskilling the team via steady leadership, and continued commitment on putting client first has propelled us to a record year in 2017. 2018 will be a defining and challenging year, nevertheless we continue to see global growth improving with strong impetus from Asia, bringing terrific opportunities to our clients.” - David Man, regional market manager of Taiwan International, UBS Wealth Management

Indeed, showcase achievements in 2017 included working with UBS’s investment banking platform to deliver a solution to a client looking to liquidate the family business, working with the asset management arm to enable a Taiwan institutional client to invest in UBS funds, drawing on the bank’s formidable expertise in wealth planning to restructure a client’s trust and refer for a sizeable life insurance, and working with Switzerland colleagues to facilitate cross-booking.

range of training programmes. This provides the assistant relationship managers and prospective relationship managers with the skills and knowledge to develop a promising career within the industry.

Despite the platform’s stellar capabilities, the success of UBS Wealth Management’s Taiwan International business is underpinned by the continuous development of quality talent. 70% of its relationships managers are seasoned professionals with over ten years of financial experience which reflect the bank’s rich resources.

UBS’s insatiable ambition to not only hold top rank but to widen the gap between its peers through capitalising on its “one-bank” strategy, a strong base of fee-based income and ongoing focus to develop talent played no small part in helping the bank retains its position as the Best Private Bank – Taiwan International.

But more importantly, UBS’s Taiwan business continues to blood new talent, who are supported by a comprehensive

AWARDS FOR DISTINCTION 2017

A deep dedication to new talent has produced impressive results for its Taiwan business. In fact, 30% of the bank’s net new money came from relationship managers that joined in 2016 and 2017.

UBS is Asian Private Banker’s Best Private Bank – Taiwan International for 2017.

Dennis Chen country head and head of UBS Wealth Management, Taiwan

UBS Such is UBS Wealth Management’s stature in the Taiwanese market, that while competitors are content to service the needs of the island’s international clients in Hong Kong and Singapore, UBS has already made significant inroads in a domestic market with a robust onshore presence and forward-thinking approach. Its accomplishments in 2017 were in no small part due to strategic initiatives rolled out in 2016. For the broader HNW wealth market, UBS launched its “Smart Wealth” offering that delivers tailored advisory services via fintech solutions to its clients. The success of this platform is manifest in the fact that over 500 clients have followed more than 80% of the wealth manager’s advice with solid investment performance. For its larger clients, UBS established a “Great Wealth” segment to manage complex client solutions. These include cross-division collaborations with its powerful investment bank and asset management firm, enhanced by the establishment of a local vice chairman office that combines the experience of seniority with technical know-how. While the more mature market of Taiwan may not boast the stellar growth in the high net worth individual (“HNWI”) segment compared to its younger regional counterparts, UBS Wealth Management Taiwan Domestic proved that it could remain nimble, despite its size, to rapidly adapt to new market conditions by improving its business efficiency via technological innovations and tapping new opportunities by realizing internal synergies based on tested models.

“It is a testament to the unremitting efforts of every member of the UBS Wealth Management Taiwan team that we have been named ‘Best Private Bank - Taiwan Domestic’ by Asian Private Banker for the fourth consecutive year. Over the years, we have gradually built up trust locally among our clients. Today, around 250 employees provide best-in-class products and services to thousands of clients, be they high-net worth individuals or Taiwan-based companies. While this was a long and remarkable journey, we still have much to do and to improve. Working hand-in-hand with Taiwanese regulators, we will continue to challenge ourselves, push the boundaries, and deliver our ultimate commitment of ‘client first’ by bringing the best global knowledge and resources that UBS can offer to Taiwan” - Dennis Chen, country head and head of UBS Wealth Management, Taiwan

The result is a consistent double digit CAGR growth of its revenue and AUM, respectively, and a leading position across segments locally. Asian Private Banker recognizes UBS Wealth Management, for the fourth consecutive year, as the Best Private Bank – Taiwan Domestic.

AWARDS FOR DISTINCTION 2017

Urs Grueter market group head Thailand, private banking Asia Pacific, Credit Suisse

CREDIT SUISSE A long-standing wealth management powerhouse in Southeast Asia, Credit Suisse further cemented its regional commitment in 2016 when it opened a wealth management office in industry hotspot, Bangkok. Since then, the bank has recorded a series of milestones in its Thailand International private banking business, justifying its strategic commitment to the country and its internationally-minded entrepreneurs. In addition to pure private banking services, Credit Suisse’s integrated banking platform – a gamechanger in the region – has enabled its bankers to fully leverage upon the group’s investment banking and asset management prowess to provide Thailand International clients with access to holistic wealth management and investment services, alongside a comprehensive offering of solutions that cater to personal and corporate needs. This cross-divisional approach is vital since 66% of all listed companies in Thailand with a market capitalisation above US$50 million are family-owned businesses. The development of its digital platform was also of paramount importance for the Swiss giant to bolster brand recognition and, more importantly, deliver value-added service. Credit Suisse marked its first anniversary with the rollout of its digital wealth management platform in Thailand, placing the bank at the forefront of a tech-savvy client segment. Clients receive round-the-clock access to account information, market insights and intelligence relevant to their portfolios, in addition to trading tools that enable them to respond to moving markets across more than 30 bourses around the world. And providing further evidence of its commitment to growth in the country, Credit Suisse has a team of around 40 covering the Thai market, with two-thirds of the relationship managers being Thai, and an impressive individual overall average private banking experience of over ten years.

AWARDS FOR DISTINCTION 2017

“Together with our well-established team of relationship managers in Singapore and Hong Kong who are supported by a team of dedicated investment consultants, we are the first bank to successfully connect the Thailand onshore and offshore market. In 2017, we further enhanced and broadened this connectivity through initiatives such as multi-shore collateral financing solutions for Thai entrepreneurs, and internal mobility of talent between the onshore and offshore teams that deepens knowledge and expertise transfer. With this unique onshore-offshore model, our overall Thailand business has generated robust growth in assets and profitability in the past year. Moreover, with Credit Suisse’s vision as the Trusted Entrepreneurs’ Bank of Asia, we have enhanced client servicing through co-coverage of the top UHNW clients in Thailand by private banking and investment banking senior bankers, systematically growing these key client relationships working in close collaboration with our market-leading domestic investment banking franchise.” - Urs Grueter, market group head Thailand, private banking Asia Pacific, Credit Suisse Credit Suisse Private Banking’s dedication to the Thailand International segment is paying off. In the new onshore wealth management set up, client accounts increased 700%, while AUM soared 10-fold. Total AUM and top-line momentum have also accelerated, with revenues and asset base posting over 20% CAGR over the past five years. Maintaining its market dominance, Credit Suisse is Asian Private Banker’s Best Private Bank – Thailand International for 2017.

Jirawat Supornpaibul private banking business group head, KASIKORNBANK PCL

KASIKORNBANK PCL. 2017 proved to be a particularly exciting year for private banks in Thailand as the country’s push for proof that it is a serious regional wealth management hub continued at full tilt. Yet few banks in Thailand can claim to match the capabilities and strengths of KASIKORNBANK PCL. (KBank), which continues to demonstrate its services, called KASIKORNBANK Private Banking, as a wealth manager and provider of compelling investment solutions, notching up stellar business performance, asset growth and product offering in 2017. Of paramount importance is the bank’s strategic partnership with Lombard Odier, a bank of global repute. This partnership has proven a significant contributing factor to the bank’s internationalisation and improvement across many crucial banking disciplines, including investment advisory, wealth planning, internal and external training, effectively raising KASIKORNBANK Private Banking beyond the level of its peers. Indeed, KBank’s core offering persuaded Asian Private Banker’s Judging Panel that it had gone above and beyond the call of duty in providing asset allocation and diversification services to a rapidly maturing client segment. If proof were needed, Asian Private Banker can point to the fact that nearly 50% of client assets are placed in a diversity of mutual funds, as a result of KBank’s never-ending improvement. In addition, KBank has continued to explore the development of its family office business, a space in which the bank is an early mover and today heads the field as the first provider of a full family office service offering. This covers “family continuity planning”, “financial asset, liability and risk management”, “asset holding structures”, “inheritance and wealth transfer” and “family office”, all widely recognised by HNWIs and competitors since launch. In order to offer higher efficiency and genuine valueadded productivity to its clients, KASIKORNBANK PCL. is an early adopter of digitalisation in Thailand. The bank developed a consolidated financial statement capability

“Our unremitting creation of comprehensive service solutions has been the key to earning our customers’ trust in KBank Private Banking service, which has upheld market leadership in Thailand for years. We are among the first Thai banks to have launched Open Architecture (OA) service for High Net Worth Individual clientele, allowing boundaryless access to all leading investment products in the market. We leverage our service to be compatible with international standards by developing our partnership with Lombard Odier – one of the world’s leading private banks. The partnership has led to a multitude of service innovations in Thailand including Family Wealth Planning Service – Thailand’s first comprehensive wealth planning service for family wealth, business and its continuity. We pioneer development of mutual funds, our K-SGM and K-GREAT funds, are the first mutual funds in Thailand managed according to risk-based asset allocation principles. Of great importance are our exclusive training courses in Geneva, the headquarters of Lombard Odier, for our Private Bankers and support teams aimed at elevating our services to international standards.” - Jirawat Supornpaibul, private banking business group head, KASIKORNBANK PCL.

incorporating state-of-the-art technology in addition to a conference connection system that enables its private bankers to further cultivate deeper relationships with its clients, even in areas of rural remoteness. At the same time, KBank continues to invest in talent, growing its staff of private bankers and supporting teams and providing a sophisticated training programme that has kept its attrition rate well below the industry average. KASIKORNBANK PCL. is Asian Private Banker’s choice for best Private Bank - Thailand Domestic.

AWARDS FOR DISTINCTION 2017

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EDITORIAL

Top 5 private banking investment trends in 2017 1) Equity appetite rebounds After a lacklustre 2015 and 2016, equity markets turned the corner in 2017 following the Trump election victory which triggered a global rally. Although Asian HNWIs were initially reluctant to participate, often citing stretched valuations and geopolitical uncertainties as core reasons, investors quickly caught on to what appeared to be a sustained bull run. As a means to generate sustainable long-term returns that can withstand short-term shocks, private banking clients sought investments in thematic equity strategies based on so-called ‘megatrends’ that are expected to perform in a growth cycle. “We are definitely seeing growing investor appetite in thematic investing, including in the areas of robotics and artificial intelligence. The fact that the NASDAQ Composite Index has recently hit an alltime high is clearly adding to the demand for more technology-driven thematic ideas,” said Sean Quek, head of equity research at Bank of Singapore, in a report earlier in 2017. What’s more, local equity markets outperformed in 2017 which spelt robust demand from investors that have traditionally exhibited strong home bias. For example, BNP Paribas has observed strong equity structured product demand, especially for Chinese underliers, 54

paralleling its thematic strategy that focuses on ‘New China’, the ongoing transition of the Chinese economy into a consumptiondriven one.

2) Investment banks capture share of demand for active management In 2017, the investment banking industry demonstrated that it is still relevant to private banks, even as the share of revenue continues to tilt towards fee-based income, a space traditionally dominated by asset managers. The first notable milestone was the blockbuster success of fund-linked note distribution in Asia, which was believed to have registered US$3 billion of inflows by the first half, capitalising on the fears of a bond correction while still chasing yield from favoured managers. But investment banks were not finished with just carving a share from fund advisory businesses. In the second half of 2017, actively managed certificates (AMC) began to emerge as a viable instrument substitute for mutual funds, as discretionary managers in the region sought quick and easy means of launching new mandates based on a plethora of themes.

AWARDS FOR DISTINCTION 2017

EDITORIAL

Tuan Huynh, Asia CIO and head of discretionary portfolio management at Deutsche Bank Wealth Management, said he began to explore opportunities in AMCs after observing “strong success” from fund-linked notes. “Moving forward, AMCs can be used as a quick, low-cost pipeline to gauge client interest, alongside the added benefits of various structured product features, before fully launching new funds or discretionary mandates,” he said.

3) DPM continues to break new record-highs Asia’s private banking industry continues to make inroads into growing discretionary portfolio management (DPM) assets, and 2017 proved to be another year of records for the business line. In June, APB Mandate revealed that UBP had grown its DPM assets by 35% in the 12 months after it acquired Coutts’ international business in April 2016. Similarly, Bank of Singapore’s DPM assets grew 30% year-to-date. Still, relative to Europe, Asia’s DPM penetration still lags behind and has significant room to grow. According to data, the average DPM penetration rate within Asia’s private banks was around 8% in 2016end, compared with Europe’s 20%.

AWARDS FOR DISTINCTION 2017

4) Fixed income demand persists Despite the concerns about rate hike risk, the hunt for yield persists in Asia and investors continue to diversify their holdings. Initial fears of potential inflation and overly hawkish monetary policy led to investor demand for floating rate exposure in Asia. Julius Baer, for example, raised US$288m for investment grade floating rate solution. But soon sentiments recovered. As the market believed the rate environment might remain benign, investors began chasing yield more aggressively, most notably through emerging market debt.

5) Hedge funds return Given that volatility is set to rise, and valuations of both equity and fixed income markets appeared stretched, private banks believe that alternative investments, especially hedge funds, are poised for a comeback. After registering US$109.8 billion in outflows in 2016, hedge funds saw inflows amounting to US$25 billion in the first half of 2017, according to Preqin data. “Being in a later stage of the market cycle now, and with rising volatility, more dispersion and lower correlations, I see a better case again for active management and also flexible approaches, and this is where hedge funds come in,” Gunther Jost, co-head of hedge funds for the Asia Pacific at UBS Wealth Management said. 55

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AWARDS FOR DISTINCTION 2017

Arnaud Tellier head of investment services, Asia, BNP Paribas Wealth Management

BNP PARIBAS Even as the demand for discretionary portfolio management increases in Asia, there can be little debate that advisory will remain a priority service offering for private banks in a region where a large percentage of HNWIs are still in wealth creation mode. For this reason, Asian Private Banker introduced in 2017 the award for advisory services, attracting submissions from a diverse range of wealth managers across APAC and the Middle East. Amidst stiff competition, BNP Paribas Wealth Management emerged as the inaugural winner of this coveted award, successfully demonstrating to the Judging Panel its ability to leverage its global investment platform to deliver leading advisory services to Asia’s wealthy. Indeed, as a global institution in the truest sense, BNP Paribas boasts one of the most comprehensive product platforms in the region, covering the full spectrum of conventional asset classes and products – including equities, fixed income, FX, structured products and funds. Furthermore, BNP Paribas’ global real estate offering deserves special mention: encompassing a broad universe of opportunities, including direct access to residential property and rural land in Europe, this alone stands as a key differentiator in the Asia space where U/HNWIs have a penchant for brick and mortar assets. Clients in 2017 certainly appreciated the sheer strength of this product offering, with the private bank posting stellar figures for total trades, average ticket size and overall volumes, including a record year for fund inflows. But this is only part of the story. Not simply drawn to the platform for pure execution and attractive pricing, BNP Paribas Wealth Management’s clients have shown that they value – and follow – the private bank’s advice.

AWARDS FOR DISTINCTION 2017

“As the inaugural winner of this award category, we are honoured to be recognized for our dedication in delivering the best Advisory Services to our clients. We strongly believe that providing high value advice, rather than just selling products, is crucial in order to align the interests between the client and the bank. Our contractual advisory service launched in 2017 delivers a high touch customized portfoliobased advisory approach to clients with transparent fee models. This award is a solid testament to our commitment to be one of the leading wealth management firms in Asia.” - Arnaud Tellier, head of investment services, Asia, BNP Paribas Wealth Management Specifically, two-thirds of BNP Paribas Wealth Management’s entire Asia client base followed its recommendations in 2017, with a high double-digit percentage of clients trading consistently in line with its recommendations, excluding spot FX trades. Of course, performance alone is not enough to retain clients – a point not lost on BNP Paribas Wealth Management. Its rigorous after sales support and processes are top-tier, with the private bank boosting its investment counsellor coverage of clients by 53% with minimal added headcount costs and offering a myriad of digital touch points to provide clients with quick and simple access to trading execution, live portfolio reviews, customised advice and market insights. BNP Paribas has set the bar high in terms of what it means to be a best-in-class provider of advisory to Asia’s demanding HNWIs, deservedly earning itself the title of Best Private Bank – Advisory Services for 2017.

Rodolphe Larqué head of fund solutions, private banking Asia Pacific, Credit Suisse

CREDIT SUISSE In 2016, Credit Suisse Private Banking’s funds business rocked the industry in Asia with record inflows in a year where markets were unsupportive, client sentiments were dented and wealth manager fund flows registered flat results if not net outflows. A 2017 rally uniformly induced a fund flow rebound for 2016’s lacklustre distributors, but conventional wisdom says that this was not the case for Credit Suisse. Whether the law of averages does not apply, or has yet to come into play for Credit Suisse’s APAC funds business, the offsetting effects were far from evident in 2017. The Swiss major followed up on a strong 2016 in Asia with more than 50% and 110% year-on-year growth in fund AUM and net sales respectively, further boosting fund penetration rates despite the bank’s strong overall AUM growth. Importantly, the lion’s share of these new assets were booked from UHNW clients, traditionally more reluctant than their HNW counterparts to invest in funds. Its strong asset flows are backed by strong performance. For instance, its focus funds delivered an average outperformance of 2.7% per annum, and account for 81% of the bank’s fund net sales in Asia. Credit Suisse’s fund advisory arm is also the exemplar of superior after-sales servicing and client support: each month the bank hosts educational events for clients and relationship managers alike, focusing on the latest market trends, and fund providers are regularly brought in to interact with clients directly. Successfully bucking the trend in one year and riding it the next, Credit Suisse is definitively Asian Private Banker’s Best Private Bank – Fund Advisory Services.

“We are delighted to receive the Fund Advisory Award for a second year. 2017 was another record year of product innovation for Credit Suisse, with the launch of our Fixed Maturity US Loans, fund-linked structured products, fixed income solutions, and thematic funds around Technology such as Robotics and Security, or demographic supertrends such as silver economy and millennials. We had a year of extraordinary growth, with funds net sales doubling in the first nine months versus an already very strong 2016, while funds assets under management grew more than 50%. More importantly, over 80% of net sales were in funds from our Quarterly Focus Funds list, which represent the bank’s highest conviction funds that best suit the economic environment and outlook backed by Credit Suisse Research. 100% of our Focus Funds show a gross positive performance, while close to 70% outperformed benchmark. We have delivered these results by continuing to enhance our clients’ experience through our network of dedicated fund experts across the region, our unique approach in connecting fund providers with our clients and bankers, a strong emphasis on after-sales as well as staging educational events that have reached 500 end-clients and over 600 RMs in 2017.” - Rodolphe Larqué, head of fund solutions, private banking Asia Pacific, Credit Suisse

AWARDS FOR DISTINCTION 2017

Stefan Lecher head IPS client portfolio management APAC and head IPS Hong Kong, UBS Wealth Management

UBS No longer the preserve of centuries-old Swiss wealth managers, discretionary portfolio management is today a top priority for Asia’s private banks, which have slowly come round to the fact that a future dominated by transactional business is a future not worth considering. But even the best-laid plans can go awry, as a number of banks are discovering. For it is one thing to express ambition and another to deliver. UBS understands this. For years now, the Swiss private bank has sounded the trumpet for delegation in Asia, knowing full well that under certain market conditions, its clarion call may fall on deaf ears. This perseverance is paying off, however. Internally, UBS uses a combination of top-down and bottom-up initiatives to inculcate a culture of acceptance towards DPM as a primary pillar for core investments. The bank has also made a concerted effort to internally promote the efficacy of DPM investing by providing innovative content that goes beyond traditional financial topics to include behavioural finance, big data and client advisor testimonials. And to ensure a smooth journey, UBS has added to the value chain a series of digital solutions, including a comprehensive aftersales portal, userfriendly tools to create or edit mandates and intuitive mobile accessibility. All this amounts to little, however, if the flows and performance are not there. Again, on both fronts, UBS delivers. In 2017, the private bank increased its APAC DPM assets by more than 40%, in the process pushing further away from the region’s industry average penetration rate of just over 9%. The private bank’s Japanese business was a standout performer in 2017 in terms of flows, tripling DPM assets throughout the course of the year. One of UBS’s flagship solutions, the Systematic Allocation Portfolio (SAP), which implements asymmetric portfolio changes to avoid equity downturns more than participation in the upside, more than doubled in asset size. And, significantly, UBS’s DPM asset growth in 2017 was not driven by outsized returns alone, with the bank registering a healthy increase in new client accounts.

AWARDS FOR DISTINCTION 2017

“We are honored to receive the award for best discretionary for the 4th consecutive time. 2017 has been a great year for our business with strong performance, record sales and client growth. Our relentless focus on investment performance and our swift and nimble adjustment of the portfolios throughout the year again made the difference in 2017. Furthermore, we were thrilled to be able to continue to present innovations in the discretionary space with our exclusive 100% sustainable investment portfolio that we will launch in early 2018.” - Stefan Lecher, head IPS client portfolio management APAC and head IPS Hong Kong, UBS Wealth Management

When it comes to performance in 2017, UBS not only delivered benchmark-beating gains across the board, but more importantly, steadfast consistency. True, its core multi-asset discretionary mandates did not rank first in terms of absolute returns during a strong 2017 rally, but neither did they drop significantly in weaker years, demonstrating limited swings in relative performance terms on a 1, 3 and 5-year basis. Most impressively, its SAP solution not only proved effective during a lacklustre 2016 but did not significantly compromise returns in a buoyant 2017. Testament to UBS’s strength in DPM is the fact that it headed off strong competition from almost every serious player, trumping the industry across all key criteria employed by Asian Private Banker, in what can only be described as a truly polished – and balanced – performance in 2017. This is, indeed, an accolade of the highest order and not one to be taken lightly. UBS is Asian Private Banker’s Best Private Bank – Discretionary Portfolio Management for 2017.

Jean-Paul Churchouse head of alternative capital markets, Goldman Sachs Private Wealth Management

GOLDMAN SACHS Despite a relatively smooth bull market in 2017, alternatives continue to play an increasingly critical role in Asian HNWIs’ portfolios, to generate uncorrelated or potentially outsized returns. According to Preqin, the private equity industry broke fundraising records with US$453 billion globally last year, beating the previous high of US$414 billion in 2007, while hedge funds snapped a five-quarter outflow streak by recording inflows of US$43.9 billion as of 3Q17. A perennial alternatives powerhouse in Asia, Goldman Sachs took advantage of this positive environment for the asset class, with its private wealth management business achieving several milestones in 2017, growing alternatives assets and posting a record-high client penetration rate. Especially noteworthy was its success in the private equity space, where Goldman Sachs’ focus on access and idea generation set the stage for another stellar year. With an offering that spans mainstream strategies, including LBO, growth, capital and VC, to more niche multi-asset ESG solutions, the bank’s strong conviction in its own pipeline is best demonstrated by its willingness to commit balance sheet and employee capital to a range of offerings, thereby bringing a level of alignment that provides further assurance to clients.

“Our alternatives business has grown significantly in terms of net assets and penetration of client portfolios. We will continue to work with clients to provide bespoke solutions and investment opportunities that best suit their needs.” - Jean-Paul Churchouse, head of alternative capital markets, Goldman Sachs Private Wealth Management

Within hedge funds, the bank continues to leverage its manager network and negotiating power to bring clients access to strategies unavailable to most other investors in Asia at attractive terms. Beyond traditional hedge funds, the bank has also capitalised on demand for liquid alternatives, boosting assets within this set of funds by more than 12-fold year-on-year. In a strong overall year for alternatives, Goldman Sachs stood out by fully leveraging its platform and network to obtain the title of Best Private Bank – Alternative Investments for the second consecutive year.

AWARDS FOR DISTINCTION 2017

Anurag Mahesh head of global family office group APAC, UBS Wealth Management

UBS What does it take to deliver complex, institutionalquality solutions and services to Asia’s rising breed of family offices? What does it take to be recognised as a trusted adviser and strategic partner to the region’s wealthiest families, and not merely a trade executor? For UBS, the key lies in understanding and meeting the entire spectrum of business and familial needs – from start-up to succession planning – by providing complete and consistent access to dedicated, senior specialists based in Hong Kong and Singapore and a single platform that brings together the best of UBS’s wealth management, investment banking and asset management arms. UBS’s global family office proposition is positioned to do just this. Family office clients in Asia are exposed to the full firepower of the bank’s investment bank which provides a complete range of innovative capital markets solutions, bespoke private financing and special situations solutions, and prime brokerage, delivering unparalleled time-to-market. Clients also receive full access to the bank’s leading global research product across macro, credit and equities, including access to output from the UBS Evidence Lab, which conducts big data analysis to uncover opportunities hidden from plain sight. Leveraging its wealth management arm, a market leader not only in terms of advisory services but also wealth planning and related areas, UBS provides family office clients with family-centric services, ranging from family advisory and intergenerational dialogue to philanthropy. Clients also benefit from UBS’s full suite of events – including its Global Family Office Summit Asia – and timely thought leadership, headlined by the annual Global Family Office report. Proof of the effectiveness of UBS’s global family office offering in Asia lies in the demonstrable stream of

“We are honored to have received this prestigious award for the second year running. This is a testament to the unique approach that UBS has taken to address the Family Office segment where Wealth Management partners with the Investment Bank in order to provide holistic and best in class personal and corporate solutions for these clients and their businesses, both on asset and liability management. We continue to see high growth in this space which is fueled by wealth creation in Asia, especially China, as well as setting up of formalized family offices as the wealth transfer to next gen gathers pace in Asia in the next 5-10 years. We will continue to invest by hiring the right talent and investing in the platform for the long run.” - Anurag Mahesh, head of global family office group APAC, UBS Wealth Management

positive client testimonials and an impressive track record of major deals completed in 2017, seen by Asian Private Banker. All this translates into positive business performance, with the Asia business posting strong YoY growth in net revenues including a healthy mix of investment banking and wealth management-driven revenues, a solid contribution from corporate client solutions and strong margin loan financing. But perhaps more importantly, proof of UBS’s commitment to servicing global family office clients lies in the fact that it continues to dedicate resources to servicing this complex and demanding client segment that will only grow in prominence in Asia in the years to come. UBS is, once again, Asian Private Banker’s Best Private Bank – Family Office Services.

AWARDS FOR DISTINCTION 2017

Noah Kan group head intermediaries SEA & International (Singapore), Julius Baer

Pamela Phua head intermediaries, Greater China, Julius Baer

JULIUS BAER With Asia’s independent asset management community expected to double client assets in the region by 2020, private banks could be forgiven for viewing their relationship with IAMs through a zerosum lens. Intermediaries, too, regularly bemoan the quality of their interactions with the private banking industry, citing inconsistencies in servicing and support, unwieldy bureaucracy and inflexible pricing. At the same time, a select few private banks in Asia continue to set the standard for what it means to be a true partner to intermediaries and none more so than Julius Baer.

“We would like to thank our IAM Partners for nominating us. It is remarkable to be recognised for a 5th time in this space. As one of the IAM pioneers in Asia, Bank Julius Baer has developed close relationships in the industry, and we are grateful for the rapport we have built together through the years. This recognition encourages us to continue to work diligently with our clients to ensure that we consistently deliver quality execution, access to expertise and innovative solutions.”

Not only did Julius Baer receive the most nominations from Asia’s IAM community ( just under 50 firms in Hong Kong and Singapore were polled by the Judging Panel), but the Swiss private bank demonstrated beyond question that it prioritises its collaboration with a segment that will only grow in significance.

- Pamela Phua, head intermediaries, Greater China, Julius Baer

A key pain point for Asia’s IAM industry is the quality of servicing they receive from private banks, which often man their intermediary desks with less experienced personnel. Not so in Julius Baer’s case. Having serviced IAMs for over 15 years, the private bank boasts one of the region’s largest and most experienced teams – RMs have an average of over 10 years’ experience dealing with the IAM segment – split between the key hubs of Hong Kong and Singapore. According to one large IAM in Singapore, “Julius Baer is really engaged in the IAM business and community – it has the best servicing team”. Similarly, a Hong Kong-based IAM praised Julius Baer for “working the hardest and providing the highest quality service”, as well as its “flexibility and common sense” when providing solutions.

direct, full-hour trading access, as well as night desk coverage to ensure after-hours access to Asian and European markets. The bank’s online offering in Asia includes eBanking and, notably, data feed transactions through secure file transfer protocol, and for more sophisticated clients, Julius Baer brings the balance sheet, providing Lombard lending, special credit structuring and customised credit solutions.

Indeed, Julius Baer’s value proposition is predicated on sustainability and longevity. With dedicated market coverage spanning the entire Asia region, Australia, Europe and, of course, Switzerland, Julius Baer provides IAMs with complete access to its platform of third-party products and services and investment specialists. Firms enjoy

AWARDS FOR DISTINCTION 2017

- Noah Kan, group head intermediaries SEA & International (Singapore), Julius Baer

Also noteworthy is Julius Baer’s contribution to thought leadership and industry stewardship in Asia: the bank regularly coordinates intermediaries conferences and roundtables, and partakes in institutionalised dialogues with third-party associations in Hong Kong and Singapore. Ultimately, Julius Baer’s intermediaries business has delivered strong annualised business growth across key financial measures. But as competition ramps up in the space, what matters most is Julius Baer’s success in garnering mindshare through dedicated and consistent servicing and collaboration. Julius Baer is Asian Private Banker’s Best Private Bank – IAM Services for 2017.

Bernard Fung head of wealth planning services, private banking Asia Pacific, Credit Suisse

CREDIT SUISSE Few would argue that the importance of strategic and wealth planning solutions will only increase in this era of global regulatory alignment and mass wealth transition. But to date, few private banks have truly implicated their wealth planning offering into the heart of their service suite in such a way that it touches all aspects of the private client proposition. Credit Suisse is not only a rare exception but is the industry’s outstanding wealth planner in 2017, on account of its demonstrated ability to address the complex needs of Asia’s UHNW segment holistically and nimbly. Under its Wealth Planning model, clients receive a onestop-shop that spans advisory and services catering to the full spectrum of their demands. These range from structuring advisory services that help the family plan and develop appropriate structures to hold the family’s assets, family office and philanthropy advisory services, to Credit Suisse Trust services, while backed by an extensive network of lawyers, accountants, property managers, asset managers, trustees etc, further testifying its ability to advise and execute holding structures for clients with a best-in-class service model. Indeed, as a strong forethought to succession planning, Credit Suisse can build trust structures to hold operating assets – a service deemed so costly that most private banks are unable to offer it. This was an important point of differentiation for the firm in 2017. The private bank’s Asia Wealth Planning and Trust teams garner strength from its combined facility of over 50 personnel, with the majority cherry-picked for their advisory service experience. Asian Private Banker finds this compelling evidence for the region’s wealthy to commend such dedication to service. In return, many UHNW families of the region recognise the services that are offered to them are increasingly critical during a time of generational transition – for example, more new trust business has been generated from Asia Pacific families than for any other regions in the last two years. Credit Suisse has also further extended its wellrecognised family office services proposition in Asia

“We work hand-in-hand with our Trust and Estate Advisory colleagues to holistically provide objective strategy and aligned advice to client families on the various aspects of generational transition.” “Bringing to clients our substantial insights and case experience across legacy strategy, planning and management, we have engaged with next-generation clients in the areas and issues that matter to them as they assume the stewardship of their family’s entrepreneurial and financial wealth.” “When called on to implement, we work with and on behalf of clients to coordinate the most appropriate of what is available from the bank and the wider industry ecosystem.” - Bernard Fung, head of wealth planning services, private banking Asia Pacific, Credit Suisse

into a more holistic advisory wealth planning platform. This expanded platform works closely with families of significant wealth as they consider and implement their plans for the transition of their entrepreneurial and financial wealth from one generation to another. Building on the ingredients that have successfully placed the bank as the adviser of choice to some of Asia’s most sophisticated as well as new family offices, Credit Suisse has additionally assembled a team with comprehensive capabilities spanning family office services, philanthropy advisory and responsible and impact investing and structuring of private label funds. Intense competition in the wealth planning space has brought the best out of Credit Suisse. The Judges agreed unanimously. Credit Suisse is Asian Private Banker’s Best Private Bank – Wealth Planning Services for 2017.

AWARDS FOR DISTINCTION 2017

Christina Tung head of philanthropy advisory APAC, UBS Wealth Management

UBS Some say that 2017 witnessed a watershed for the field of philanthropy and sustainable giving in Asia. In tandem, private banks became increasingly vocal about their ambitions to create structured philanthropic opportunities for their clients. However, for UBS Wealth Management, 2017 was no watershed since it has long pioneered the movement, intensifying its effort over the last five years, demonstrating its foresight, breadth of offering and ingenuity. China’s economic dominance does not preclude its need for philanthropic endeavours. Given increasing demand for such projects in the country, UBS increased its industry to cater to the needs of its Greater China market in 2017 through its philanthropic arm, UBS Optimus Foundation. It remains one of a handful of institutions with a representative office in China where the firm oversees the largest number of ongoing projects in the region. Indeed, donations from the top 100 philanthropists in Mainland China rose from US$1.3 billion in 2010 to US$4.6 billion in 2016, according to a report by UBS Wealth Management and Harvard University’s John F Kennedy School of Government. That represents a staggering growth of 350% in just six years. In 2017, UBS Optimus Foundation pledged up to US$3.5 million in working capital as the anchor funder of a healthcare DIB in Rajasthan, India, named the Maternal and Newborn Health Development Impact Bond – a bold, refreshingly new development program. What sets UBS Wealth Management apart from its competitors is its stance on newer, nascent forms of philanthropy such as sustainable investing and impact investing. UBS Wealth Management is also a firstmover in the relatively unchartered territories of impact investing, giving its clients in Asia access to impact opportunities across a range of sectors. In 2017, UBS

AWARDS FOR DISTINCTION 2017

“Rapid wealth creation in Asia is directly driving growth in Philanthropy. There is an increasing need for philanthropists to work with communities to tackle some of the most urgent issues faced by the world today. UBS’s global network and experience in advisory allows us to connect like-minded philanthropists and organizations to share best practices, collaborate and find solutions. The UBS Optimus Foundation has driven projects that helped improve the wellbeing of 1.6 million children globally in 2016. To top it off, UBS also believes in the power of investing sustainably, and is committed to directing at least USD 5 billion of client assets in impact investing to support the UN SDGs over the next 5 years.” - Christina Tung, head of philanthropy advisory APAC, UBS Wealth Management

Wealth Management raised US$325 million for The Rise Fund, a social impact private equity fund managed by TPG Growth, of which 40% came from private banking clients in Asia. The year before, the Swiss private bank raised US$417 million for its Oncology Impact Fund, 60% of which came from clients in Hong Kong and Singapore. As such, UBS Wealth Management has cultivated a strong ecosystem for its philanthropists who are often united by the various community events it hosts throughout the year. In 2017, UBS ran the extra mile and took its UBS 20/20 group of young social impact leaders to Thailand to provide an invaluable opportunity to learn more about the complex range of social issues along the Thai and Myanmar border. UBS has successfully won Asian Private Banker’s vote for Best Private Bank – Philanthropic Services for 2017.

EDITORIAL

Eight exclusive data points that mattered in 2017 Encouraging DPM asset growth

Blockbuster year for actively managed products

Continuing on from 2016, 48% of Asia’s private banks say that their DPM assets increased by at least 10% YTD (as of September 2017), amidst an industry-wide drive to increase recurrent revenues. The average DPM penetration rate in the region now trends towards 10%.

Buoyed by vastly improved market conditions, private banks in Asia sold nearly US$3 billion worth of fund-linked notes in the first half of the year, with the trend continuing into the second half buoyed by strong demand for actively managed certificates.

China PBs grow in leaps and bounds

Revenue slightly up on structured products

Since 2012, the total AUM held by China’s Top 10 private banks has grown at a compound annual rate of 30.6%, while for Asia’s (ex-China onshore) Top 20, the growth rate is substantially less at 6.75% over the same period.

In 2017, 13.7% of private banks’ revenues were attributable to structured products, up from 12.6% in 2016. Moreover, 64.9% of the structured products’ underlying assets were direct equities, followed by 18.4% in currencies.

AWARDS FOR DISTINCTION 2017

EDITORIAL

Insurance gap 76.5% of end-clients trust their current RMs to present insurance solutions that fit their needs and wants. Even so, the rate of RMs referring clients for a retirement solution remains low: 67.8% RMs only refer 10% or less of their clients for a retirement solution.

Less than 10% of PB tech budgets dedicated to AML 62% of COOs said that their anti-money laundering (AML) and risk management spend is pegged to increase over the next year, but at best 10% of technology budgets are allocated to AML and risk management.

Attitude change towards shared KYC network

IAM talent shortage

Increasing KYC standards seem to have changed PB COOsâ&#x20AC;&#x2122; attitudes towards coming together to relieve some of the burden. 77% of private banking COOs polled by APB showed their willingness to participate in a shared KYC network. In 2016, 90% were against the idea.

55% of IAMs in Hong Kong and Singapore said that their biggest challenge would be talent acquisition, followed by 18% who view client acquisition as the most pressing issue and a further 18% citing scalability issues.

AWARDS FOR DISTINCTION 2017

Christian Huber chief operating officer private banking Asia Pacific, Credit Suisse

CREDIT SUISSE In Asia, private banks understand that their future relevance depends to a large extent on their ability to adapt to new technological realities and, fundamentally, to meet the digital demands of Asia’s tech-savvy wealthy. Even so, few banks have managed to push past the initial phase of uprooting core banking systems and ensuring that their infrastructure can adapt to new and emerging technologies, let alone rolling out digital solutions that contribute to revenue growth. To this end, Credit Suisse has once again shown itself to be light years ahead of the peloton. With the launch of its multi-channel, digital private banking platform in 2015, it became one of the first few private banks in the region to deliver a comprehensive digital experience to its clients that has only gone from strength to strength over the last two years. In 2017, the bank made significant additions to the platform, including strengthening its RM-supportive functions by adding a front-to-back automated client onboarding application and a customer relationship management (CRM) tool. Besides rolling out digital private banking in Thailand and Australia, Credit Suisse also made tweaks to its client-facing app, providing access to Android users, introducing a login process with additional security using biometrics and implementing a “Go Green” policy whereby selected statements and advice are now accessible in electronic format. 2017 was also a landmark year for the bank on account of two headline tech initiatives. The launch of Credit Suisse Invest in Asia was notable for its timing – only now is the discussion around digitised flat-fee advisory and retrocession-free offerings gathering pace – and for the fact that it was rolled out on its digital private banking platform, thereby making it available to clients via mobile and tablet apps from the outset. Credit Suisse also became the first private bank in the region to offer its clients using its digital platform direct access to an automated account aggregation and reporting tool through its partnership with Singapore-

“In 2017 we focused on three priorities: increase user penetration on our client platform, deepen user ‘stickiness’, and continue to enrich the digital experience for both our clients and relationship managers. We reached major milestones with all three. While we doubled our digital private banking user base in the Singapore and Hong Kong booking centers in 2017, we also rolled out digital private banking to clients in Thailand and Australia. Our clients are increasingly engaged on the digital platform, with trading volume quadrupling year-on-year. We further enriched the digital platform by partnering with a fintech Canopy to bring its account aggregation solution to our ultra-high-net-worth and family office clients, while also launching “Credit Suisse Invest” an industry-first advisory mandate solution that is enabled on the digital platform where clients can conveniently access their portfolio.” - Christian Huber, chief operating officer private banking Asia Pacific, Credit Suisse

based fintech firm, Canopy. The tie-up – which has stirred interest among its competitors – provides clients with an overview of their aggregated portfolio across multiple institutions and enables Credit Suisse to better meet investors’ needs in a holistic manner. Ultimately, user engagement with Credit Suisse’s digital tools continues to increase, with login rates up significantly, app trading volumes quadrupling, and the total number of users doubling in YoY terms. Clearly, Credit Suisse’s early and bold foray into digital private banking is paying off, leaving the Judging Panel with no doubt that Credit Suisse is Asian Private Banker’s Best Private Bank – Digital Experience for 2017.

AWARDS FOR DISTINCTION 2017

Ketan Samani chief digital officer, UBS Wealth Management Asia Pacific

UBS Technological trialling and testing of innovation is no stranger to the party for many private banks in Asia. Indeed, it is almost a hygiene factor to foment this process by developing, in-house, a fintech startup experience. However, very few institutions have demonstrated a consistent commitment to genuine research and innovation – not to mention piloting as well as actively embracing new technologies. UBS Wealth Management is demonstrably the proven exception. In 2017, the Swiss private bank continued to exhibit the power of its transformative thinking. In addition to screening a high volume of start-ups to generate a deck of quality ideas the bank was quick to ratify proof of concept and, hence, activate live production stages. A prime example of its ability to keep pace with the rapidly evolving fintech landscape in the region was its move to to develop a secure communication platform for the wealth manager’s client advisors and clients in June. At the heart of the innovation is UBS EVOLVE, UBS Wealth Management’s digital hub based in Singapore. To cement its pole position, the bank opened the doors to its new digital hub in Hong Kong in 2017 to cater to its growing Greater China client base. Set up in the Kowloon office, UBS Wealth Management’s new digital hub is a platform allowing fintech companies to collaborate by sharing and exchanging ideas. The Swiss bank is also working with Hong Kong X-Tech Startup Platform (Hong Kong X), an organisation cofounded in July 2016 by Neil Shen, partner at tech start-up powerhouse Sequoia Capital. UBS Wealth Management has particularly focused its time and efforts on ways it can harness big data and artificial intelligence technology to improve client

AWARDS FOR DISTINCTION 2017

“This is the 2nd year in a row that APB has recognized UBS CDO APAC for our tech disruption efforts, and we are proud, and humbled, by that. We’d like to thank APB for this honor – but more importantly, we are grateful for the recognition from our clients, colleagues and industry partners for what we do and what we are set on achieving. Our clients – and the ensuing client experience – continue to be at the heart of our offering and journey. That will not change. In addition, we continue to focus on innovative technology that will help us deliver the highest security standards, developing deep insights from data and to co-create better solutions for our clients and client advisors.” - Ketan Samani, chief digital officer, UBS Wealth Management Asia Pacific

experience, fortify the bank’s fraud detection processes and create efficiencies for the relationship manager. Most impressively, and what has perhaps elicited a collective sigh of relief from the industry, is UBS Wealth Management’s industry initiative to create a shared ‘know-your-client’ platform in Hong Kong. Many private banks in the region sat on the fence concerning the merits of a shared utility, however UBS Wealth Management’s decision to be the first to raise its hand and lead the digital identity concept demonstrates true thought leadership. UBS is, for the second consecutive year, Asian Private Banker’s Best Private Bank – Tech Disruption for 2017.

Jeffrey Chiam global head of human resources, Bank of Singapore

BANK OF SINGAPORE Not only does Asia’s private banking industry face a talent squeeze across the front, middle and back offices, but environmental complexities, especially around risk/compliance and technological advancement, have prompted banks to devote greater resources to employee learning and development. In 2017, Bank of Singapore did more than any other private bank in the region in terms enhancing its training and development opportunities for employees. Bank of Singapore may not have the global scale and experience of its large European and US peers to leverage upon when it comes to employee training, but it has nevertheless developed a curriculum and andragogy that is personal, practical, and “panoramic”, and that is attentive to the bank’s evolving needs as a tier-one provider of wealth management services in Asia. Much has changed since Bank of Singapore’s early days when the primary training focus was on basic advisory and regulation. Steadily, Bank of Singapore has developed its training and development proposition, introducing mobile content and a greater degree of learning roadmap customisation, implementing topdown and bottom-up processes to better understand staff needs, and deepening collaboration with the wider industry including the Institute of Banking and Finance Singapore (IBF) and Nanyang Technological University. Since 2014, total training hours across the entire private bank have increased three fold covering over 2,000 employees, with the average number of training days per employee per year jumping 200% over the same period. And in 2017, total training hours for front office staff increased 46% YoY, as did the balance in the curriculum, with risk/compliance and investor knowledge receiving a greater relative emphasis. Milestones in 2017 include the rollout of an Advanced Certificate in Private Banking for marketing associates

“A robust talent development programme is needed, in order to develop an agile and adaptable workforce in the technology disrupted private banking industry.” “Talent development has always been a key pillar of our business. We take a long-term view in the development of our employees; promoting a vibrant learning culture to instil the importance of continuous learning.” “We are glad to see that our employees have embraced this learning culture.” - Jeffrey Chiam, global head of human resources, Bank of Singapore

and support functions, accredited at IBF level one; the launch of a learning carnival, with an emphasis on future adaptability and resilience; localised inductions of staff in Hong Kong and the Dubai International Financial Centre branch, involving multiple modes of training; and the commencement of a second Advanced Diploma class with a 28-strong cohort. The fact that Bank of Singapore has come so far in what is a relatively short period is a testament to the firm’s dedication to raising professional standards from day one. And, significantly, the fact that there is demonstrable buy-in and support from key personnel throughout the bank shows just how serious Bank of Singapore is to imbue in the firm a culture of improvement. Bank of Singapore is Asian Private Banker’s Best Private Bank – Training and Development for 2017.

AWARDS FOR DISTINCTION 2017

Jan Boes head UHNW positioning APAC, UBS Wealth Management Asia Pacific

UBS Over the next two decades, Asia’s billionaires will pass down an estimated US$2.4 trillion in wealth to a younger generation according to research by UBS and PwC. This fact alone raises the imperative for private banks in the region to maintain close and relevant ties to the next generation of clients and secure future assets, given that relationships traditionally dissolve across generations. Little surprise, then, that Asia’s private banks are devoting greater resources towards cultivating sticky relationships with the next generation, with many establishing permanent platforms and programmes aimed at equipping tomorrow’s clients with the requisite skills to be future leaders. UBS is unrivalled when it comes to its next generational offering, leveraging a global platform to deliver a holistic next-gen offering that is attentive to regional nuances. Indeed, the strength of UBS’s next-gen proposition lies in its depth, breadth and relevance. Rather than approaching the next generation in an ad hoc manner, UBS targets individuals in the 18-plus age-range, with a suite of programmes at the global and APAC levels that focus on future leadership, familial responsibilities and social impact across a variety of formats, including multi-day forums, intimate roundtables and bespoke ‘red carpet’ engagements for individual families. In 2017 alone, UBS established a dedicated North Asia chapter for its UBS Second Generation Organisation for a target client group of 25 to 35 and expanded its UBS 20/20 Social Impact Leaders Group where fledging leaders can delve deeper into their passion for philanthropy and social investments. And to augment UBS’s physical networking platforms, the bank launched a Digital Content Lounge for millennial clients to stay

AWARDS FOR DISTINCTION 2017

“For over a decade we have invested in next generation programs and take a lot of pride in the consistently positive feedback that we have received from participants. We are delighted to receive this recognition from industry experts for our efforts. Our aim has been, and will continue to be, to partner with, challenge and guide the next generation around topics such as business, investments, legacy and passion. Going forward, we will continue to deepen our communitybuilding efforts and expand our digital offering to our clients of the future.” - Jan Boes, head UHNW positioning APAC, UBS Wealth Management Asia Pacific

engaged and receive online content on alternative legacy topics and current trends, ranging from disruptive technology to leadership and impact investing. Overall, more than 150 next-gen successors from the APAC region participated in the bank’s programmes in 2017, which were guided by key global influencers across the academic, business and social spheres as well as senior management of the bank. Clearly, UBS has struck the right balance between programme structure and content in Asia, receiving a resounding endorsement from next-gen participants in the Asia Pacific region in 2017 and enjoying a healthy returnee rate. UBS is Asian Private Banker’s Best Private Bank – Next Generation Programme for 2017.

Liza Green head of corporate citizenship Asia Pacific, Credit Suisse

CREDIT SUISSE Today, the global financial services sector is aware, in no uncertain terms, that an essential part of its mandate is to deliver positive social impact as well as financial results. But even so, many financial institutions continue to fall short of their corporate and social responsibilities. Indeed, Asian Private Banker is a firm believer that financial performance and corporate and social responsibilities (CSR) are mutually-reinforcing goals, and it is for this reason that we have introduced the award for Best Private Bank - Corporate Social Responsibility. The industry response has been resounding, with submissions coming in from across the region, including China and the Indian Subcontinent. Ultimately, one private bank proved beyond any doubt that it places the utmost importance in its corporate and social responsibilities and that it is committed to bringing together key stakeholders across society to exact a positive and lasting impact. Credit Suisse, the winner of this inaugural award, focuses on three pillars to express its CSR vision. First, capacity building both for the social investment ecosystem comprising its partner charities, inclusive businesses and social enterprises through grants and employee engagement, as well as supporting Environmental, Social And Governance (ESG) capacity building through actively supporting peer banks and regulators across ASEAN economies on capacity building for ESG integration; secondly, collective impact through collaboration with non-profit organisations, governments and key funders including its clients; and thirdly, providing its clients with social impact investment opportunities. A good example of Credit Suisse’s efforts to build an ecosystem for sustainable giving is its four-year technical assistance partnership with Asian Development Bank (ADB), among others. Through its flagship skillsbased volunteering Global Citizenship Programme, the Swiss bank placed eight of its employees in ADB and ADB supported inclusive businesses, and also helped facilitate a number of workshops to support the organisation’s inclusive business programme in Asia. Credit Suisse’s unique partnership model, which leverages strong ties with various stakeholders including governments, private foundations and

“This award is valuable testament to our corporate responsibility efforts in Asia focused around the theme of “Collaborating for Innovation”. Credit Suisse sees itself as an innovator in leading collaborative efforts to build the social investment ecosystem and also to advance sustainable practices in Asia by bringing together multiple actors including specifically leveraging government involvement in our initiatives. Our clients and their capital are also directly involved in these initiatives and benefit from them. - Liza Green, head of corporate citizenship Asia Pacific, Credit Suisse social enterprises, has resulted in multiple successful collective impact case studies. For example, under the Collective Impact Hong Kong Initiative , Credit Suisse co-funded a Cradle to Classroom pilot programme, which supports parent and child bonding centres. And impressively, the bank is one of seven founding members of the Malaysia Collective Impact Initiative, a collective impact approach to improving education outcomes in Malaysia in literacy development and career aspirations. Lastly, the private bank demonstrated its commitment to its clients through its various impact investing initiatives including its Asian impact investing fund – a partnership with UOB Venture Management - which provided its ultra high net worth clients and external investors the ability to invest in small and mediumsized enterprises whose businesses address key social challenges. Accordingly, Credit Suisse’s employee engagement levels in Asia are well above the industry average, with more than 5,400 employees engaged in volunteer activities, clocking 55,830 hours and interacting with over 170 charitable organisations. Deservedly, Credit Suisse takes Asian Private Banker’s Best Private Bank – Corporate Social Responsibility award for 2017.

AWARDS FOR DISTINCTION 2017

ASIAN PRIVATE BANKER 2018 EVENT CALENDAR Asian Private Banker looks forward to hosting you at one of our functions this year. • Only senior industry speakers • Only private banking and wealth management • Only for qualified participants Independent, Authoritative and Indispensable industry functions and summits. 10 Apr

Singapore

12 Apr

Hong Kong

15 May

Hong Kong

17 May

Singapore

12 Jun

Singapore

14 Jun

Hong Kong

26 Jun

Hong Kong

28 Jun

Singapore

11 Sep

Hong Kong

13 Sep

Singapore

9 Oct

Singapore

11 Oct 24-25 Oct

4th Year

9th Year

INVESTMENT ADVISORY SUMMIT The largest conference of senior private bankers held in Asia. Over 800 private bankers will participate in our flagship summits in 2018.

3rd Year

IAM AND FAMILY OFFICE LEADERS CONVERSATION C-suite IAM leadership and single family offices gather to examine the industry’s development, innovative products and future expansion plans.

3rd Year

RM NEXUS: WEALTH PLANNING, LEGACY & PROTECTION RM networking, learning and sharing around the growing role of wealth planning, structuring and insurance products in client portfolios.

7th Year

FUNDS SELECTION NEXUS The premier advisory gatekeeper function in Asia.

2nd Year

DISCRETIONARY DIALOGUE The most important thought-leadership conversation between and within the key discretionary leaders and gatekeepers at the private banks.

Hong Kong Shanghai

DISCRETIONARY PORTFOLIO MANAGEMENT LEADERS CONVERSATION Key DPM leaders from the private banks discuss, debate and study new products for their DPM mandates, and examine other key issues affecting DPM traction in Asia.

1st Year

CHINA GLOBAL PRIVATE BANKING & WEALTH SUMMIT The most important wealth management summit hosted in China.

18 May

Singapore

12 Oct

Singapore

27 Nov

Hong Kong

29 Nov

Singapore

16 Jan 2019

Hong Kong

4th Year

CHIEF OPERATING OFFICERS LEADERS CONVERSATION Peer networking and experience sharing between COOs, CTOs and CDOs around their respective private bank’s technology and innovation agendas.

2nd Year

HIGH CONVICTION: 2019 INVESTMENT IDEAS AND THEMES The High Conviction 2019: Investment Ideas and Themes is the most senior gathering of Asia-based fund selectors, and CIOs from global and regional private banks in Asia, alongside established IAMs and family offices, examining 2019 investment ideas and product strategy.

2nd Year

CHINA INTERNATIONAL WEALTH MANAGEMENT LEADERS CONVERSATION The C-suite leadership of China-linked wealth managers and private banks convene for a leaders conversation to examine and debate the future of offshore wealth management for Chinese clients.

For further information on our functions please contact: Koye Sun

Vanessa Ng

Senior Event Manager & Conference Producer koye.s@asianprivatebanker.com +852 2529 0617

Event Manager vanessa.n@asianprivatebanker.com +852 2529 1276

www.asianprivatebanker.com/events

Credit Suisse. Delighted to receive 11 Asian Private Banker awards. It’s been an unprecedented year. Huge thanks must go to our clients and employees, and to Asian Private Banker, for granting us 11 awards – the highest we have ever received. Since 1969, we’ve been striving to be The Trusted Entrepreneurs’ Bank of Asia Pacific, connecting our clients to a dedicated team that delivers integrated private banking, investment banking and asset management expertise. With our focus and experience, we are constantly identifying new ways for our clients to grow and succeed. To find out how our award-winning services can help you, visit credit-suisse.com

Best Private Bank – Asia Pacific Best Private Bank – UHNW Services Best Private Bank – Hong Kong Best Private Bank – Australia Best Private Bank – Indonesia International Best Private Bank – Malaysia International Best Private Bank – Thailand International Best Private Bank – Fund Advisory Services Best Private Bank – Wealth Planning Services Best Private Bank – Corporate Social Responsibility Best Private Bank – Digital Experience