world attended PBI’s awards dinner this month to discover
which banks and bankers had picked up the industry’s most
sought-after accolades. John Evans, chairman of
the judging panel, rounds up all of the results from
Singapore.
Outstanding Global Private Bank 2008
Go deeper with GlobalData
Credit Suisse Group
Credit Suisse has had to take hits from the credit crisis but,
unlike larger Swiss rival UBS, it has escaped the worst of the
mauling and is undergoing rapid expansion of its wealth
capabilities. While UBS, Merrill Lynch and Citigroup still rank as
the world’s largest wealth managers, Credit Suisse is pressing on
their heels and is well-placed to be among the favoured homes for
client funds as the credit crisis unravels. The bank, under chief
executive Brady Dougan, is well aware of this strategic
opportunity, setting an ambitious target of recruiting 1,000
relationship managers worldwide by 2010. Credit Suisse, along with
institutions like Julius Baer, are truly ensuring that Swiss
institutions remain at the forefront of global private banking.
Outstanding Global Private Banker
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By GlobalDataChris Meares, CEO, HSBC Private Bank
Chris Meares succeeded a notable private banking talent, Clive
Bannister, as head of the HSBC private bank late in 2006. Since
then, he has built impressively upon the legacy of his predecessor,
including tapping the whole of the awesome HSBC global network for
client business. More than 20 percent of the private bank’s
business now comes from intra-group sources compared with
negligible levels in past years. As a result of this and other
initiatives, HSBC Private Bank continues its steady rise into the
top ranks of wealth management. It takes seventh place among the
top 10 global private banks, expanding client assets by a
market-leading 26 percent to amass a total of $421 million at the
end of 2007.
Outstanding Private Bank – Asia-Pacific
The Standard Chartered Private Bank
This is a stunning success story for Standard Chartered, which
only formally entered private banking in early 2007. But it has
long cultivated the wealthy through a range of services in the
vital Gulf and Asian markets, where it has such links dating back
to the 19th century.
Now, Standard Chartered expects to complete the $860 million
acquisition of American Express Bank by the second quarter of 2009,
deploying a team of more than 300 relationship managers. It will
surely be an even more impressive competitor next year and
beyond.
Outstanding Private Bank – Europe
Julius Baer
Bank Julius Baer is surely justified in its claim to have won
success in its approach as a pure-play independent Swiss wealth
manager largely concentrating on offshore business. Despite the
turmoil, Baer has enjoyed continued strong private banking inflows.
But it has acknowledged regulatory reality, in terms of careful
expansion in adjacent countries like Germany as well as an
aggressive build-up to tap the new wealth in Asia-Pacific. In
short, Baer has amply demonstrated the ability of the traditional
Swiss private bank to reinvent itself for the modern world. In the
words of Baer COO Boris Collardi: “We are perceived as a safe haven
within the safe haven of Switzerland.”
Outstanding Private Bank – The Americas
Itaú Private Bank
Banco Itaú, one of Brazil’s biggest non-state banks, is becoming
a benchmark for the evolution of private banking in the BRIC
nations. Its private bank manages about $26 billion of clients, of
which nearly one-third come from non-Brazilian clients. In 2006
Itaú acquired the private banking operations of Bank of America in
Chile and Uruguay. In 2007 it bought ABN Amro’s private banking
assets in Miami and Uruguay.
Now, it plans to start offering private banking services in
Switzerland and Mexico. Itaú already has offices in Miami,
Luxemburg, Chile and Uruguay.
Outstanding Private Bank – The Middle East
HSBC Private Bank
HSBC continues to wield impressive clout and a competitive
advantage in the Gulf region and beyond. It counts as clients a
number of the very wealthiest families in the region.
Increasingly, Gulf investors prefer to invest in local
situations, such as real estate, instead of parking cash abroad.
This is a trend which is bound to strengthen the hand of local
competitors in the Gulf. But the soundness of HSBC, its
balance-sheet strengths and historic links continue to make it a
formidable competitor across the GCC nations.
Outstanding Private Bank – Customer Relationship
Skills
EFG International
EFG International continues to be the benchmark institution in
making its client relationship officers the spearhead of its
growing international wealth management operations, ensuring that
the client, and the client’s interest, always remain in the
forefront. EFG ensures that the client, large or small, always has
a hands-on relationship with a dedicated private banker who is
intimately familiar with their investment and financial planning
needs. At a time when many rival firms try various models in order
to restrain advisory costs, attempt to segment clients into various
categories or push in-house generated products, EFG clients can
remain confident that they will receive an objective and fair
advisory experience – a vital differentiator in an increasingly
competitive marketplace.
Outstanding Wealth Manager for innovation of products
and services
SG Private Bank
Once more, Gallic flair when it comes to clever new engineering
and design in various classes of assets takes this award, in the
form of Société Générale. The bank continues to develop the range
of investment propositions for clients and is now an acknowledged
global leader in structured products. Sarasin and Schroders were
finalists in this category.
The Outstanding Young Private Banker
Boris Collardi, COO, Julius Baer
Boris Collardi has had a key role in the rapid evolution of
Julius Baer, which has seen it achieve success in its strategy to
be a pure-play independent Swiss offshore wealth manager with
increasing global reach. It has adjusted to rapidly moving
developments, through careful onshore expansion in countries like
Germany as well as an active build-up to tap the new wealth in
Asia-Pacific. In short, Baer has amply demonstrated the ability of
the traditional Swiss private bank model to reinvent itself for the
modern world. It has been rewarded with significant client inflows
in the third quarter (see Clients remain
jittery for the full earnings round up).
The Outstanding Asia-Pacific Private Banker
Hanspeter Brunner, CEO, RBS Coutts
International
Although Hanspeter modestly describes himself as ‘one of the
last Swiss private banking dinosaurs left on the planet’, he is in
fact one of the most skilled and popular bankers in the whole of
the wealth business. His role is to lead the overall development of
the RBS Coutts business outside the UK covering Europe, Asia and
Latin America. And his philosophy? “I believe that respecting the
client is the only long-term way to survive in this business,” he
said. As well as his role as CEO of RBS Coutts International, he is
also executive chairman of RBS Coutts Asia
The Outstanding Strategy in Global Wealth
Management
Thomas Kalaris, CEO of Barclays Wealth
A determined and carefully-crafted strategy by the wealth arm of
Barclays Bank to sit at the top table of wealth management has
resulted in resounding success. Barclays Wealth now ranks as one of
the top 10 global private banks, measured by client assets under
management. It has £132.5 billion of client assets, of which £48.8
billion is in the UK. And Barclays Wealth is raising the bar yet
again. It has just gained valuable presence in North America by
acquiring Lehman Brothers’ Private Investment Management business,
a $50 billion assets business and offices across the US and Latin
America. This adds to its rapid build up of wealth capability in
Asia, particularly India.
Outstanding Achievement in Wealth
Management
Deepak Sharma, CEO, Citigroup Global Wealth
Management
The global credit crisis has tested many financial institutions
to the limit and beyond. It is a tribute to the company at large
and in particular Deepak Sharma, chief executive of Citigroup
Global Wealth Management International, that its high net worth
franchise has shown such remarkable resilience over the course of
this year.
During the most trying times that global financial services have
ever encountered, Citi raised wealth management revenues by 10
percent to $6.6 billion in the first six months of 2008.
Deepak Sharma was appointed last year to lead Citi’s wealth
management efforts internationally outside of North America, based
in Singapore. This was a far-sighted decision as Asia, barring any
major regional economic dislocation, will by popular consensus
continue to make much of the running in global wealth. Citi thus
has a CEO strategically sited where much of the future of the
wealth business will lie in coming years.
The Lifetime Achievement
Award
Warwick Newbury, chairman of SG Hambros
Bank
Warwick Newbury is a seminal figure in the development of
private banking, starting his career at Coutts when it was
primarily a retail deposit-taking institution for higher net worth
clients. While at Coutts, he pioneered many advisory services that
the industry now takes for granted.
During his 10 years as CEO of SG Hambros Bank, he developed the
business from a traditional merchant bank to a leading UK private
bank with the strong support of Société Générale which acquired
Hambros in 1998.
The Most Exciting New Wealth Model
AL Wealth Partners
This company is a true benchmark, as Singapore’s first
independent wealth management venture. It was launched by Anthonia
Hui and Leonardo Drago, who left Credit Suisse in 2007 to form
their venture. It provides wealth management advisory services for
rich clients in Asia and beyond.
