A stellar list of nominees saw the list of categories for our Asian-specific awards expanded to reflect the market’s diversity at the VRL/Private Banker International Annual Awards held at Singapore’s Fullerton Hotel. More than 200 bankers from across the world attended the event to see the industry’s leading lights saluted for their achievements in wealth management.
LIFETIME ACHIEVEMENT AWARD
Michael Lagopoulos, Deputy Chairman, RBC Wealth Management
Michael Lagopoulos has spent 26 years with The Royal Bank of Canada. Now retiring, he has been one of the primary architects during that time in building RBC into a global private banking powerhouse.
During his career, Mike reckons he has visited and done business in nearly 70 different countries and logged well over three million miles in the air averaging 120 nights per year on the road – surely one for the private banking record books.
OUTSTANDING GLOBAL PRIVATE BANK
Credit Suisse is a truly global private bank that has wealth management at its core, representing almost half of its group revenues and continues to focus on providing the best of breed service.
The Awards Judges noted that the bank is globally strong with its offshore propositions and is working hard to continue building its onshore presence. Its acquisition of HSBC’s Japan business underlines its commitment to Asia-Pacific where new net assets have grown more than 20% per annum in the past five years.
Highly Commended: BNP Paribas Wealth Management, J.P. Morgan Private Bank
Finalists: Bank Julius Baer, Standard Chartered Private Bank
OUTSTANDING PRIVATE BANK – ASIA-PACIFIC (OVERALL)
HSBC Private Bank
HSBC Private Bank is one of the top international private banks in Asia, providing integrated banking, investment and wealth advisory services.
The Private Wealth Solutions, part of the private bank, is among the largest private client trust and estate planning businesses in Asia. It is working to become the market leader in the provision of offshore Chinese renminbi products and services.
OUTSTANDING PRIVATE BANK – ASIA-PACIFIC (REGIONAL)
Standard Chartered Private Bank
Standard Chartered has continued its rapid expansion in Asia since launching 5 years ago and is among the top 10 private banks across the Asia-Pacific region.
It has built client assets under management up to $50bn overseen by 480 private bankers delivering income growth of over 20%.
Its launch of a specialist Islamic offering for its HNW clients looking for Sharia- compliant products last year is a sign of the innovation that keeps it at the forefront of the industry
Highly Commended: Bank of Singapore
Finalist: J.P. Morgan
OUTSTANDING PRIVATE BANK – SOUTH ASIA
Kotak Wealth Management
Kotak Wealth Management has continued to leverage the benefits of its India-wide banking group.
It provides financial advice to an estimated 30% of India’s top 100 families and has been the pioneer in setting up Institutional Family Office Services highly customized structures for clients.
Assets under management have increased more than 20% in 2011, an indication its share of wallet for individual clients is increasing.
Highly Commended: IIFL Private Wealth Management
Finalist: Future Capital Holdings
OUTSTANDING PRIVATE BANK – EAST ASIA
Hana Financial Group’s universal banking offering has helped cement its position as arguably South Korea’s private banking provider.
This has been powered by a remarkably low cost-income ratio, well-below the market norm, which is a sign that its active investment in technology across a range of channels has paid off. Assets under management, profit and client numbers are all on the rise.
Highly Commended Taishin Bank
Finalist: Hang Seng Bank
OUTSTANDING PRIVATE BANK – SOUTH-EAST ASIA
DBS Private Bank
DBS is without question a South-East Asian powerhouse which has delivered clever service to clients through its two client service levels: Private Banking and recently launched Treasures Private Client.
In 2011, the banking group announced a S$250m investment in wealth management over five years with half being spent on improving online services, to cater to increasingly tech-savvy clients.
Assets under management continue to post double-digit growth.
Finalists: CIMB, Siam Commercial
OUTSTANDING PRIVATE BANK – EUROPE
BNP Paribas Wealth Management
The eurozone’s largest private bank with about 245bn in AuM, BNP Paribas Wealth Management is making full use of its ability as a fully-integrated bank utilising its footprint in its four core European markets through its retail and investment bank to drive relationships.
It is using this retail-led model to expand in Turkey, in Poland and in Morocco. It is also fostering innovation leading to interesting approaches to recruitment via LinkedIn and the use of technology to connect with clients.
Highly Commended: Deutsche Bank Private Wealth Management, J.P. Morgan Private Bank
OUTSTANDING PHILANTHROPY OFFERING
A fiercely-contested category, Coutts has one of the longest established philanthropy divisions and is continuing to innovate to remain best-in-class in leading this service. Its dedicated philanthropy team has continued to recruit staff and hold client events to educate its clients that drew more than 500 attendees.
Its Knowledge Exchange, a private online network, has in the past 12 months been rolled out to clients in the UK, Asia and also clients of Adam & Company.
Highly Commended: Credit Suisse, Lombard Odier & Cie
Finalist: BNP Paribas Wealth Management
OUTSTANDING PRIVATE BANK – NORTH AMERICA
RBC Wealth Management
RBC Wealth Management’s strength and stability have proved winning qualities among clients. Judges described it as having "impressive resilience and a strong Caribbean network. It manages more than CAD$400bn of HNW and UHNW client assets in North America. Its additional services through its acquisition of BlueBay Asset Management, the stability of RBC Group and resilience through the financial crisis means it is well positioned to accelerate its dominance in the North American market.
Highly Commended: J.P. Morgan Private Bank
Finalists: BMO Harris Private Banking, Wells Fargo
OUTSTANDING PRIVATE BANK – LATIN AMERICA
Itaú Private Bank
Itaú Private Bank has continued to grow key metrics in all the important areas. It has increasing share of wallet with existing clients and increasing assets under management by 15% in the past 12 months. Its joint venture with Chilean-based asset manager Munita Cruzat & Claro (MCC) has created a top five player in the Chilean market. It is also pushing to extend its international operations, particularly to increase its penetration of Hispanic markets.
Highly Commended: HSBC Private Bank
Finalist: RBC Wealth Management
OUTSTANDING PRIVATE BANK – MIDDLE EAST
HSBC Private Bank
The judges gave a clear signal in their voting that HSBC was their favourite.
Through its Islamic financial services division, Amanah Private Banking now centred on Saudi Arabia, HSBC Private Bank can offer market-leading Sharia-compliant solutions.
HSBC has also worked to use the east-to-east axis with its UHNW clients with MENA Private Bank at its heart.
In 2012, the bank arranged several major investments flowing both ways in an area stretching from the southern tip of Europe through Turkey to the Gulf.
Highly Commended: Bank Sarasin-Alpen, Societe Generale Private Banking
Finalist: Falcon Private Bank
OUTSTANDING WEALTH MANAGEMENT SERVICE FOR THE AFFLUENT
CIMB Private Banking
This fast-growing Malaysian bank continues to post impressive revenue, client numbers and AuM gains. Since 2010 its AuM has increased by 40% as well as its share of wallet among clients.
Banks within the affluent space usually suffer from high turnover of RMs and CIMB impressed the judges with its average tenure of six years for its private bankers and cumulative staff attrition of less than 5% in the last five years.
It continues to use its One Bank approach to move clients between affluent and HNW ranks and has a broad local footprint in key markets
Highly Commended: United Overseas Bank
Finalists: Citi Private Bank, Hana Bank, Kotak Wealth Management
OUTSTANDING INTERNATIONAL WEALTH MANAGEMENT PLATFORM
Highly Commended: CAIS
OUTSTANDING PRIVATE BANK FOR UHNW CLIENTS
J.P. Morgan Private Bank
Its global private banking business now manages $750bn about in assets under management and supervision with a significant proportion in the UHNW segment. It can drive sophisticated wealth structuring services for the ultra clients through strong linkages with its investment banking arm. Late last year it launched its Family Office Solutions unit to serve family offices with more than $500m in assets and connect them with other parts of the JP Morgan Group. Its 60 global professionals, based at the heart of the markets where they trade, provide investment bank quality service to sophisticated self-directed UHNW investors.
Highly Commended: Credit Suisse
Finalists: Citi Private Bank, Coutts, HSBC Private Bank
OUTSTANDING WEALTH MANAGER – CUSTOMER ENGAGEMENT
Bank Julius Baer
Client contact has historically been a touchstone for Bank Julius Baer. The Swiss bank works hard to make sure its bankers are delivering for its clients by undertaking a yearly performance review.
Its internal training facility (JB Academy) also gives relationship managers ongoing opportunities to develop their customer skills.
In 2011 it managed to generate a net new money rate of 6%, evidence that even in tough times good RMs generate returns.
Finalists: Barclays, CIMB Private Banking
OUTSTANDING WEALTH PLANNING & TRUST PROVIDER
RBC Wealth Management
RBC Wealth Management is a recognised market leader in the provision of planning and trust services serving clients from over 120 countries from ten jurisdictions. It prides itself on its independent approach to trusteeship, whereby external providers are considered alongside in-house solutions.
It is fully committed to enhancing its global presence and making inroads in new markets, with impressive results highlighted in key emerging markets such as Asia, which now accounts for a much greater proportion of new business than previous years.
Highly Commended: HSBC Private Bank, Société Générale Private Banking
Finalists: Citi Private Bank, Kotak Weath Management
OUTSTANDING INTERNATIONAL WEALTH FINANCIAL CENTRE
Jersey International Finance Centre
Jersey has remained at the forefront of efforts by international financial centres to innovate, signing 29 Tax Information Exchange Agreements, most recently with India.
In just over a year since the opening of an office by Jersey Finance in Abu Dhabi, as part of its drive to secure business in new markets, Jersey has seen a 11 percent increase in the amount of bank deposits from the Gulf with a total of £21.2 billion at March 2012.
Finalists: Bahrain, Guernsey International Financial Centre
OUTSTANDING GLOBAL PRIVATE BANKER
Rory Tapner, Chief Executive Officer, Wealth Division of RBS Group
Rory Tapner joined the RBS wealth management division in September 2010, with a mandate to energise the wealth management interests of the RBS Group, centering on Coutts & Co.
From a firm primarily concerned on offering banking services, a broad wealth management offering has been created in line with the ambition to be the number one for investment and wealth management – a one-stop solution for banking through wealth structuring to succession and beyond.
OUTSTANDING PRIVATE BANKER – ASIA-PACIFIC
Peter Flavel, CEO, J.P. Morgan Private Wealth Management
He joined J.P. Morgan Private Bank in early 2011 with a mandate to grow its private wealth business, focused on high net worth (HNW) investors with between $10 million to $30 million of investible net assets.
Under Peter’s leadership, this business in Asia is understood to have more than doubled, making it one of best performing units for J.P. Morgan’s private bank globally. It now employs some 100 client advisors from its initial small base 18 months ago.
OUTSTANDING YOUNG PRIVATE BANKERS 2012
Aditya Singh Chauhan, Société Générale Private Banking
Camilla Stowell, Coutts
Denise Leonardi, Standard Chartered Private Bank
Ihab Al-Derzi, Standard Chartered Private Bank
Mouhammed Choukeir, Kleinwort Benson
Rebecca Hughes, Coutts
Shiv Gupta, RBS Private Banking
Tan Tee Ming, CIMB Private Banking
Willis Phong, Westpac Private Bank
EDITOR’S SPECIAL AWARD
Fieldpoint Private is a boutique wealth manager you may not have heard of, but its back-story and recent performance suggest it is one to watch.
Founded almost four years ago by a group of high-profile former C-level executives, it has grown revenues by 120% over the last three years. Its client-centric model is free of product pushing, looks to get single customer views across its clients’ portfolios and has a risk-parity approach to asset allocation.