THE WINNERS
INDEPENDENT. AUTHORITATIVE. INDISPENSABLE. #APBAFD2019
LETTER FROM THE EDITOR
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elcome to Asian Private Banker’s 2019 Awards for Distinction Winner’s Edition. Since the turn of the year, when we made our decisions, the world has changed irrevocably. It is too early to determine what impact the current Covid-19 pandemic will have on the private banking industry — let alone global political, economic, and social structures. What is also true here in Hong Kong is that the social unrest of 2019 may flare up once more, or at the very least, is unlikely to dissipate. Again, this has engendered considerable uncertainty in the city’s financial services sector and in its U/HNW segment.
As a result, conversations last year invariably centred on capital flight and the long-term viability of Hong Kong as a stable booking centre. Banks and regulators were quick to pour cold water on claims that Hong Kong’s wealthy were pulling capital from the city. At the same time, investors were hedging their bets by opening Singapore accounts in record numbers. What has not changed, at least to my mind, is Hong Kong’s pivotal role as the gateway to — and exit point from — China. Perhaps the optimism around the opportunities brought by the Greater Bay Area project has waned, and indeed, the COVID-19 crisis may further slow any progress on this front. But Hong Kong’s role as a core global financial centre and the epicentre of Chinese private banking will remain unchallenged for the foreseeable future. Credit must go to those Hong Kong-based private banks that pitched for our annual Awards for Distinction amid the disruptions of 2019. And more importantly, our thanks go out to all those who participated — we received just over 130 submissions from over 40 institutions in Asia and my team conducted 114 hours of pitch meetings over a fiveweek period. We saw a genuine improvement in the quality and transparency of submissions across the board. This is important because I feel the quality of this programme rests on the quality and accuracy of our decision making. As per usual, we considered your business performance for the period under consideration, but more so, we placed an emphasis on the quality of your business and offering and how that aligned with your business strategy. In other words, in many cases we were comparing apples with oranges but did so by focusing on certain and broad points of commonality: relevance of solutions and services suite; quality of advisory and execution; and metrics that indicate a healthy and sustainable business. The winners featured in this edition all made a strong case backed by evidence. We congratulate the winners of Asian Private Banker’s Awards for Distinction 2019 and wish you the best in these challenging times.
Cheers,
Sebastian Enberg Editor Asian Private Banker
AWARDS FOR DISTINCTION 2019
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Awards for Distinction 2019
CONTENTS 3
Letter from the editor
7 About the Asian Private Banker Awards for Distinction 2019
CEO Andrew Shale Editor Sebastian Enberg Editorial Benjamin Yang Charlene Cong Alice So Lorretta Chen Roger Decavele Shivani Hemnani Managing Director Paris Shepherd Business Development Sonia Lam Sam Chan Yana Zhang Charis Tse Ina Lee
Digital Alice Wong Sanya Amin
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Private Banker of the Year Siew Meng Tan, HSBC Private Banking
Design Jacqueline Kwok Jordan Yim
WORLD-OF-BUSINESS AWARDS
Marketing Patricia Jover
12 Best Private Bank – Integrated Platform Morgan Stanley Private Wealth Management Asia
Events Alice Chan
13 Best Private Bank – Pure Play Union Bancaire Privée
Finance & Operations Karman Wu Yuki Chan Xenia So Taurus Mok Angela Yuen Production DG3
Published by Key Positioning Limited 13/F Greatmany Centre 111 Queen’s Road East Wanchai, Hong Kong Tel: +852 2529 1777 Fax: +852 3013 9984 Email: info@asianprivatebanker.com ISSN NO. 2076-5320
AWARDS FOR DISTINCTION
10 Best Private Bank – Asia Pacific Credit Suisse
14 Employer of the Year Bank of Singapore 15 COO of the Year Patrick Dreyfuss, DBS Bank
NORTH ASIA AWARDS 16 Best Private Bank – North Asia HNW Credit Suisse 18 Best Private Bank – North Asia UHNW Morgan Stanley Private Wealth Management Asia 19 Best Private Bank – Hong Kong HSBC Private Banking 20 Best Private Bank – China Domestic China Merchants Bank 21 Best Private Bank – Taiwan Domestic Cathay United Bank
SOUTH ASIA AWARDS 23 Best Private Bank – South Asia HNW Credit Suisse
40 Advertorial Citi Serves Up a Best-of-Both-Worlds Recipe for an Uncertain Investment Universe
24 Best Private Bank – South Asia UHNW Credit Suisse
INVESTMENTS & CONTENT AWARDS
25 Best Private Bank – Singapore Union Bancaire Privée
42 Best Private Bank – CIO Office Credit Suisse
26 Best Private Bank – Global Indians Bank of Singapore
43 Best Private Bank – Discretionary Portfolio Management Julius Baer
27 Best Private Bank – India Domestic Barclays Private Clients 29 Best Private Bank – Australia Domestic Credit Suisse 30 Best Private Bank – Indonesia Domestic Bank Mandiri 31 Best Private Bank – Malaysia Domestic Maybank 32 Best Private Bank – Philippines Domestic BDO Private Bank 33 Best Private Bank – Thailand Domestic Phatra Securities
44 Best Private Bank – Sustainable Investments Indosuez Wealth Management 46 Best Private Bank – Investment Advisory Credit Suisse 47 Best Private Bank – Fund Advisory Morgan Stanley Private Wealth Management Asia 49 Best Private Bank – Equity Advisory Bank of Singapore 50 Best Private Bank – Fixed Income Advisory HSBC Private Banking 51 Best Private Bank – FX Advisory BNP Paribas Wealth Management
SERVICE AWARDS
52 Best Private Bank – Alternative Advisory HSBC Private Banking
35 Best Private Bank – Client Experience Credit Suisse
53 Best Private Bank – Credit Advisory Credit Suisse
36 Best Private Bank – Wealth Planning Services HSBC Private Banking 37 Best Private Bank – Intermediary Services Credit Suisse 38 Best Private Bank – Next Generation Services Credit Suisse 39 Best Private Bank – Digital Innovation & Services IDFC FIRST Bank
54 About APB
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12 May Hong Kong 14 May Singapore
Expect coverage on CEO and CIO insights to in-depth focus sessions on asset classes and products with Asia’s top C-suite private bankers, IAM/EAMs and wealth managers.
For more information, please visit
www.apb.events/registerapbs This event qualifies for CPT/CPD accreditation.
RSVP to Alice Chan events@asianprivatebanker.com / +852 2529 1737 Conversation Partners
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ABOUT THE ASIAN PRIVATE BANKER AWARDS FOR DISTINCTION 2019 Since 2011, the Asian Private Banker Awards for Distinction have set the benchmark for excellence in private wealth management in the Asia Pacific region. And just as the industry has evolved drastically over these years, so have the Awards, which now more than ever are recognised for the independence and rigour of the adjudication process, the calibre of participating institutions, and the global recognition they bring. The Awards for Distinction are designed to recognise private banks, institutions with private banking services, and, for select categories, independent wealth management firms for their achievements within a given year across categories spanning market segments, business and operations, client services, and investment solutions. This year, 120 submissions were made by 44 private banking institutions.
ME T H O DOLOGY
Winners are selected by the Judging Panel on the basis of any and all information submitted. The Judging Panel assesses submissions based on quantitative and qualitative data with a focus on relative (year-on-year) performance. Full details of the methodology and criteria are defined by the Submission Guidelines, which can be requested by emailing awards@asianprivatebanker.com.
T HE J U DGIN G PAN EL
The Awards for Distinction are judged by members of Asian Private Banker’s editorial team and chaired by Sebastian Enberg, Editor. The editorial team is the most experienced and connected bureau of journalists covering private banking and wealth management in the Asia Pacific region.
Sebastian Enberg Editor
AWARDS FOR DISTINCTION 2019
Benjamin Yang Deputy Editor
Charlene Cong, CFA Senior Reporter, Head of Investments Coverage
Alice So Senior Reporter
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PRIVATE BANKER OF THE YEAR
PRIVATE BANKER OF THE YEAR Tan Siew Meng took the reins of HSBC’s Asia private banking franchise at a critical juncture for the business. Globally, the bank was in the throes of refashioning its private banking operations, in a manner that would enable it to better draw on the strengths of the group and, at the same time, feed back into the broader activities of the group. The rationale was that a more integrated private banking division would ultimately enable HSBC to serve its wealthier private clients with greater efficiency and effectiveness. Asia, the epicentre of wealth creation and the hub of HSBC’s global activities, was front and centre of that plan, and it is in Asia where the private bank today is at its most ambitious. The fact that Tan is not a career private banker is a positive in this sense. She brought to the role decades of experience, most notably from the corporate side of the bank — arguably HSBC’s ‘crown jewel’ business. And because HSBC’s goal was to engender an almost symbiotic relationship between commercial and private banking, as well as between capital markets and retail, Tan’s exposure to and know-how of a broader set of clientele and activities meant she was uniquely placed to drive the newly positioned private banking franchise in Asia. Thus, with Tan’s appointment as head of Asia global private banking in 2017 came an expectation that her leadership would be instrumental in ensuring that critical milestones were achieved and, ultimately, that HSBC’s vision for a rejuvenated and reintegrated private banking unit was realised. At the same time, HSBC’s private banking business in Asia was searching for its own momentum. Its legacy relationships were deep and sticky, but there was a pervading sense among industry observers and practitioners that the private bank could and should achieve a lot more, in view of HSBC’s heritage and deep penetration in the market — and especially in Hong Kong.
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HSBC Private Banking’s first major salvo arrived in late2018, when the bank announced its intention to hire 120 new staff in the region by the end of the year, mainly comprising relationship managers and investments specialists, and add 700 new staff by 2022. The bank also outlined digitalisation plans for the region, which included the private banking unit, and addressed the imbalance in its private banking business between Hong Kong and Singapore with plans to double client assets booked in the city-state within five years. Ambition is one thing, but execution is an altogether different beast. From the get-go, Tan has never wavered in her conviction that these targets can be achieved, and, step by step, she has efficiently and prudently zeroed in on these targets — which remain on-track and are, in fact, ahead of schedule. But what is more telling is the work being done under the hood by Tan and her team. And this is what Asian Private Banker recognises. Even a cursory glance at HSBC Private Banking’s financial performance in Asia would tell the keen observer that the quality of the business has improved dramatically since Tan assumed leadership. Notwithstanding robust and steadily increasing revenues — including a real improvement in the revenue mix — and the continued strong growth in client assets, a critical measure to gauge how successful HSBC Private Banking’s efforts have been in coordinating more effectively within the group and doing more with its group-connected clients is performance attributable to cross-bank referrals. And in 2019, Asia not only contributed the lion’s share of global net new asset inflows of US$32 billion, but north of 60% of net inflows were a result of cross-bank collaboration, and overall referral business increased 70%. Peer closer and it becomes apparent that this positive momentum is in no small part due to the strategic growth initiatives Tan has pursued since her
AWARDS FOR DISTINCTION 2019
PRIVATE BANKER OF THE YEAR
Tan Siew Meng regional head of HSBC Private Banking Asia Pacific
appointment. In Asia, HSBC’s private banking client list is dominated by UHNWIs and business owners, and thus Tan has prioritised developing the private bank’s offering for more sophisticated investors, assembling an UHNW-dedicated team, ramping up investment councillor coverage and expanding the bank’s ability to deliver bespoke and institutional-level solutions. The results were immediate. In less than a year, HSBC Private Banking witnessed a 23% growth in its total UHNW client position and saw its ultra-credentials skyrocket in the industry. Under Tan’s watch, the private bank’s managed solutions activities have flourished. A major reason is the emphasis that has been placed on quality over quantity and, where viable, exclusivity. In particular, the alternatives advisory business drew in record — and likely industry-leading — inflows in 2019, not because it delivered the most ‘launches’ but because the solutions themselves addressed very real client demands and, in many cases (including its flagship ‘Vision 2019’ discretionary private equity portfolio) made the most of the in-house strength of HSBC Alternative Investments Limited. Tan has overseen important changes made to the bank’s family office and next-gen offerings — traditionally two areas of strength considering the bank’s expertise in wealth planning and deep multigenerational relationships in Asia. But these are also areas of immense competition. Most notably, Tan presided over the development and relaunch of a refreshed next-gen programme in Hong Kong and Singapore in 2019, with an emphasis on entrepreneurship, sustainability, and family legacy — all key focal points of the group as a whole.
“I feel very proud to receive this immense honour of being named Private Banker of the Year. I am fortunate to work alongside truly exceptional colleagues and this award reflects the hard work and dedication of the entire Private Banking team in Asia. Following a period of significant transformation across our business in Asia, it is encouraging to see the results of our hard work being recognised as we aim to bring the best of HSBC to our valued clients. There is still much to be achieved. I will, with my very motivated team, continue to push boundaries and create new opportunities for our clients in the years to come.” - Tan Siew Meng, regional head of HSBC Private Banking, Asia Pacific
Tan’s ability to galvanise, empower, and rally a large and ambitious team around a common cause, all the while pushing through consequential structural changes with minimal disruption and to maximum effect. In 2019, Tan set an example for the industry about what it means to lead with passion, resilience, vision, and accountability. For this reason, Tan Siew Meng is Asian Private Banker’s Private Banker of the Year for 2019.
That Tan has more than demonstrated her leadership qualities over the past three or so years is beyond question; but what Asian Private Banker applauds is
AWARDS FOR DISTINCTION 2019
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WHOLE-OF-BUSINESS AWARDS
CREDIT SUISSE No other private bank in Asia fulfils its value proposition or mission statement better than Credit Suisse, which aims to be the trusted entrepreneur’s bank in the region, and no other bank in Asia is better structured and coordinated across divisions and activities to meet the needs of its target clients. Indeed, Credit Suisse is the embodiment of the edict that structure follows strategy, but just as any strategy is fluid, so is Credit Suisse in the manner it adjusts and recalibrates every single year — which is an impressive and rare trait in this industry. To effectively bank Asia’s entrepreneurs, a bank needs to be ‘local’ and at full capability wherever its clients are and wherever their activities may be. To this end, Credit Suisse outdoes its global peers in its regional footprint and booking centre coverage, and in its integrated platform, which respects the multi-market and onshore/offshore demands of entrepreneurs. Moreover, the difference between Credit Suisse and its peers lies in the quality of execution. Banks that are fragmented in terms of structure or processes, or that have half-a-foot in a market, struggle to build meaningful client relationships in this region. This is where Credit Suisse excels, as evidenced by the litany of flagship deals the bank notched up in 2019 and across markets. These achievements speak not only to the quality of the Credit Suisse team, but to the fact that the coordination between its divisions and markets, onshore and offshore, is seamless relative to its peers. The result is that Credit Suisse’s client relationships tend to be comparatively sticky and institutionalised and, crucially, more multifaceted than what many other banks in the region enjoy. There are specific reasons for this, not all of which can be pointed out here. But the Judges would like to single out the lubricating role of the APAC Financing Group, the
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depth and breadth of Credit Suisse’s products and solutions suite (particularly on the bespoke and exclusive side) and critically, the quality of the bank’s advisory. Credit Suisse, more than any other private bank in Asia, is able to feed the right ideas to the right clients at the right time. This is in part due to the bank’s first-rate IC team, as evidenced by the take-up of ideas and alpha generated throughout 2019. And it is also due to the power of Credit Suisse Invest, the bank’s digital advisory solution, which fulfils a growing desire by clients to interact digitally with the bank, and ultimately institutionalises relationships. Furthermore, Credit Suisse, over the years, has demonstrated that it is ahead of the curve in working with internal and third-party providers to develop and distribute products that resonate with clients because they are timely, effective, and differentiated. This is well evidenced on the managed solutions side, which has led the way in the industry in terms of FMPs and exclusive thematic plays such as smart mobility and digital healthcare. The bank has been making strides in its DPM business as well, which achieved record inflows and strong performance across the board last year, which speaks to the quality of the CIO office, which won the ‘Best Private Bank – CIO Office’ award in 2019 on account of performance generated and content delivery. Credit Suisse is deeply tuned in to fundamental changes that are reshaping the wealth management industry and is very much on the front line in adapting to these emerging and disruptive trends. Its digital prowess, helmed by Credit Suisse’s Digital Private Banking platform, is widely recognised. Beyond this, the bank has shown its commitment to sustainable investing in the region by making key hires in 2019, led the way in terms of preparing
AWARDS FOR DISTINCTION 2019
WHOLE-OF-BUSINESS AWARDS
François Monnet head of private banking North Asia, Credit Suisse Private Banking Asia Pacific
for Hong Kong’s complex products regime, and is forging new ground in the quest to bank the next generation. The next-gen point is important, because it is a mission shared by most of Asia’s private banks. The Judges were truly impressed by how Credit Suisse, beyond the excellent YIO, systematically maps, tracks, and targets next gen individuals internally and externally — with results, which is a step beyond what its peers are doing. Ultimately, the net result of this hard work and dedication is robust and sustainable financial performance. On all fronts — net new money flows, revenue by streams, RM productivity, mandates penetration — Credit Suisse outperforms, and that with an RM team half the size of its nearest competitors. Finally, Credit Suisse deserves recognition for the work it is doing on the human resources, training, and corporate social responsibility fronts. An inordinate amount of consideration and effort goes into nurturing the culture and upskilling of staff and, as a result, the bank is arguably the most ambitious and empowered at the individual level in the region. More so, Credit Suisse has successfully embedded in its culture a sense of social duty, which in this current environment, is cause for recognition.
Benjamin Cavalli head of private banking South Asia, Credit Suisse Private Banking Asia Pacific
“We are truly honoured to be named the Best Private Bank for Asia Pacific for the fifth time, cementing our position as an industry leader. This win attests to the strength of our franchise, the success of our business model, and the dedication of our talented team. Positioned as the bank for entrepreneurs in Asia Pacific, our collaboration across businesses and geographies enables us to serve clients holistically across their private wealth, businesses, and their personal aspirations. The private banking business in APAC performed strongly last year, despite a mixed market environment. For 3Q2019, we achieved several record performances, delivering AUM of CHF 222 billion, a 7% growth year-on-year. We also achieved record net interest income and higher transactionbased revenues, with mandate penetration and volumes at record levels. Our productivity, as measured by revenue per RM, is industry leading and we are committed to developing new tools and enhancing processes to continue to bolster the productivity of our RMs, allowing them to focus on deepening their relationship with clients. Looking ahead, we will continue to focus on enhancing our capabilities, extending our reach and leveraging the tremendous opportunities in Asia Pacific.”
- François Monnet, head of private banking North Asia, Credit Suisse Private Banking Asia Pacific - Benjamin Cavalli, head of private banking South Asia, Credit Suisse Private Banking Asia Pacific
Credit Suisse is Asian Private Banker’s Best Private Bank – Asia Pacific for 2019.
AWARDS FOR DISTINCTION 2019
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WHOLE-OF-BUSINESS AWARDS
Vincent Chui head of Asia wealth management, Morgan Stanley and chief executive, Morgan Stanley Bank Asia Limited
MORGAN STANLEY PWM ASIA That Morgan Stanley’s Asia Private Wealth Management franchise has gone from strength to strength over the past few years is in no small part down to how the bank — which places tremendous emphasis on the quality of its institutional securities and global research backbone and ideas — operates as a cohesive and coordinated unit at the client interface. This is something most, if not all, universal and retail-linked banks strive for, and it would be fair to say that for those banks that do — including Morgan Stanley — the mission to realise the desired degree of integration across divisions and activities is always a work in progress. But Morgan Stanley continues to take meaningful steps to enhance its delivery of advice, ideas, and solutions to clients whose needs typically draw on the full capabilities of the group. To achieve this, Morgan Stanley installed a Strategic Advisory Solutions (SAS) unit in the region whose function is to enhance collaboration between the private wealth management and investment banking arms and, ultimately, drive cross-selling activities. Indeed, SAS is a vital piece in Morgan Stanley’s one-banking proposition because the one-bank ‘promise’ typically breaks down when banks rely solely on experienced and entrepreneurial bankers to navigate the divide, without introducing structural solutions. And considering the profile of its clients — UHNWs, corporates, and asset owners — Morgan Stanley’s ability to harness the full resources and scale of the bank to holistically cover and execute upon their needs is critical. As a result, the bank is stronger than ever in terms of facilitating IPO two-way referrals, FICM mandates, strategic financing, M&A opportunities, private placements, and bond issuances — all core activities. The power of Morgan Stanley’s integrated approach is also evidenced by its widely vaunted research arm. Unlike some of its competitors which separate buy-side and sellside research and content, Morgan Stanley produces a single body of institutional-grade research for its clients. Again, this is significant, in view of the sophistication of the individuals who it banks, and because of the importance of advising clients with a single voice and view. Morgan 12
“At Morgan Stanley Private Wealth Management Asia (PWM Asia), we thrive on providing UHNW clients with access to an integrated platform comprising best-inclass global capital market, advisory and product talent. We embrace complexity and individuality to deliver to clients the most suitable and creative solutions. In 2019, this model worked well. At a time when many firms consolidated during a very challenging and volatile operating environment, we accelerated growth and achieved strong financial results. To demonstrate our commitment to the WM business in Asia, we upgraded our Hong Kong incorporated banking entity to a full licensed bank and renamed it ‘Morgan Stanley Bank Asia Limited’. We call Asia home and operating out of our hubs in Hong Kong and Singapore, we are well placed to help clients manage the wealth and investment needs of their families and companies. As our clients navigate through challenges posed by COVID-19 and associated social economic issues in 2020, we strive to leverage our integrated platform to help clients achieve their wealth and investment objectives in this environment.” -V incent Chui, head of Asia wealth management, Morgan Stanley and chief executive, Morgan Stanley Bank Asia Limited
Stanley’s renowned conferences, including its annual Asia Pacific Summit in Singapore, stand as testament to this. But crucially, the bank went a step further in 2019 by enhancing the piping between its research ideas and investment solutions. An important example of this is the recently launched thematic equity portfolio, which harnesses the bank’s flagship research on ‘Global Best Business Models’ to deliver a discretionary solution to its clients in Asia. The Judges recognise this initiative, which demonstrates that Morgan Stanley is keenly aware of how it can differentiate on the basis of its global leadership in investment banking, sales and trading, and research and make the most of the strengths of the group to augment its open architecture platform. It is truly a global private bank which thinks and excels as an investment bank. Morgan Stanley is Asian Private Banker’s Best Private Bank – Integrated Platform for 2019. AWARDS FOR DISTINCTION 2019
WHOLE-OF-BUSINESS AWARDS
Michael Blake chief executive, Asia, Union Bancaire Privée
UNION BANCAIRE PRIVÉE Some may point to Union Bancaire Privée’s acquisition of Coutts’ international wealth and asset management franchise in 2015 as the catalyst for the bank’s growth in Asia, but in reality, the strides that UBP has since taken are, first and foremost, the result of astute leadership, sheer hard work, and a single-minded conviction that success as a pure-play private bank rests on getting the fundamentals right. One should look no further than how UBP has transformed its business from one that was heavily dependent upon transactional activities into one that leads with advice and bespoke solutions. In practice, it has placed an inordinate emphasis on guiding clients into house-aligned fee-based solutions — whether advisory or discretionary mandates — with remarkable success. Today, over 70% of UBP’s accounts in the region include advisory or discretionary mandates, whereas three years ago, 70% of accounts were execution-only. Moreover, UBP in 2019 continued to develop its bespoke mandates offering, including customised ‘institutional-grade’ solutions for private clients through the group’s asset management platform, leading to over US$500 million in net inflows into bespoke mandates during the year. This is part and parcel of UBP’s earlier decision to deepen its coverage of Asia’s UHNWs — a segment whose share of UBP’s Asia AUM keeps growing rapidly. The importance UBP is placing on the upper-tier segments is clear from its decision to launch a wealth planning-led service aimed at helping Asian families establish single and multi-family offices. While in its infancy, the initiative has already produced two flagship deals, including one that demonstrates the bank’s ability to coordinate globally to execute. In addition, UBP established a corporate finance advisory referral panel and, in another milestone, upgraded its merchant banking licence in Singapore in 2019 to wholesale, thus enabling it to take on SGD deposits.
AWARDS FOR DISTINCTION 2019
“On behalf of the entire UBP Asia team, I would like to thank Asian Private Banker for the Best Private Bank – Pure Play award. It represents an important milestone in our journey to build a business focused relentlessly on delivering highly personalised service and customised investment solutions attuned to the needs of clients in Asia.” - Michael Blake, chief executive, Asia, Union Bancaire Privée
All the while, UBP has been prudent but effective in its approach to talent acquisition. This is a bank that believes in the importance of a high-touch service — and its track record of appointments over the past 18 months reflects this, including key hires in its North Asia business and, significantly, the addition of a chief investment strategist for the region. The enhancements UBP has made to its offering and the strong uptick in the quality of the business it is conducting relative to a few years ago, invariably show through in the bank’s financials, which evidence a sustainable franchise with a healthy revenue mix, a good balance in business between its Hong Kong and Singapore branches, and a client book that is sticky and increasingly ultra-populated. UBP is today a visible market participant in Asia with a genuine and justified ‘right to win’ on account of the quality of its solutions and servicing alone. UBP is Asian Private Banker’s Best Private Bank – Pure Play for 2019.
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WHOLE-OF-BUSINESS AWARDS
Jeffrey Chiam global head of human resources, Bank of Singapore
BANK OF SINGAPORE While upholding a renowned name as an employer can be difficult, it is more challenging to eradicate old stereotypes and impress employees to buy-in to the change in company culture. Among strong contestants, Bank of Singapore has made the most efforts to establish a positive company culture by leading with a powerful tone from the top and making visible enhancements in 2019 that benefitted staff — who were able to judge for themselves from their daily working experience. Healthy business prospects and the willingness to invest in human capital have attracted a diverse pool of talent to work for this young and vibrant OCBC subsidiary. Bank of Singapore houses talent hailing from over 30 countries with an average tenure of five years. The workforce has a good balance of people from different ages and genders, with women taking up 45% of senior positions in the bank and over half of employees being millennials or younger. The use of AI chatbots for résumé screening and core competencies assessment sits well with the younger workforce which appreciates the operational smoothness. The bank uses profiling tools to find the best fit among young talent and has in place four different tailored programmes across Hong Kong and Singapore to ensure there is a sustainable, well-trained talent flow within the bank from front to back office. Awarded the ‘Best Private Bank – Training & Development’ award in 2017, Bank of Singapore has a customised and “panoramic” wealth management training suite with multiple training options — from regulatory qualification programmes, an Institute of Banking & Finance accredited advanced diploma in private banking, to data visualisation workshops. The bank took this further in 2019 by cancelling the need for manager approval in attending training programmes and having its first learning carnival in Dubai. To create a more collaborative working environment, Bank of Singapore renovated its offices this year from traditional silo cubicles into an open office with ample pantry space and breakout areas, while taking care of 14
“An organisation’s success is defined by the experience it provides to stakeholders. We place people and culture on top of our priorities and are proud of our diverse, motivated, and forward-looking workforce providing a great customer experience. We have made considerable strides in creating a unique identity for Bank of Singapore as an employer of choice, embodying the core values we stand for. We maintain a conducive environment for our employees to succeed in their present and future roles by promoting a strong learning culture, spirit of innovation, inclusiveness and open communication. Our talents are valued as individuals who have immense potential and a growth mindset. We therefore provide them with many opportunities to stretch themselves and excel. As we expand our global footprint, we continuously seek out talents and give new joiners a great experience by providing innovative staff programmes, development opportunities and a supportive workplace, where everyone works as a team but is valued as an individual.” - Jeffrey Chiam, global head of human resources, Bank of Singapore
gender and cultural nuances — with dedicated ovens for halal food and nursing rooms for working mums. By standing firmly against any emotionally harmful interactions at work, Bahren Shaari, CEO of Bank of Singapore made a clear and determined statement towards establishing a more supportive culture within the bank at the 2019 townhall meeting. The bank created a colleagues appreciation day, an online comic series on workplace etiquette, and made ‘thank you’ cards always available, so staff could show their appreciation to fellow colleagues on a regular basis. The feedback of employees showed they were impressed by the effort made by management in the recent two years to revive a positive work culture in the bank. They believed that the bank was on the right track to becoming more friendly, flexible and reputable as a workplace. Bank of Singapore is Asian Private Banker’s Employer of the Year for 2019. AWARDS FOR DISTINCTION 2019
WHOLE-OF-BUSINESS AWARDS
Patrick Dreyfuss COO wealth management group, DBS Bank
PATRICK DREYFUSS, DBS BANK Considering that DBS was originally set up by the Singapore government as The Development Bank of Singapore for the purpose of industrial finance — its ambition to be seen as a tech company, not a bank, raised quite a few eyebrows at first. Enter Patrick Dreyfuss, COO wealth management group of DBS Bank. Since joining the bank five years ago, he has been steadfast in boosting its efficiency and performance, and furthering its digital transformation regionally, as well as supporting the development of the bank’s international centres in the UAE, UK, and Thailand amidst rising regulatory scrutiny across the industry. Balancing technological innovation and regulatory compliance has never been an easy task, but is one that Dreyfuss executes with speed and thought. In his home market of Singapore, his team recently one-upped peers by being amongst the first to effectively implement operational changes for the accredited investor regime and the opt-in process, as per the regulators’ guidance, thus helping bankers to save time. DBS has also been successful in leveraging digitalisation to enhance client servicing standards and build a sustainable business, thus giving its relationship managers a competitive edge. Examples include the recently launched Portfolio Advisory Enablement Tool (PAET) which offers even more personalised and relevant investment recommendations, end-to-end automation of request for quotes and straight-through execution on a wide range of products, KYC processes, and sales surveillance. DBS has also continually enhanced and reinforced risk culture across the organisation. For instance, an individual RM control dashboard was implemented and processes were reviewed to align compliance with control and regulatory expectations, and client needs. In that respect, DBS rolled out a suitability approach in 2018 based on the entire portfolio composition rather than individual risk ratings of the products. Both its client-facing app (DBS iWealth) and RM portal AWARDS FOR DISTINCTION 2019
“This award isn’t mine alone; it is testament to the efforts of the amazing teams and colleagues I’ve had the privilege to work with here at DBS – digitalising our business, improving experiences and embracing a culture of learning, change and innovation, whilst nimbly adapting our processes to an ever-changing environment. It has been an extraordinary journey working with team DBS and our clients to navigate a world that’s evolving faster than ever, and where the likes of ESG, data and artificial intelligence, and personalised client experiences will play increasingly important roles. I look forward to building our next chapter together!” - Patrick Dreyfuss, COO wealth management group, DBS Bank
(RM Mobility) have also seen upgrades this year, most recently being Hong Kong’s enhanced DBS iWealth platform, offering clients a state-of-the-art and personalised digital banking experience. In 2019, the bank launched DBS digiPortfolio in Singapore as a smart and effective way to democratise and extend the private bank’s discretionary management expertise to a wider audience. The hybrid human-robo investment solution provides access to specially constructed portfolios that are auto-rebalanced as necessary. The bank’s fintech and regtech engagement arm StartupXchange — which scours the market for companies that can complement DBS’s technology — has been active across both Hong Kong and Singapore, exemplifying a commitment to hunt for best-in-breed tech. Shaking up the bank’s operations and continually pushing for its technology architecture, systems, client and employee experiences to be best-in-class, Dreyfuss in 2019, with the support of the highly professional and enthusiastic DBS team, carried out the integral task of cementing DBS’ position as the digitally-enabled wealth management bank of choice — for Singapore and beyond. Patrick Dreyfuss, COO wealth management group of DBS Bank, is Asian Private Banker’s COO of the Year for 2019. 15
NORTH ASIA AWARDS
François Monnet head of private banking North Asia, Credit Suisse Private Banking Asia Pacific
CREDIT SUISSE How does a private bank remain one step ahead of its peers in what is arguably the region’s most competitive geography — North Asia — and in a client segment whose changing needs and expectations are compelling wealth managers to re-evaluate their business strategy and operations? There is no simple answer, although Credit Suisse provides a compelling formula for private banks that strive for relevance and excellence in services and content, effectiveness in execution, and discipline and foresight in the pursuit of sustainable growth. And it is this formula — which centres on acutely understanding clients’ needs and orchestrating the activities of the entire bank to deliver upon those needs with maximum efficacy and efficiency — that has enabled Credit Suisse to navigate challenging market environments and steadily gain market share in the region’s HNW segment. At the heart of Credit Suisse’s proposition to private clients in Asia is its integrated private and investment banking platform and a truly best-in-class spectrum of products and solutions in terms of quality, relevance, and innovativeness. This includes an industry-leading funds and mandates shelf that continues to drive significant inflows from HNW clients and to imbue the bank’s top line with healthy, all-weather stability. Notable successes in 2019 included strong double-digit performance across all asset-class specific portfolios and a sizeable YoY increase in DPM AUM, significant multi-billion-dollar inflows into advisory mandates, and a resounding response from yield-hungry and cash-heavy HNW clients to an alternative supply-chain financing solution, sourced from Credit Suisse Asset Management. But the bank’s crowning accomplishment was its ability to exploit its integrated platform to deliver institutionalquality solutions, advice, and content to Credit Suisse’s HNW clients, both onshore and offshore. To achieve this, Credit Suisse struck a deft balance between traditional and digital modes of engagement and delivery, demonstrating the bank’s commitment to innovation and its cognisance of how client preferences and expectations are changing. Thus, HNW clients in 2019 were served by director-to-vice-president-level bankers and received select access to investments, financing, and wealth planning specialists and market strategists. Not only that, clients were also the benefactors of an expanding suite of digital functions designed to enhance the quality and scope of their interactions with the bank. These included Credit Suisse’s DPB platform — incorporating portfolio monitoring, online trading, and secure chat — and Credit Suisse Invest, a digital advisory mandate solution delivering real-time advice and ideas 16
“We are extremely delighted and proud to win the Best Private Bank – North Asia HNW award. Over the past year, we have continued to deepen our commitment to our HNW clients in North Asia by providing innovative solutions and a wide range of best-in-class products tailored to their needs. In addition, our continued drive to offer to clients greater accessibility to technology, tools, and smart investment advice have enabled them to achieve their wealth management goals. Our ambition is to be the best banking partner for our clients and their families for years to come.” - François Monnet, head of private banking North Asia, Credit Suisse Private Banking Asia Pacific
which ranks as the industry’s most sophisticated such offering to date. In North Asia alone, over three-quarters of eligible clients signed up for DPB, while over half of the total trade volume was through the platform. The potency of Credit Suisse Invest is best evidenced by the fact that ideas delivered via the solution were profitable over 70% of the time and catalysed 26% of all client trades during the period under consideration. Moreover, Credit Suisse continued to demonstrate that it is a bank that converts high-conviction ideas into action. It has long espoused a ‘Supertrends’ thesis, which is front-and-centre of its research output and flagship Asian Investment Conference in Hong Kong. But the bank has taken this thesis one step further by implanting ‘Supertrends’ assumptions into its house view on the basis that investors are better off remaining abreast of — and not reacting to — major structural changes. By getting the fundamentals of Asian private banking ‘right’, Credit Suisse in North Asia kept increasing its penetration of HNW investors in the region. AUM attributable to the segment grew on the back of strong net new asset inflows. Moreover, HNW client revenues continued to track at an impressive double-digit threeyear CAGR from a strong base. The bank’s management did a phenomenal job by using new tools and improving processes to increase productivity. Average revenue per RM in North Asia increased 35% YoY for the period under consideration and when benchmarked against the industry and by title, Credit Suisse’s frontline outperformed its peers. Credit Suisse is the Asian Private Banker’s choice for Best Private Bank — North Asia HNW for 2019. AWARDS FOR DISTINCTION 2019
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NORTH ASIA AWARDS
Vincent Chui head of Asia wealth management, Morgan Stanley and chief executive, Morgan Stanley Bank Asia Limited
MORGAN STANLEY PWM ASIA Morgan Stanley Private Wealth Management Asia (PWM Asia) is a private bank with a very clear sense of identity. It understands where its strengths lie and what its target market is. Crucially, it calibrates its business activities and operations so as to lead with these strengths. Thus, unlike some of its peers that aim to offer something for everyone — and as a result, tend not to excel in any particular area — Morgan Stanley PWM Asia, as the bank for Asia’s UHNW, corporates, and asset owners, occupies a unique position in the region’s private banking ecosystem. The heart of Morgan Stanley’s value proposition is that its private wealth clients receive access to the same institutional platform, investment and research content, and services that its largest and most sophisticated institutional clients do across the globe. This fact alone makes Morgan Stanley an extremely potent partner for North Asia’s entrepreneurial UHNWs whose needs span the private wealth management and investment banking spectrum. From providing access to best-in-class product advisory and transactional services across all asset classes, to a carefully curated range of managed solutions, financing solutions that make the most of the bank’s global platform, institutional-grade research and ideas, and IBled advisory, capital raising, and associate products: the depth and breadth of its service and solutions suite is unparalleled in the rarefied Asian UHNW market. But what truly separates the bank from its peers is the way Morgan Stanley activates its business and teams across the organisation to holistically cover UHNWs in North Asia — and the region for that matter. It is able to do this in large part because of the calibre of its team. Morgan Stanley, which is by no means the region’s largest private bank by headcount, has always placed an emphasis on bringing in talent that is entrepreneurial, experienced, and multi-versed in investment strategies and products, and relationship building. The bank focuses on quality rather than quantity of talent. That said, the private bank is steadily growing its team in Asia, and has made important structural changes, including the introduction of a Strategic Advisory Solutions team, 18
“Morgan Stanley Private Wealth Management Asia is a private bank catering to UHNW investors and asset allocators based in the region. We are very honoured to be awarded ‘Best Private Bank for North Asia UHNWs’. North Asia, namely China, Hong Kong, and Taiwan, forms the most important regional market segment for international private banks in Asia. We are proud that our integrated platform and cross divisional talent pool differentiate us from traditional private banks and wealth managers. UHNW clients demand best-in-class service and products, and we challenge ourselves every day to meet their requirements. In 2020, we will continue to expand our financing, investment and wealth product suite to provide clients better and broader choices. We will also leverage our Strategic Advisory Service (SAS) to provide corporate advisory and capital market solutions to meet clients’ corporate needs. For UHNWs, we deliver a One Firm service.” -V incent Chui, head of Asia wealth management, Morgan Stanley and chief executive, Morgan Stanley Bank Asia Limited
to enhance cooperation between the private wealth management and investment banking arms. As a result, the private bank — and the organisation as a whole — is developing even stickier and more multifaceted relationships with its client base, that includes some of the most demanding and sophisticated UHNW individuals in North Asia. Indeed, on a year-on-year basis, and for the period under consideration, Morgan Stanley recorded high double-digit increases in transaction-based and recurring income, and strong net inflows including another high double-digit increase in client assets in managed solutions — an investments area where Morgan Stanley has taken considerable strides in recent years. Add to this the fact that a large percentage of new client accounts opening in 2019 were attributable to client referrals, and it is clear that Morgan Stanley Private Wealth Management achieved high levels of client satisfaction by virtue of the quality of its offering and delivery. Morgan Stanley PWM Asia is Asian Private Banker’s Best Private Bank – North Asia UHNW for 2019. AWARDS FOR DISTINCTION 2019
NORTH ASIA AWARDS
Ivan Wong co-head for North Asia HSBC Private Banking
HSBC PRIVATE BANKING With the moniker ‘Hongkong Bank’ still pervasively used by locals, one would be forgiven in mislabelling HSBC as an actual Hong Kong lender, when in fact it has been globally headquartered in the UK since the early 1990s. Despite this, HSBC has not forgotten its deep Hong Kong roots, and neither has its private bank, which continued to dedicate an enormous amount of resources in the special administrative region and grow substantially amid extant civil unrest. On the pressures of the very public announcements it made a year prior to double client assets over five years before the end of 2025 and fill 700 roles by end-2022, HSBC’s progress in 2019 was phenomenal and, put less emphatically, par for the course. The bank gripped firmly on a ‘one bank’ strategy and reaped tremendously by looking inwards to the organisation’s massive client base, establishing an infrastructure of collaboration (including structured staff incentives and connectivity teams), and delivering grouplinked, globe-spanning solutions to clients. To put ‘tremendous’ in numbers: 60% of 2019’s net new money came from interdepartmental referrals. These accomplishments were supported by a two-year US$100 million allotment to developing technologies that enhance the client experience. In 2019 alone, the bank launched ‘Wealth View’ for clients’ investment portfolios, ‘Global View’ to link client accounts between the private bank and the retail and wealth management division, and secure instant messaging to facilitate client-RM communications. Also, it primed itself for an extensive enhancement of its core front-end private banking platform and an implementation of a brand new back-end. All this was complemented by a comprehensive advisory offering, an open architecture platform comprising a diverse range of quality global and boutique names, and
AWARDS FOR DISTINCTION 2019
“We are delighted to be named Best Private Bank in Hong Kong by Asian Private Banker. This award is a great recognition of our unique ability to connect clients to the most comprehensive range of wealth, business and family succession solutions available in Hong Kong, drawing on the full global capability of the HSBC Group. Over the past three years, we have invested heavily in our solutions capability, recruited significantly to expand our client teams and support teams, and delivered a refreshed UHNW client proposition. The hard work we put into transforming our business led to a very strong year of performance and growth in 2019, and I am confident we are positioned to deliver even better support our clients through 2020 and beyond.” - Ivan Wong, co-head for North Asia, HSBC Private Banking
an expanded investment team dedicated to constantly helping clients steer through foggy or choppy markets. Further, HSBC Private Banking’s revamped strategy allowed it to rethink the way it serves the group’s UHNW clientele. In one instance, an ultra client of its commercial banking arm, after a major liquidity event, was referred to the private banking after seeking options for his excess capital. Buttressed by years of confidence in dealing with the commercial bank, the client set aside more than US$100 million with the private bank for a trust and estate mandate, with more plans afoot for additional legacy planning. Such stories are rife within HSBC and each contributed to some 23% growth in the private bank’s UHNW asset base in the 11 months up to November. All in all, client assets in Hong Kong achieved the same rate of growth — an impressive feat, especially when considering the private bank’s already sizeable presence in the city. HSBC Private Banking is Asian Private Banker’s Best Private Bank – Hong Kong for 2019.
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NORTH ASIA AWARDS
CHINA MERCHANTS BANK A decelerating domestic economy, unrelenting Sino-US tensions, and a more rigorous regulatory environment would not appear to be conducive factors for any private bank operating in China. Yet, 2019 was incredibly fruitful for China Merchants Bank as it managed to excel through its commitment to long-term, quality growth. China Merchants Bank started off the year with a comprehensive business review to explore ways it could differentiate itself in an extremely competitive landscape. This review prompted a revamp of the bank’s product platform, technology systems, and risk controls, resulting in a wholesale upgrade that ultimately led to a better client experience. In the thick of these resource-intensive upgrades, CMB additionally initiated a systematic investment plan for private equity — a much sought after asset class among wealthy Chinese individuals — and built a data analysis lab and online private banking platform from the ground up.
While China Merchants Bank already boasts the largest AUM total in China, it managed to bump invested assets past the RMB 2.2 trillion mark, while accounts grew by nearly 15% to reach over 80,000 clients. Both feats are especially impressive in view of the prevalence of risk events in 2019 and the fact that clients and their assets were attained, not through expensive campaigns, but through smarter customer acquisition and retention models. With wholehearted dedication to enriching the client experience, China Merchants Bank has thrived amid intensifying competition, meeting client needs through constant revitalisation and innovation to distinguish itself as China’s leading onshore private bank. China Merchants Bank is Asian Private Banker’s Best Private Bank – China Domestic for 2019.
It made several breakthroughs in its family trust business, introducing a new range of trust models to its platform, such as the ‘staff incentive trust’ and ‘investment-right reserved family trust’, to better help clients plan their estates and legacies. China Merchants Bank’s focus on wealth and succession planning extended to its philanthropy business. For family offices, or those with around US$500 million in assets, the bank adopted a new service model to assume a more active role in assisting its ultra clientele with their philanthropic endeavours. The satisfaction of clients as a result of these changes is clearly reflected in the lender’s performance results and, in particular, its growth in AUM and client accounts.
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AWARDS FOR DISTINCTION 2019
NORTH ASIA AWARDS
Robert Fuh CEO private banking, Cathay United Bank
CATHAY UNITED BANK As one of the first domestic banks to launch a comprehensive private banking business in Taiwan in 2013, Cathay United Bank (CUB) Private Bank has, within the span of a few years, achieved an edge over both international and domestic peers. Taiwan’s private banking scene used to be marked by restrictive regulations at home and for a long time, it had been dominated by international banking giants. But with the introduction of CRS (Common Reporting Standard) in 2017 by international governance bodies to fight tax evasion and favourable repatriation tax policy, demands for comprehensive local private banking services soared. Riding on the opportune circumstances and its existing retail banking capacities, CUB has expanded its private banking services throughout Taiwan, with several offices launching successively in Taipei (2013), Kaohsiung (2014), and Taichung (2015). To better meet the clients’ offshore needs and allow more mobility in their assets, CUB has been building up offshore infrastructure in Hong Kong and Singapore (scheduled to launch in 2020), connecting Taiwan with two major financial centres in the region.
“As one of the largest banks in Taiwan, Cathay United Bank has experienced remarkable growth rates in both revenue and AUM perspectives, since it expanded into private banking in 2013. This not only reflects its strong relationship with clients, but also the long-term trust they put in CUB. Winning the award is a testimonial that we have a unique capacity to provide tailor-made solutions by combining local assets with global investment solutions to meet clients’ portfolio needs. We shall continue to strengthen our edge domestically as well as regionally in order to bring a complete platform to our valuable clients.” - Robert Fuh, CEO private banking, Cathay United Bank
Its dedication to serving HNW clients within and without Taiwan has earned it the reputation of providing the “real PB service”. Cathay United Bank Private Bank is Asian Private Banker’s Best Private Bank – Taiwan Domestic for 2019.
In terms of services and products, CUB not only offers comprehensive wealth inheritance and transfer tools but also affords flexible lending facilities through the pledging of local stocks and real estate. On the other hand, the tailor-made services and a great variety of product offerings among different asset classes by the private bank distinguish it from many local competitors. In 2019, AUM growth for CUB Private Bank continued to be strong at 10% YoY, and net new assets grew at 20% YoY. In the last few years, its number of clients has increased by 50% per year on average. The bank demonstrated commitment to talent acquisition and training in 2019, while its team of RMs and investment advisors had an average of 15-20 years of experience.
AWARDS FOR DISTINCTION 2019
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SOUTH ASIA AWARDS
Benjamin Cavalli head of private banking South Asia, Credit Suisse Private Banking Asia Pacific
CREDIT SUISSE In terms of banking HNW individuals, South Asia could well be the most heterogeneous yet untapped region in Asia, and few have been able to crack the code with more finesse than Credit Suisse. The Swiss private bank in 2019 continued to grow from strength to strength and demonstrated that it did not merely capture a sizeable portion of the region’s economic growth but also positioned itself as the go-to bank for wealthy entrepreneurs and budding family businesses. The private bank’s business growth — which has been at a double-digit range for the past half-decade — can be successfully attributed to robust net new asset inflows and a healthy pre-tax income, notable hallmarks of a profitable firm. Onshore India and Thailand, for example, returned significant AUM growth year-onyear respectively, whilst offshore markets such as Indonesia also grew strongly. Building on its brand as the ‘Bank for Entrepreneurs’ in Asia Pacific, the Swiss firm took bolder strides in 2019 by enhancing its onshore presence to capture clients in harder-to-reach tier 2 and tier 3 cities. As Credit Suisse clients, HNWIs were given access to investment counsellors, bespoke mandates, and even hedge fund advisory. The bank was well-invested in its onshore partnerships, investing resources and headcount into each South Asia country in 2019. In Indonesia, the bank built up asset management companies and IDR funds. In the Philippines, the bank doubled the staff in its representative office and its fixed income and DPM products gained traction — favourites of the local HNW clients. In Malaysia, HNW clients could rest their qualms with a broad shelf of Sharia-compliant solutions and disciplined advisory processes to shape up their investment strategy and structure their asset allocation. And in Thailand, a growing number of investment consultants were able to provide clients with more sophisticated advisory services.
AWARDS FOR DISTINCTION 2019
“It is an honour to receive the Best Private Bank – South Asia HNW. This award is a recognition of our strength and capabilities serving clients in this segment across the diverse markets in the region. We are absolutely committed to delivering the highest standard of private banking services to our HNW clients and their families, giving them access to best-in-class financial solutions, insightful market investment outlook and ideas, and the convenience of banking with us through the use of technology.” - Benjamin Cavalli, head of private banking South Asia, Credit Suisse Private Banking Asia Pacific
As a market leader in the South Asia region, Credit Suisse in 2019 built a healthy pipeline of clients and net new assets inflow by smartly prospecting existing and new clients with the support of each country’s market leaders and senior relationship managers. In conjunction, the bank was actively training and preparing assistant relationship managers and junior bankers to take over the baton, steadily readying its staff well ahead of the expected influx of clients and AUM. As a bank with a broad product shelf, notable leadership team, well-regarded bankers and a healthy pipeline of prospected clients, Credit Suisse made navigating a complicated yet actively growing sub-region seem like a breeze via its sophisticated business execution, forward-looking strategies and well-thought-out approach. Credit Suisse is Asian Private Banker’s Best Private Bank – South Asia HNW for 2019.
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SOUTH ASIA AWARDS
Benjamin Cavalli head of private banking South Asia, Credit Suisse Private Banking Asia Pacific
CREDIT SUISSE There are certain attributes a private bank must possess to holistically bank South Asia’s UHNW segment. The first is a footprint and market presence that mirrors the market presence and onshore/offshore exposure and activities of its clients. The second is a relevant capability suite that, ideally, goes beyond wealth management to include services typically provided by a corporate and investment bank. Of course, such services do not need to be offered on an in-house basis, but those banks that do will stand a better chance of developing stickier relationships with this entrepreneurial client base. And third is the ability to execute with agility, innovation, and on competitive terms. Credit Suisse, when measured against these three important qualities and, crucially, its peers, is the clear leader in the UHNW segment in South Asia. No other global private bank can boast a footprint — and dedicated market presence in the variety of these markets — as Credit Suisse can. The Judges would point to Indonesia, a long-held bastion of the bank by virtue of its investment banking arm; Thailand, a competitive geography where the bank has doubled down with an onshore team and strong hires to vindicate its commitment; Australia, were Credit Suisse stands alone as the only genuine private banking offering, by the Judges’ reckoning; and Singapore, where the bank leads with the largest specialist private banking team in the market. Equally important is the fact that each of these markets benefits from the same integrated platform and solutions suite. Indeed, where Credit Suisse excels is in breaking down the barriers between offshore and onshore markets, resulting in deeply institutionalised relationships. This is evidenced by the litany of flagship deals it achieved in 2019: the setup of a trust for Forbes-listed individuals in the Philippines whose relationship with the bank runs deep; the launch of a European property fund that drew in significant inflows from Asia; an immense — and rapidly concluded — financing deal with a major NRI client that drew on the strengths of Credit Suisse’s private bank, IBCM, and financing units; and very significant inflows from UHNW clients into Credit Suisse Invest, which has continued to go from strength to strength in Asia since its launch in 2018.
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“We are delighted to be named Best Private Bank – South Asia UHNW. This award recognises the strong franchise we have built in the region serving UHNW clients across their business and personal investment lifecycles. Our seamless collaboration with our industry leading APAC investment banking and capital markets team brings together a unique and integrated platform serving the financing and innovative investment needs of our UHNW entrepreneurial clients. We are grateful for the continued trust and support our UHNW clients place in us as we partner them in their wealth transformation journey.” - Benjamin Cavalli, head of private banking South Asia, Credit Suisse Private Banking Asia Pacific
These cases may scratch the surface of what the bank achieved in 2019, but what is important to recognise is that they are indicative of Credit Suisse’s ability to execute with agility and innovation. Moreover, the bank has been astute in the way it targets new business in the sub-region, and within markets, operating multiple market prospect management teams whose responsibility is to identify and target top prospects across geographies and decide on a strategy of approach. Again, this is an important tool for the bank to build new relationships in a geography as complex as South Asia, where wealth is not always located in commercial centres and where relationships are often intertwined with legacy relationships with local lenders. And then there is the sheer depth and breadth of the services that Credit Suisse provides to its UHNW clientele in the region which make for a compelling case as to why new prospects should choose the bank as its primary partner. This is a bank that backs up its value proposition with content and delivery. Little surprise then that on the financial performance side, Credit Suisse continues to outpace its peers in terms of NNA across onshore and offshore South Asian markets, top line, and productivity growth over an extended period. Credit Suisse is Asian Private Banker’s Best Private Bank – South Asia UHNW for 2019. AWARDS FOR DISTINCTION 2019
SOUTH ASIA AWARDS
Ranjit Khanna chief executive Singapore and head of private banking Southeast Asia Union Bancaire Privée
UNION BANCAIRE PRIVÉE One of the structural strengths of UBP’s private banking franchise in Asia is the healthy balance of business it enjoys between its Hong Kong and Singapore branches, relative to many of its peers. Add to this the dramatic surge in the quality of UBP’s business over recent years — today UBP leads with a strong advisory and discretionary mandates offering and bespoke capabilities — and it is clear that the bank is on good footing to continue to grow its regional business. Credit must go to UBP’s leadership — and the bank’s entire team in Asia, for that matter — for harbouring the ambition to develop the offering beyond what emerged from the Coutts International acquisition. And, indeed, some of the bank’s most important steps in this journey were taken in Singapore in 2019, when its banking licence was upgraded to ‘wholesale’, effectively unlocking the next stage for UBP’s growth in the city-state. UBP, as a pure play private bank in the competitive Singapore market, has a very clear sense of its strengths and how it wants to deploy and develop those strengths. Thus, it has been able to carve out a unique position and visibility in the market, predicated on its high-touch service, a commitment to aligning client and bank interests, and to managing its clients’ wealth with a long-term and holistic approach. This is evident in the emphasis UBP places on engaging its clients on a fee-based basis, similar in a sense to many smaller independent wealth management firms, but augmented by the group’s asset management capabilities and experience in delivering bespoke solutions. Thus, UBP now stands as a very compelling partner for more sophisticated HNW and UHNW clients who demand institutional-like services and solutions with a human touch. For instance, UBP in 2019 grew client assets by some 14% due to strong net new money inflows, on account of the bank ramping up its bespoke client solutions offering, and — in another milestone for the bank in
AWARDS FOR DISTINCTION 2019
“We are very proud to have won Asian Private Banker’s Best Private Bank – Singapore award. It goes without saying that this was only possible with the support of our clients, which I would like to thank, and the strong team we have in Singapore. We have big ambitions for Singapore and, therefore, we continuously invest in our teams and infrastructure to provide our clients with the best possible expertise and solutions.” - Ranjit Khanna, chief executive Singapore and head of private banking Southeast Asia, Union Bancaire Privée
Asia — establishing a service for larger families and single-clients to help them set up single and multifamily offices. The service met with immediate success, leading to a net inflow of S$50 million from one client, and delivering a US$100 million insurance deal in collaboration with UBP’s teams in Hong Kong, London, and Geneva. UBP broadened its investment platform in 2019, particularly on the FX side, where strong demand for bespoke FX structures last year translated in a dramatic uptick in associated revenues. And, it established a new corporate finance referral panel, in a further sign of the bank’s commitment to being a relevant and fullyfledged partner to the region’s more sophisticated and entrepreneurial clients in Singapore and the wider region. Because UBP stands today as a compelling and differentiated proposition to HNW and UHNW individuals in Singapore and Asia, the bank has had good success in attracting experienced bankers and investment professionals — who typically look beyond remuneration to the quality of the platform and strategic intent. On all fronts, UBP delivers. UBP is Asian Private Banker’s Best Private Bank – Singapore for 2019.
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SOUTH ASIA AWARDS
Vikram Malhotra global market head, South Asia and Middle East, Bank of Singapore
BANK OF SINGAPORE Catering to the dynamic and cross-jurisdictional needs of the global Indian diaspora is a business that only a handful have been able to execute well. In 2019, thanks to its evolved investment products and continuous engagement with the client segment, Bank of Singapore became the bank of choice for this sophisticated demographic group. A pure-play by nature and multi-jurisdictional in practice, the Singaporean private bank was able to forge partnerships and bring the strength of its capabilities into full play to provide holistic wealth management services to Indians dotted around Asia and beyond. Bank of Singapore was able to offer its global Indian clients a holistic range of investment choices leveraging on the Asian network of parent group, OCBC, such as corporate finance solutions, pre-IPO and direct investment opportunities in household brands. Further diversifying its investment product shelf, Bank of Singapore established several strategic partnerships with external asset managers.
“Winning this award reflects our deep understanding of the needs of the Global Indian client, who may reside anywhere globally, but stays deeply rooted in the culture and tradition of the region. It also reaffirms our dedication to serving the South Asian segment holistically. We will continue to help clients navigate markets seamlessly, in pursuit of global opportunities in the new decade. With over 80 bankers in our three hubs (Singapore, Hong Kong, and Dubai), strong networks and partnerships, a customised product suite, as well as an exemplary team of investment counsellors, we are well positioned to execute our “one team, one segment” approach which ensures that we meet every client’s need. We are very grateful for the trust and confidence that our clients, partners and peers have in us.” - Vikram Malhotra, global market head, South Asia and Middle East, Bank of Singapore
Globally, the private bank counted a team of more than 80 bankers, spread across Singapore, Hong Kong, and Dubai — hubs where global Indians traditionally bank. It continued to grow with new experienced hires while retaining key talent. Despite its expanded presence, the private bank managed to operate in a lean manner, with an improvement in an already robust cost/income ratio coupled with strong growth in AUM over the past five years. The private bank interacted with its clients through a diverse range of sports, cultural and lifestyle events that resonated well with the clients including next gen events. Combining its global presence with a vast array of products served by sophisticated relationship managers, Bank of Singapore has outshone its competitors in a toughly contested arena. Bank of Singapore is Asian Private Banker’s Best Private Bank – Global Indians for 2019.
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AWARDS FOR DISTINCTION 2019
SOUTH ASIA AWARDS
Sandeep Das head of Barclays Private Clients, India
BARCLAYS PRIVATE CLIENTS Barclays Private Clients in India decidedly proved in 2019 that its approach to private banking in the country has been a boon for both the bank, banker, and — most importantly — the intrinsically entrepreneurial Indian client.
“It is a great privilege and honour to receive the Best Private Bank – India Domestic award for 2019 from Asian Private Banker, one of the most respected and reputed media houses in private banking.
While the British lender has withdrawn its private banking business from the rest of Asia — just as many other international players have retreated from India — it retains and continues to refine a market-leading position in the subcontinent, reinforced by a stellar ‘one bank’ solutions suite, a seasoned set of responsible bankers, and a steadfast dedication to developing a compelling client experience.
This award is a reiteration of our commitment to the business and India, and more importantly towards our clients who are at the centre of everything we do. We will continue to stay focused on client needs and keep strengthening the platform to provide an unmatched private banking experience by bringing the best of our global capabilities and connectivity, thought leadership and unmatched client experience in everything we do.
Perhaps most worthy of note is the bank’s deep understanding of India’s fiercely enterprising business owners and its strong tilt towards serving the mega rich. Indeed, over half of its client base belong to the UHNW and family office segments, and the private bank counts over half of Forbes India’s Top 100 families as part of its clientele. The attraction of Barclays Private Clients for these individuals and families lies in the world-class platform that it has developed over its more than a decade in India.
I would also like to thank the team for their dedication, perseverance and sharp focus on clients’ needs that keeps us close to clients and ahead of the game.”
asset classes, and is currently engaged in discussions over succession planning for the client’s family trust.
In addition to an advisory proposition that covers the full spectrum of asset classes and an equally comprehensive credit service for corporate needs, the bank operates an exclusive open architecture private market offering. This offering puts Barclays in a position — after applying rigorous due diligence — to provide its clients with priority access to a wide range of opportunities from its own investment bank, third party fund managers and investment banks, companies directly seeking funding, or even its own clients.
Of course, the complexities of such deals cannot be achieved without a high-quality workforce, and Barclays Private Clients has one of the best in India. Nearly 80% of its bankers have more than a decade’s worth of wealth management experience and over 40% of employees have remained with the firm for the same amount of time. Equally impressive is the fact that in 2019, banker productivity shot up nearly 20% due to a culture that heavily emphasised teamwork and customer centricity.
The success of the platform is such that Barclays has established unparalleled knowledge of private markets and have assisted numerous clients with their own exit strategies. One example last year includes a landmark case where the bank helped to identify and select an ultra client’s general partner after 18 months of deliberation over the many permutations of the client’s future wealth situation. In the end, Barclays secured 100% of proceeds from the business sale, helped the client invest the money back across a diversified set of
What this conclusively spells for Barclays is a highly profitable private banking business built on a sustainable strategy that keeps all stakeholders happy. With a revenue mix healthily leaning on annuity income, Barclays Private Clients has recorded standout revenue performance, robust growth in UHNW accounts, and a sharp rise in client assets, all in a year of economic decline and uncertainty.
AWARDS FOR DISTINCTION 2019
- Sandeep Das, head of Barclays Private Clients, India
Barclays Private Clients is Asian Private Banker’s Best Private Bank – India Domestic for 2019. 27
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SOUTH ASIA AWARDS
Michael Marr market group head for Australia, Credit Suisse Private Banking Asia Pacific
CREDIT SUISSE The strategy of anchoring in Australia as an onshore, foreign-headquartered private bank played out well for Credit Suisse Private Banking Australia, as it seized business opportunities in 2019 in a market shaken up by the revelations of the Banking Royal Commission which early in the year concluded its investigation into misconduct in the finance industry. Credit Suisse served UHNW clients and entrepreneurs across functions — from private banking to wealth and corporate advisory. It had strong ties to key family offices and foundations, offering them institutional quality advice and execution with global connectivity. Its genuine integration with the domestic market allowed it to originate the two largest ASX IPOs and closing Australia’s largest residential mortgage in 2019. Credit Suisse is helmed by an industry veteran and its team of seasoned RMs has an average tenure of six years. Its AUM more than doubled since 2016 and its pre-tax income almost doubled each year since 2016. The Judging Panel was impressed by how bankers built trust by delivering recurring quality transactions with UHNW clients, which resulted in a significant amount of net asset inflows from a single UHNW client over the last two years, as Credit Suisse was chosen as the beneficiary bank in liquidity events. In a country where virtual retail banks have been warmly welcomed, Credit Suisse was at the forefront of digitalisation in 2019 to ensure its competitiveness was future-proofed. Australia had the fastest adoption rate for Credit Suisse’s Digital Private Banking offering globally with over 40% of trades now completed on the digital platform.
“We are delighted to receive the recognition as Best Private Bank – Australia for the third consecutive year and six out of the past eight years. The Australian wealth market has seen significant consolidation over the years, but Credit Suisse Private Banking has been able to leverage our integrated business model and global network to grow successfully. We are well positioned to be one of the very few global banks with a true private banking model which differentiates us from the rest of the industry. As testament to this, our clients continue to support and trust us to be their preferred wealth partner, boosting our assets under management by a steady 25% CAGR over the last four years. In 2019, we continued to grow our business, offering clients global investment solutions ranging from private equity to sustainable investments for them to diversify their portfolios amid increasingly challenging markets. On the digital front, our digital private banking platform continued to gain traction and this year, we also launched Credit Suisse Chat to Australia, further enhancing the client experience.” - Michael Marr, market group head for Australia, Credit Suisse Private Banking Asia Pacific
New Zealand markets. The double-digit growth in revenue YoY — with an above-average leap in recurring revenue and collaboration revenues — has vindicated the bank’s growth strategy and augurs well for its business expansion in the region. Credit Suisse is Asian Private Banker’s Best Private Bank – Australia for 2019.
Capitalising on the success of its rapid yet steady business growth in the past few years, Credit Suisse in 2019 forged ahead in the South Australian and
AWARDS FOR DISTINCTION 2019
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SOUTH ASIA AWARDS
Elina Wirjakusuma senior vice president wealth management, Bank Mandiri
BANK MANDIRI The Indonesian government in 2019 announced sweeping tax reforms, including a move into a territorial tax system and income tax relaxation for foreign residents. The aim was to boost investment and aid the profound growth of the banking market in Indonesia. As a bank targeting offshore Indonesian wealth since the tax amnesty scheme was launched two years earlier, Bank Mandiri in 2019 fast tracked business efficiency growth with relentless core system improvements. Bank Mandiri’s wealth management division achieved over 30% growth in revenue and still managed to shed more than 20% of its operational expenditure compared to 2018. In terms of net new assets, the bank — riding on an accelerating domestic bond market — enjoyed double-digit growth. The efficiency improvement is reflected in RM productivity. With the mix of locally groomed and more experienced senior RMs, the bank encouraged the transfer of knowledge within the team and provided constant learning opportunities for RMs of varied seniority. By optimising unproductive assets and regular quality contact and portfolio review, the bank achieved a 6.1% increase in RM productivity, in terms of revenue generated per headcount. The impressive results are rooted in the belief of continued improvement in client experience achieved by phases of digitalisation from front to back. Bank Mandiri’s wealth management division took digitalisation a step further in 2019 by signing a partnership with Avaloq. The collaboration allowed the Indonesian lender to consolidate separate systems for processing different investment transactions and to view customer portfolios currently used by Bank Mandiri onto a single platform.
“Client needs are evolving following the digital disruption. Bank Mandiri Wealth Management never stops creating value for customers. We decided to go digital in the way we conduct business and have taken initiatives at the front and back end in order to become more efficient in providing client services. Being awarded Best Private Bank – Indonesia Domestic for the fourth time in a row is such an honour and we will proudly share this award with our clients.” - Elina Wirjakusuma, senior vice president wealth management, PT Bank Mandiri (Persero) Tbk – Indonesia
Mandiri was proactively adopting global standards by working with international peers. It created a strategic partnership with Lombard Odier in 2018, with the bank entering the preparatory phase for launching the first discretionary portfolio management scheme that could be customised according to clients’ risk appetite in Indonesia in 2019. After the tax amnesty and the global tax regulatory scheme for the automatic exchange of information (AEOI) in 2017, the bank endeavoured to compete with its global peers by offering a diverse product shelf that catered to both the onshore and offshore wealth of Indonesian HNW clients. Regulatory approval is pending for the bank to extend its discretionary portfolio management solutions to the Singapore branch. Bank Mandiri is Asian Private Banker’s Best Private Bank – Indonesia Domestic for 2019.
Unlike its domestic peers that tend to develop their wealth management services in-house, Bank
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AWARDS FOR DISTINCTION 2019
SOUTH ASIA AWARDS
Alvin Lee head of group wealth management and community financial services Singapore, Maybank
MAYBANK After having established a solid foothold in the private banking arena in its first five years, Maybank Private continued its expansion in 2019. Through its thorough understanding of private clients’ needs in Malaysia — and the ability to create solutions to meet those needs — the private banking offshoot of Maybank Group managed to grow the number of clients in its home market by 20% for a second consecutive year, while increasing its revenue by nearly double digits. HNW clients were able to hedge, leverage, and diversify their assets thanks to Maybank Private’s Multi Currency Lombard Credit, which was launched in 2019. The product, available in eight foreign currencies, lets clients borrow in foreign currencies to purchase foreign assets, thereby protecting themselves against fluctuations in the value of the Malaysian ringgit. Conversely, the bank offered ringgit mortgages in Malaysia for properties in London, Melbourne, Sydney, and Perth. Through Maybank Trustee Berhad, Maybank Private provided trust and fiduciary services catering to the wealth protection and succession needs of HNW clients. In 2019, it established a private banking trust team to improve the efficiency of private clients setting up trusts. To serve entrepreneurs in the private banking clientele, Maybank Private connected clients with the group’s corporate solution group for any financing, IPO, and hard asset demands. Unique in Malaysia, the bank has an education centre — the Maybank Wealth Management Academy (WMA) — to upgrade the knowledge and competency of wealth management staff. The WMA was established through a strategic partnership with the Wealth Management Institute of Nanyang Technological University of Singapore and provides courses that seek to respond to the risks and challenges facing HNWI clientele in the 21st century.
AWARDS FOR DISTINCTION 2019
“Maybank is thrilled to celebrate the start of the new decade by winning the Best Private Bank – Malaysia award for the fourth time. This win stands testimony to our efforts in building up our wealth management franchise into one of the best in ASEAN, serving private clients both in Malaysia and across the region. Over the past years, we have been singularly focused on strengthening our capabilities and solution suite to meet clients’ needs, which have become increasingly sophisticated and cross-border in nature. We will continue to build on this momentum by harnessing Maybank’s unique regional capabilities and strong connectivity to deliver maximum value to clients.” - Alvin Lee, head of group wealth management and community financial services Singapore, Maybank
The Maybank Wealth App delivered a quality client experience in 2019, both online and offline. The online trading platform supported the transactions of over 100 unit trust funds, precious metals, and an end-toend Sharia-inspired equities trading platform. The app was well received by private clients with a 62% adoption rate in 2019, resulting in constant growth since the app’s launch three years earlier. Built on the legacy of Maybank Group, which has a presence in all 10 ASEAN countries, Maybank Private made the most of the group’s network, resources and expertise to offer clients the full spectrum of wealth management solutions in 2019, thereby ensuring the sustainability of their wealth and business. Maybank is Asian Private Banker’s Best Private Bank – Malaysia Domestic for 2019.
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SOUTH ASIA AWARDS
Albert S. Yeo president BDO Private Bank
BDO PRIVATE BANK Positioned as the only onshore institution to provide private banking services of a quality comparable to its multinational peers overseas, BDO Private Bank remains the preferred domestic private bank in the Philippines and, in 2019, grew steadily in both profitability and AUM. Achieving a close to 20% revenue growth YoY, and for the period under consideration, BDO Private Bank recorded yet another year of solid performance in 2019 with additional increases in HNW clients and AUM. By the end of October 2019, the combined AUM in bank and trust accounts surpassed PHP 445 billion, up 14% from end-October 2018, with HNW clients contributing 36% of the firm’s total revenue, which grew 12% YoY in the same period. The stronger business performance was driven by the bank’s broadening service and investment offerings. As a leading domestic player, BDO went beyond investment options that were well-established among local clients and introduced alternative investment opportunities, such as US consumer-lending strategies and precious metal solutions. The bank has increased the exposure to offshore investments on their product shelf by adding ten offshore mutual funds managed by leading global providers, in the form of feeder funds. The wholly-owned subsidiary also built on the franchise of the banking group and focused on serving the Philippines’ emerging wealthy, HNWIs, and UHNWIs segments with its broad range of offerings. BDO Private Bank has established eight customer lounges across the country, where private clients have access to their dedicated relationship managers. The firm began offering family office services on an open-architecture product platform in 2018, supporting diversification across asset types, currencies, and sectors while enabling clients to gain offshore investment exposure.
“BDO Private Bank, being the premier bank dedicated to the wealth management services onshore, will continue to strive to become a global-class player. Relatively a latecomer as compared to regional or global private banks, which cover the Philippine markets, we have to recapture the Philippine wealth diaspora, as well as engage new wealthy Filipinos with apt and relevant world-class products and services. Coupled with our bespoke services approach, these sum up our value proposition.” - Albert S. Yeo, president, BDO Private Bank
private bank provides wealth structuring services, including a dedicated wealth and legal advisor, creation of discretionary portfolios (monitored daily), and financial planning that incorporates individuals’ unique circumstances and requirements. Through BDO’s Wealth Advisory & Trust Group, the bank meets client needs for accessing trust, legacy, life insurance, corporate engagement, in addition to will and testament services. In line with the growing emphasis on environmental, social and governance (ESG) performance in banks worldwide, BDO has sought to achieve strategic resilience by incorporating sustainability principles in the bank’s decision making, relationships assessments and product manufacturing processes. The bank anchors its sustainable development strategy in the United Nations Sustainable Development Goals and upholds the Ten Principles of the United Nations Global Compact. Placing itself at the centre of the race to capitalise on the ‘Philippines opportunity’ as arguably the only domestic contestant providing private banking services on par with its multinational peers, BDO Private Bank is Asian Private Banker’s Best Private Bank – Philippines Domestic for 2019.
In addition to the family office services platform, the
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AWARDS FOR DISTINCTION 2019
SOUTH ASIA AWARDS
Narit Kosalathip managing director, head of wealth management, Phatra Securities
PHATRA SECURITIES Phatra Wealth Management, operating under Phatra Securities, has built up a strong position in Thailand as a leading provider of private banking services, with a comprehensive wealth platform and a full range of offerings. 2019 was a year of strong performance and expansion for Phatra. Riding on Thailand’s booming wealth landscape — the population of HNWIs more than doubled between 2011 and 2018 — Phatra Wealth Management generated impressive double-digit growth in its AUM and its net inflow was the highest in five years, soaring 40% YoY. At the same time, the RM headcount and the investment specialist team grew alongside the number of clients to maintain the high quality of its advisory service. As the only private bank in Thailand that offers all private banking services under its securities entity (all other key players operate their PB business with a commercial banking licence), Phatra’s unique positioning is complemented by its solid capacities in investment banking. When the need arises, its wealth managers can refer clients who are business owners to the investment banking arms for advice. More importantly, under a still developing regulatory framework in Thailand in 2019, Phatra collaborated with global fund managers to offer Thai clients products through its global investment platform — an open architecture of considerable breadth and depth. Such collaboration allowed RMs to connect with fund managers globally to keep up with complex products. Employing the knowledge of global banking practice to offer seamless solutions to clients, the bank held its service up to international standards, while cultivating a keen understanding of the special needs of local clients.
AWARDS FOR DISTINCTION 2019
“Thailand has arrived at the tipping point for the structural change in the private banking landscape where the division between onshore and offshore banking becomes increasingly blurred. Building on the leading position of our onshore offerings, we have enhanced our global capabilities to deliver an integrated multi-shore experience for Thai HNWIs holistically and seamlessly. It is our goal to be the best global private bank for Thais. We are honoured to be named Best Private Bank — Thailand Domestic. The award is a testament to our ability to glocalise private banking service by offering international best practices with deep local understanding.” - Narit Kosalathip, managing director, head of wealth management, Phatra Securities
For Phatra, digital innovation is key to ensuring an optimal experience for the client. The company has introduced “Phatra Wealth Compass”, an online portfolio simulation tool for potential clients, and has deployed “Portfolio Constructor”, a comprehensive portfolio management tool for RMs. The onboarded clients enjoy the most comprehensive investment mobile app in Thailand, which allows them to access investment services in all key asset classes and use full banking services on a single platform. With its solid global investment experience and longterm vision for client life-cycle management, Phatra has distinguished itself as a first-mover in Thailand’s private banking industry. Phatra Securities is Asian Private Banker’s Best Private Bank – Thailand Domestic for 2019.
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SERVICE AWARDS
François Monnet head of private banking North Asia, Credit Suisse Private Banking Asia Pacific
CREDIT SUISSE Many banks boast of putting clients first and at the centre of their operations, but scantily few live up to such pledges. Credit Suisse is an exception to the norm, having demonstrated year after year that it continues to rethink the private banking experience from a client perspective and keeps delivering transformations that have enriched the overall dynamics between a U/HNW individual and a bank. Crafting a bespoke client experience almost always requires more meticulous planning and execution than establishing a simpler interaction in the hope of bringing in net new assets. Yet it is an experience that Credit Suisse was adamant a client should get in 2019. Through meetings and exclusive event invitations, the private bank identified the individual’s assets, goals, and risk tolerance. The rate of red carpet onboarding allowed Credit Suisse to squeeze turnaround time without sacrificing risk control. Equipped with proprietary technology, clients were in a position to have a digital walkthrough of the Credit Suisse experience, right from the onset. Clients’ day-to-day experiences hinged on the dedicated front services premium team catering to their needs — be they ad-hoc or regular investment reviews. Tech-enabled monthly portfolio reviews complemented by risk analysis allowed investors to regularly revisit their investment choices. Formal in-person portfolio reviews with the tagged relationship manager benefitted clients, whilst creating opportunities for Credit Suisse to propose investment ideas and products to a sophisticated tier of individuals. Well-known digital platforms such as CS Invest and Canopy gave clients a more holistic view of their investments with the bank and beyond, truly providing them with a 24/7 Swiss banking experience that is hard to find elsewhere.
AWARDS FOR DISTINCTION 2019
“This recognition is very meaningful to us. As private banking is a people focused business, it is absolutely paramount that our clients receive excellent services from Credit Suisse. We take pride in providing our clients with the most rewarding experience, from their first points of contact with the front office, to the products and solutions we provide. This award will further spur us to offer our clients even more innovative products and services ‘augmented’ by cutting-edge technology.” - François Monnet, head of private banking North Asia, Credit Suisse Private Banking Asia Pacific
Credit Suisse’s flagship Digital Private Banking platform continued to hit the right buttons, as it took into account clients’ inclination to rely on mobile devices to fulfil their own banking needs, having become savvier in reviewing and executing deals without having to go through an RM. Should the client want to speak to an RM, CS Chat — which is the zoom-in brand for the Apple Business Chat solution in Asia — provided a simple and compliant communication method by tapping on Apple’s iMessage platform. Beyond day-to-day investment services, Credit Suisse looked after its clients’ next gens by catering certain events to the younger age group and formulating succession and wealth plans for UHNW families. Credit Suisse in 2019 kept up the momentum for creating a more immersive and bespoke client experience, making it the private bank of choice for Asia’s upper echelon. Credit Suisse is Asian Private Banker’s Best Private Bank – Client Experience for 2019.
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SERVICE AWARDS
Cynthia Lee regional head of private wealth solutions Asia Pacific
HSBC PRIVATE BANKING A fully fledged service proposition, a strong Private Wealth Solutions team of over 260 professionals dedicated to different facets of wealth planning in Asia and over seven decades of walking through succession journeys alongside wealthy families in the region has made HSBC Private Banking the go-to bank for fiduciary advice and services. 2019 was a transformational year as the PWS teams were market-aligned to match the model of the global private bank. Front office staff dedicated over 100 FTE (full-time equivalent) to aligning PWS solutions with the overall private banking strategy. This allowed the bank to support clients in a more coherent manner because the re-aligned PWS teams were supported by experts with deep market knowledge, which resulted in a boost in both AUM and related revenue lines. Since UHNW families expect a smooth and customised wealth planning experience served by top quality advisers, HSBC Private Banking invests significantly in staff from front to back offices in order to improve their understanding of the changing regulatory environment. In 2019, the team added dedicated family office and philanthropy advisory specialists, while enhancing the service in bespoke advisory solutions for family office, family governance, philanthropy, and probate and estate. As an independent trustee sat within the global banking group, the PWS team had the discretion to work with advisors and investment managers of the clients’ choice and had at its disposal an extensive network of industry-leading lawyers, accountants and other professionals to deal with any evolving regulatory requirements.
“It is a great pleasure to be awarded the Best Private Bank for Wealth Planning Services by Asian Private Banker. As the region’s largest private client trust and estate planning business, our Private Wealth Solutions business has a proud history of serving the family governance and succession needs of our clients for over 70 years. Over the past year we have refreshed our family governance proposition, established a new family office advisory team and enhanced our philanthropy offering, cementing our reputation as a one-stopshop for generations of HSBC clients. It’s our fantastic team of experts, our footprint and our breadth of services that truly enable us to stand out from our competitors.” - C ynthia Lee, regional head of private wealth solutions, Asia Pacific
stand as the trustworthy adviser among various stakeholders.) In 2019, the team managed to resolve disagreements between the first and second generation of a HNW family and tailored a solution with family governance features which was incorporated into a legal structure to preserve both family wealth and harmony. The case demonstrated the family’s level of trust in the bank and allowed the relationship to extend to further generations as a family constitution was created and implemented to educate the third generation on critical family topics. HSBC Private Banking is Asian Private Banker’s Best Private Bank – Wealth Planning Services for 2019.
HSBC’s PWS team demonstrated it was able to assist clients to make orderly succession planning early, and was in a position to soothe tensions in wealthy families by upholding the importance of family governance. (And when relationships get rocky, the team would
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AWARDS FOR DISTINCTION 2019
SERVICE AWARDS
Sascha Zehnter head external asset managers, Credit Suisse Private Banking Asia Pacific
CREDIT SUISSE At the heart of Credit Suisse’s approach to intermediaries is the idea of empowerment, and a fundamental respect of the central role that regional IAMs play in the wealth management ecosystem. Credit Suisse has long recognised the immense potential of Asia’s developing intermediaries segment and, as such, spent resources aplenty in setting a foundation on which they can reliably depend. In 2019, the bank’s intermediaries desk enhanced its first-class platform further, upping its cadence to move ahead of regional competitors and capture a large part of IAMs’ share of mind and wallet. One such leap that Credit Suisse made in 2019 was the introduction of an actively managed certificate offering, appropriately named ‘Quantum’. With AMCs experiencing a recent growth in popularity among Asian intermediaries for their flexibility and scalability, Credit Suisse developed Quantum as an end-to-end platform that handles all the needs of the structured product — all within a short turnaround time — so that IAMs can focus on interacting with their clients and delivering independent advice. This added to the already considerable integrated banking capabilities that the bank has on offer for IAMs, which include: institutional-like servicing through the investment banking and prime brokerage arms; access to a regional financing division that provides bespoke lending solutions to IAMs’ entrepreneurial endclients; and a research team that supplies actionable intelligence on over 50 markets globally. To keep ahead of the pack, Credit Suisse partnered with leading tech provider Privé Technologies and engaged with local IAMs to develop a new set of groundbreaking digital tools to specifically soothe their pain points. Primarily, the collaboration saw IAMs gain access to convenient solutions that simplify compliance and operations, optimise client lifecycle management, and improve portfolio aggregation and reporting.
AWARDS FOR DISTINCTION 2019
“We are very pleased that Credit Suisse has been named Best Private Bank – Intermediary Services for the third time. With our deep understanding of the market, access to our global platform and experienced team, we are well positioned to serve the needs of the EAM industry. We remain fully committed to growing the business and serving the needs of our EAM partners better by working towards bringing the best of digital solutions. I would like to extend my deepest appreciation to our EAM partners for their support.” -S ascha Zehnter, head external asset managers, Credit Suisse Private Banking Asia Pacific
While the project is still in its infancy, the sweeping vision that Credit Suisse laid out — paired with its blue sky thinking and reputation as a leader in digital wealth management — encapsulates the bank’s progressive disposition and the pivotal role that it intends to keep playing as the region’s IAM story unfolds. Further proof of Credit Suisse’s position as a vanguard lies in the outstanding business performance that it has attained in the past three years. Its IAM book in Asia has swelled annually by strong double-digits — from a solid base no less — while revenues have more than doubled over the same period. Thanks to its masterful application of its integrated banking strategy, a fierce determination to galvanise growth of the intermediaries community through innovative services and digital amenities, and a team dedicated to the segment, Credit Suisse in 2019 clearly demonstrated why a growing number of independent organisations entrust their clients’ assets to the Swiss major. Credit Suisse is Asian Private Banker’s Best Private Bank – Intermediary Services for 2019.
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SERVICE AWARDS
Benjamin Cavalli head of private banking South Asia, Credit Suisse Private Banking Asia Pacific
CREDIT SUISSE Asia’s next generation of UHNW individuals is extremely susceptible to switching banks upon inheriting their wealth, or changing the method with which their portfolios are managed. Aware of this, Credit Suisse in 2019 actively engaged its relatively younger clients to increase their share of wallet with the private bank. Building on close to a decade’s experience in serving APAC’s next-gens, Credit Suisse had its ears on the ground to hear out their clients’ concerns and aspirations for cross-regional wealth needs throughout their families’ lifecycle. Upon receiving the required information from its clients, the bank worked and reworked strategies internally to give its staff the ammunition necessary to draw in next-gens and offer services that speak to their aspirations. Knowing that RMs face similar challenges in reengaging clients, the bank built best practice strategy sharing initiatives via conferences and developed a toolkit acting as a one-stop-shop for next-gen programmes, bank offerings, and resources. The private bank sought to empower its next-gen clients within families by drawing them into the overall succession and wealth planning process, making sure they are business-ready and able to carve their spot in existing and future family governance. Wherever possible, it endeavoured to enhance the life aspirations of next-gen clients, and enrich and diversify their family ambitions. Often ranked high in a next-gen’s laundry list of priorities is a bank’s commitment to ESG. To align its interests with its target client base, Credit Suisse beefed up its ESG team, creating the role of impact advisory head in late 2019 and poaching a top impact investing head from its close rival. The bank co-launched the Social Impact Awards in partnership with Generation T, a platform from Asia Tatler, to commemorate 10 young leaders who have made significant contributions to the Asian community in social impact, sustainability, or innovation.
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“The next generation and the transfer of assets within families is today an increasingly important topic. It is vital that as a trusted advisor, we listen and actively engage our next generation clients to guide them on their way to become the steward and the custodian of their family wealth, to preserve and grow their family’s financial assets, and to ensure that the family values and essential skillsets are passed on to future generations. We are delighted to receive this award for the third time. Credit Suisse has a strong track record in partnering with the next generation, and in fact, 2020 marks the 10th year of our next generation programs in APAC. Our premier programs are dedicated to helping the next generation feel more confident in dealing with finance, investments and areas they have increasing interest in such as impact investing, in order to better prepare them for the responsibility of running the family business or managing the family’s wealth.” - Benjamin Cavalli, head of private banking South Asia, Credit Suisse Private Banking Asia Pacific
The quality of Credit Suisse’s next-gen engagement was reflected too in its well-known programmes and conferences, that boosted APAC participation rates in the global private banking franchise. The Young Investors Organisation — a network for the world’s wealthy young investors — had over 40% of its members coming from APAC. The youngest end of the next-gen spectrum (aged 12-17) had access to the Young Founders School, a bootcamp for children to form their own startup ideas through the mentorship of local entrepreneurs, while next-gens on the older end are able to network with like-minded peers in the bank’s Philanthropists Forum, Family Ties Program APAC, and Family Office Private Circle. While Credit Suisse in 2019 was far ahead of the pack in terms of engaging next-gens, the Judging Panel is confident that the private bank will continue to make strides. Credit Suisse is Asian Private Banker’s Best Private Bank – Next Generation Services for 2019.
AWARDS FOR DISTINCTION 2019
SERVICE AWARDS
Vikas Sharma head – wealth management solutions, wealth management, IDFC FIRST Bank
Tejas Maniar platforms head – digital solutions, IDFC FIRST Bank
IDFC FIRST BANK In an industry that is traditionally bogged down by legacy systems and existing operational inefficiencies, private banks that adopt a truly digital approach in serving HNW clients are the exception and can be easily singled out from the pack. IDFC FIRST Bank is one such firm. Despite its youth — it was the result of a merger between IDFC Bank and Capital First in late 2018 — the bank by 2019 had already demonstrated an elevated level of professionalism and digital delivery that set it apart from other banks, not just in onshore India but also Asia Pacific. The bank’s commitment to being digital-led grew from the conscious decision to do away with its physical infrastructure, after realising that digital capabilities would enable the firm to deliver wealth management products and services to its clients in a much shorter time-to-market. In 2019, the risky decision paid off: despite tumultuous Indian market conditions, the bank’s AUM grew 24% in just under seven months, making it the fastest-growing bank in the country. Supported by other digital tools, RM headcount effectively doubled, and the number of family clients increased by almost 50% in the same timeframe.
assist in transactions, IDFC FIRST is of the view not only that automation can speed up manual tasks, but that standardised processes will ensure that technology omits any human-led biases and errors that could interfere with portfolio and investment recommendations. As a result, IDFC FIRST’s business-as-usual is paperless, online, and convenient. Despite its young operational age, IDFC FIRST has demonstrated that it has what it takes to be a promising leader in digital innovation within the private banking industry. IDFC First is Asian Private Banker’s Best Private Bank – Digital Innovation & Services for 2019.
A major roadblock for most onshore Indian wealth managers is the necessity to deal with disparate regulatory bodies. In IDFC FIRST’s case, the firm was required to deal with at least four watchdogs to conduct its daily operations, which potentially translated into a quadrupling of the number of forms and KYC processes to clear, resulting in significant time wasted. IDFC FIRST was able to anticipate this by using technology to onboard prospective clients digitally, minimalising the back-and-forth and time needed to satisfy the four separate bodies. Onboarding, it turns out, only scratched the surface of IDFC FIRST’s digital capabilities. From regular portfolio reviews to having its tech tools
AWARDS FOR DISTINCTION 2019
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ADVERTORIAL
Citi Serves Up a Best-of-Both-Worlds Recipe for an Uncertain Investment Universe At a time of unpredictable returns, Citi offers investors a new solution that has the technical advantages of structured products, while utilising the model portfolio capabilities of the world’s largest asset manager BlackRock.
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inding a recipe for investment success has never been more challenging. In a new age of low interest rates, declining returns, US-China trade conflict, and an increasingly volatile global geopolitical situation, coupled with unpredictable situations, such as the new coronavirus outbreak, it requires vision, ability to break new ground and reactivity to adapt to constantly changing market environments.
The Multi-Asset Active Allocation Index by Citi (known as MA3), allocated by BlackRock, provides investors with a solution that is adapted to today’s financial environment, according to Citi’s head of Retail Solution Structuring APAC Mederic Gehl. The index, rebalanced dynamically according to input from BlackRock, benefits on top from optimised design with cost efficient unfunded instruments, daily control of the volatility and leveraging Citi’s execution capabilities.
Navigating a conservative landscape
The inspiration for the novel MA3 concept was born from a fast-changing global financial situation which Citi has risen to that challenge by has seen investors become increasingly conservative, shaking up the traditional investment Mederic Gehl with a leaning towards the greater security of multiingredients to offer a unique solution Head of Retail Solution Structuring APAC asset portfolios and an inclination to hold tight to that combines the advantages of Citi existing holdings. structured products with dynamic multi-asset allocation. This is done through an index, designed and “Everyone is conscious that the bull market is not going to continue created by Citi, and utilising BlackRock’s model portfolio allocation and somehow we are reaching a late-cycle environment,” Mederic advisory service.
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AWARDS FOR DISTINCTION 2019
ADVERTORIAL
explained. “At the same time, there are increasing geopolitical tensions which are making clients more careful about the investments they will make this year.” “Interest rates remain extremely low which means they cannot stay in cash so money needs to be put at work in other investments. One of the key requirements is for principal protection.” Those same instincts have driven demand for momentum quantitative strategies in recent years, but investors are beginning to cool on those strategies which have failed to keep pace with global financial developments. Investors pursuing the momentum approach have more recently found themselves mired in long-term strategies that lack flexibility and responsiveness, said Jennifer Wong, Citi’s Head of Private Bank Distribution for the Asia Pacific region. MA3’s combination of systematic portfolio optimisation and discretionary views addresses that shortcoming in a new and disruptive way. “The distinctive asset allocation methodology offered by BlackRock embeds a key discretionary aspect from the portfolio manager, who has the flexibility to rebalance the portfolio four to twelve times a year, thereby being responsive to unexpected domestic and geopolitical events. This, in combination with Citi’s structuring expertise, makes it a cutting-edge value proposition for clients,” Mederic said.
A solution built on solid foundations MA3 has been engineered using BlackRock’s Model Portfolio allocation advisory service. The index refers to a globally diversified portfolio with granular building blocks and a conservative risk budget of 3-6%. Investors can get exposure to the index via a Citi note, benefiting from 100% capital back at maturity (subject to creditworthiness of the note issuer) and receiving an annual income.
The MA³ index is provided by its administrator Citigroup Global Markets Limited, and allocated by BlackRock Asset Management North Asia Limited. The index is purely notional, and the combination of the index and its wrapper does not amount to a fund; there is no actual portfolio of assets or management of a portfolio of assets. This article does not constitute advice of any type (including investment advice), or an investment recommendation, or a solicitation or offer to sell or to purchase any securities or other financial product. Any decision to make an investment should only be taken with reference to the formal terms and conditions, and offering materials, of the relevant financial product.
AWARDS FOR DISTINCTION 2019
Robert Ronneberger, Asia Lead Strategist for Model Portfolios at BlackRock, explained that the firm was managing close to US$60 billion in such model portfolios at the end of 2019, which benefit from a distinctive allocation methodology, by combining systematic optimisation with discretionary views. This allocation methodology “combines quantitative management (adaptive set of signals ranging from traditional valuationbased signals to innovative sentiment-based signals) with active management. Model Portfolios are therefore adaptive to a changing environment,” Robert explained. The index and the arrangement aim to provide a relatively conservative yet progressive and highly innovative way for clients to navigate a complex and evolving investment landscape and provide the multiasset diversification and principle protection that they seek. “It is a strategy for a new investment environment that is creating appetising prospects for clients”, Jennifer said.
Promising market trends Those prospects have been reflected by a strong momentum for flowstructured products at the start of 2020, according to Jennifer who said Citi had seen volume and revenue double compared with the same period last year. Five key properties were being sought by customers, she added: Principle protection (full of partial) with clients seeking limited downside; income-paying/yield-searching in a persistently low-rate environment where millions of FMPs are still being sold; multi-asset (asset allocation/diversification needed with late cycle for equities market); third-party index strategic (custom index or systematic); and outperformance structure (either sector play or dispersion among single stocks).
For more information, please contact Citi Cross Asset Solutions pbsales@citi.com Jennifer Wong jennifer.ws.wong@citi.com Mederic Gehl mederic.gehl@citi.com
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INVESTMENTS & CONTENT AWARDS
John Woods chief investment officer, Asia Pacific, Credit Suisse
CREDIT SUISSE Despite recession fears with rising geopolitical uncertainties, risk assets performed strongly in 2019 as the year wore on, benefiting those banks which stayed bullish over the course. Representing the ‘Credit Suisse House View’, which is a single view across the integrated bank, Credit Suisse Private Banking’s CIO office showcased its capability as the engine driving investment performance, AUM growth and client retention of the bank, establishing a remarkable risk adjusted return track record over the past few years. While a number of banks were taking profit from global equities in 2019 as risk sentiment receded, Credit Suisse was one of the few banks that stayed disciplined and kept overweight on risk assets throughout the year, allowing the bank to generate attractive returns amid an uncertain investment environment. As a result, the global tech overweight call generated 39% in returns year-to-date, as of November 2019, and global, US and China equity tactical overweight positions enabled the bank to generate strong positive alpha over the same period. Similarly, the bank’s positive call on Asian high yield also made the bank return 13%. Worth mentioning, a highlight of Credit Suisse’s CIO house view this year was its innovation on asset allocation scheme by adding the bank’s five secular investment trends — Angry Societies-Multipolar World, Infrastructure-Closing the Gap, Millennials’ Values, Silver Economy, and Technology at the Service of Humans — into its asset allocation strategy which allowed the bank to even better capitalise on the long term investing opportunities.
“Credit Suisse is delighted to win this prestigious award, which reflects our thought leadership and deep global and local knowledge. In 2019, a substantial investment in infrastructure was made to deliver to clients a powerful and consistent point of reference on key views about the global economy and financial markets. During 2019, we expanded and upgraded our APAC CIO team by hiring a South Asia CIO plus additional analyst support to better promote messaging and content across the Asia Pacific region. We also further enhanced the delivery of digital research through our technology platforms internally and externally, and this now covers over 70% of our entire client base.” - John Woods, chief investment officer, Asia Pacific, Credit Suisse
Credit Suisse’s strength in CIO office could not be achieved either without its unparalleled platform for thought leadership and market insights for clients. Apart from its flagship programmes — the BiAnnual Market Outlook Seminar, Asian Investment Conference, and China Investment Conference — the bank’s targeted and customised events for UHNWIs gained a tremendous amount of positive feedback from its clients throughout the year. Credit Suisse Private Banking is Asian Private Banker’s Best Private Bank – CIO Office for 2019.
Currently, the bank allocates 6.5% of a global balanced portfolio into those equities that cover its ‘Supertrends’. Actions always speak louder than words: in the first 10 months of 2019, all five ‘Supertrends’ generated an average 24% in returns for clients, outperforming MSCI AC World by 4%.
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AWARDS FOR DISTINCTION 2019
INVESTMENTS & CONTENT AWARDS
Bhaskar Laxminarayan chief investment officer and head investment management Asia, Bank Julius Baer
JULIUS BAER Dented risk sentiment with rising geopolitical tensions and surging recession fears in 2019 made most private banking clients, who took profits or sat on the sidelines, miss the rally. When ‘wait and see’ became the new normal for the industry, few private banks were able to gather strong asset inflows of the same magnitude as Julius Baer, which stood at the frontier, showcasing its discipline and capability in managing assets in both resilient and volatile markets. From single line security mandates to fund of funds, the record high new assets that the bank attracted spread across all the major asset classes and strategies — equity, bond, alternatives and multi-asset mandates — in stark contrast with the vast majority of its competitors that largely relied on fixed income to bring in assets. Following an active judgemental approach to investing, backed by a systematic use of proprietary quantitative models and a risk management process, Julius Baer identified market drivers at every point in time, taking advantage of shorter term opportunities while capitalising on structural trends. Worth highlighting, one of the recommended strategies which gained tremendous traction in 2019 was the Dynamic Asset Allocation portfolio (an ETF-based multiasset strategy), directly managed and overseen by the bank’s global CIO Yves Bonzon. An unconstrained approach, which allows the maximum cash allocation to go to 100%, enabled the mandate to exhibit its complete flexibility in any market condition, and as a result of an overweight in cash in 4Q2018, the multi-asset mandate recorded only a low single-digit loss when a significant downturn of both equity and fixed income markets made peers take a strong hit in the same period. Another highlight is the bank’s actively managed certificate-based fixed maturity portfolio (FMP) managed by the Asian Investment Team, which currently also manages the flagship Asia Fixed Income dynamic strategy. When FMPs evolved into a new
AWARDS FOR DISTINCTION 2019
“DPM has always been a core offering at Bank Julius Baer. A few years ago there was a concerted effort to further enhance the product map and fine tune the key service level requirements for discretionary solutions in Asia. We set about building a team which has almost tripled in size in Asia over the past three years. An experienced team, a good and consistent track record, and a solution set that catered to regional needs ensured consistent appeal and success with our clients. In particular, we are most proud of how we have come to be seen as reliable partners for all those we serve. Be it working in step with each other or providing the necessary backup and sharing of experiences with younger members — the feeling of family is evident everywhere in the team. What better trait to aspire for when all we do is centred at serving family wealth.” - Bhaskar Laxminarayan, CIO and head investment management Asia, Bank Julius Baer
battleground for banks and asset managers, time to market became a competitive edge for the industry, since speed is of the essence in capturing windows of higher yield opportunities. Jointly launched by the bank’s discretionary team and structured products desk, the FMP mandate managed to lock in an attractive yield in early 2019 and gather almost half a billion USD from its Asian clients in just four weeks. This all led to the clients having a superior customer experience. They also kept topping up their mandates and, as a result, the bank gathered a historical record high in DPM inflows in 2019, bringing Julius Baer’s discretionary asset penetration to a new level. In a market populated by fancy new mandates, Julius Baer stuck to core building blocks with an extremely disciplined approach, which gained it a tremendous amount of client trust and positive feedback. As a result, the bank is the winner of Asian Private Banker’s Best Private Bank – Discretionary Portfolio Management for 2019.
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INVESTMENTS & CONTENT AWARDS
Arjan de Boer head of markets, investments & structuring, Asia, Indosuez Wealth Management
INDOSUEZ WEALTH MANAGEMENT Other than competitors whose sustainable investment strategies rely on providing clients with ESG-themed funds or bond subscription opportunities, Indosuez Wealth Management in 2019 generated a separate environmental, social and governance score for each investment product in order to create an overall awareness of environmental, social, and governance (ESG) factors in every investment decision. Listing the average, maximum and minimum scores in environmental, social, and governance performance of each product, Indosuez provided an ESG scorecard of the clients’ overall investment portfolio. In doing so, it relied on the input of external consultants and a team of ESG specialists from Amundi, which provided a detailed scoring for each fund available on the Indosuez platform. Private bankers at Indosuez introduced clients to the concept of sustainable investment by discussing the ESG performance of the most popular single stocks. No other private bank in Asia has the ability of Indosuez to provide a rating for every investment line of a client known to the bank, down to the level of individual stocks and bonds. In addition, the bank has been analysing risks for investment portfolios and making investment decisions on the basis of ESG ratings since early 2019. The bank would offer suggestions about improving client portfolios’ ESG scores by switching to investments with a similar level of return. Promotion of sustainable investment extended to the bank’s daily emails to RMs worldwide, providing daily recommendations on specific ESG related structured products to increase awareness. The streamlined process resulted in marked improvements in clients’ overall portfolio ESG rating, suggesting that a shift towards more sustainable investment choices is becoming mainstream.
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“As a pioneer in adopting ESG principles in solutions and services for our clients, Indosuez Wealth Management is honoured to be recognised as the Best Private Bank – Sustainable Investments. Sustainability is deeply rooted in our DNA and incorporating ESG principles in investment solutions becomes even more pressing as global climate change and sustainability have developed into daily living issues on planet Earth. ESG performance and monitoring will remain an integral facet of our key competencies as we continue to draw on the strength of our global and local risk management expertise in the drive towards value-added performance. We deeply appreciate and thank our clients for their trust and support in our efforts and reaffirm our commitment to providing exceptional service through a diverse range of asset classes and thematic offerings.” - Arjan de Boer, head of markets, investments & structuring, Asia, Indosuez Wealth Management
Indosuez has made it known that its ambition is to offer a 100% ESG product range, by excluding certain companies from investment recommendations and by including ESG ratings in the investment standards in DPM mandates. Indosuez’s distinct method of incorporating the ESG theme into its investment strategies and allowing sustainability goals to connect with clients’ daily transactions has earned it Asian Private Banker’s first award for Best Private Bank – Sustainable Investments for 2019.
AWARDS FOR DISTINCTION 2019
INVESTMENTS & CONTENT AWARDS
Rodolphe Larqué head of managed solutions, Credit Suisse Private Banking Asia Pacific
CREDIT SUISSE With 2019 being such a challenging year for banks despite the market recovery, it turned out to be even more vital for banks to provide the best-in-class solutions and advice and to demonstrate the all-round quality of its investment advisory business. Credit Suisse’s unique local set-up — with a strong global alignment between products, investment consultants and relationship managers — distinguished itself from peers, which enabled the bank to provide holistic and trusted investment advisory services to clients. Under the new collaboration-focused sales and advisory model, front office, investment consultants, and product heads all report directly to the heads of the private bank, establishing a single forum that drives sales and advisory services and distributes consistent messages in a targeted manner to frontlines across digital and physical channels. As the foundation of the bank’s advisory message, Credit Suisse’s chief investment officer represents the ‘Credit Suisse House View’, showcasing its capability as the engine driving investment performance, AUM growth, and client retention while establishing a remarkable risk-adjusted return track record over the past few years against its peers. In 2019, when a number of banks were taking profit from global equities as risk sentiment receded, Credit Suisse was one of the few banks that stayed disciplined and kept overweight on risk assets throughout the year, allowing the bank to generate attractive returns for clients. Implementing Credit Suisse’s house view, best-inclass and high conviction strategies were offered across investment instruments, financing, strategic and wealth solutions, serving clients of every level of sophistication and receiving a warm reception by Asian clients. Worth mentioning, as the core of the bank’s APAC growth, its managed solutions AUM —which includes funds, discretionary portfolios, and flat-fee advisory
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“We are extremely proud of winning this award. It is a testament that we have the best investment advisory platform and honours our unique collaboration across product verticals. In fact, our strong partnership between Managed Solutions, Trading Solutions, CIO, Research, Sustainable Investments, Financing teams and orchestrated by our Investment Consulting team has enabled us to service our clients effectively across all their investments and advisory needs. Our streamlined and flat structure, as well as local reporting lines have ensured faster and client centric decision making which drives our strong performance. Our cohesive Sales, Advisory and Product teams work closely together and with aligned interests, that has allowed us to work together to formulate and prioritise the best products and focus solutions with a consistent sales and advisory message to relationship managers and clients across multiple channels. Our state of the art platform enables us to deliver automated, suitable investment advice and as a result, our holistic offering is powerful and second-to-none in the industry. In terms of sustainable investments, our Impact Advisory and Financing department has also continued to bring a wider range of expertise and innovative solutions to clients, growing AUM for sustainable investments in APAC, a topic which has drawn significant interest in recent years.” - Rodolphe Larqué, head of managed solutions, Credit Suisse Private Banking Asia Pacific
mandates — has grown steadily over the past five years. On the trading side, the bank’s dedicated coverage of active-trading oriented clients yielded remarkable returns with the Direct Access Client (DAC) business across equities, fixed income, FX, and structured products flows, growing by three times since 2014. Credit Suisse Private Banking is Asian Private Banker’s Best Private Bank – Investment Advisory for 2019.
AWARDS FOR DISTINCTION 2019
INVESTMENTS & CONTENT AWARDS
Ernest Chan head of investment management services, Morgan Stanley Private Wealth Management Asia
MORGAN STANLEY PWM ASIA 2019 was characterised by a mature economic cycle and dented investor risk sentiment, with a U-turn in central banks’ behaviour and an uncertain geopolitical situation driving much of the short-term market movements. With a focus on quality rather than quantity, Morgan Stanley Private Wealth Management Asia in 2019 saw a reversion to fundamentals by only targeting those ‘best in class’ high conviction managers and mandates. In a year when markets saw a widening trade range and heightened uncertainties, the bank’s robust business and investment results vindicated its approach. Well known for its immense depth and breadth of research globally, Morgan Stanley Private Wealth Management Asia took a holistic and fully integrated approach to providing fund advisory to clients. On its open-architecture platform, only those top-notch funds were selected, which then went through an in-depth due diligence and onboarding process, taking into consideration both operational and investment aspects. When fixed income — especially fixed maturity bond funds — served as the major driver for fund inflows within the private banking industry in 2019, Morgan Stanley’s top-ranked in house research led and guided clients to diversify their portfolios into different asset classes and investment strategies. On the advisory front, key investment ideas of the bank were categorised into three segments: 1) secular growth themes with a focus on digitalisation of financial and China onshore opportunities 2) late stage investments with an income tilt and 3) evergreen and absolute return offerings concentrating on those funds that have a ‘tried and tested’ investment philosophy and portfolio construction process. These three segments were gaining significant traction among the private clients throughout 2019, as investors continued to search for yield and alpha. As a result, a strong inflow with strong outperformance of these assets brought the bank’s fund penetration rate to a significant 51% as of October 2019.
AWARDS FOR DISTINCTION 2019
“We are honoured to receive this award. For us it is an important milestone that reflects the evolution of our fund advisory business. The team’s focus is on offering a wide variety of best-in-class products which deliver on clients’ alpha expectations. Client satisfaction is the driver and we continually work to ensure we are delivering ‘the right product to the right client at the right time’. Our platform benefits greatly from Morgan Stanley’s top-ranked macro and equity research. We seek to translate their thought leadership and ideas into investment opportunities and ultimately strong returns. In 2019, we developed our diverse platform of top performing and innovative fund advisory products. We take pride in our ability to understand and meet the needs of the UHNW sector in such unpredictable and challenging market conditions. Finally, we take this opportunity to thank our in-house and external asset management partners for their support in helping us achieve great outcomes for clients, and we look forward to continuing to offer our market-leading service and range of products into 2020 and beyond.” - Ernest Chan, head of investment management services, Morgan Stanley Private Wealth Management Asia
Success in business could not be achieved without a robust pre- and post-sales client service. Based on the individual needs and requirements of each Morgan Stanley client, the bank followed a stringent KYC and risk profiling procedure which was an automated process which showed clients only investment opportunities that suited them and for which they were eligible. On after sales, Morgan Stanley maintained strong partnerships with various asset management firms and offered clients direct access to key portfolio managers and specialists, which significantly helped improve portfolio transparency and client satisfaction. Morgan Stanley Private Wealth Management Asia is Asian Private Banker’s Best Private Bank – Fund Advisory for 2019. 47
BAILLIE GIFFORD WORLDWIDE ASIA EX JAPAN FUND
ASIA IS FACING A PERIOD OF TRANSFORMATIONAL CHANGE, ECONOMICALLY, POLITICALLY AND TECHNOLOGICALLY.
ASIAN OPPORTUNITIES CALLING. Baillie Gifford looks to embrace the opportunities afforded by this transformational change in Asia. We invest in companies disrupting the existing order, those looking to turn uncertainty into certainty while generating returns as their business models mature. Net performance to 31 December 2019*: 10 years Baillie Gifford Asia ex Japan Strategy Composite*
142.34%
MSCI AC Asia Pacific ex Japan†
87.43%
Capital at risk. The Baillie Gifford Worldwide Asia ex Japan Fund is currently unseeded so we have included past performance information for the Baillie Gifford Asia ex Japan Strategy as an example of our approach as the fund adopts the same investment philosophy and process as this strategy. This information is not a guide to the potential performance of the Baillie Gifford Worldwide Asia ex Japan Fund. The standardised past performance of the Baillie Gifford Asia ex Japan Strategy Composite (net) and the MSCI AC Asia Pacific ex Japan index was 29.51% vs 18.52% in 2019, -17.76% vs 14.12% in 2018, 55.73% vs 42.08% in 2017, -1.71% vs 5.76% in 2016 and -7.81% and -8.90% in 2015†. For professional investors only, not retail investors.
For the full picture, scan the QR code or visit www.bailliegifford.com, or email us at asiaenquiries@bailliegifford.com *Source: Statpro, MSCI. US Dollars, cumulative returns as at 31 Dec 2019. Baillie Gifford Overseas Limited is wholly owned by Baillie Gifford & Co. Baillie Gifford Overseas Limited provides investment management and advisory services to non-UK clients. Both are authorised and regulated by the Financial Conduct Authority. Baillie Gifford Asia (Hong Kong) Limited 百利亞洲(香港)有限公司 is wholly owned by Baillie Gifford Overseas Limited and holds a Type 1 licence from the Securities and Futures Commission of Hong Kong to market and distribute Baillie Gifford’s range of collective investment schemes to professional investors in Hong Kong. Baillie Gifford Asia (Hong Kong) Limited 百利亞洲(香港)有限公司 can be contacted at 30/F, One International Finance Centre, 1 Harbour View Street, Central, Hong Kong, Telephone +852 3756 5700. †Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, endorsed, reviewed or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.
INVESTMENTS & CONTENT AWARDS
Marc Van de Walle global head of products, Bank of Singapore
BANK OF SINGAPORE After a challenging year, equities saw an encouraging rebound in 2019, with major stock markets across both developed and emerging markets recording impressive returns. On the back of a robust investment and product team with leading equity research and advisory capabilities, Bank of Singapore offered a comprehensive suite of equities and derivatives strategies, delivering effective solutions and strong returns for clients. The backbone of the bank’s equity advisory business was its stock selection ability, based on its deep understanding of the market. That understanding had grown out of the strength of the in-house research analysts at the Singaporean bank, combined with external industry research and trading capabilities — as part of the bank’s open architecture model. As a clear proof of its superior ability to generate positive investment ideas, the investment team’s ‘high conviction list’ — run with utmost transparency to both RMs and clients — generated outstanding returns. As of end August 2019, the hit rate of the team’s investment ideas stood at 89% year-to-date, with an average outperformance of 3.3% against its benchmark. Beyond directional trading ideas, Bank of Singapore in 2019 also introduced multiple market-neutral investment products to help clients generate attractive returns, regardless of market direction. Innovative products in this area were the dispersion notes around key secular themes and outperformance notes, which have enjoyed strong performance since launch.
“We are proud of our equity advisory team for receiving this well-deserved accolade. At Bank of Singapore, we take our investment process very seriously, considering ideas debated with much intellectual rigour with input from the team of inhouse research analysts, as well as a mosaic of information gleaned from across our unique open architecture model. Our equity advisors across Singapore, Hong Kong, and Dubai come from diverse backgrounds in a deliberate attempt to spur diversity of thought, while being client-centric. Over the past year, we have given free rein to technology and data to give our advisors an unprecedented understanding of our business, transactional trends, and client positions. This has empowered them to make better investment decisions to achieve clients’ desired return and risk tolerance.” - Marc Van de Walle, global head of products, Bank of Singapore
ICs based on relevancy. Eight months into 2019, over 20% of the bank’s equity advisory content was delivered in a targeted manner, and the number has kept rising since. An enhanced platform with innovative trading ideas backed by a robust team has earned Bank of Singapore Asian Private Banker’s accolade of Best Private Bank – Equity Advisory.
In terms of key enhancements to the advisory platform, Bank of Singapore’s equity business zeroed in on data. The business put into practice ‘targeted advisory’ with an applied machine-learning model, whereby content was matched to clients, RMs, and
AWARDS FOR DISTINCTION 2019
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INVESTMENTS & CONTENT AWARDS
Jeffrey Yap regional head of FICC, Asia, HSBC Private Banking
HSBC PRIVATE BANKING The fixed income market in 2019 was overshadowed by geopolitical risks, US-China trade tensions and an inversion of the yield curve. With significantly volatile price movements driven by these events, HSBC Private Banking’s fixed income team went from strength to strength, actively advising clients to move ahead of the markets and rebalance their bond portfolios accordingly. Worth mentioning, HSBC’s Asia Focus List got expanded to 3,500 bonds in 2019 from 2,800 previously, in various currencies across different regions. Independent from the bank’s global research team, the fixed income desk has credit lines with over 50 different counterparties, ensuring it can source liquidity and find best execution for clients on its open architecture platform. In 2019, not only did its high conviction bond list post zero default events, but over 75% of the bank’s high conviction trade ideas outperformed their respective index benchmarks, as the bank stringently selected and actively monitored the high conviction names. HSBC’s franchise as a fixed income house is well established. Beyond secondary market trading and execution, its participation in bond IPOs and private placements is well recognised. In 2019, HSBC accepted market or limits orders and kept clients informed on the deal progression in a timely manner, helping them gain exposure in the primary bond market. For clients interested in making a sizable placement with a specific issuer, the bank collaborated with its investment banking arm and external counterparties to engage directly with issuers and originate private placement subscriptions.
“We are thrilled to be named Asian Private Banker’s Best Private Bank for Fixed Income Advisory. In 2019, our team was able to capitalise on the strength of HSBC Private Banking to successfully navigate challenging market conditions. This is a clear testament to our human capital investment in the past year by bringing on senior professionals from investment banks and asset management firms to strengthen and extend our lead in the market. Our unique and proprietary investment analysis approach continue to help us guide our clients to achieve outperformance in investment returns. We are proud to be serving this key element of our clients’ portfolios as an important part of our industry-leading private bank in Asia.” - Jeffrey Yap regional head of FICC, Asia, HSBC Private Banking
actions. In a year with increased uncertainties, this strategy kept gaining traction among clients. A robust business performance, as a result, undoubtedly came parallel with the bank’s best in class fixed income recommendations and platform enhancement. Worth highlighting, in 2019, HSBC’s fixed income business recorded a 30% growth in net AUM, and primary turnover for single line item products grew by a significant 181%. HSBC Private Banking is Asian Private Banker’s Best Private Banker – Fixed Income Advisory.
Additionally, the bank’s bond borrowing and lending programme enabled investors to enhance their income by receiving a lending yield while still retaining the economic benefits, such as coupons and corporate
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AWARDS FOR DISTINCTION 2019
INVESTMENTS & CONTENT AWARDS
Shafali Sachdev head of FX, Asia, BNP Paribas Wealth Management
BNP PARIBAS WEALTH MANAGEMENT 2019 was a year marked by dramatic changes in BNP Paribas Wealth Management’s foreign exchange advisory business with numerous enhancements and improvements to its platform, sealing its leadership position in the industry. Against a backdrop of a U-turn on US interest rates and the resultant changes in currency views, BNP Paribas Wealth Management managed to remain one step ahead of the market in its calls. Its focus on cross-market linkages, volatility, and positioning, apart from just spot levels, allowed it to make sure that its trades presented not just a call, but the smartest way to express the view. This was reflected in its track record: as of the end of 3Q, the bank had come up with 112 trade ideas, with a hit ratio standing as high as 87%. One of the biggest FX calls BNP Paribas Wealth Management made last year was to buy gold, both on a cash basis and through structures designed to capitalise on volatility. For example, in February, the US Fed Chair pivoted on interest rates using language that the French bank interpreted as dollar negative. The bank suggested clients play the move using a proprietary ‘buy gold propulsion structure’, which successfully achieved clients’ full profit target within 9 days of entering the trade. Another call worth highlighting was the bank making use of the increased volatility and distorted skew around Brexit to enter a ‘GBP/USD skewed structure’. This call knocked out in one week, with clients receiving the entire profit target immediately with a deep discount to market price. Bearing in mind the philosophy of “offering clients solutions rather than trades”, BNP Paribas Wealth Management’s FX investment advice goes beyond the directional calls. It is based on its thorough understanding of clients’ objectives and customised to their portfolios in order to optimise clients’ capital usage. The offering of the bank is spread across
AWARDS FOR DISTINCTION 2019
“We’re very honoured to be named the Best Private Bank – FX Advisory by Asian Private Banker. 2019 was a year of dramatic changes in our Foreign Exchange Advisory business at BNP Paribas Wealth Management Asia, as we refined our Advisory model. We strongly believe that one size does not fit all, and are particularly proud of our solution-driven approach. We are grateful for the enthusiastic support from our clients for our enhanced platform and offering.” - Shafali Sachdev, head of FX, Asia, BNP Paribas Wealth Management
the full spectrum of clients: from gamma trading for institutional-like investors to FX embedded in capital protected structures for risk-averse clients. As a key enhancement made to the advisory offering last year, the bank designated a dedicated FX advisor for its sophisticated clients, in order to provide them with customised, institutional-type, solution-driven coverage and services. Additionally, core clients were able to get advice from an up-skilled RM team, supported by digital tools with additional access to a dedicated FX advisor. In 2019, the firm launched an FX digital transformation project, allowing RMs to directly price and execute linear products on FX and access live pricing on exotic options and structures, without depending on the FX desk. Undoubtedly, the unrivalled FX platform with a dedicated team resulted in remarkable business growth, with revenues from direct access advisory nearly doubling in 2019, serving as the largest growth engine for the bank’s FX business. BNP Paribas Wealth Management is Asian Private Banker’s choice for Best Private Bank – FX Advisory.
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INVESTMENTS & CONTENT AWARDS
Edward Moon regional head of alternative investments, Asia HSBC Private Banking
HSBC PRIVATE BANKING Rich valuations of public markets in 2019 kept pushing high net worth individuals to gain exposure to private markets and, more broadly, alternative assets. Yet few private banks could showcase their capability as well as HSBC Private Banking did in 2019 in terms of guiding clients to build up exclusive, best-in-class alternative portfolios with a tactical focus on the late market cycle. By making the most of the bank’s partnership with HSBC Alternative Investment Limited, the bank secured exclusivity for 75% of private market funds and 50% of hedge funds that were launched in 2019. Instead of taking a lot of directional and high liquidity risk, those bespoke solutions had an undue focus on downside protection during market dislocations, in a bid to better help clients navigate a volatile investment climate. On its alternatives platform, rather than broadly stuffing its product shelf, the bank maintained a strong bias towards those best-in-class champion strategies in each category. In 2019, HSBC Private Banking launched 10 private market funds and hedge funds covering four major themes and ideas: US focused equity long short hedge fund, core hedge fund, Vision 2019 (a diversified private equity portfolio across primary, secondary and co-investments), and a global secondary fund.
“We are very honoured to be named Best Private Bank for Alternative Advisory by Asian Private Banker. HSBC Private Banking takes a differentiated, high conviction approach for our alternative advisory platform and the commitment to excellence shown by our entire team, our colleagues and our partners has paid off with an exceptional 2019 performance. We are thankful for the trust and support from our valued clients and we will continue to invest in and deliver best-in-class products and services across Asia.” - Edward Moon, regional head of alternative investments, Asia, HSBC Private Banking
kept enhancing its digital distribution platform to provide a one-stop shop knowledge platform for clients. Additionally, in 2019, the bank organized over 10 educational events with reputable hedge funds and private equity managers, which gained tremendous positive feedback from clients. For these reasons, HSBC Private Bank is Asian Private Banker’s choice for Best Private Bank – Alternative Advisory in 2019.
A rigorous due diligence process and high standard in selectivity pays off. The bank’s core hedge funds portfolio recorded a 6.98% of alpha against MSCI World Index over the past 12 months and delivered an impressive 2.34 of Sharpe Ratio versus MSCI World’s 0.55. The strong relationship with managers also enabled the bank to win meaningful fee discounts for clients. This strong performance as well as the favoured terms led the bank to receive a record high inflow of the region’s wealth last year. Bearing in mind that Asian investors remain green in terms of investing in alternatives compared to those traditional long only assets, HSBC Private Banking
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AWARDS FOR DISTINCTION 2019
INVESTMENTS & CONTENT AWARDS
Lewis Wong co-head of the Asia Pacific Financing Group, Credit Suisse
CREDIT SUISSE Asian investors’ risk sentiment slowly picked up in 2019 as the financial market showed continuous resilience in its recovery. Credit Suisse Private Banking capitalised on its APAC Financing Group, providing clients in the region with an integrated platform along with a holistic solution for trading, risk management, structuring and syndication. Drawing on Credit Suisse’s global resources, its ‘Bank for Entrepreneurs’ strategy delivered integrated private banking and investment banking advisory and solutions to UNHWs, entrepreneurs, corporate clients, and institutional investors. It supported clients’ various financing needs across different business stages — from loan inception and restructuring to investment and loan position building, from performance and covenants monitoring to periodic portfolio and facility review. On top of the bank’s bread and butter financing solutions across structured financing, real asset lending, and flow lending, Credit Suisse launched partial return swaps in 2019 as a new offering to supplement client portfolios and enrich its financing platform.
“Receiving this award is a testament of the strength of our best-in-class credit advisory business and our unique Asia Pacific Financing Group. Our ability to offer and execute innovative financing solutions quickly to our entrepreneur, ultra high net worth, private banking, corporate, and institutional clients is unrivalled and is what gives Credit Suisse the winning edge.” - Lewis Wong, co-head of the Asia Pacific Financing Group, Credit Suisse
Credit Suisse’s customised and balanced lending solutions with swift execution backed by strong commitment from senior management and collaboration from stakeholders did not go unnoticed by clients, who provided excellent feedback on the bank’s financing engagement and proactive risk management. Credit Suisse Private Banking is Asian Private Banker’s Best Private Bank – Credit Advisory for 2019.
Numbers speak for themselves. Credit Suisse’s credit advisory business delivered double-digit adjusted returns on capital for full year 2018 and 2019, as the bank further entrenched its market position with dominant franchises across its investment banking and private banking businesses. Additionally, streaming from the wide spectrum of lending activities — spanning structured credit lending, share-backed and margin lending, real estate financing, real assets lending, Lombard lending, and portfolios financing — the credit business recorded significant, robust and steady revenues for the bank. This reflects the resilience of its wealth management strategy and its leading business franchises in the region, despite a rather challenging and volatile market climate.
AWARDS FOR DISTINCTION 2019
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ABOUT ASIAN PRIVATE BANKER Asian Private Banker is Asia’s best-connected bureau of journalists and researchers delivering independent, authoritative, and indispensible intelligence for Asia’s rapidly growing private wealth management industries. Backed by its powerful network and strong reputation, APB data is widely relied upon by media and industry insiders alike to inform debate and foster understanding around the region’s private banking landscape.
DIVERSE PERSPECTIVES SHAPE ORIGINAL THINKING
At Natixis Investment Managers, we practice Active ThinkingÂŽ. That means we draw on the diverse expertise of our affiliate investment managers to challenge conventional wisdom and develop unique perspectives. For more information, please visit im.natixis.com/sgÂ
All investing involves risk, including the risk of capital loss. Natixis Investment Managers Singapore (name registration no. 53102724D) is a division of Ostrum Asset Management Asia Limited (company registration no. 199801044D). This advertisement has not been reviewed by the Monetary Authority of Singapore. ADUS78-1219
