Best Private Bank – Taiwan Domestic Cathay United Bank

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.

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.

“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.

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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.

“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.

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.

“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.

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

“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 Singapore for 2019. Best Private Bank –

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.

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 Private Bank – Global Indians for 2019. Best

“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

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.

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.

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.

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.

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

“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.

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.

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.”

- Sandeep Das, head of Barclays Private Clients, India

asset classes, and is currently engaged in discussions over succession planning for the client’s family trust.

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.

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.

Barclays Private Clients is Asian Private Banker’s Best Private Bank – India Domestic for 2019.

Important Note. Pictet-Global Environmental Opportunities (the “Fund”) applies a capital growth strategy, by investing principally in equities or equities related securities issued by companies throughout the world (including emerging markets). It will invest mainly in securities issued by companies active throughout the environmental value chain, for example in sectors such as but not limited to agriculture, forestry, clean energy and water. The Fund’s investments are concentrated in the environmental sector. The Fund may be adversely affected by or depend heavily on the performance of the securities issued by companies in the environmental value chain. Therefore, this may have an adverse impact on the Fund’s NAV.The Fund may have exposure to emerging markets including but not limited to China. Due to the political and economic situations in emerging countries, investment in the Fund presents, among others, greater legal, political, social, economic policy, volatility, currency, exchange, tax, capital repatriation and liquidity risks. Investors should not only base on this marketing material alone to make investment decisions. Investment involves risk. Past performance is not a guarantee or a reliable indicator of future performance. This material has not been reviewed by the Securities and Futures Commission or any other regulatory authority. The issuer of this material is Pictet Asset Management (Hong Kong) Limited.

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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.

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

“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.

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.

Unlike its domestic peers that tend to develop their wealth management services in-house, Bank

“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.