Singapore, Oct 6, 2009 - (ACN Newswire) - Strategic excellence and a powerful brand helped HSBC Private Bank win the most sought after prize in wealth management at Private Banker International's 19th annual awards, held in Singapore. It was named Outstanding Global Private Bank during a ceremony attended by the industry's top business executives at the city-state's Fullerton Hotel.
William Cain, editor of Private Banker International (PBI), the wealth management industry's leading journal, said the winners and losers from the financial crisis were becoming more apparent. Those which preserved their reputation over the past 18 months - including HSBC Private Bank, Standard Chartered [Outstanding Private Bank - Asia-Pacific], and Bank Sarasin [Outstanding Private Bank - Europe] were best placed to attract client funds, he added.
"In general, smaller wealth management firms have been winning client business from the larger organisations, but that is not true across the board," said Cain. Businesses like HSBC Private Bank, Bank Sarasin and Standard Chartered Private Bank have managed to buck the trend by keeping their reputations intact and therefore maintaining the trust of their clients."
HSBC Private Bank, headed by CEO Chris Meares, also demonstrated excellence in its business strategy, with investments in key wealth centres including China, Russia and India. It narrowly beat Credit Suisse and Barclays Wealth to the top prize.
"One of the most important considerations for the Private Banker International awards was a clear commitment to investment in the future of the business and its people," said Cain. "HSBC Private Bank has made ambitious plays in markets where substantial future wealth is expected to be generated. The bank has also shown a commitment to the Asia-Pacific region, in line with its plans to hold more than 50 percent of its client assets in Asia in the next five to ten years."
Client confidence and a robust business model helped HSBC Private Bank climb into the top five of PBI's Global Private Banking Index, published in August based on assets under management information given in half-yearly results. Morgan Stanley-Smith Barney, a joint venture formed by the investment bank's 51 percent stake in Citigroup's Smith Barney business, has become the world's third largest wealth manager. Citi Private Bank has fallen to sixth.
"I think over the next year or two the rationalisation of businesses like Bank of America/Merrill Lynch, Morgan Stanley-Smith Barney and BNP Paribas/Fortis will have a marked impact on the industry," said Cain. "If they get it right, they could become formidable global wealth managers. If they don't, we could see another client windfall for independent advisers and boutiques like the one witnessed over the last 18 months."
Private Banker International Global Awards 2009 Winners
I. Outstanding Global Private Bank
Winner: HSBC Private BankFinalists: Barclays Wealth, Credit Suisse
"In 2008, when many private banks 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 a flight to quality. 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. It has come an awful long way in a relatively short period of time."
II. Outstanding Private Bank - Asia-Pacific
Winner: The Standard Chartered Private BankFinalists: Bank of China, Credit Suisse
"Standard Chartered Private Bank has been, without doubt, the fastest-growing player in private banking, not least here in Asia. By some reckonings, Standard Chartered has become the third largest private bank in South East Asia, measured by number of relationship managers, after only two years from launch."
III. Outstanding Private Bank - Europe
Winner: Bank SarasinFinalists: BNP Paribas, SG Private Banking "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' 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."
III. Outstanding Private Bank - North America
Winner: RBC Wealth ManagementFinalists: Bessemer Trust, Wells Fargo
"RBC is one of the select few banks that have been enjoying a flight to quality by clients, reflected in a steadily growing international private banking franchise. RBC has ambitious plans for international wealth management growth and, before long, this player will undoubtedly be coming to a private client near you."
IV. Outstanding Private Bank - Latin AmericaWinner: Itau UnibancoFinalists: HSBC Private Bank, Santander Private Bank
"Since Banco Itau and Unibanco merged to form Latin America's largest wealth manager, it has outlined ambitious plans to double its assets under management to $60 billion. It has already expanded its presence in South America, recently opened a private banking outlet in Switzerland and is one of the most dynamic private banking businesses around."
V. Outstanding Private Bank - Middle East
Winner: Emirates NBDFinalists: Bank Sarasin-Alpen, The Standard Chartered Private Bank
"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 with some high profile names to spearhead its entry via a range of investment products, capital guarantee products and general liability products."
VI. Outstanding Private Bank for UHNW clients
Winner: Credit SuisseFinalists: HSBC Private Bank, JPMorgan
According to Private Banker International, "Credit Suisse has not been immune to the credit crisis but its fundamental strengths have allowed it to come through the upheavals in remarkable shape and remains a bank of choice for ultra-wealthy clients. The bank is confident in its ability to grow its flagship private banking arm, and the textbook application of its one-bank model positions it as the world's most effective private bank for the UHNW segment."
VII. Outstanding Wealth Management Service for The Affluent - Asia-Pacific
Winner: CIMB Private BankingFinalists: CITICfirst, HSBC Premier, Kasikornbank, Standard Chartered Priority Banking
"CIMB Private Banking has successfully developed and aligned its business model in 2009 by leveraging its retail banking franchise, setting up a credit unit and investing in talent despite the downturn. It is now offers a seamless private banking service from the affluent to HNW individual as one of Malaysia's most respected brands - demonstrated by a 19 percent increase in assets under management last year."
VIII. Outstanding Wealth Manager - Customer Relationship Skills
Winner: Bank Julius BaerFinalists: EFG International, Hoare & Co.
"Julius 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. This approach will allow it to focus 100 percent on client needs, a key requirement for any Swiss private bank as banks and clients adjust to the challenges posed by new regulation."
IX. Outstanding Wealth Manager for Innovation of Products/Services
Winner: Barclays WealthFinalists: MASECO Financial, SG Private Banking
"With $240 billion of client assets under management, Barclays Wealth is now a top 10 global wealth manager. An advanced and sophisticated product range has been a key part of the strategy. From portfolios with clever options 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."
X. Most Exciting New Wealth Management Model
Winner: Religare Macquarie Private Wealth Finalists: MASECO Financial, SG Private Banking / Rockefeller & Co. Global Alliance
"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 1,000 relationship managers. Religare Macquarie is sure to shake up the Indian wealth management industry."
XI. Outstanding Wealth Manager for Family Office Services
Winner: SG Private Banking / Rockefeller & Co. Global Alliance Finalists: Client Associates, Genspring
"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 plan is to design something different that will appeal to the large, globally-diverse family. 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."
XII. Outstanding Global Private Banker
Winner: Daniel Truchi, SG Private BankingFinalists: Eric Sarasin (Bank Sarasin), Peter Flavel (The Standard Chartered Private Bank)
"Daniel Truchi is highly regarded in the industry, and was based for much of his career here in Asia before, in 1996, taking the top job in Paris for Societe Generale's private bank. His flair and imagination are matched by solid business achievements: overseeing four acquisitions in 2008, the success of SG Hambros Bank in the UK and the venture with Rockefeller & Co have all been highlights."
XIII. Outstanding Private Banker - Asia-Pacific
Winner: Marcel Kreis, Credit SuisseFinalists: Anthonia Hui (AL Wealth Partners), Catherine McDowell (ANZ Bank)
"Marcel Kreis is a 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. Since joining Credit Suisse in 2007, he has established the bank as one of the most dynamic and respected players in the Asia-Pacific region."
XIV. Outstanding Young Private Bankers - the Future of the Industry
Winners:Jeroen Simons, executive director, ABN AMRO Private BankJohanes Oeni, managing director, Credit SuisseDominique Joey, chief executive, LGT Bank in LiechtensteinJames Sellon, founder-partner, MASECO FinancialJosh Matthews, founder-partner, MASECO FinancialMatthew Young, managing director, Asia Pacific, RBC Wealth ManagementNipun Mehta, executive director and head of private banking, Societe Generale Wealth ManagementZubin Dabu, head of the global Indian market, The Standard Chartered Private Bank Feroze Sukh, global market leader expatriates, The Standard Chartered Private Bank
"A new award in recognition of the rising stars of the industry, PBI's editorial team has selected a group of bankers who we feel represent the future of the industry - the award for Outstanding Young Private Bankers. These individuals have demonstrated excellence in their field, through either leadership, innovation in products and services, excellence in strategy or a combination of the three. Their achievements mean they are well placed to be among the leaders of the industry in the years to come."
IX. The Editor's Special Award - Peter Flavel, The Standard Chartered Private Bank
"The editor's special award this year pays tribute to outstanding strategy in the field of private banking. It goes to a private banker whose energy, drive and vision has helped redefine the scope of the industry and create one of the fastest growing and most exciting businesses in wealth management. In just two years, Standard Chartered's Peter Flavel has created a private bank which appeals not just to the wealthy clients of today, but to the wealthy clients of the future. The growth of the bank has been outstanding, and this award recognises the speed and success of Peter's execution, his ability to build a strong growing team and his role in developing a cutting edge strategy for a top class private bank."
- Quotes William Cain, Editor, Private Banker International.
About Private Banker International Wealth Summit
The 19th Private Banker International Wealth Summit & Awards Dinner 2009 is organised by VRL Financial News - a unique global brand renowned for innovative, independent thinking in financial services and professional services markets. We offer over 25 years' experience in the provision of authoritative, value-added information, research and analysis via newsletters, news services and magazines, research reports, conferences and other events. Please visit www.vrlknowledgebank.com.
Source: Private Banker International Wealth Summit
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