Credit Suisse was named
Outstanding Global Private Bank for the second year running at the
VRL/Private Banker International 21st annual awards at
Singapore’s Raffles Hotel. Close to 200 bankers from across the
world attended the event to see the industry’s leading lights
recognised for their achievements.
Go deeper with GlobalData
OUTSTANDING GLOBAL PRIVATE BANK
Credit Suisse
Credit Suisse is a truly global
private bank that has strong and steadily expanding presence
worldwide. The awards judges noted that the bank has upheld
its reputation throughout the global financial crisis despite the
challenges to the traditional Swiss private banking market. A
strong brand name and strong balance sheet, coupled with excellent
product range and service capabilities, makes this bank a
formidable competitor.
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By GlobalDataFinalists: HSBC Private Bank, BNP Paribas Wealth
Management
OUTSTANDING PRIVATE BANK – ASIA-PACIFIC
Bank of Singapore
Bank of Singapore has emerged as this year’s leader among an
energetic new breed of Asian wealth managers which are increasing
competing with the big Western private banks. A subsidiary of
Singapore’s OCBC Bank, the awards judges were unanimous that this
is a private bank that is gaining recognition in Asia, especially
Philippines and Indonesia. It has sustained its reputation through
the global financial crisis and is establishing a strong brand
name.
Finalists: HSBC Private Bank, Standard Chartered Private
Bank
OUTSTANDING PRIVATE BANK – EUROPE
Bank Julius Baer
Julius Baer continues to demonstrate
that it is adapting cleverly to a new global environment. Stressing
its independence, Julius Baer has the largest international
presence of all traditionally focused Swiss private banks with more
40 locations in more than 20 countries, including a comprehensive
pan-Swiss network. Julius Baer rightly expounds the value of its
focused business model and sound financials, through to the
dedicated investment management, open product platform and expert
research.
Finalists: BNP Paribas Wealth Management, Deutsche Bank
Private Wealth Management
OUTSTANDING PRIVATE BANK – NORTH AMERICA
JP Morgan Private Bank
Among the global financial turmoil of
the past five years, JP Morgan’s strength and stability have proved
winning qualities among clients. The bank continues to pursue its
mission to be the most respected asset manager in world, not
necessarily the biggest, delivering superior risk-adjusted returns
to our clients over the long term and across business cycles.
Client assets are growing steadily as JP Morgan continues to
diversify its selection of third-party products and asset class
offerings as are staff numbers.
Finalists: RBC Wealth Management, BMO Harris Private
Bank
OUTSTANDING PRIVATE BANK – LATIN AMERICA
Itaú Private Bank
Itaú Private Bank has continued to
grow key metrics in its business, increasing share of wallet with
existing clients and increasing assets under management by more
than 20% in the past 12months. Itaú is successfully leveraging its
links with its retail and investment arms with almost half of all
net new money coming through these referrals. Itaú is also pushing
to extend its international operations, boosting operations in
Switzerland and the US in the past 12months.
Finalists: JP Morgan Private Bank, HSBC Private
Bank
OUTSTANDING PRIVATE BANK – MIDDLE EAST
Emirates NBD Private Banking
The largest bank in the UAE, Emirates
NBD Private Banking is a local bank that is aspiring to the
standards set by its competitors in Europe and North America. Its
investment philosophy centres on a long-term perspective, search
for true value and thus avoiding asset class bubbles, strong due
diligence on investment opportunities and a measured approach to
risk. Emirates NBD Private Banking also has a top-end technology
offering giving clients access to cutting edge applications and
reporting.
Finalists: HSBC Private Bank, Bank Sarasin-Alpen
OUTSTANDING
PRIVATE BANK FOR UHNW CLIENTS
JP Morgan Private Bank
The panel of PBI judges
agreed that JP Morgan has an exceedingly strong brand name in the
ultra high net worth (UHNW) segment. Significantly, they have not
seen top management turmoil or huge pressure on its balance-sheet,
standing it in good stead with the risk-savvy ultra-wealthy. JP
Morgan’s global private banking business now manages $773bn. It can
drive sophisticated wealth structuring services for the UHNW
clients through strong linkages with its investment banking
arm.
Finalists: Credit Suisse, Barclays Wealth
OUTSTANDING PHILANTHROPY OFFERING
Coutts
A closely-contested category, Coutts
has one of the longest established philanthropy divisions and it is
a market leader in the charitable sector. Coutts’ dedicated
philanthropy team has continued to recruit staff and launched a
Philanthropy Leaders Forum and client website to share philanthropy
experiences, among other initiatives. However, Coutts cannot rest
on its laurels; many private banks are actively boosting their
philanthropic units making this a high competitive space.
Finalists: JP Morgan Private Bank, UBS Wealth
Management
OUTSTANDING WEALTH MANAGEMENT SERVICE FOR THE
AFFLUENT
HSBC Premier
HSBC Premier is an established big
player with a strong brand name in affluent banking providing
excellent client experience and a wide range of products. In 2010,
HSBC Premier’s availability had grown to 47 markets while customer
numbers passed 4.4m. HSBC attracted over 980,000 net new Premier
customers in the last financial year. This also provides HSBC
Premier with a strong channel to introduce new clients to its
private banking services.
Finalists: Citigroup Citigold, CIMB Private
Banking
OUTSTANDING WEALTH MANAGER – CUSTOMER RELATIONSHIP
SKILLS
Bank Julius Baer
Client contact has historically been a
touchstone for Julius Baer. The Swiss bank works hard to make sure
its bankers are delivering for Julius Baer’s clients by undertaking
a yearly performance review. Its internal training facility also
gives relationship managers ongoing opportunities to develop their
customer skills.
Finalists: Standard Chartered Private Bank, Société Générale
Private Banking
OUTSTANDING INDEPENDENT FAMILY OFFICE/MULTI-FAMILY
OFFICE
Stanhope Capital
Stanhope Capital continues to provide
a superb template for the modern private investment office. It
works with 100 private family groups as well as 50 institutional
clients. Stanhope Capital has flourished, in part, because of the
concentration of some banks on creating product pipelines into
clients without managing risks properly. Average client size is
£35m ($55.3m) with larger clients at around £250m. Founded in 2004,
Stanhope Capital now oversees approximately £5bn.
Finalists: Altamount Capital Management, Client
Associates
OUTSTANDING PRIVATE INVESTMENT OFFICE/FAMILY OFFICE IN
PRIVATE BANK
HSBC Private Bank
From 18 locations around the world,
HSBC Private Bank’s trust and estate planning service, oversees
more than $100bn for UHNW families with multi-generational family
office needs. In the past year, HSBC Private Bank has also moved to
expand its Family Office Partnership, a collaboration with its
Global Banking and markets division, to give UHNW clients access to
institutional level services. The partnership is understood to have
more than 80 top-tier billionaire clients.
Finalists: RBS Coutts, Deutsche Bank Private Wealth
Management
OUTSTANDING PRIVATE BANKING PLATFORM
Temenos
Temenos’ acquisition of Odyssey last
year has created a significant force in private banking technology
providers. Temenos’ combination of core back office functionality
and portfolio management software gives a front-to-back solution
that is used by an estimated 120 clients globally. The fact that
Temenos continues to sign on clients, including EFG and Bankhaus
Main, indicates its strong market position.
Finalists: Avaloq, CAIS Funds
OUTSTANDING GLOBAL PRIVATE BANKER
Douglas Wurth, JP Morgan Private Bank
Wurth’s appointment and location, Asia
instead of New York or London, shows how JP Morgan has a strong
strategic vision for expanding the business, recognising the
importance of Asia-Pacific to the private banking industry. The
bank plans to increase the number of private bankers in Asia by
about 70% by the end of 2012 to tap rising wealth in the region. It
is also making a bold move into the private wealth space for
clients with assets between $10m and $30m.
Finalists: Boris FJ Collardi, Bank Julius Baer; Juerg
Zeltner, UBS Wealth Management; Salman Mahdi, Deutsche Bank Private
Wealth Management; Tom Kalaris, Barclays Wealth
OUTSTANDING PRIVATE BANKER – ASIA-PACIFIC
Rajesh Malkani, Standard Chartered Private
Bank
A market-oriented banker with a strong
client-focus, charged with continuing Standard Chartered’s
ambitious drive into private banking. Malkani has previously been
global head of sales and business development, private banking,
where he was responsible for setting global sales and advisory
standards, driving clear customer segmentation and optimising sales
productivity of client advisers. In the past year, Standard
Chartered’s East business has seen assets under management and
revenues grow more than 30% while client accounts have expanded
almost 10%.
Finalists: Marcel Kreis, Credit Suisse; Nick Pollard,
RBS Coutts Asia; Renato De Guzman, Bank of Singapore; Tan Su Shan,
DBS Private Bank
LIFETIME ACHIEVEMENT AWARD
Chris Meares, former chief executive, HSBC Private
Bank
Meares retires in December after 31
years at HSBC. He became chief executive of the private bank in
2006, and was among the architects who turned HSBC into a global
wealth power, helped originally by the acquisition of Edmond
Safra’s Republic group in the 1990s. HSBC has since steadily
climbed up the ranks of the top players, building an impressive
private banking franchise worthy of a global player. He has helped
drive HSBC to fifth in PBI’s 2011 Global Index with $390 billion
under management.
EDITOR’S SPECIAL AWARD
CIMB Private Banking
The remarkable and impressive growth
of CIMB Private Banking is rooted deeply in parent group CIMB’s
transformation into one of ASEAN’s leading universal banking
franchises. That gives CIMB Private Banking an increasing large
footprint across Asia as well as the ability to tap into expertise
across the group. The result has been a rapid growth in CIMB
services to HNW individuals, both within Malaysia and further
afield. CIMB can be judged one of the outstanding new breed of
ASEAN wealth managers which will wrest business from non-regional
banks and institutions, and make their mark in Asia’s own
markets.
