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ASIAN PRIVATE BANKER AUGUST 2016 • ISSUE 102
INDIA ONSHORE
IN SEARCH OF THE SWEET SPOT INSIDE:
Straight Talk: Mignonne Cheng, BNP Paribas Wealth Management, pg 8 India’s Top 10 wealth managers revealed, pg 12 Changemaker: Amit Shah, IIFL Private Wealth Management, pg 15 Bloomberg Terminal vs Thomson Reuters Eikon, pg 19
FUNDS SELECTION NEXUS 2016 NEXUS - The original and prime fund selector gathering of Asia
Hong Kong | October 4, 2016 | 8:00am – 12:50pm Singapore | October 6, 2016 | 8:00am – 12:50pm
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ADVISORY COUNCIL Belle Liang
Michael Christo
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John Cappetta
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Patrick Grossholz
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Karen Tan
Jaye Chiu
Rocky Cheung
Hsiao Ching Tang
Kenneth Yeo
Johann Santer
Roger Bacon
Iris Kao
Rodolphe Larqué
Maggie Tsui
Vincent Ng
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AUGUST 2016
CONTENTS 4
Letter from the Editor An Indian summer
5
Editorial The Scoop: What’s Hot, What’s Not
6
APB On-the-Spot Online poll results
8
Industry Straight Talk: Mignonne Cheng, BNP Paribas Wealth Management
10
Industry India onshore: In search of the sweet spot
15
Industry A chat with... Amit Shah, IIFL Private Wealth Management
17
Product India’s long-only summer
19
Technology The terminal rivalry between Bloomberg and Thomson Reuters
21
Industry 2016 interim earnings snapshot
22
People Moves Movers & Shakers
CHIEF EXECUTIVE OFFICER Andrew Shale
MANAGING DIRECTOR Paris Shepherd
DIGITAL DIRECTOR Tristan Watkins
EDITOR-IN-CHIEF Shruti Advani
OPERATIONS Benjamin Yang, Koye Sun, Jessie Cheng, Vivien Wong
DESIGN Simon Kay
EDITOR Sebastian Enberg EDITORIAL Richard Otsuki, Priyanka Boghani
BUSINESS DEVELOPMENT Madhuri Chatterjee, Sonia Lam, Sam Chan, Stacey Wong
PRODUCTION DG3 ISSN NO. 2076-5320
PUBLISHED BY KEY POSITIONING LIMITED 1205 The Dominion Centre, 43-49 Queen’s Road East, Wanchai, Hong Kong Tel: +852 2529 5577 Fax: +852 3013 9984 Email: info@asianprivatebanker.com
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LETTER FROM THE EDITOR
An Indian summer Banking global Indians is a little like listening to ABBA – it’s very cool up to a point and then just when you are really beginning to enjoy it, it’s not. Whilst onshore banking is a notoriously tempestuous affair for most foreign players, offshore banking is not without its perils either. Overlay this with the usual problems that face the industry in Asia – an acute shortage of talent, a rapidly changing regulatory environment and the imperative to crunch the cycle to convert prospects into clients into revenues. This August issue, our 102nd, delves into what drives this vacillation between love and hate for banking India’s growing tribe of wealthy individuals. True to the Asian Private Banker tradition of mapping a market, we have compiled – for the first time – a league table of the top ten wealth managers onshore by both AUM and headcount. Amit Shah, co-founder and executive director of IIFL Private Wealth Management, which features prominently on this list, talks about the future for the private banking industry in India. Also talking about her plans for the future is the incomparable Mignonne Cheng, BNP Paribas Wealth Management’s APAC chairman and CEO, who reveals a new client segmentation initiative as well as her 2020 vision for the private bank in Asia. Of course, no issue would be complete without our regular tech and product coverage, as well as people moves. In this month’s Scoop with Shruti Advani, I’ve chosen to stay silent on private banking in India (I would quite naturally be accused of a bias), but I have turned the heat up to keep the feel of an Indian Summer. I am always grateful for feedback, but your emails and LinkedIn posts on the last issue took the debate to a level I thoroughly enjoyed. Join the debate by mailing your comments to editor@asianprivatebanker.com. I look forward to hearing from you. Until we meet again,
Shruti Advani Editor-in-chief, Asian Private Banker
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EDITORIAL
What’s Hot, What’s Not
I
t’s not just a searing summer in Hong Kong that has inspired this column – we have been ranking banks and bankers for some years now, but a recent list that focused on the aesthetic appeal of private bankers made me laugh out loud. I must confess, I would not have been able to come up with a similar list – not just because it’s a minefield of political (in) correctness and I adjudge private banks for their diversity initiatives as part of our Awards for Distinction, but also because it would be an impossible task. Can you imagine having to decide whether Pamela Phua has greater ‘aesthetic appeal’ than Tianyin Shi or Song Kun? Much easier to give you my two cents worth on the people and platforms I think are influencing the micro-trends in our industry. This is not a ranking; it is arranged in no particular order and, I’m afraid, may be vulnerable to the author’s bias.
1. ADELINE CHIEN
Although she could well be a part of a list ranking the most attractive bankers, UBS’ recently appointed head of Kowloon is as sharp as their new offices. Multi-hatting as country team head for both Hong Kong and Kowloon, Chien finds herself in the enviable position of overseeing two of the most profitable teams in the bank’s North Asia franchise. Not surprisingly, then, she is one of a group of formidable women that includes Ruth Chong and Marina Lui, earmarked as the next generation of leaders. At the bank that spawned women leaders like Kathy Shih and Amy Lo, Chien will have big shoes to fill.
2. FRANCOIS MONNET The majority both within and outside of Credit Suisse had overwhelmingly
low expectations of the bank’s erstwhile head of Southeast Asia and Australasia who was COO private banking Asia Pacific when he was parachuted into the role of head of private banking Greater China. Two factors fuelled this scepticism: Monnet’s experience in Southeast Asia did little to establish his credibility as a Greater China head, and a bout of instability that dogged the North Asia franchise, which promoted and then lost some senior talent. Six months into the new role, Monnet has decidedly silenced critics – first and foremost by proving his relevance in client interactions. Although his greatest strengths are his unrelentingly strategic bent of mind – Monnet is like a chess player digging in for the long game – and his digital ambitions, he has won the respect of the team he aspires to lead by proving to be popular with clients.
3. LGT
A family office-turned-asset management group, LGT is considered a respectable private bank in Europe – as much for its association with the royal family of Liechtenstein as for the size of its assets and its scale of operations. In Asia, however, LGT punches well above its weight. Indeed, were there a ranking of boutique banks in Asia, whether by client assets or headcount growth, I suspect that LGT would trump those peers that best it on the global league tables. The 2011 appointment of Vicky Wong, a Goldman Sachs veteran, was the first clear indication of the franchise’s then-nascent aspirations in the region, but few in the industry could have foreseen the determined pace of LGT’s growth over the past three years. Less conspicuous than segment-leader Julius Baer, the bank’s Asian franchise is,
nonetheless, “one of the top choices for candidates wanting a pure-play,” according to one Hong Kong-based headhunter. “Entrepreneurial without being overly political,” is how one employee describes the culture. Former Barclays North Asia head, Pakorn Boonyakurkul, a 2014-hire that surprised many, reportedly focuses almost exclusively on “client relationships recruiting targets”. My money is on at least one other former North Asia head and a senior private banker on his team joining the bank before summer’s end.
4. UBER ULTRA HIGH NET WORTH
An interesting counterpoint to the trend for digitally driven high net worth banking is the emergence of the uber wealthy or ultra high net worth plus client segment. Although yet to gather enough momentum to be considered an industry-wide phenomenon, I know of at least two banks – both with existing UHNW platforms – that have identified bankers and clients to be hived off into ultra plus teams. How do these differ from key client teams that already pepper most large banks? Primarily in their raison d’être, which is a proactive rather than reactive strategy. Beyond semantic differences, I expect that private banks have discovered a renewed enthusiasm for this demographic – despite the slimmer margins they represent – because of a continued inertia amongst the high net worth segment to transact in these choppy markets. As a consequence, we may well see an inexplicably large increase in assets under management at some banks, without a proportionate increase in revenue. “The strategy makes sense in the current environment when the majority of HNW clients are in hands-off mode,” ex-
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EDITORIAL
plains one head of North Asia at a private bank. “It is also a less crowded market segment and hence appears more deserving of investment.”
5. BARCLAYS PRIVATE BANKING ASIA
While Barclays’ wealth business in Asia may cease to exist post-November when the US$320 million sale to Bank of Singapore is scheduled to close, the British lender is presently the hottest ticket in town for a talent-starved industry. An unrelenting string of high profile exits has made the bank the “first port of call” for any private bank looking for “senior and serious” talent, says the aforementioned Hong Kong-based headhunter.
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Indeed, the pace of departures and the seniority of the bankers involved has left many stunned. Three of the most notable exits have found a home at rival Standard Chartered Private Bank: the superlative Vivian Chan, Barclays’ former regional head of North Asia, will take over from Desmond Liu as StanChart’s regional head for Greater China and North Asia in 2017; Srinivas “Srini” Siripurapu, exNRI head at Barclays resurfaced at StanChart as regional ASEAN and global non-resident Indian (NRI) head in early July; and, of course, Didier von Daeniken, Barclays’ erstwhile head of wealth management, Asia Pacific, Middle East and Africa, was named global head of private banking and wealth management for StanChart as of March this year. One erstwhile Barclays banker says the bleeding has been heavier in
North Asia than in Bank of Singapore’s home-market, citing a “lack of clarity” over who would lead the franchise as the primary reason for this phenomenon. This surprises me, since I would have expected client-duplication in Singapore – where Bank of Singapore is a significant player – to have prompted most departures. It would seem that regular townhalls may not be enough to reinvigorate this deal, but I wouldn’t discount the significance or appeal of Bank of Singapore’s fortress-like balance sheet in these troubled times. For the moment, Julius Baer’s acquisition of Merrill Lynch continues to be the benchmark for private banks in the region. With at least two more acquisition announcements to come before the end of the calendar year, the best may be yet to come.
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PEOPLE
Straight Talk:
Mignonne Cheng, chairman and CEO, BNP Paribas Wealth Management, APAC Mignonne, you’ve had 4-5 years to put in place your strategy for BNP Paribas’ wealth management business in Asia. Have you achieved what you set out to achieve? I think as far as the growth plan is concerned, we’ve done pretty well! Based on our initial strategic plan (which ends this year), we are about to double our AUM, and have increased revenue by more than 50% despite tough market conditions over the last 18 months. What is your Asia AUM at present? Today we have approximately US$67 billion in AUM [based on Asian Private Banker’s data, that represents a 3.9% increase since the end of 2015]. As of today, how important is BNP Paribas WM Asia to the Bank? When I first joined, we were below the radar. While our AUM and revenue are growing strongly, the overall contribution of Wealth Management Asia to the Bank is increasingly important. This is obviously helped by the rapid accumulation of wealth in the region. The past two years have been difficult to say the least, and transactional business, which remains a core revenue driver for the private bank in Asia, is on the wane. Yes, transactions account for about 75% of revenue. Transaction activities have traditionally been important for Asian clients. That being said, the industry is facing many challenges and volatile market conditions. Given the significance of transactional business at BNP Paribas WM, do you have a
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PEOPLE
strategy in place to increase discretionary revenues to mitigate overall revenue volatility? We are working towards this and we clearly need to increase the penetration rate in the managed asset area, including discretionary portfolio management (DPM), which will help to grow our client advisory in a prudent and sophisticated manner. We have a long history in offering DPM in Asia, with many clients using our services for more than a decade. I envisage client demand for DPM will increase. It wasn’t that long ago that BNP Paribas WM’s cost/income (CI) ratio in Asia hovered around 90% and, as I understand it, you set about containing back and middle office expenses while onboarding frontline talent to contain this figure. Is this still your strategy?
You are in the process of launching a mega-wealth initiative that targets clients above your key client group segment – essentially those who are ultra ultra high net worth. What is the impetus behind this play? Four to five years ago, we were covering clients in a fairly homogenous manner regardless of their size and needs. When we reorganised our teams, we decided to introduce a better coverage model. That’s how we came up with the Key Client Group [clients with a minimum of US$30 million in AUM with the bank, or a net worth of US$60 million]. After several years, we realised that we have not only onboarded key clients, but also clients with even greater wealth who we now label as mega-wealth clients. What is the threshold?
When I first joined WM, the CI ratio was at 90%. I realised that the model we had in place was not sustainable. CI ratios for the industry overall remain a challenge. Our strategy has always been (1) maintain an efficient operating platform, and (2) onboarding new talent while upgrading existing resources and going for quality rather than quantity. Asia is an environment of high operating costs and this will continue to be our focus.
These clients must have a minimum of US$100 million in AUM with the bank and a minimum net worth of US$1 billion.
You’ve just launched an RM training programme, so are you putting more emphasis on ‘organic’ talent growth?
This is a collaborative effort. Our head of Hong Kong market and head of key client group Asia Pacific will lead it. We will put in place a Mega Wealth Council across disciplines which will consist of Mega Wealth RMs, Investment Banking Asia and Global Markets representatives, members of WM management and other offering partners. The goal is to bring to these clients, on a consistent basis, the type of sharpened insights, ideas, opportunities, services, as well as international networks and events designed exclusively for the segment.
We continuously upgrade existing resources to achieve organic growth. The RM training programme will help ensure that our frontline teams have the right skills in place for effective client coverage. This is especially pertinent given that bidding wars are pushing up the price of talent exponentially. We don’t want to enter into these wars but, at the same time, we remain competitive in our remuneration. I started with around 180 RMs, and now we have around 250. We are also mindful of other areas requiring reinforcement, for example compliance, which obviously will bring additional costs. So to meet these challenges, we have launched a number of innovative products and our credit offering has played a significant role. Credit remains a big part of your business here. Yes, we have 50 people dedicated to working in credit because Asian clients often need leverage. Thus, offering a credit solution is essential.
How many of your clients meet these criteria? We have around 100 mega-wealth clients. Who will lead the initiative in Asia?
Let’s look further into the future, and where you see BNP Paribas Wealth Management in Asia in the next five to ten years, particularly given current shifts in industry tectonics and the growing ‘onshoring’ trend. Early on we identified six to seven onshore locations that we would like to cover. Traditionally we have relied on the offshore booking centres of Hong Kong and Singapore to cover our clients across Asia. We are also exploring opportunities presented by onshore centres such as Taiwan, Indonesia and China. I’m not downplaying Hong Kong and Singapore; but I am saying that we need to consider seriously how we should tap into onshore markets. What I can say is that those domestic onshore markets – whether Taiwan, Indonesia or China – will be the new focus. There is going to be a transformation.
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INDUSTRY
India onshore: In search of the sweet spot
W
hen foreign private banks look towards India, they typically see a US$612 billion opportunity that is ripe for the picking. But India onshore is one of those markets where the homeground advantage counts for a lot; and foreign players have learnt the hard way that simply dragging and dropping an offshore business model into India is an imprudent strategy given regulatory complexities, talent shortages and low brand awareness. So do foreign private banks stand a chance in India? Pessimists – predictably domestic wealth managers – maintain that foreign players would do well to see out the next five years in what is an embryonic and fragmented space. Optimists – essentially foreign private banks that already have one foot onshore – are more sanguine about their prospects, so long as they make a strategic tweak or two.
HITTING THE AUM SWEET SPOT
“In India, it’s all a number’s game,” according to one Indian wealth manager in a recent conversation with Asian Private Banker. “Once you hit the mark, scale is very achievable.” So where does the sweet spot lie? Amit Shah, CEO and co-founder of India Infoline (IIFL) Private Wealth Management, estimates that a private bank requires a minimum of US$3-4 billion in AUM to remain profitable in India. “A wealth management firm needs a team of 30-40 senior relationship managers (RMs) with each of them hitting the sweet spot of US$3 million net worth per client. If RMs are able to manage 25-30 clients each, this would equate to a book size of US$90 million to US$100 million per relationship manager.” The threshold is even lower for domestic players because cost structures in India are not as high, believes Sandeep Nayak, director at Centrum Wealth Management, a smaller wealth manager in India that entered the fray five years ago. “To be profitable in India, I believe wealth managers will need to reach that US$1 billion mark of assets under advice as we did not so long ago,” he says. By these measures, then, foreign players are sailing smoothly.
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Going by Asian Private Banker’s India onshore league table [see pp. 12-13], which ranks the top 10 wealth managers by AUM and RM headcount, Citi (Gold, Private Client and Private Bank), Barclays Wealth, Julius Baer and BNP Paribas Wealth Management all surpass the US$3 billion threshold, while Deutsche Bank Wealth Management and Standard Chartered Private Bank teeter on the edge with US$3 billion in AUM in India as of the end of 2015. Indeed, set-up costs are still relatively low for foreign players like Julius Baer, given that the threshold to break even is a tenth of what it is in Asia’s offshore markets, according to Jimmy Lee, Julius Baer’s head of Asia Pacific. “Today, the cost of running a private wealth business in India is relatively lower [than] Hong Kong and Singapore where you need roughly US$25 to US$30 billion in AUM to be profitable,” he points out. “But in India, you need less to be viable.” While India is an attractive market for international competitors, Lee says that many have failed to get the model right when setting up shop onshore. “Many foreign banks try and impose the home country model when they set up in India. That is what they are doing wrong. The key to being a successful private bank in India as a foreign player is to adopt the local model – be an Indian company,” he says. In India, a number of notable exits over the last five years have done little to shake the uncertainty of many industry watchers who believe that foreign players will struggle to gain a steady foothold. Last year, RBS sold its India business to local spin-off Sanctum Wealth Management, while HSBC Private Bank exited the market altogether. Swiss heavyweight UBS Wealth Management decided to wind down its India onshore business and Morgan Stanley sold its India private banking onshore unit to Standard Chartered in May 2013. Rather, Lee points to the Swiss pure play’s inorganic growth strategy as a pivotal reason for the bank’s survival in India – a place where Lee says the bank’s Swiss model would not work. In 2013, Julius Baer acquired Merrill Lynch’s international wealth management business in India, and last September, the integration was completed with a total transfer of US$6 billion in client assets.
INDUSTRY
REGULATION AND REFORM
offer various investment advisory services due to their own structural issues or regulatory constraints,” Nayak says. He adds that foreign competitors are particularly limited in structuring debt. Some industry insiders go so far as to label the regulatory landscape “ambiguous” with few structures to protect consumers and slow dispute resolution processes. And because Indian HNWIs’ global investments are capped at US$250,000 under the Liberalised Remittance Scheme, their exposure to India will naturally be higher – to the detriment of foreign banks’ business, says IIFL’s Shah.
With a domestic target audience that has a penchant for transactional services, a balance sheet to provide lending is a must for deepening product shelves, which has sent private banks jumping through regulatory hoops. Julius Baer needed several licences to operate onshore – no easy feat. The Swiss bank has Investment Advisory, Broking and Depository licences to carry out advisory and execution services. For lending services, it has an NBFC and a separate licence is required to conduct research services. It took the Swiss pure play Sandeep Nayak, two years to achieve this. LITTLE TALENT, Centrum Wealth Lee adds that the bank is BIG BOOKS Management. waiting for its PMS (PortfoAs more sophisticated prodlio Management Services) ucts enter the market, foreign licence to run discretionary private banks will need to mandates for clients. strengthen their frontlines. “The environment in India is more BNP Paribas Wealth ManHowever, many have been unable agement has also had to wait to compete with aggressive local conducive to the domestic wealth for regulatory approval. players that have proven capable managers who are structured to offer Despite doubling down on of luring talent away from their India with an aggressive manforeign counterparts. one-stop solutions to customers, unlike date to hire, the French private Earlier this year IIFL Wealth banks who cannot or do not offer various bank’s India desk is still in the Management poached a team of process of launching its lendten from Barclays Wealth, pushinvestment advisory services due to ing platform to give its clients ing its relationship manager their own structural issues or regulatory access to credit solutions, (RM) headcount above the 200 having only just received all mark, while Centrum Wealth constraints.” the necessary regulatory and Management has hired 35 new internal approvals. To date, RMs in the past year alone. the French lender has been Both IIFL Wealth Management focusing on wealth planning and Centrum Wealth Managesolutions. ment offer their employees “skin in the game”; an option for International private banks must also seek approval from equity ownership that, according to both wealth managers, is the regulators back at their headquarters. Local players, on the key to retaining staff. other hand, have it much easier, insofar as they have at their As a result, foreign players must wade through shallow fingertips a wider range of products. talent pools, and those bankers that are onboarded are under “The environment in India is more conducive to the domespressure to maintain a book size that exceeds the US$90-100 tic wealth managers who are structured to offer one-stop million total that Shah earmarks as the profitability threshsolutions to customers, unlike banks who cannot or do not old.
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INDUSTRY
“This allows our NRI clients access to India onshore products since they usually require an Indian flavour.” Bimal believes this umbrella approach is an effective strategy for servicing NRI clients with a strong propensity for investing in India, as well as Indian HNWIs with families abroad. Lee has similar plans insofar as he intends to club both segments together as part of a “global Indian strategy”. “We are also moving to a global Indian business – this means leveraging our businesses in Singapore, Dubai, Hong Kong and all other global business locations including our NRI business,” he says. “The chances of (success are higher for us than for) those Jimmy Lee, that do not have an onshore Julius Baer. presence.” Of course, the difficulty of (private) banking onshore Indians has as much to do with “Given the relatively young nature of the the nascency of the industry as to the profile of the wealth manprivate banking industry in India where ager, and foreign players might the middle class is growing, private banks expect to level the playing field once a more mature regulatory need to be realistic about their search for framework is in place. a relationship manager with a big book Notably, public sector banks have to flex their muscles, GLOBAL size of US$250 million. Rather, Julius Baer thoughyettheir time will come. INDIANS looks for RMs who can have an average With phenomenal brand Arguably the most promising equity, reach, old corporate strategy to emerge out of the AUM of close to US$100 million.” relationships and the ability to foreign private banking space invest in top-of-the-line techhas been the ‘global Indians’ nology platforms, public sector concept – effectively a clubbanks such as State Bank of bing together of the India India – which opened the doors onshore and non-resident of its first wealth management unit in January this year have Indian (NRI) segments. the makings of formidable competitors. “The fact that both onshore India and NRI follow a market In the meantime, India will continue to both excite and approach under one head allows us to leverage the strengths of agitate newcomers, although one suspects that, in the case of both segments,” says Samir Bimal, BNP Paribas Wealth Manforeign private banks, the balance could tip towards the latter. agement’s head of Indian markets.
The six foreign players that feature on Asian Private Banker’s Top 10 table have an average of 26 RMs and average AUM of US$5.9 billion. Going by these figures, the average book size for each RM is US$249 million – more than double Shah’s benchmark figure, and almost on par with the average for Asia offshore (US$282.4 million according to Asian Private Banker’s estimates). Accordingly, Julius Baer’s Lee believes that the key to building out a successful India onshore business is to assemble a large team of RMs, each holding a moderately-sized book. “Given the relatively young nature of the private banking industry in India where the middle class is growing, private banks need to be realistic about their search for a relationship manager with a big book size of US$250 million,” he says. “Rather, Julius Baer looks for RMs who can have an average AUM of close to US$100 million.”
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INDUSTRY
A chat with…
Amit Shah, co-founder and executive director, IIFL Private Wealth Management “Private banks require a minimum of US$3-4 billion in AUM to stay profitable and relevant in India.” How has India’s private banking market changed over the past five years? India has seen a large increase in the number of millionaire households over the past decade and, in the last 4-5 years, onshore India wealth has increased markedly. The impetus behind this change has been individuals converting their illiquid assets into more liquid forms of wealth. Some promoters have reduced or exited their stake in their own firms while others have monetised their noncore assets like real estate. There is also the second and third generation of wealthy clients whose emotional attachment to illiquid assets is less, particularly as they have not seen these assets grow and are suddenly exposed to an inflated value of their holdings. Overall, the wealthy are indeed getting wealthier in India; a recent study estimates that the top 10% own over 80% of the wealth. For a newcomer looking to capitalise on this wealth, what is the cost of doing business in India? It is important to have an eye on the costs, but to remain focused on the top line. It always pays to be a numerator manager rather than a denominator manager. The ideal cost-income ratio for a wealth business is 60%. We have seen a lot of global players struggling to maintain this [ratio]. So what does it take to remain afloat? If we break it down, a wealth management firm needs a team of 30-40 senior relationship managers (RMs), each hitting the sweet spot of US$3 million net worth per client. If RMs are able to manage 25-30 clients each, this would equate to a book size of US$90 million to US$100 million per RM.
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INDUSTRY
This means that private banks require a minimum of US$3-4 billion in AUM to stay profitable and relevant in India. What are the regulatory hurdles that private banks face today when scaling up their onshore businesses?
Recently, Indian regulators have allowed hedge funds or alternative funds to be launched for HNI [high net worth] investors. The Alternative Investment Fund regulation has opened up another avenue for investments for HNIs in India, and we are one of the pioneers in launching such strategies.
The regulators in India are doing a great job at making regulations fully transparent. In the last 10 years, both SEBI [Securities and Exchange Board of India] and RBI [Reserve Bank of India] have ensured that Indian regulations are comparable to first class global jurisdictions. This, coupled with improved sentiment since the Narendra Modi government came into power in 2014, bodes well for India’s wealth management industry.
Many foreign private banks have chosen to target the NRI segment without establishing an onshore presence in India. Do you believe this is a viable strategy, and do foreign private banks need to be onshore to be successful?
Have you grown your AUM and RM headcount grown over the past year?
What is IIFL Private Wealth Management’s tech strategy?
It’s not a must. Typically, NRI clients hold 90% of their assets outside of India. The remaining 5-10% that sits onshore, for example, are real estate or trust “We have not seen banks that have an structures that are untouched For domestic players, the by private bankers offshore. market is quite crowded. What integrated offering covering offshore We have not seen foreign do you believe sets IIFL Private and onshore requirements in a seamless banks that have an integrated Wealth Management apart? offering covering offshore and fashion.” onshore requirements in a Our biggest differentiator is seamless fashion. that we are a company where We believe there is a big workers own and owners work. opportunity for foreign players Employees own a significant to collaborate with large Indian part of our company and this has helped us in acquiring and retaining quality talent which is wealth management houses to offer a seamless onshore offering. the key to success for any wealth management company. We believe in having skin in the game. We co-invest along with Does India’s fintech scene present a threat or an opportunity to our clients and that brings added confidence among our clients. ‘traditional’ wealth managers? We have invested a lot in building our platform, technology and process to deliver appropriate products to our clients. This At the moment, fintechs are encroaching on two spaces relevant differentiates us from a lot of our competitors who are still in the to HNIs: advisory and client communication. For us, the second is worth taking note of. process of building the same.
We are expanding our reach and strength and, as a result, our AUM for onshore India has grown to US$9.5 billion, while our RM headcount stands at 220, up from 200 in 2015. The product shelf in India is relatively sparse. How are you meeting clients’ demand for innovative structures? Clients have been focused on high-yield fixed income with allocation ranging between 5-15% of their portfolios. As a result, we launched a real estate fund with a focus on fixed income, similar to structured debt. We saw a high uptake as clients appreciated the novel concept of structured debt in real estate compared to development-oriented real estate funds. This strategy has raised US$1.5 billion since its launch a few years ago.
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A sizeable percentage of India’s wealthy is relatively young and we have innovative products that use new technologies to cater to this segment. Our technology spend has increased by 15-20% year-on-year, accounting for 10% of our current costs. Our technology provides a 360 degree view of a client portfolio, tracking all interactions, including the history of our relationship with the client and, more importantly, the client’s asset allocation and performance with benchmark. We use technology extensively to improve the client experience, for reporting, portfolio monitoring and incorporating analytics to improve the overall communication channel for our clients. A combination of in-house and third party vendors is key to building an offering that is sufficiently “Indianised”. We truly believe in the “Made in India” brand for the Indian diaspora!
PRODUCT
India’s long-only summer A decade-long wait for economic reform may well be over by the time this reaches your desk. A goods and services tax amendment – the most significant taxation reform in the nation’s modern history – is on the cusp of being pushed through by the Congress-dominated Rajya Subha (upper house), portending a new epoch for India’s economy story. MATERIALISING OPTIMISM
“A businessman spends an inordinate amount of time complying with tax laws in India and this is the single biggest reason that the country has not grown faster in recent years,” Prashant Khemka, CEO of emerging market equities at Goldman Sachs Asset Management (GSAM), tells Asian Private Banker. By one estimate, truckers reportedly spend 15-25% of their travel time waiting at state border checkpoints and pay as much as US$1.1 billion per year in bribes for state officials. “There is a gargantuan maze of laws and regulations which are not only unnecessarily complicated, but can often contain significant arbitrariness and discretion during implementation,” continues Khemka. “This creates an environment of uncertainty and consumes a lot of time for productive people. Although a GST reform will not solve every problem, it will be a massive step forward.” In addition to pumping GDP growth by an extra 1-2%, a more seamless India is expected to propel the SENSEX upwards by 10-15% per annum over the next decade, according to Franklin Templeton’s Asian equity CIO, Sukumar Rajah. “Apart from interest from foreign investors in the market, we see [an increase in] domestic households and institutions [allocating] to equities,” Rajah says, highlighting a renewed confidence among local investors who had been left disenchanted by a decade of volatility and the availability of more attractive alternatives, including fixed deposits paying 9%.
Rajah’s optimism extends to his conviction that Indian equities have the potential to take up low double-digit allocations in balanced dollar-based portfolios, in the process surpassing weightings of Japan and the UK in the MSCI World. “The stock market this year has responded positively to the prospects of accelerating economic and corporate earnings growth,” Rajah adds. Private banks have certainly taken note. In August, UBS singled out India as the region’s most favoured growth story, overweighting it in the process; and last month, Credit Suisse echoed this optimism, pointing out that the approaching monsoon season could reduce inflationary pressures and provide greater room for easing.
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PRODUCT
A TIMELY LOW-BETA, LOW(ER) RISK EQUITY BET
The construction of the index itself is also a source of non-optimal investing, adds PineBridge’s Husain. “Strategies based on market capitalisation indices tend to overweight companies that retain earnings rather than distribute them” he explains. “Secondly, indices which factor in free-floats may distort the weight of stocks and may or may not represent the true economic picture of the country. Any strategy which is based on what can be bought instead of what should be bought may be suboptimal.”
Asia’s HNWIs, spooked by uncertainty and correlation fears over equity downside, have been avoiding the asset class, even though the Fed seems ready to normalise rates. Private banks have been attempting to calm investors’ nerves without encouraging excessive risk aversion. UBS, for example, recently launched a Risk Parity Strategies Fund – a discretionary solution built for clients that are looking to add risk without having to add equities. Meanwhile, hedge fund sales have shone as investors look to add gains from uncorrelated alternatives. AMPLE TAILWINDS Asia’s demand for uncorrelated bets amidst a global economic Despite the optimism, it is not all smooth sailing for India. Pending downturn presents a timely opportunity for India. amendments to the land acquisition bill – another key reform – are Market analysts point out unlikely to be as well-received as that during a risk-off environthe GST bill. ment, India enjoys a low-beta “There is no rational populist status relative to other emergargument against GST, but when it Perhaps most underappreciated is the ing market (EM) peers. This is comes to land in India, it is a very vibrancy of India’s democracy which is especially pertinent for Greater emotional topic and so popular China’s 700,000-plus HNW supported by well-functioning institutions sentiment can be easily whipped population (and other energy up,” Khemka explains. such as the central bank, a judicial system or materials-oriented wealth in The other critical near-term the region) that is likely to hold hurdle is the monsoon season, election commission and free media. assets that are correlated to the with two years of weak rainfall current China slowdown. exacerbating water shortages and “India’s economy is predomundermining rural demand. Data inantly domestic, hence there suggests that economic activity is not a very high correlation can improve by as much as 1-2% between global growth and following consecutive years of domestic growth,” comments Huzaifa Husain, head equities – healthy monsoon rains, given that a large portion of the population India at PineBridge Investments, though he cautions investors is engaged in agricultural activities. about short-term correlations caused by structural flows in and Nevertheless, these headwinds are unlikely to offset India’s posout of global products broadly invested in EM, BRICs or ETFs. itives. “In fact, when global growth is low and, consequently, global Franklin Templeton’s Rajah believes that India could grow 7-8% commodity prices drop, India benefits from being an importer per year – even without significant tax and land reforms. What’s of such commodities.” more, land acquisition is a state matter. Because states can implement land reforms at their own discretion, such changes are rarely all-or-nothing. Another feather in India’s cap is its demographic MORE THAN JUST profile. In a rapidly ageing world, India is among a handful of THE EM ALPHA EFFECT nations with a working age population that will continue to grow More than just the potential for inflows into passive outlets, for at least the next 20 years. the inefficiencies associated with an emerging market status But perhaps most underappreciated is the vibrancy of India’s presents an opportunity for alpha generation from active democracy which is supported by well-functioning institutions management – and structural issues may make India more inefsuch as the central bank, a judicial system election commission and ficient than most. free media. Look up any newspaper archive from 25 years ago and “India is on balance somewhat more inefficient than the averone will find that every post-election analysis attributes religion age emerging market,” explains GSAM’s Khemka. and caste as the primary, if not sole determinant, for voting. According to Khemka, this is partly due to a structurally Today, society’s aspirations have evolved to prioritise economic diverse, heterogenous market made up of a large number of midmatters, such as job creation and infrastructure development, caps across a range of sectors. which compels governments to deliver or risk not being re-elected. “If you apply the right resources and philosophy, you can And when coupled with economic, financial, demographic, politiextract alpha of considerable magnitude in the Indian equity cal and other drivers, it’s hard to argue against the optimism. market.”
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TECHNOLOGY
The terminal rivalry between Bloomberg and Thomson Reuters The deep-running rivalry between Bloomberg and Thomson Reuters has taken on a new life, with private banks across Asia eyeing cheaper providers as part of wider cost-cutting exercises. As the two financial news and data giants joust for desktop supremacy, Asian Private Banker asks the terminal question: who has the upper hand? PULLING THE PLUG
At first blush, financial news and data terminals may not seem like bulky investments for private banks. These terminals are usually clunky physical machines that consume valuable desk space or, otherwise, remote pieces of software that consume disk space. Depending on what terminal is used (and in what quantity), annual subscription fees can climb as high as US$25,000. Still, terminals – usually sets of five to ten depending on the size of the institution – have found their way into private banks on the back of four distinct features that are delivered on a single platform: research and market intel, product pricing, data analytics and execution and order management tools. So prized are these purchases that COOs commonly limit terminal access to a handful of ‘special relationship managers’. But as Asia’s private banks pare back on operational costs, many are opting to switch from Bloomberg Terminal, the dominant player in the financial world, to other less-pricey competitors – including archrival Thomson Reuters. Spokespeople from both Bloomberg and Thomson Reuters declined to comment on this trend. However, both firms told Asian Private Banker that private banks continue to use their terminals, and that there are clear distinctions between the two products. Bloomberg Terminal has been the industry standard for some time now. For private banks, the Bloomberg solution is especially salient to investment counsellors that examine multi-asset scenarios, and less so to relationship managers that man the frontline. As a fully integrated technology, Bloomberg Terminal offers an armoury of tools such as derivative pricing, idea generation and electronic order management and execution. “Private banks in Asia are increasingly seeking end-to-end technology solutions that can seamlessly connect relationship managers, investment advisors and execution teams, to scale their growing businesses and comply with regulatory obligations,” said Bloomberg’s head of Asia sales, Taran Khera. Bloomberg’s primary competitor, Thomson Reuters’ Eikon is a comparatively recent addition to the market. For Patrick Donaldson, the firm’s wealth market development manager for Asia Pacific, Eikon positions itself as the “ideal” solution for private banks on the basis of its flexible, plug and play nature, and particularly its new ‘App Studio’,
which mirrors Apple’s own App Store, providing Eikon users with access to apps created by third party developers. “Thomson Reuters’ Eikon platform is being leveraged by private banks in the Asia Pacific region to provide comprehensive financial analysis, through which advisers discover more opportunities and make crucial decisions with confidence,” he adds.
THE CHEAPER, THE BETTER
For private banking COOs, the biggest – and perhaps most pertinent – distinction between the two solutions is the way both terminals are priced. Bloomberg Terminal charges an annual fee of US$20,000 to US$25,000 whereas Thomson Reuters’ Eikon comes in at a fraction of that at US$3,000 to US$6,000, depending on the module chosen. Both companies declined to confirm the price ranges. “Our private bank is trimming down on costs, and switching from Bloomberg [Terminal] to Eikon last year was a no-brainer given the cost saving,” a Singapore-based COO told Asian Private Banker in a recent conversation. He added that “with so much market intel made public and being disseminated on the wire”, the private bank is also reducing the number of RMs that have access to the terminal. Another Hong Kong-based COO at a Swiss private bank reveals that he is under pressure to find a cheaper alternative to the incumbent choice, Bloomberg Terminal. Currently, the bank is trialing Thomson Reuters’ Eikon and SunGard’s MarketMap; and although he is yet to make a final decision, he seems to be leaning towards the latter. “The monthly fee for Bloomberg Terminal is ten times the fee for MarketMap – and that’s why we have chosen, on a global base, to go with SunGard,” he explained. “Eikon is next on our list.” At the global level, there is also a discernable migration taking place among universals, who are switching from comparatively expensive incumbent solutions to more price-friendly options. In January, J.P. Morgan’s Jamie Dimon declared his dissatisfaction with Bloomberg Terminal and said the firm was prepared to rip out thousands of its terminals in the next two to three years unless the bank gets a better deal. At that time, J.P. Morgan was negotiating a contract with, unsurprisingly, Thomson Reuters. However, Bloomberg’s Khera maintains that cost savings can be achieved with its “integrated system” and refutes the fact that private banks are slicing their tech-dedicated budgets.
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TECHNOLOGY
“In terms of technology investments with leading private banks in Asia, we are seeing an uptick, not a contraction in budgets,” he says.
DARK HORSE OF THE RACE
Unsurprisingly, fintech startups have entered the fray, flooding the market for terminals and piling the pressure on market leader Bloomberg. 2013 provided the perfect window for fintechs to step up, when Bloomberg journalists were accused of accessing client information from clients’ terminals, including those used by Goldman Sachs and J.P. Morgan. One such US-based startup is causing plenty of stir: Symphony, a messaging service and technology platform, has not attacked Bloomberg head-on in the way that Thomson Reuters has, but has cer-
tainly made waves with its 30,000 (and rising) user base, particularly after it received the backing from a consortium of 15 banks including Goldman Sachs. When it goes live this year, it will be priced at a mere US$15 per user per month. Other upstarts to watch for include FactSet, Markit and Capital IQ, which all provide information on financial instruments, market data and analytics. These are, of course, early days for fintech providers, and though they may have opened a second front in the battle for financial services, the headline war is being fought between Bloomberg and Thomson Reuters. But, both providers would be wise to keep a close eye those nimbler and less expensive fintechs that have the potential to outflank them at short notice.
A TALE OF TWO TERMINALS While other financial data firms have offered similar services, none have managed to work their way into the fabric of finance and become household names like Bloomberg Terminal and Thomson Reuters’ Eikon. For nearly three decades, the flickering orange-on-black screens and the intricately coded keyboards of Bloomberg Terminal were omnipresent on Wall Street trading floors and executive desks.
Its most significant competitor emerged in 2010 when Thomson Reuters, after several attempts to revamp its terminal, broke into the market with Eikon. While the terminal is notably cheaper than Bloomberg Terminal, it delivers a similar service of monitoring and analysing financial information. It also has its own internal messaging system. Here’s a bare-bones comparison of the two products.
Bloomberg Terminal
Thomson Reuters Eikon
Launch year
1982
2010
Annual fee
US$20,000 - US$25,000
US$3,000 - US$6,000
No. of users globally (as of 2015)
325,000
190,000
Formats
Desktop application, mobile access, physical terminal with customised ey ard and a ane ni rs
Desktop application, mobile access
Market share (as of 2013)
57%
37%
Regional popularity
US and Asia
Europe, Middle East and Africa
Key functionalities for private banks
• One key functionality on specialised keyboard • Fingerprint scanner • News wire access • In-house messaging service – Bloomberg chat • Financial market data and news wire access • Multi asset pricing including equities, fi ed inc e deriva ives
• Multi-asset pricing from data covering 175 currencies, from 2,000 contributing sources • Research and data from Twitter feeds • Financial market data and news wire access • Financial estimates covering 22,000 companies across 87 countries • a i vervie s e c an es in countries • Charting tools • App studio
Source: Asian Private Banker
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INDUSTRY
2016 interim earnings snapshot Not everyone believes in quarterly earnings guidance; indeed a Jamie Dimon-led consortium recently called for quarterly reporting to be scrapped, suggesting that such guidance “could do more harm than good”. Nevertheless, earnings reports provide some semblance of an insight into a bank’s financial health. So with the mid-year reporting season coming to an end, Asian Private Banker presents a snapshot of private banks’ interim results for 2016.
Bank of Singapore A AUM +11% to US$61bn YTD A Operating profits consumer (OCBC) and private banking +9% to S$526m (US$389m) YTD
BNP Paribas Wealth Management A Global AUM +1.8% YOY to €331bn (US$367bn) K Net asset flows -5.4% to €3.6bn (US$3.9bn) A “Significant asset inflows” in domestic markets and Asia Citi Private Bank K Global revenue -1% QOQ, -1% YOY to US$738m K Global private banking revenue accounts for almost 17% of total banking revenue.
Credit Suisse Private Banking A Asia AUM +5.8% QOQ to CHF158.3bn (US$160.9bn) A Asia net new assets of CHF5bn (US$5.1bn), with positive inflows from Southeast Asia, Australia and Greater China
K Asia pre-tax income -25% QOQ to CHF90m (US$91.5m) A +30 RMs added in Asia Q2 including veterans Edwin Lim, Stella Kong and Carole Cheung.
Deutsche Bank Wealth Management A Global AUM +€4bn (US$4.4bn) to €361bn (US$400.6bn) K Global revenues -12% YOY to €490m (US$544m) F APAC WM client assets flat at €49bn (US$54bn) EFG F Global AUM flat at CHF80.6bn (US$81.1bn) K Global net profit -13.6% YOY to CHF38.1m (US$38.4m) due to BSI integration costs
K Global RM headcount of 424, down 20 YOY Goldman Sachs Private Wealth Management F Global investment management (incl. PWM) revenues +1% QOQ, -18% YOY to US$1.35bn K Incentive fees -86% YOY, from US$263m to US$37m
HSBC Private Bank K Global client assets -4.4% YOY to US$349bn F Asia Q2 pre-tax profit of US$57m K Global Q2 loss of US$667m K Global cost/efficiency ratio of 158.8% F Asia income US$137m, HK-specific US$44m
J.P. Morgan Private Banking K Global private banking client assets -3% YTD to US$425bn F Global Wealth Management (incl. Private Bank) revenue +3% QOQ, 1%YOY to US$1.52bn
Julius Baer A Global AUM reaches bank high of CHF311.4bn (US$316bn) A Global net new money of CHF5.5bn (US$5.6bn) A Group adjusted net profit CHF402m (US$407.9m), up 4.7% YOY when excluding H1 2015 US provision
A Global Cost/income ratio below 65% A +200 RMs added YTD (a bank record), majority of hires in Asia Morgan Stanley Private Wealth Management K Global wealth management (incl. PWM) profits -8% YOY to US$516m
K Global transaction revenues down US$74m YOY to US$798m A Client assets in fee-based accounts reached US$820bn A 40% of client assets globally now sit in fee-based accounts, “new record” for bank
Standard Chartered Private Bank A 500+ clients added globally YTD A Global income +7% YTD, to US$261m A Greater China & North Asia income +17% A Big hires in Asia – Vivian Chan & Srinivas Siripurapu UBS Wealth Management A APAC AUM +1.9% QOQ to CHF271bn (US$276.6bn) A Asia net new money +CHF6.8bn (US$6.9bn) – more than any other region
K Global pre-tax profit -7% QOQ, -31% YOY to CHF518m (US$529m)
F Cost/income ratio +0.6 percentage points to 66.6% A +70 RMs in Hong Kong and Singapore YTD F Total APAC RM headcounts -77 to 1,062 due to exit from Australia onshore
Union Bancaire Privée A Global AUM +3% YTD to CHF113.5bn (US$115bn), A CHF8.2bn (US$8.3bn) in assets transferred April 2016 postCoutts Asia acquisition
A Operating profit +18% YOY to CHF110.5m (US$112m) F Asia AUM approximately CHF14bn (US$14.5bn) UOB Wealth Management A Private banking, privilege banking, privilege reserve AUM +6% YOY to S$88bn (US$65bn)
K WM income -42% QOQ to S$110m (US$81m) asian private banker 21
PE O PL E MO V ES
MOVERS & SHAKERS
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RM NEXUS: HNW INSURANCE Hong Kong | October 18, 2016 | 12:30pm – 6:00pm Singapore | October 20, 2016 | 12:30pm – 6:00pm
Multiple New Solutions For RMs by RMs Growing End-client Needs Blossoming Revenue Growth
ADVISORY COUNCIL Alexander Tan
Gérald Pasquier
Jim Man
Lee Woon Shiu
Owen Young
Peter Triggs
ED, Wealth Planning Life Insurance & Financial Planning, APAC
Director, Wealth Planning APAC, International Tax
Director, Insurance Product Management, APAC
MD and Global Head of Bancassurance, Wealth Management
MD, Head of International Clients and Wealth Structuring
UBS Wealth Management
UBS
Credit Suisse
Managing Director, Head of Wealth Planning, Trust and Insurance
Standard Chartered Private Bank
DBS
Bank of Singapore
This event qualifies for CPT/CPD accreditation. For more information on the RM Nexus: HNW Insurance, please visit apb.news/rmnihk2016 or contact Sonia Lam (sonia.l@asianprivatebanker.com)
Lead Partner