Singapore, Oct 13, 2011 - (ACN Newswire) - Private Banker International (PBI), the leading journal for the global wealth management industry, has announced the winners of the 2011 Private Banker International Global Wealth Awards held on Thursday night in Singapore in conjunction with the 21st PBI Wealth Summit.
The PBI awards are regarded as the most credible in the industry, voted by the industry for the industry.
On the significance of the awards, Nicholas Moody, Editor of Private Banker International, said: "Challenges abound for the private banking industry today: from squeezed margins in developed economies to staffing and experience shortages in rapidly expanding markets. These awards recognise those institutions that are best adjusting to the 'new normal' at this pivotal time in its evolution. Innovation, flexibility and reliability are the watchwords for best-in-class wealth businesses."
Private Banker International Global Wealth Awards 2011 Winners
I. Lifetime Achievement Award 2011- Winner: Chris Meares, HSBC Private Bank
II. The Editor's Special Award 2011- Winner: CIMB Private Banking
III. Outstanding Global Private Bank 2011 - Winner: Credit
IV. Outstanding Private Bank - Asia Pacific 2011 - Winner: Bank
V. Outstanding Private Bank - Europe 2011 - Winner: Bank
VI. Outstanding Private Bank - North America 2011- Winner: J.P.
VII. Outstanding Private Bank - Latin America 2011 - Winner: Itau
VIII. Outstanding Private Bank - Middle East 2011 - Winner: Emirates
IX. Outstanding Private Bank for UHNW Clients 2011 - Winner: J.P.
X. Outstanding Philanthropy Offering 2011 - Winner: Coutts-
XI. Outstanding Wealth Management Service for The Affluent 2011 - Winner: HSBC
XIII. Outstanding Independent Family Office/ Multi-Family Office 2011 - Winner: Stanhope
XIV. Outstanding Private Investment Office/ Family Office in a Private Bank 2011- Winner: HSBC
XV. Outstanding Global Private Banker 2011 - Winner: Douglas Wurth, J.P. Morgan Private Bank- Finalists: Boris F.J. Collardi, Bank Julius Baer; Juerg Zeltner, UBS Wealth Management; Salman Mahdi, Deutsche Bank Private Wealth Management; Tom Kalaris, Barclays Wealth
XVI. Outstanding Private Banker - Asia-Pacific 2011 - Winner: Rajesh Malkani, Standard Chartered Private Bank- Finalists: Marcel Kreis, Credit Suisse; Nick Pollard, RBS Coutts Asia; Renato De Guzman, Bank of Singapore; Tan Su Shan, DBS Private Bank
XVII. Outstanding Private Banking Platform 2011 - Winner: Temenos-
XVIII. Outstanding Young Private Bankers 2011- Alexander Tsikouras, Lloyds TSB Private Banking- Carolyn Leng, CIMB Private Banking- Christophe Audergon, Crossinvest (Asia) Pte. Ltd.- Eddy Abramo, Societe Generale Private Banking - Middle East- Eric Verleyen, Societe Generale Bank & Trust Luxembourg- James Sellon, MASECO Private Wealth- Joshua Matthews, MASECO Private Wealth- Ng Tse Meng, BSI Bank- Peggy Lee, Standard Chartered Private Bank
John Evans, Senior Editor, Private Banker International, on the Lifetime Achivement Award and The Editor's Special Award:
1. Lifetime Achievement Award 2011: Chris Meares, HSBC Private Bank -"Chris Meares retires at the year-end after his 31 years before the HSBC banking mast. Chris 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 Europe's biggest bank. Last year, it came 7th in the league table of the top global wealth managers with $390 billion under management.
So what next for Chris? After three decades of banking, he most certainly deserves to take a break and perhaps sit on a beach somewhere or play a few rounds of golf. But we expect him to keep very active given his many connections in the industry and experience in Asia and the Middle East. He will eventually look at some pro bono work as well as advisory consultation with certain family foundations, which he personally admires.
As a man who was pivotal in helping to turn HSBC into such a major private banking power in the space of little over two decades, we have great pleasure in presenting this well-deserved award to Chris."
2. The Editor's Special Award 2011: CIMB Private Banking -"The remarkable and impressive growth of CIMB Private Banking is rooted deeply in parent group CIMB's transformation into ASEAN's leading universal banking franchise, with the region's largest network.
That gives CIMB Private Banking an increasing large footprint across Asia as well as the ability to tap into expertise across the group - from the investment banking side through to asset management. The latter operations are centred on CIMB-Principal, whose assets under management grew more than 23 percent last year to RM 28 billion, and which is setting the pace with innovations such as the launch of Malaysia's first offshore ETFs.
The result has been a rapid growth in CIMB services to high net worth individuals, both within Malaysia and further afield. CIMB is making its mark on Asian private banking in the classic way: many existing clients refer friends and counterparts to CIMB, representing the main source of new clients. This approach brings built-in loyalty to the bank, important when CIMB has to compete with local and foreign banks all aggressively moving to capture a high net worth clientele.
The private bank has set an impressive medium-term target - growing assets under management to RM10 billion. In conclusion, CIMB can be judged as 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 for high net worth individuals."
Nicholas Moody, Editor, Private Banker International:
3. Outstanding Global Private Bank 2011: Credit Suisse -"Credit Suisse is a truly global Private Bank that has a strong and steadily expanding presence worldwide. The awards judges noted that the bank has upheld its reputation throughout the global financial crisis as well as the tough regulations on the traditional Swiss private banking market. Credit Suisse is strengthening its presence in Asia. A strong brand name and strong balance sheet, coupled with excellent product range and service capabilities, makes Credit Suisse a formidable competitor."
4. Outstanding Private Bank - Asia Pacific 2011: Bank of Singapore -"Bank of Singapore must now receive recognition as the leader among an energetic new breed of professional Asian wealth managers, which are increasingly competing with the big Western private banks. Our judges were unanimous that Bank of Singapore is gaining recognition in Asia. It has sustained its reputation through the global financial crisis and is establishing a strong brand name."
5. Outstanding Private Bank - Europe 2011: Bank Julius Baer -"Bank Julius Baer continues to demonstrate that, despite all the pressure on the traditional Swiss offshore model and banking secrecy, Swiss private banking is adapting cleverly to a new global environment. Stressing its independence, it has the largest international presence of all traditional focused Swiss private banks with over 40 locations in more than 20 countries, including a comprehensive pan-Swiss network. Switzerland and Asia are the group's two home markets, showing how Bank Julius Baer has diversified from its home market. Bank Julius Baer rightly expounds the value of its focused business model and sound financials, through to the dedicated investment management, as well as its open product platform and expert research. Bank Julius Baer remains a leading premium brand in global wealth management, offering best-in-class investment solutions and advice."
6. Private Bank - North America 2011: J.P. Morgan Private Bank -"Among the global financial turmoil of the past five years, J.P. Morgan's strength and stability have proved winning qualities among clients. As problems of capital and organisation beset its closest Wall Street rivals, J.P. Morgan continues to be an appealing address for risk-shy clients. It continues to pursue its mission - to be the most respected asset manager in the world, not necessarily the biggest, but delivering superior risk-adjusted returns to its clients over the long term and across business cycles. Client assets are growing steadily as it continues to diversify its selection of third-party products and asset class offerings, as are its staff numbers which are up 15%."
7. Outstanding Private Bank - Latin America 2011: Itau Private Bank -"Building on the strength of parent Itau Unibanco, Itau 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 12 months. It is successfully leveraging its links with its retail and investment arms with almost half of all net new money coming through these referrals. It is also pushing to extend its international operations, boosting operations in Switzerland and the US in the past 12 months."
8. Outstanding Private Bank - Middle East 2011: Emirates NBD Private Banking -"The largest bank in the UAE, Emirates NBD must be singled out as a local bank that is aspiring to the standards set by its competitors in Europe and North America. The 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. It also has a top-end technology offering giving clients access to cutting edge applications and reporting."
9. Outstanding Private Bank for UHNW Clients 2011: J.P. Morgan Private Bank -"The panel of PBI judges agreed that J.P. Morgan Private Bank has an exceedingly strong brand name in the Ultra High Net Worth (UHNW) segment. Significantly, JP Morgan Chase has not seen top management turmoil or huge pressure on its balance-sheet, standing it in good stead with the risk-savvy ultra-wealthy. Its global private banking business now manages $773 billion. It can drive sophisticated wealth structuring services for the ultra clients through strong linkages with its investment banking arm."
10. Outstanding Philanthropy Offering 2011: Coutts -"A closely-contested category, 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 dedicated philanthropy team has continued to recruit staff and launched a Philanthropy Leaders Forum and client website to share philanthropy experiences as well as publishing several reports picking out key philanthropic issues. But Coutts cannot rest on its laurels; many private banks are actively boosting their philanthropic units making this a highly competitive space."
11. Outstanding Wealth Management Service for The Affluent 2011: HSBC Premier -"The winner is an established big player with a strong brand name in affluent banking providing excellent client experience and a wide range of products. HSBC has a strong team of relationship managers within its Premier offering, especially in Asia, with a strong brand. In fiscal 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 fiscal, with more than 50% new to the bank. This also provides HSBC with a strong channel to introduce new clients to its private banking services."
12. Outstanding Wealth Manager - Customer Relationship Skills 2011: Bank Julius Baer -"Client contact has historically been a touchstone for Bank Julius Baer. The Swiss bank works hard to make sure its bankers are delivering for its clients by undertaking a yearly performance review. Its internal training facility (JB Academy) also gives relationship managers ongoing opportunities to develop their customer skills."
13. Outstanding Independent Family Office/ Multi-Family Office 2011: Stanhope Capital -"Stanhope 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, such as charities, university endowments and pension funds. One reason Stanhope has flourished is because of the concentration of some banks on creating product pipelines into clients without managing risks properly. Average client size is GBP35 million with larger clients at around GBP250 million. Founded in 2004, Stanhope now oversees approximately GBP5 billion."
14. Outstanding Private Investment Office/Family Office in a Private Bank 2011: HSBC Private Bank -"From 18 locations around the world, HSBC Private Wealth Solutions, the bank's trust and estate planning service, oversees over $100 billion for UHNW families with multigenerational family-office needs, and by one measure ranks as the largest provider of family office services in global private banking.* In the past year, HSBC Private Bank has also moved to expand its Family Office Partnership, a collaboration with HSBC's 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. HSBC has also provided these Family Office Partnership and other UHNW family clients access to proprietary co-investment deals and alternative assets including landmark properties in the US."*Bloomberg
15. Outstanding Global Private Banker 2011: Douglas Wurth, J.P. Morgan Private Bank -"Doug Wurth's appointment and location, Asia instead of New York or London, shows how J.P. Morgan has such 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 percent 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 - $30m. Doug is a member of J.P. Morgan Chase & Co.'s Executive Committee, the decision-making group for the day-to-day strategic matters of the corporation."
16. Outstanding Private Banker - Asia-Pacific 2011: Rajesh Malkani, Standard Chartered Private Bank -"A marketing-oriented banker with a strong client-focus, charged with continuing Standard Chartered's ambitious drive into private banking initiated by his predecessors. Rajesh 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 region business has seen AuM and revenues grow more than 30% while client accounts have expanded almost 10%."
17. Outstanding Private Banking Platform 2011: Temenos -"Temenos' acquisition of Odyssey last year has created a significant force in private banking technology providers. Its 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. Its wealth practice now makes up almost a quarter of Temenos' revenue as it looks to harness the estimated 25% growth in the private wealth software market in the next two years. The fact that it continues to sign on clients, including EFG and Bankhaus Main, indicates its strong market position."
About the PBI Wealth Awards
These tributes to the best-of-breed players aim, above all, to be fair and objective benchmarks for the global private banking and wealth management business. The awards have been created to identify industry leaders and those individuals and organisations that are setting new standards. Crucially, they will identify the best practice institutions - those that have done the most in the past year to advance and strengthen wealth management as an industry.
The judging criteria include the ability of institutions to demonstrate a clear and unique strategy to grow their business, regionally or globally; banks that have made the most investment in people and systems to develop their business; banks showing the most innovation in products/services; banks with demonstrably superior client services; and institutions that have strengthened and extended the global reach of their brands.
From the nominations, three institutions or individuals will be short-listed for each award. The final selection will be made by PBI's judging panel, comprising independent specialists in wealth management and our editorial staff. For more information about the summit/awards, please go to: http://www.vrl-financial-news.com/
About Private Banker International
If you are involved in wealth management, whether it's the day-to-day running of a portfolio, strategic positioning and development, management of a family office or firm, or as an industry partner, Private Banker International provides you with the market intelligence, analysis and insight that you need to successfully take your business forward. Available in print and online, and face-to-face through a series of events and industry roundtables, Private Banker International provides a wide range of cross-sector analysis, best practice case studies and senior-level interviews, all provided by an independent, objective and trusted editorial team. For more information, please visit http://vrl-financial-news.com.
Source: Private Banker International
Contact:
Titien Ahmad (Ms) Regional Director, Asia Pacific VRL Tel: +65 6383 4688 HP: +65 9478 6908 titien.ahmad@vrlfinancialnews.com.sg Rosemary Pang (Ms) Media Relations VRL Tel: +65 6383 4688 rosemary.pang@vrlfinancialnews.com.sg
Copyright 2011 ACN Newswire. All rights reserved.
