Best Private Bank – Malaysia Domestic Maybank

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.

“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.

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.

In addition to the family office services platform, the

“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.

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.

“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.

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.

“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.

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.

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

“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.”

- Cynthia 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.