Credit Suisse was named
Outstanding Global Private Bank at the VRL/Private Banker
International 20th annual awards at Singapore’s Shangri-La Hotel.
More than 140 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
Credit Suisse
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Credit Suisse has avoided many of
the difficulties that have beset its Swiss rivals, which left its
main competitor, UBS, in a vulnerable state. Credit Suisse’s
integrated management platform has helped it continue to succeed.
Between 2007 and 2010, it has put on an estimated CHF125bn ($127bn)
of net new money (see story on page 2).
Credit Suisse has surmounted the
attacks on Swiss banking secrecy and offshore banking, and American
investigations of Swiss banking. It will now be forced to meet
tough new capital recommendations as part of the Swiss government’s
crackdown on Swiss banks deemed “too big to fail”.
Despite this scrutiny, it has
continued to extend Best in Class services to clients shell-shocked
by the aftermath of the financial crisis and deep uncertainty about
investment choices. A winner of the global award in 2008, it has
again this year risen to the top when many of its rivals
struggled.
Finalists: HSBC Private Bank,
Barclays Wealth
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By GlobalData
OUTSTANDING PRIVATE BANK – ASIA-PACIFIC
Standard Chartered Private Bank
Standard Chartered has continued to
build on its market leading position in Asia. It recently signalled
it is looking to recruit as many as 700 advisers across private and
premier banking over the next couple of years with the aim of
having 750 relationship managers by 2013. The bank continues to
post substantial gains, including a 27% increase in Asian AuM for
the first half of 2010.
Finalists: HSBC Private Bank,
Julius Baer
OUTSTANDING PRIVATE BANK –
EUROPE
Deutsche Bank Private Wealth
Management
Deutsche has made a bold investment
in Sal Oppenheim, which has seen its AuM jump to €313bn ($426bn),
up more than 70% compared with 2009. Using its impressive
balance-sheet formidably in private banking to attract the ultra
high net worth segment, it backs up portfolio management skills
with loan facilities and structured financings for clients.
Finalists: Bank Sarasin, Julius
Baer
OUTSTANDING PRIVATE BANK – NORTH AMERICA
JP Morgan Private Bank
JP Morgan has an excellent network
of wealth families around the world and puts particular focus into
this key client segment with assets above $50m. It has emerged as
one of the clear private banking winners from the financial crisis
and continues to post impressive quarterly gains.
The American private bank has few
rivals when it comes to best in class provision of top tier
advisory and portfolio management services.
Finalists: RBC Wealth Management,
Northern Trust
OUTSTANDING PRIVATE BANK – LATIN AMERICA
Itaú Private Bank
Itaú won this award last time, but
this year was hard pressed by Santander and HSBC in the voting.
Despite this, Itaú once again takes the trophy. The bank has
continued to build on its landmark merger with Unibanco and the
results are now really starting to be seen.
Itaú’s net new money in 2009 was
$4.8bn and year end AuM reached $55.8bn, a 39% increase over 2008.
It has a presence in five Latin American countries and services
almost 13,000 client relationships across eight Latin American
economies.
Finalists: Santander Private
Banking, HSBC Private Bank
OUTSTANDING PRIVATE BANK –
MIDDLE EAST
HSBC Private Bank
The judges gave a clear signal in
their voting that HSBC was their favourite.
The world’s fifth largest private
bank by assets is a recognised leader in the Middle East. It
operates eight associate offices throughout the region and a full
service centre in Dubai where each client portfolio is reviewed
bi-monthly.
The impressive reach of its global
Islamic financial services division, Amanah Private Banking, means
HSBC Private Bank can open doors to a world of solutions tailored
to serve those who wish to bank and invest in a Shariah-compliant
manner – a market with tremendous potential.
Finalists: Emirates NBD Private
Banking, Société Générale Private Banking
OUTSTANDING PRIVATE BANK FOR
UHNW CLIENTS
JP Morgan Private
Bank
Competition for ultra high net
worth (UHNW) families with $30 to $50m of assets is intensifying.
In recent months, a number of banks have launched initiatives to
gain the business of wealthy families.
JP Morgan has an excellent network
of wealthy families around the world and puts particular focus into
this key client segment with assets above $50m. It has emerged as
one of the clear private banking winners from the financial crisis
and continues to post impressive quarterly gains.
Finalists: Credit Suisse, Julius
Baer
OUTSTANDING PHILANTHROPY OFFERING
RBS Coutts
RBS Coutts has one of the longest
established philanthropy divisions and it is surely best-in-class
in leading this service, witnessed by the many seminars and
educational initiatives it undertakes. Its Couttsm Pound Donor
report demonstrates its commitment. The report tracks the quantity,
size and destination of charitable donations worth £1m ($1.6m) or
more in the UK.
Finalists: HSBC Private Bank,
UBS
OUTSTANDING WEALTH MANAGEMENT SERVICE FOR THE
AFFLUENT
CIMB Private Banking
This fast growing Malaysian bank
continues to post impressive revenue, client growth and AuM gains.
In the year to May 2010, it increased in AuM by more than 50%. As
it nears the end of a three-year strategic push, it is honing its
product range and looking to launch its own in-house discretionary
portfolio management service.
Finalists: Bank Mandiri,
Kasikornbank
OUTSTANDING WEALTH MANAGER – CUSTOMER RELATIONSHIP
SKILLS
Julius Baer
Julius Baer was able to recruit a
high number of top quality relationship managers (RMs) this year
that matched its high expectations on both banking related skills
and personalities. Baer works to improve the quality of its
customer relationship skills with a series of upcoming initiatives.
This includes optimising its RM support systems and tools. It has
reported almost no client defections and sound growth of net new
money which confirms, in its own words, the quality of its
bankers.
Finalists: HSBC Private Bank,
Société Générale Private Banking
OUTSTANDING GLOBAL FAMILY OFFICE
Stanhope Capital
Multi family offices are growing
significantly in the US, Europe and South East Asia focused on the
UHNW, and is the fastest growing wealth market globally. Stanhope
has built up to cover 60 families from 12 countries and as the UHNW
segment continues to build, Stanhope and others are at the
forefront of challenging private banks for superior client
service.
Finalists: Stonehage, Genspring
Family Offices
MOST EXCITING NEW WEALTH MANAGEMENT MODEL
Falcon Private Bank
Falcon Private Bank, based in part
on a former unit of American International Group, has impressive
ambitions. It expects to almost double AuM to $20bn in two to three
years by tapping growing wealth in emerging markets. The bank is
part of the Abu Dhabi fund, Aabar Investments.
Finalists: Hinduja Bank Suisse/KBC,
Religare Macquarie Private Wealth
OUTSTANDING GLOBAL PRIVATE BANKER
Ivan Pictet, Pictet & Cie
Ivan entered the bank in 1972 and
joined the partnership in 1982. This year, he was succeeded as
senior managing partner of Pictet & Cie by Jacques de
Saussure.
One of his peers in private banking
said: “So often, whenever I see especially important clients, I
find Ivan has either been there before me or after me. He continues
to have immense influence, and is a man that will jump on a plane
at the drop of a hat to ensure Pictet’s clients are taken care of.
He still is one who sets the standard for our industry.”
Finalists: Boris Collardi, Julius
Baer; Daniel Truchi, Société Générale Private Banking
OUTSTANDING PRIVATE BANKER – ASIA-PACIFIC
Thomas Meier, Julius Baer
Thomas Meier has won a
well-deserved reputation of spearheading Julius Baer’s expansion
across Asia as the Zurich bank makes a very public push to call
Asia its second home after Zurich. Baer must be congratulated on
being granted a banking licence in Hong Kong, and for his plans to
establish a Mainland Chinese presence in Shanghai.
Finalists: Hans Diederen, ABN AMRO
Private Banking; Nick Pollard, RBS Coutts
LIFETIME SERVICES
AWARD
Jean Pierre Cuoni, chairman and co-founder, EFG
International
Cuoni’s career is quite remarkable.
He has been chairman of the board of directors of EFG International
since 1997 and has been a member of the advisory board of EFG Bank
European Financial Group since 1995.
Prior to this, Cuoni was chief
executive of Coutts and Co’s international private and commercial
banking, and chief executive of Handelsbank NatWest. Cuoni helped
co-found Citi Private Bank and spent 28 years with the company in
New York, Paris, Geneva, Lausanne and Zurich.
EDITOR’S SPECIAL AWARD
Bank of Singapore
Singapore’s own banks are rising to
the challenge to compete with their larger rivals for clients. OCBC
deserves special mention for setting up its own wealth brand as a
part of a programme to carve out market position. The new
initiative is based around the former ING Bank Asia, and rightly
carries the slogan: Asia’s global private bank.
PBI 20th annual awards and
conference: full round-up
Picking
winners in testing times
Video highlights:
Interview with Joao Medeiros, Itaú
International Private Bank’s chief executive
Video highlights:
Interview with Khalid Sattam, HSBC Private
Bank
Photo gallery: PBI 20th annual awards and
conference
Conference round-up: Reshaping services
to clients is crucial
PwC’s conference comment: Banks must
adapt business and operational models
