Client centricity, quality service and targeted offerings were deemed as winning qualities at the Private Banker International Wealth Awards 2014. All the winners were commemorated at the Fullerton Hotel in Singapore
Private Banker International announced the winners for the Global Wealth Awards 2014, in conjunction with the 24th Global Wealth Summit. The award winnerswere announced and presented at the Awards Gala Dinner on 17th October 2014 at the Fullerton Hotel Singapore.
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Like every year, the PBI Awards 2014 were based on a rigorous selection process which starts with nominations from industry professionals, including the readership of PBI.
Nominees were shortlisted and submitted to a panel of judges who decided the finalists in each award category and the overall winner and highly commended.
Outstanding Global Private Bank
UBS
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Continuing to pursue a broad-based global expansion strategy, UBS’s lead over its rivals continues to grow, currently leaving it unchallenged as the defining global private banking heavyweight. Clients continue to trust UBS with their wealth, which is witnessed by the amount of net new money that UBS continues to pull in.
Outstanding Private Bank: Asia Pacific
Regional Players
DBS
DBS remains the defining case study of the home-grown Asian bank with well-developed ambitions for regional private banking – aims which may well make it a global force in future. Its acquisition of the Asian private banking operations of Sociéte Générale, in a transaction agreed earlier this year, has added $12.6bn in assets to the DBS client base, an increase of approximately 20%.
Outstanding Private Bank: North Asia
Credit Suisse
The adoption of ‘One Greater China Franchise’ by Credit Suisse has emerged as a key competitive tool for the bank, making its profile significant among Chinese clients. Since the emergence of this strategy in 2012, the bank has clearly shown an improved service model for relationship managers to better serve clients with converged businesses and wealth interests in Greater China. Credit Suisse and its Swiss peers continue to enjoy an excellent reputation among clients across the region.
Outstanding Private Bank: South Asia
Standard Chartered Private Bank
Standard Chartered has been playing to its historic strengths across the sub-continent. Its seamless mix of services for entrepreneurs – from loans and business and trade finance through to wealth management products – continues to attract new clients as well as helps maintain the established customer relationships.
Outstanding Private Bank: South East Asia
Bank of Singapore
Bank of Singapore (BOS) continues to build on the acquisition of ING Private Banking business in Asia, to develop its own, special brand of services for the high net worth (HNW) clientele. It is now increasingly looking outside its Singapore stronghold, and will be a significant player in the Greater China business in future. The S$6.2bn ($4.95bn) acquisition by parent lender, OCBC, of Hong Kong’s Wing Hang Bank, will allow the group to tap into trade flows as well as HNW business, enlarging its footprint at home and abroad.
Outstanding Global Private Bank: Asia Pacific
Citi Private Bank
Citi is becoming an increasingly formidable wealth player in Asia, currently ranked as the second-largest private banking force in the region. Assets across its Asian wealth management businesses climbed by 10% to a record $251bn, at the end of May 2014. A combination of its Citigold and private banking businesses offer wealth management services to more than 630,000 clients in 13 countries across Asia.
Outstanding Global Private Bank-Europe
BNP Paribas Wealth Management
BNP Paribas Wealth Management ranks as the Eurozone’s biggest private bank, after acquisitions and organic growth. BNP Paribas provides wealthy clients with a wellrounded product and service suite, ranging from investment advice and services related to business succession, retirement, real estate through to art and philanthropy. It is and will remain highly focused on wealth management franchises, with a strategy calling for expansion in the US as well as countries like Turkey, Poland and Morocco, where the bank also has large retail branch networks. The Middle East, Asia and Italy will also experience growth.
Outstanding Global Bank: North America
Citi Private Bank
Citi can boast assets under management for private clients in the US of $100bn. A key to its success is the complementary relationship between the private bank and other businesses within the bank’s Institutional Clients Group. This allows Citi to deliver the same sophisticated advice and products to private banking clients that are normally reserved for the world’s largest companies and investors – creating a key advantage for its clients.
Outstanding Global Private Bank: Latin
America
Itaú Private Bank
While competition for private banking clients builds in countries like Brazil and Argentina, the Itaú Private Banking Group remains a dominating force in its home markets. Much of its footprint comes from the size of parent Itaú Unibanco, the largest financial conglomerate in the Southern Hemisphere. Itaú Private Bank operates across Chile, Paraguay and Uruguay as well as its home base of Brazil.
Outstanding Global Private Bank: Middle East
Coutts
Coutts has made the Middle East very much one of the central planks of its growth strategy, at home and abroad. The bank has made plans to add 100% to its assets under management in the region, for the next two to three years. It has built a team in the region of over 60 people and continues to actively recruit for its NRI team, refocusing away from affluent expatriates in places like the Gulf towards ultra-wealthy local clients. Significantly, Coutts has woven its NRI strategy to seamlessly deliver a holistic service across its platforms that is recognised as industry leading.
Outstanding Private Bank for UHNW Clients
Credit Suisse
Credit Suisse has made the cultivation of Ultra High Net Worth (UHNW) clients a key part of its growth strategy internationally.
The ultra-wealthy are regarded as an essential source of business, following the outflows all Swiss banks experienced due to crackdowns on untaxed money concealed in Swiss accounts. Credit Suisse’s growing success in the ultra-wealthy client segments can be judged by the fact that it is considered the leading bank for UHNW clients with assets of CHF50m ($52m) and above. The bank also plans to develop in the super-league, those clients with CHF50m or more.
Outstanding Philanthropy Offering
BNP Paribas Wealth Management
BNP Paribas offers a complete range of tailor- made services in the philanthropy sector to make it one of the leaders in this growing field. The bank’s specialised Philanthropy Advisory Team counsels donors on each step of their project. The team can bring pointed expertise and follow-up in the strategy, structuring, execution, and evaluation of philanthropic work. It also offers the innovative
"Fondation de l’Orangerie" for individual philanthropy, whereby donations can be collected and allotted efficiently towards rigorous, transparent and original projects.
Best Next-Generation Offering
Citi Private Bank
The passing of wealth to new generations has become an important service offering at leading private banks, giving access to some of the richest and most powerful families aroundthe world. Citi has carefully developed the know-how to guide families through the delicate situations where wealth planning, family values and circumstances intersect. Citi Private Bank’s advanced Next Generation programme is designed for young adults from families who share common interests and aspirations. It provides a compelling opportunity for participants to learn and network with peers from around the world in an engaging environment.
Best Discretionary & Advisory Service Offering
Citi Private Bank
Citi Investment Management is the private bank’s core discretionary investment management business, with a history of managing portfolios for clients since 1935 and with some $27bn in global assets under management as of 2013. The global team has class-leading expertise in managing regionally relevant core asset classes and bespoke investment strategies.
The key to the process is the Whole Net Worth asset-allocation model, which provides the analytical framework for combining traditional and alternative assets, such as hedge funds, private equity and real estate, with opportunistic investments like commodities into a customised portfolio.
Outstanding NRI Offering
Standard Chartered Private Bank
The huge and growing Non-Resident Indian (NRI) sector or, as some prefer, the global Indian marketplace, is hotly-contested by private banking leaders. Standard Chartered Private Bank has honed and refined its NRI services, from the affluent to really wealthy, for many years, and boasts a franchise second to none. It offers dedicated NRI desks, easy remittance to India, fixed deposits, Indian investment products, Indian mortgages as well as the usual range of lending and foreign exchange products.
Best Family Office Offering
HSBC Private Bank
HSBC’s UHNW service offering amounts to the biggest bank-managed multi-family office in the world. Its private wealth solutions unit, which deals with HSBC’s wealthiest clients, had assets under advisement, including assets under management plus non-discretionary assets such as trusts of $137.3bn at the start of 2013. This Hong Kong-based operation leaves many of its peers behind at a time when the family office sector has become a battleground for the top private banks seeking ultra-wealthy clients.
Outstanding Wealth Management Service for
the affluent
Citigold Private Client
The Citigold service goes from strength-tostrength as a low-cost entry into private banking for clients, but with many of the benefits of a broad and sophisticated private banking service.
Citigold Private Client was created specificallyfor those with $1m and more invested with Citibank. As Citi says, it’s combined the products, ideas and insights of Citi Private Bank with the scale and services of Citigold with a compelling client suite. From comprehensive bank account facilities, multi-currency deposits, managed funds and structured products through to specialist equities advice and access to separately managed and discretionary portfolio solutions, Citigold ranks as ‘best in class’.
Outstanding Wealth Manager — Customer
Relationship Service and Engagement
RBC Wealth Management
RBC is a defining case of a bank which has broken into the top ranks of global wealth managers with a strategy centring on the high standards of customer care. It has developed a comprehensive four-part programme anchored in the precept of maximum client engagement. First is ‘discovery’ – evaluation of a client’s unique needs; next is ‘strategy’ – customising the client’s financial planning; third is ‘implementation’ – executing the plan; and last, an ongoing ‘review and management’ process to meet clients’ changing needs. The approach is, without doubt, among best in class in private banking, as it is backed up by professional private banking, trust and fiduciary, discretionary and advisory offerings, as well as key services such as international tax consultancy.
Most Innovative Digital Offering
Coutts
Coutts, while one of the most traditional of private banks, has made technological transformation a centrepiece of its strategy over the last four years, largely based around implementation of a major modernisation efforts via the Avaloq platform. Coutts has marched forward with best of breed applications, ranging from its comprehensive website services through to advanced mobile banking functionality and apps for tablet usage. Account views, loans, money markets and investments, payments, funds transfers, alerts for balances and transactions and bank statements are all available through mobile for Coutts’ customers.
Outstanding Wealth Management
Technology Provider – Front Office Products
AG Delta
AG Delta has exhibited leading vision in understanding the needs of the front-line private bankers in this competitive digital age. Through its innovative wealth management platform, this provider implements front-line tools and capabilities that truly enable an effective digital service strategy for its client banks.
Outstanding Wealth Management Technology
Provider — Most Effective Integration Architecture
Avaloq
Avaloq’s suite of banking products comprise of a fully integrated, modular banking solution for back, middle and front office functionalities. Crucially, complete integration allows end-to-end coverage of processes with maximum efficiency and flexibility. The front-office suite allows for a generation of new client experiences. The scalability and flexibility of the products offer security in the face of regulatory changes and provides maximum agility for the introduction of new products as well as the growth of business – either by expansion into new markets or integration of acquisitions.
Outstanding Wealth Planning & Trust Provider
RBC Wealth Management
Wealth planning based on trusts and estates are essential elements for the wealthy, multigenerational families seeking to pass on their financial and other assets in a safe, efficient manner. RBC is justly proud of the highly skilled estate and trust professionals, offering estate settlement and administration services, trustee services, trust structures, and other specialised services around the world. The bank, working with families and businesses who wish to protect their assets and transfer their wealth for generations, has an outstanding reputation for excellence in estate and trust services.
Outstanding RM Training & Development
Programme
Credit Suisse
Creating a skilled and professional advisory workforce remains the priority for many banks, particularly in the fast-developing private banking markets of Asia. Notable initiatives include the establishment by some banks of academies for advanced training. Credit Suisse stands out for its emphasis on what it calls ‘360-degree training’. It was the first among the private banks globally to launch a mandatory certification programme, called front-line training and certification for all employees, which allows direct client contact.
Most Innovative Business Model
DBS
DBS stands out for being a notable homegrown "challenger" bank in Asia to the big Western private banks. It is increasingly competing with the global wealth giants across Asia, with its capacity spurred by the acquisition of client assets and professionals from Sociéte Générale in Asia earlier this year. In a carefully-laid strategy, DBS has been able to build excellence in private banking capabilities from the ground upwards, establishing best practice that few other lenders in the Asian wealth industry can match. This has created a truly innovative, forwardlooking business model. Few banks have so effectively harnessed the whole of the institution to enable access of multiple streams of expertise to their private clients.
Outstanding Global Private Banker – Asia Pacific 2014
Renato de Guzman, CEO, Bank of Singapore
Renato de Guzman is a private banking leader and pioneer in Asia Pacific. An accomplished banker with more than 35 years experience, de Guzman has been instrumental in growing the private banking business in Asia since 2000. He was the CEO of ING Asia that was acquired by BOS’s parent lender OCBC in an attempt to reshape operations of its private banking arm. de Guzman continues to build on BOS’s solid position as a leading Asian private bank and is considered one of the 25 most influential people in Southeast Asia, who is helping shape financial markets for the coming decade.
Outstanding Global Private Banker 2014
Jean-Francois Mazaud, Head of Sociéte Générale Private Banking
Jean- François is an outstanding example of the emerging leaders in modern private bank, a professional with wide and fundamental experience of global banking. He began his career as a banking manager in Paris and Tokyo, before joining Sociéte Générale in 1993. He started off by advising the bank’s clients on their fund raising transactions,including privatisations, IPOs and capital increases. In 1998, he was appointed head of equity linked origination, before joining the debt capital markets department in 2004.
In 2006, Mazaud was appointed global head of debt capital markets and then became deputy head of global finance for Sociéte Générale Corporate & Investment Banking in 2008. Mazaud was appointed Head of Sociéte Générale Private Banking in 2012, bringing to the role all his many skills which are required by today’s wealthy private banking clientele – frequently business people as well as individuals investing on their own behalf – requiring a wide range of financial planning disciples.
Outstanding Private Banker Career Award 2014
Ian Ewart, Head of Products, Services &
Marketing Coutts
This Coutts executive has an outstanding track-record of bringing sophisticated marketing and service skills to private banking, an industry that often still relies over-much on traditional client referrals. In an era of globalisation, a whole range of media are necessary to keep a wealth institution in the front-front of clients’ minds. Ian has consistently been one of the private banking industry’s innovators, leading notably on issues of client focus, marketing insight and training and the importance of the professionalisation of the private banker in their roles, ahead of regulation. He has also been responsible for advanced marketing developments with the creation of Barclays Wealth and HSBC during his 30-year career as an outstanding private banking professional.
| Agnes Goh, Bank of Singapore Dennis Chua, Bank of Singapore Kenny Chia, Bank of Singapore Wong Siew Fong, CIMB Private Banking Adam Proctor, Citi Private Bank Alan Lui, Coutts Kitty Chan, Coutts Bryan Tan, DBS Private Bank Desmond Poon, DBS Private Bank Donny Kurniawan, DBS Private Bank Lois Wan, DBS Private Bank Ravi Ramakrishnan, DBS Private Bank Benjamin Ong Yong Poh, Maybank Private Wealth Damien Bossard, Societe Generale Private Banking Irène Manis, Societe Generale Private Banking Mayssoun Habra, Societe Generale Private Banking |
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