Switzerland’s Vontobel has signed a memorandum of understanding (MoU) with Australia and New Zealand Banking Group’s (ANZ) global wealth and private banking group to tap into Asia’s ongoing wealth creation.
The alliance, a bilateral agreement which sets out the broad areas of intended cooperation, is expected to begin in the first half of 2013.
The agreement matches Vontobel’s expertise in global investments, discretionary portfolio management, structured products and tools, client advisory and client processes and ANZ’s presence and franchise in Australia, New Zealand, Hong Kong, Singapore, Taiwan and Indonesia.
Through the ANZ-Vontobel alliance aimed at tapping growth in Asia, Vontobel which has CHF140bn ($141bn) of clients assets under management (AuMs), will grow distribution through ANZ’s network in 30 countries.

 

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JVs and strategic alliances gaining popularity

 

Joint ventures and strategic alliances are gaining popularity among private banks eager to expand their international client bases without the significant upfront costs of establishing onshore networks.
In July this year, Julius Baer signed a partnership agreement with Bank of China (BOC). Under the agreement, BOC will refer its clients with international private banking needs outside Chinese mainland to Julius Baer, while the Swiss bank will do the same for its clients requiring banking services in China.
In October last year, Julius Baer entered a strategic cooperation with Australia’s Macquarie Group, allowing the Swiss bank to acquire Macquarie’s private wealth business in the region.
Vontobel declared in July it wants to beef up its AuMs and its private banking business in the next two years, with around CHF600m ($647m) set aside to finance acquisitions.

 

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