HSBC glitters at 19th annual awards
HSBC Private Bank was named the
Outstanding Global Private Bank at the VRL/Private Banker
International 19th annual awards in Singapore’s Fullerton Hotel.
Over 170 bankers from across the world attended the event to see
the industry’s leading lights recognised for their achievements in
wealth management
OUTSTANDING GLOBAL PRIVATE BANK
HSBC Private Bank
Remarkably, HSBC Private Bank has broken into the top five of PBI’s
global ranking of private banking, underlining its position as a
major challenger to the established hierarchy.
The bank moved from sixth to fifth place in the rankings for the
first half of 2009 with $345 billion of AuM – ahead of Citi, which
recently sold its Smith Barney business to Morgan Stanley.
Of course, the brand strength of its parent has allowed HSBC
Private Bank to hold firm during the financial crisis at a time
when many wealth managers have been damaged by scandal and hurt by
declining client confidence.
In 2008, when many shed client assets, HSBC had a net inflow of $24
billion, equivalent to 5.7 percent of its end-2007 assets under
management total.
In a period where strong balance-sheets and a diversified business
base are so vital, HSBC benefited from the flight to quality seen
across all sectors.
But it should not be forgotten what a remarkable performance HSBC
has staged – for it was only back in the 1990s that the group
decided to make a strategic decision to become a major player in
global wealth management
Finalists: Credit Suisse, Barclays Wealth
OUTSTANDING PRIVATE BANK – ASIA-PACIFIC
Standard Chartered
Standard Chartered Private Bank has been, without doubt, the
fastest-growing player in private banking, not least in Asia.
When competitors have been wilting, Standard Chartered has stuck to
its guns, with an impressive global recruitment campaign. New
client sign-ons are at record levels, reflected in a heady growth
rate in overall assets under management.
By some reckonings, Standard Chartered has become the third-largest
private bank in South-East Asia, measured by number of relationship
managers, only two years after its launch.
Finalists: Credit Suisse, Bank of China
OUTSTANDING PRIVATE BANK – EUROPE
Bank Sarasin
Bank Sarasin is the example, par excellence, of the success that
can be achieved when a compelling and successful business model is
adopted and implemented. In Sarasin’s case, this has stood the bank
well in steering it through the current upheavals in traditional
Swiss private banking, stemming from the global regulatory
clampdown on tax havens.
The Sarasin asset management model, including socially responsible
and environmentally linked investments, is widely praised and keeps
it regularly at the top of rankings for prowess in asset
management.
Finalists: BNP Paribas, SG Private Banking
OUTSTANDING PRIVATE BANK – NORTH AMERICA
RBC
At a time of such distress in US banking, RBC, and its peers in
Canadian banking, have truly come to the fore, with impressive
capital strength and after avoiding the huge pitfalls, including
subprime lending and the like, that have recently beset its
American rivals.
The bank now has a major league force in US wealth management,
thanks to acquisitions like Dain Rauscher.
It now ranks as one of the largest US full-service securities firms
with 2,300 financial consultants.
Finalists: Wells Fargo, Bessemer Trust
OUTSTANDING PRIVATE BANK – MIDDLE EAST
Emirates NBD
Emirates NBD ranks as the biggest banking group in the Middle East
in terms of assets, and is the Gulf bank which has embarked on the
most aggressive move into the private banking space.
It has recruited a 50-strong team to spearhead its entry via a
range of investment products, capital guarantee products and
general liability products.
Emirates chief executive Rick Pudner sees plentiful opportunities
because, after the credit crisis, many local investors have become
uncomfortable with traditional foreign private banks. Trust has
been damaged, he declares, and so his bank can consequently pick up
outflows from rivals.
Finalists: Bank Sarasin-Alpen, Standard Chartered
Outstanding PRIVATE BANK – UHNW CLIENTS
Credit Suisse
Credit Suisse has seen balance-sheet damage from the credit crisis,
but its fundamental strengths mean that it has come through the
upheaval in remarkable shape and remains a bank of choice for many
uber-wealthy clients.
The bank, confident in its ability to grow its flagship private
banking arm, has picked up business from rivals that have been
weakened by the financial crisis and undeterred by pressure on
Switzerland’s banking secrecy laws.
Indeed, it retains ambitious targets for private banking, including
potential acquisitions. It is scheduled to employ 4,000 private
bankers in 2012, from roughly 3,400 currently.
The avowed aim is to become “the most admired” wealth management
player in what it saw as an attractive segment.
Finalists: JPMorgan, HSBC Private Bank
OUTSTANDING WEALTH MANAGER FOR THE AFFLUENT
(Asia-Pacific)
CIMB
CIMB Private Banking has successfully developed and aligned its
business model in 2009 by leveraging its retail banking franchise
and recently set up credit unit and investing in talent despite the
downturn.
It now offers a seamless private banking service from the affluent
to high net worth individuals as one of Malaysia’s most respected
brands – demonstrated by a 19 percent increase in assets under
management last year.
It beat off strong competition in a hotly contested category.
Finalists: Citicfirst, StanChart Priority Banking, HSBC Premier,
Kasikornbank
OUTSTANDING PRIVATE BANK – CRM SKILLS
Julius Baer
Baer has consciously pursued a strategy of becoming a pure-play
private bank, unencumbered by all the baggage – and sometimes the
conflicts of interests – of a large conglomerate financial group.
The bank itself has been separated from the investment management
and GAM hedge fund arm of the Baer group.
This approach, Baer contends, allows it to focus 100 percent on
client needs, a key requisite for any Swiss private bank as it
adjusts to the challenges posed by the erosion of Swiss banking
secrecy, the traditional advantage for institutions in the
country.
Baer knows that client service is the key ingredient in the new era
for Swiss banking.
Finalists: Hoare & Co, EFG International
OUTSTANDING WEALTH MANAGER FOR INNOVATION OF PRODUCTS &
SERVICES
Barclays Wealth
With $240 billion of client assets under management, Barclays
Wealth is on its way to becoming a top 10 global wealth manager. An
advanced and sophisticated product range is a key part of its
strategy. From portfolios with clever option overlays, absolute
return strategies, capital guarantee investments and a leading
position in the Exchange Traded Funds sector, Barclays Wealth
continues to be an outstanding leader.
Finalists: MASECO Financial, SG Private Banking
OUTSTANDING WEALTH MANAGER FOR FAMILY OFFICE
SERVICES
SG Private Banking/Rockefeller partnership
SG Private Banking has devised a platform with the Rockefeller
& Co family office group in the US in order to embark on a
strategy to win more business in this key ultra-wealthy segment.
The avowed plan is to design something different that will appeal
to the large, globally-diverse family.
SG is perhaps aiming at the perceived Achilles Heel of multi-family
offices. Most of these are not considered to be “scalable”, in that
there is a finite size to the number of families which any one
centralised organisation can handle because of the huge complexity
of needs.
The key is the expertise SG Private Banking has won from its
partnership with one of the world’s biggest family offices,
Rockefeller & Co.
It is considered one of the most astute joint ventures in the
wealth management industry of recent years.
Finalists: Genspring, Client Associates
MOST EXCITING NEW WEALTH MANAGEMENT MODEL
Religare Macquarie
Religare Macquarie has been among the most ambitious projects in
Indian wealth management, nowadays the centre of so much
competition. It set up an entirely advisory-based platform earlier
this year and plans to generate $10 billion of assets under
management by 2012, served by 990 relationship managers.
The company is a joint venture with Religare Enterprises, the
Indian securities giant, and Macquarie, the Australian-based
investment banking and wealth group.
Finalists: SG Private Banking/Rockefeller partnership, MASECO
Financial
OUTSTANDING PRIVATE BANKER – GLOBAL
Daniel Truchi, SG Private Banking
Daniel Truchi established the base for much of his career in Asia
before, in 1996, taking the top job in Paris for Société Générale’s
private bank. His flair and imagination are matched by solid
business achievements – the success of SG Hambros Bank in the UK
immediately springs to mind as well as the venture with Rockefeller
& Co.
Finalists: Eric Sarasin, Peter Flavel
OUTSTANDING PRIVATE BANKER – ASIA-PACIFIC
Marcel Kreis, Credit Suisse
Kreis, formerly with UBS, was appointed to his Credit Suisse role
on 1 February, 2007. He is member of that exclusive club of Asian
wealth experts, having worked in the field of private banking in
the region since 1983 – first at Citibank and then at Merrill
Lynch, before joining UBS in 1990.
Finalists: Catherine McDowell, Anthonia Hui
Editor’s special award for Outstanding
Strategy
Peter Flavel, Standard Chartered
Flavel, after setting up Standard Chartered Private Bank in 2007,
has established the business as one of the leading Asia-Pacific
private banks.
A series of innovative programmes including its expatriate
campaigns have seen it lead the industry in segmentation.