AVALOQ BPAAS’ SYSTEMATIC BACK-OFFICE OPTIMISATION
LSEG’S CASE FOR DATA-DRIVEN HYPERPERSONALISATION
BNP PARIBAS BANQUE PRIVÉE DECISIVELY SCALES UP
SABADELL URQUIJO PRIVATE BANKING REFINES CLIENT ENGAGEMENT
BNP PARIBAS WEALTH MANAGEMENT SOARS UNDER VINCENT LECOMTE
BANKING INSIGHTS | EXECUTIVE INTERVIEWS | RESEARCH AND ANALYSIS
Open a gateway to resources that can help transform your world — and the next generation’s. Whatever your passion, we’re here to help you get to what’s next.
What would you like the power to do?®
06
Sabadell Urquijo Private Banking: A Commitment to Excellence with a Focus on Maximising Value for Clients
Sabadell Urquijo Private Banking is the private banking division of Banco Sabadell, focused on providing financial advisory services to high net-worth clients.
09
Vincent Lecomte orchestrates sustained value creation for private wealth clients
Global Private Banker is pleased to recognise Vincent Lecomte, Chief Executive Officer, BNP Paribas Wealth Management as “CEO of the Year”.
12
additiv Drives Innovative Use
Cases through Its Powerful Embedded Finance Solutions
Over the last few years, embedded finance has revolutionised the way financial services are consumed.
14
16
How Avaloq Enables Firms to Greatly Reduce their Back-Office Costs with Business Process as a Service
Financial institutions can optimise their back-office processes to enable innovation and support expansion into new client segments.
HSBC Global Private Banking Wins Big through Continued Strides Towards Adopting Innovative Technologies
HSBC Global Private Banking offers a range of wealth, business and family succession solutions.
18
20
VooTech Simplifies Wealth Management for Family Offices
When Voo Technologies launched its TREX platform in January 2023, its goal was to provide a one-stop solution for family offices.
ADCB Private: Championing Service Excellence for Private Wealth Clients
ADCB’s Private Banking & Wealth Management Group (ADCB Private) has introduced a series of best-in-class initiatives.
22
24
Lasting Impact: How Azqore Empowers Private Banks with Flexibility and Cutting-Edge Technology
Azqore boasts of over 70 successful banking migrations since 1992.
BNP Paribas Banque Privée: Leading from the Front in Private Wealth
BNP Paribas Banque Privée developed a comprehensive suite of personalised private wealth solutions, reinforced by more than 1,000 private bankers.
26
Bank of Singapore: Delivering Sustainable Long-Term Value for Clients
The Bank of Singapore maintains its steadfast commitment to managing and growing client wealth.
29
Centricity: Empowering SingleFamily Offices through the Invictus Platform
The Invictus proposition has enabled Centricity to be positioned as a prime wealth manager and investment aggregator for large family offices.
31
Fifth Third Private Bank: A Trusted Wealth Partner for Client Financial Success
Fifth Third Private Bank incorporates a comprehensive, advisor-led and digitally enabled approach towards wealth creation and preservation.
33
Fintama’s Hawkeye Platform Establishes New Standards in Open Banking
As the financial services landscape becomes increasingly interconnected, there is a growing demand from market participants for multi-custody services.
35
Fintama: Empowering Wealth Managers Through Holistic Solutions
As the investment management landscape becomes increasingly complex and interconnected, the need for innovative, resilient and scalable solutions becomes paramount.
37
Lighthouse Canton: Empowering Clients through Innovative Investment Solutions
Lighthouse Canton has emerged as a leading investment institution offering wealth and asset management services to diverse client segments.
40
LSEG Powering the Revolution In Digital Wealth Through Data
As the global wealth management landscape continues evolve, the role and use of new technologies by wealth managers is proving to be a gamechanger.
44
47
Mashreq Private Banking: Setting A New Benchmark for Excellence
Mashreq Private Banking has enhanced its private wealth management capabilities through the implementation of a distinctive operational framework centered around a ‘team-based’ approach.
Neuberger Berman: Robust Investment Capabilities and Extensive Evergreen Experience As demand for innovative alternative solutions grows, Neuberger Berman leverages its extensive private markets experience.
50
Sabadell Urquijo Private Banking Redefines Client Experience through New Engagement Model
The global private wealth management landscape continues to evolve as financial institutions pursue new business models.
52
54
Stewards Investment Capital: A Catalyst of Growth for Investors
Stewards Investment Capital specialises in providing pension funds, institutional investors and high-net-worth individuals with customised investment solutions that optimise desired riskadjusted returns.
Exclusive Interview with Deutsche Bank UK’s James Whittaker: “Bringing Our Whole Bank To Our Clients Is A Real Game Changer” Global Private Banker Interviews Deutsche Bank UK’s James Whittaker.
Sabadell Urquijo Private Banking is the private banking division of Banco Sabadell, focused on providing financial advisory services to high net-worth clients. Indeed, the Private Bank has positioned itself to delivering the highest quality of financial advice augmented through products and services that make a difference, while ensuring that the best wealth decisions are undertaken in line with client needs. Notably, in 2023 the institution managed assets worth €54,7 billion registering an impressive 68% year-onyear growth underscoring its value creation efforts for new and existing clients.
In addition, Sabadell Urquijo Private Banking has designed a clear strategic business model that leverages Banco Sabadell’s strengths and fosters collaboration among its various business lines. Likewise, the Private Bank takes advantage of its partnership and collaboration with Sabadell Asset Management (a company of Amundi) and Sabadell Urquijo Gestión for a truly tailor-made portfolio management servicing. It has also further strengthened its client relationships by offering bespoke financial solutions and the introduction of a new segmentation model for the private clients that has led to the creation of unique value propositions.
The Private Bank has developed a sound new advisory platform to support its private bankers and enhance client experience.
Indeed, Sabadell Urquijo Private Banking is committed to unlocking and creating new value for its clients thereby ensuring its competitiveness and resilience. This is accomplished by designating a private banker for each client, listening to them in order to perfectly understand and anticipate their financial needs. Importantly, the Private Bank has maintained a robust distribution network with more than 500 private bankers with an average of 15 years´ industry experience and whose skill and expertise has been reinforced with strong training.
Likewise, private banking clients have access to both an online and mobile platform that facilitates follow-ups on all their products, set appointments with their assigned private banker and/or conduct various types of financial transactions pertaining to accounts, cards, mortgages, personal loans as well as savings and investment dealings. Two third of private banking clients accessed digital services in 2023. Similarly, clients
are empowered by 24x7 access to ensure continued communication flow with the Private Bank especially in times of urgency or during irregular office hours with remote servicing capabilities in place.
Moreover, the private banking team is categorically supported by specialised teams in financial markets, taxation and legal services. This enables more effective and holistic support of private clients with service requests and queries being addressed tactfully and quickly, incorporating the required agility and rigour needed to enable successful client journeys.
Furthermore, the Private Bank has developed a sound new advisory platform to support its private bankers and enhance client experience. This platform incorporates different tools to augment client engagement activities, which encapsulates advisory, reporting and investment proposal formulation. Likewise, the
new platform has enhanced client portfolio management as the client satisfaction improves to levels above 9/10.
Similarly, Sabadell Urquijo Private Banking offers an attractive value proposition to clients through a wide range of products comprising banking products, loans and services. Importantly, the Private Bank has retained a keen on eye on financial market trends, strategically developing funds that capture returns under varying conditions with 92% of selected focus funds delivering positive performance in 2023. Portfolio management services are also extended through Cartera Sabadell, which acts as a centralised discretionary fund portfolio management service that actively allocates assets based on client risk profile, along with a digitally enhanced discretionary management service.
Moreover, private wealth clients have access to long-term saving products like pension plans, life annuities and insurance linked savings products that help achieve key financial goals such as retirement. Clients can also consider alternative investments and treasury products as alternative
investment vehicles for purposes of wealth creation and preservation. These efforts have collectively underscored the institution’s remarkable growth in gross income with the Private Bank posting a €132 million net income in 2023 marking a significant 130% year-onyear increase.
Optimising ESG linked investments and bespoke solutions that enhance returns
Furthermore, a closer examination of Sabadell Urquijo Private Banking’s strategic partnership with Amundi reveals how the institution is able extend client access to Amundi’s entire range of products and also to exclusive products through the dedicated asset manager Sabadell Asset Management. Most significantly, this collaboration reinforces the Private Bank’s commitment to ESG investments given that by end-2023, 22 Sabadell Asset Management mutual funds (€5,2 billion) promoted environmental or social characteristics and when combined with the Amundi mutual funds
distributed by Banco Sabadell (€4,4 billion), this translated in to €11,369 million invested in ESG focussed mutual funds.
Overall, 85.4% of Banco Sabadell customer assets are invested in non-guaranteed Sabam/ Amundi mutual funds, which promote environmental or social characteristics or have environmental or social objectives (Article 8 or Article 9 of SFDR). Indeed, this process of expanding the range of investment and savings products, which comply with sustainability criteria has continued in 2023 with the addition of two new funds, bringing the total number of Sabam funds that are in compliance with Article 8 of SFDR to 22. Naturally, mutual funds will continue to be the focus of attention, as they are the type of investment product most frequently chosen and acquired by customers.
Similarly, the Private Bank has deftly introduced tailor-made product offerings, which include access to trading desks, bespoke structured products, and customised portfolios delivered by Urquijo Gestión, the exclusive
private banking asset manager. Certainly, clients can now access investment opportunities that extend beyond the universe of traditional asset classes comprising equities, fixed income securities and cash products to source potentially higher risk-adjusted returns on a long-term basis, which enable realisation of core investment objectives.
Fundamentally, Sabadell Urquijo Private Banking through its innovative and multi-faceted solutions and advisory capabilities has decidedly transformed private banking services in Spain, designing well-crafted journeys responsible for orchestrating superior portfolio growth. Clearly, the private wealth management institution is poised for further expansion as it continues to refine its client engagement model and strengthens its digital capabilities as well as operational workflows to better serve private wealth clients. Affirming its institutional achievements, Global Private Banker has recognised Sabadell Urquijo Private Banking as the “Best Private Bank - Spain” at the recently concluded Global Private Banking Innovation Awards 2024.
Sabadell Urquijo Private Banking, through its innovative and multi-faceted solutions and advisory capabilities, has decidedly transformed private banking services in Spain.
FEATURE ARTICLE
As part of its annual Global Private Banking Innovation Awards program (under its People Awards stream), Global Private Banker conducts an extensive assessment of leaders across the private banking landscape. It is intended to recognise those individuals that are making unique leadership contributions to their respective institutions, while introducing game-changing initiatives that are having a material impact in terms of institutional private wealth management performance.
Importantly, Global Private Banker assessed a number of senior executives with a proven and wellestablished track record of delivering results and empowering their teams to grow, thrive and evolve as needed in response to changing market dynamics and wider strategic shifts. Clearly, these achievements are demonstrated through the leadership capability, organisational strength and corporate strategy executed by the private banking leader and backed by measurable outcomes.
Indeed, in this year’s edition, Global Private Banker is pleased to recognise Vincent Lecomte, Chief Executive Officer, BNP Paribas Wealth Management as “CEO of the Year” in recognition of his extraordinary efforts in revitalising the Private Bank. This resurgence has been driven by strategic purpose facilitating a return to sustained growth in assets under management (AUM) for BNP Paribas Wealth Management, orchestrated through new client acquisition and reinforced by the development of innovative niche offerings such as the Entrepreneurs and Family Offices Offering along with the realisation of institutional synergies in line with the Bank’s ‘integrated approach’.
Notably, Lecomte was appointed as Chief Executive Officer of BNP Paribas Wealth Management in 2020, following his successful and near decade long tenure as Co-Chief Executive Officer at the Private Bank, now forming the hallmarks of a truly distinguished career in banking and consulting. Importantly, under his leadership in 2023, BNP Paribas Wealth Management delivered an impressive performance with the division recording a strong 6% YoY growth in revenues anchored on organic growth and net asset inflows of EUR €17.1bn across all
core markets. Likewise, the division contributed 29% to total BNP Paribas revenues in 2023.
Furthermore, with €415 billion in assets under management (AUM) in 2023, BNP Paribas Wealth Management has maintained a steady upward trajectory in AUM
growth registering a 3% CAGR growth during the 2020-2023 period as new client relationships enabled the Private Bank to consolidate its position despite the uncertain market environment. Similarly, BNP Paribas Wealth Management is benefitting from increased client transactional activities that resulted
Under Lecomte’s strategic direction, BNP Paribas Wealth Management has further strengthened its client engagement with entrepreneurs, family offices and high-net-worth individuals.
in capturing a greater share of wallet and ensured the Private Bank remains the primary wealth management provider for clients in 2023.
of an entrepreneurial & family offices
Under Lecomte’s strategic direction, BNP Paribas Wealth Management has further strengthened its client engagement with entrepreneurs, family offices and high-networth individuals crafting highly specialised wealth management journeys and undertaking financing projects to support their client’s commercial interests.
Moreover, Lecomte has proactively deployed a team of 300 to support the unique needs of entrepreneurial families facilitating their access to all of the BNP Paribas’s areas of expertise including Global Markets, BNP Paribas Asset Management
and BNP Paribas Real Estate. In Europe, the proposition is highly integrated with BNP Paribas’ Commercial & Personal Banking verticals, whereas in Asia the Corporate & Institutional Banking segment is increasingly leveraged to address the complex needs of entrepreneurs.
In addition, BNP Paribas Wealth Management has enhanced its wealth management presence in Asia with the launch of a wealth management business in Thailand while reinforcing its proposition in key markets including Hong Kong, Singapore and Taiwan during 2023. Importantly, the Private Bank is facilitating access to international capital markets for its customers, high-net-worth individuals and entrepreneurial families, by leveraging BNP Paribas’ extensive
platform in Singapore.
Likewise, BNP Paribas Wealth Management has significantly augmented its digital competencies providing private clients with a range of digital platforms and tools for a more personalised client experience. The Private Bank has deftly cocreated digital solutions and has further accelerated digital innovation efforts to elevate the customer experience, drive digital engagement and improve operational processes.
Clearly, BNP Paribas Wealth Management has tracked positively across key business dimensions and Lecomte credits these institutional achievements to his colleagues observing that “this would not be possible without the engagement and tremendous energy of 6,800 BNP Paribas Wealth Management staff around the world.” Indeed, the Private Bank with Lecomte at the helm remains well placed to achieving a continued build-up in AUM as it solidifies its position within its core markets.
FEATURE ARTICLE
Over the last few years, embedded finance has revolutionised the way financial services are consumed. Taking it one step further, additiv aims to empower consumer brands and financial institutions to access financial services the way they want – leading to the creation of financial experiences that are seamless, comprehensive and customised.
Since 1998, the Swiss-headquartered firm has been partnering with leading financial and non-financial companies across the world to help them capitalise on the burgeoning digital wealth and investment management opportunities.
additiv’s notable growth in the last two decades and its continuously evolving suite of powerful solutions led the company to win the Best WealthTech Solution – Embedded Finance award at the Global WealthTech Awards 2024, hosted by Global Private Banker.
The company operates an API-led cloud platform that empowers financial institutions and consumer brands to swiftly offer diverse banking financial solutions through existing or new customer channels and has now grown to offer wealth management, lending and insurance services.
It does this by leveraging the strengths of embedded finance, offering a platform for businesses that accesses untapped markets and unlocks new revenue streams at marginal costs. This platform manages everything from sourcing to orchestration and operation of an end-to-end customer solution, helping financial and non-financial brands better their business models.
What sets it apart is its modular service architecture, which allows its customers to combine different financial services modules and create unique value propositions through a self-service developer portal. This also comes equipped with a sandbox environment to allow them to innovate with complete freedom. With access to their extensive API catalogue in wealth, banking, credit and insurance, as well as substantial documentation, additiv’s clients have all the right tools in hand to launch a value proposition best suited to their needs.
Additionally, the company also partners with leading regulated entities for a seamless digital workflow and easy integration of financial solutions into a client’s offering.
In 2023, the company rolled out its insurance offering, enabling clients to integrate top-tier insurance solutions into their existing interfaces. In addition, additiv now also enables non-financial brands to integrate financial services offerings for their end consumers, while the financial service providers gain access to new users – a win-win situation.
This was implemented in partnership between additiv and a retailer, launching a super-app which enabled a non-financial brand to provide seamless financial services to more than three million customers. The mobile app was initially launched last year with banking and pension offerings,
with more financial services to be rolled out in the near future. Financial services partners include Hypothekarbank Lenzburg, Vanguard, OLZ, Liberty Vorsorge and Glarner Kantonalbank.
In another use case, ATRAM, the Philippines’ largest independent asset and wealth manager, tapped additiv to launch the region’s first public digital wealth-as-a-service solution, leveraging the latter’s APIled cloud-native platform. Enabling both a B2C and a B2B2C model, the platform was launched in just five months, towards the end of 2022.
Through its Swiss headquarters and regional offices in Singapore, UAE, UK and Germany, additiv employs 250 people based across seven countries. 400+ institutions rely on the additiv platform, including banks, insurers, asset managers, pension providers and IFAs, among others.
Looking ahead, the company aims to enhance its credit and insurance
services over 2024 and 2025, as well as boost the scalability and agility of its implementation times through its local partnerships with IKON in APAC and Selise in Switzerland and the European Union.
additiv is also looking to offer artificial intelligence (AI) propositions, through the launch of advisor copilot, a chatbot advisory service that can answer client queries instantly and compliantly and AIRE, which helps build investment portfolios that are personalised and compliant as per client needs.
additiv now also enables non-financial brands to integrate financial services offerings for their end consumers, while the financial service providers gain access to new users –a win-win situation.
FEATURE ARTICLE
Roberto Vigano, Chief Banking Operations Officer at Avaloq, explains how financial institutions can optimise their back-office processes to enable innovation and support expansion into new client segments.
The financial industry continues to face margin compression and increased competition, driving firms to enhance their efficiency, seek new revenue streams, and accelerate time-to-market for new products and services.
At the same time, rising demand for highly personalised services at a lower cost has sparked the emergence of digital-only neobanks in the financial industry. These challengers are able to operate at a lower cost, leveraging modern systems and adopting lean fee structures to meet evolving client needs and expectations.
By contrast, traditional firms often rely on manual payment processes and outdated back-office outsourcing models that hamper scalability. For example, a private bank seeking to expand into the affluent client segment must transform its operations to effectively handle increased transaction volumes, cater to a larger client base, and diversify its range of services.
Unlike classic business process outsourcing (BPO), business process as a service (BPaaS) uses optimised core banking technology to standardise and automate workflows across the back office.
The BPaaS approach generates higher efficiency and cost savings while maintaining regulatory compliance and data security. As a result, financial institutions can streamline their operations to reduce back-office costs by up to 30%, which enables them to focus more resources on their core business of preserving and growing their clients’ wealth.
By automating up to 80% of repetitive back-office tasks such as payments processing, Avaloq’s BPaaS solution can minimise the risk of human error and significantly reduce processing
ROBERTO VIGANO Chief Banking Operations Officer Avaloq
times. Avaloq deploys 191 live bots, including cognitive AI bots, to automate 97 processes, and continuously optimises their performance. Such innovation results in average straight-through processing (STP) rates of up to 99.7% for payments and close to 100% service accuracy.
BPaaS allows firms to shift from fixed internal costs to an external pay-per-use model, aligning expenses with actual demand.
Unlike classic business process outsourcing (BPO), business process as a service (BPaaS) uses optimised core banking technology to standardise and automate workflows across the back office.
resulting in additional savings while maintaining adherence to regulatory standards.
BPaaS gives firms seamless access to regional expertise through a specialised service provider, eliminating the need to establish complex and costly local back offices for international expansion.
In the coming years, traditional financial institutions will be under mounting pressure from clients and regulators to lower fees and enhance their competitiveness. In response to these demands, BPaaS emerges as a strategic solution, providing firms with the ability to not only control costs, but also elevate their value proposition by streamlining operations, leveraging automation, and tapping into specialised expertise.
This enhances their operational flexibility to quickly adapt to changing business requirements. At Avaloq, we continually invest in process quality, risk controls, and business continuity to mitigate operational risks and enhance service quality. We also enable financial institutions to share regulatory compliance costs with the broader Avaloq community,
Avaloq’s advanced technology harnesses the power of cloud computing and robotics to automate manual processes. Its combined Core Banking and BPaaS solutions allow financial institutions to scale their business faster and bring new offerings to the market swiftly.
Find out more about how Avaloq is transforming back-office efficiency: www.avaloq.com/solutions/ services/avaloq-banking-operations
FEATURE ARTICLE
“By integrating innovative technologies into our ESG and Advisory services, we seek to provide our clients with comprehensive and efficient strategies and help them achieve their financial goals while addressing sustainability preferences” - Lavanya Chari, Global Head of Investments and Wealth Solutions, HSBC Global Private Banking.
HSBC Global Private Banking offers a range of wealth, business and family succession solutions. A part of one of the world’s largest financial services organisations, it is able to benefit from HSBC’s 158-year-long history.
At the Global WealthTech Awards 2024, Global Private Banker recognised HSBC Global Private Banking as the Best Private Bank for Digital Portfolio Management and the Best ESG Technology Offering Award – Private Bank.
HSBC Global Private Banking aims to provide clients with relevant ESG solutions that are integrated into the client experience.
In order to help clients understand the ESG aspects of their investments, HSBC Global Private Banking provides ESG digital analytics, such as ESG rating and carbon intensity, which are live in key locations. This is supported by an introduction of a centralised rule engine that processes multiple ESG data sources and combines them with internal criteria when performing the metric calculation. In 2023, the robustness and functionality of the centralised rule engine was further enhanced. It has so far been successfully rolled out across Global Private Banking booking centres in Hong Kong, Singapore, the UK and Channel Islands.
HSBC’s annual relationship survey demonstrated that ESG digital analytics reporting exceeded clients’ expectations in 2023.
Through HSBC Prism Advisory, HSBC’s cutting-edge portfolio advisory services, clients benefit from data-driven insights coupled with expert guidance to help
them make the most optimum decisions. Powered by BlackRock’s Aladdin Wealth Technology, HSBC Prism Advisory is a hybrid wealth management proposition that brings together innovative technology with personal advice.
The success of this proposition led HSBC to win another award for the Best Private Bank for Digital Portfolio Management at the Global WealthTech Awards 2024.
Through HSBC Prism Advisory, HSBC’s cuttingedge portfolio advisory services, clients benefit from data-driven insights coupled with expert guidance to help them make the most optimum decisions.
Following its launch in July 2019 in Switzerland, HSBC Prism Advisory has been successfully rolled out for Global Private Banking clients in the UK, Luxembourg, Hong Kong and Singapore, with the Channel Islands and Isle of Man being the latest location to launch the service. What sets Prism apart is the way the solution addresses its clients’ most important challenges and solving some of the most common shortcomings in portfolio
construction and risk management. This includes a comprehensive approach to risk management, supporting even the most complex products, offering future portfolio values based on projections, assumptions and simulation, and allowing clients to examine their portfolio through 50+ different stress scenarios.
Additionally, HSBC Prism Advisory recently launched SmartMatch in Asia. SmartMatch uses innovative technology to generate personalised and automated security switch ideas whenever the internal or external product rating of the portfolio holdings have changed, with notifications that are delivered directly to clients. This launch is a significant milestone in delivering optimised portfolio construction and advisory to the clients, and shows HSBC’s continued investment in technology to provide the seamless delivery of our CIO content and investment capabilities. The goal is to enhance the Prism Advisory service quality by proactively providing timely and tailored investment ideas.
HSBC Prism Advisory is pushing digital innovation forward through substantial investments in digital platforms and portfolio analysis tools. Prism Advisory is committed to continuously developing new capabilities and strives to combine innovative technology with human expertise to deliver tailored investment solutions for clients.
When Voo Technologies launched its TREX platform in January 2023, its goal was to provide a one-stop solution for family offices to manage their investment activities as well as meet regulatory requirements.
The platform enables users to streamline requests for quotes, trade orders, execution and workflow anytime and anywhere. Notably, it also facilitates direct access to structured product issuers and derivatives pricing with full lifecycle management.
Running on a Software-as-a-Service (SaaS) model that is agnostic to cloud providers, the platform provides connectivity to partnered investment banks to quote and execute, while also allowing users to carry out regulatory pre-trade surveillance and risk management, data aggregation and analytics and post-trade allocation.
The platform also offers robust transaction management capabilities, allowing cash inflows and outflows in an effective manner. It enables asset aggregation, showing aggregated investment portfolios by client, by bank and by portfolio. It also allows family offices to publish and manage investment ideas, products and other client-ready materials. All this can be done by its clients not just on the desktop, but also through the TREX mobile app, available for both iOS and Android devices.
Its wide range of features as well as its ability to be customised as per the client’s business needs has been recognised by the Global Private Banker, which has awarded it the Best Trading Technology Solution for Family Offices by a Vendor at the Global WealthTech Awards 2024.
The benefits are evident to its clients as well – the platform allows its clients a holistic view on their investment portfolios across financial institutions and nonbankable assets. Additionally, for a professional such as a client advisor or a product specialist, it provides a holistic solution to cover their dayto-day work with full audit trail and regulatory check capabilities, as well as an embedded risk engine.
The platform can be deployed and run on a number of major cloud providers such as AWS, Microsoft Azure, Huawei Cloud and others.
The system, while is comprehensive and catered to EAM and private banking business needs, can be white-labelled and tailored as per the client’s requirements.
The company also provides full user training and burn-in support for six months starting from the time the platform goes live, as well as a dedicated support contact for the wealth institutions.
Looking ahead to 2024 and 2025, the company will be aiming to bolster its platform with a number of functions
including online customer support and online service; the ability to access the platform and services anywhere and at any time; providing a consolidated platform and services to clients through the addition of more products and capabilities such as insurance RFQ; and full user training and support with an indicated burn-in period.
The platform enables users to streamline requests for quotes, trade orders, execution and workflow anytime and anywhere.
In line with the evolving needs of its high-net-worth clients in the United Arab Emirates, ADCB’s Private Banking & Wealth Management Group (ADCB Private) has introduced a series of best-in-class initiatives to better serve its private wealth clients. Certainly, ADCB Private has methodically developed well-crafted client journeys, reinforced by its bespoke solutions and client engagement model.
In this regard, ADCB Private has focused on scaling its private wealth capabilities, which provide high-net-worth clients in UAE with a stellar and personalised experience on an end-to-end basis with new office openings in the pipeline. ADCB Private also diligently undertook efforts to refresh its brand to better align with the aspirations of its existing and potential private clients.
After a comprehensive reorganisation and strategy refresh in 2022, ADCB Private experienced significant growth in 2023.The customer base increased by 34%. Deposits rose by 23% year on year, while wealth assets under management increased by 43%.
breadth of services and one point of contact for all banking requirements
In addition, ADCB Private has deftly introduced a full suite of global investment solutions, wealth management advisory, provided through its subsidiary ADCB Asset Management Limited and tailored lending facilities designed to elevate private wealth client experience. Clients are effectively facilitated by a dedicated private banker who is well placed to support the sophisticated needs of high-net-worth individuals delivering uniquely personalised services to comprehensively address their diverse needs.
Importantly, through the designated ADCB private banker, private wealth clients are in a position to access an extensive range of banking services offered across the ADCB Group. Certainly, ADCB Private’s portfolio of solutions and client engagement model has materially impacted customer recommendation with Net Promoter Score rising by a significant increase in 2023 reflecting the quality and excellence in service standards.
Furthermore, ADCB Private has optimised its digital banking capabilities through its Digital Wealth platform that provides convenient services, which include a digital investments dashboard and analytics function, augmenting client investment decision making regarding their portfolios by leveraging real-time market data.
Moreover, private wealth clients are able to access a range of investment opportunities using ADCB Private’s execution, advisory & discretionary services, provided through its subsidiary ADCB Asset Management Limited. Clients can also access brokerage, provided through its
subsidiary ADCB Securities, trust and wealth planning facilities. Similarly, in 2023 ADCB Private introduced Digisign, a digital signature feature, which entirely eliminates the need for paperwork and enables seamless transactions for clients with its adoption rate exceeding 80% in the first few months of launch.
The ADCB Private ESG investment platform facilitates clients through ESG-focused investments, with sustainability at the core of future investment engagements.
Notably, the ADCB Private ESG investment platform facilitates clients through ESG-focused investments, with sustainability at the core of future investment engagements in line with the Bank’s broader Net-Zero strategy.
Certainly, the United Arab Emirates is fast emerging as
a global hub for business, investment and trade attracting the attention of sophisticated investors seeking diversification and superior investment returns amid changing macro environments. To meet this need, ADCB Private established a Private Markets Product platform offering clients both perpetual and closed-end opportunities, covering both real estate and credit. Client investments are supported by a robust after sales infrastructure.
Importantly, private wealth clients are able to access exclusive deals and funds benefitting from ADCB Private’s strategic relationship with best-in-class asset managers, while realising high returns. Furthermore, the platform has enabled ADCB Private to expand its investment AUM growth of 43% on a year-on-year basis while enlarging its client base.
Clearly, ADCB Private through its bespoke offerings, portfolio of solutions and platforms has truly elevated its private wealth management capabilities. Affirming its institutional achievements, Global Private Banker has duly recognised ADCB’s Private Banking & Wealth Management Group for the “Best Private Bank – Middle East”, “Best Private Bank for Private Markets” and “Best Private Bank – United Arab Emirates” distinctions at the recently concluded Global Private Banking Innovation Awards 2024.
FEATURE ARTICLE
Azqore, an international company specialising in the outsourcing of information systems and banking transaction processing in the wealth management sector for the past three decades, boasts of over 70 successful banking migrations since 1992.
Supporting private banks in their transformation projects and strengthening their operational efficiency, Azqore additionally provides them with an IT platform and a full range of digital banking services and products, as well as the possibility of processing back-office operations for its clients from its two hubs in Switzerland and Singapore.
The result of an unprecedented union between two market leaders – the Crédit Agricole Group and consulting giant Capgemini – Azqore currently manages more than 200 billion Swiss francs on its platform and possesses a single purpose: to support tomorrow’s private bankers and wealth managers as they adapt to a fast-changing world.
For leading the way in private banking transformation with its comprehensive S2i Core Banking Platform and its forthcoming Digital Advisory solution, Azqore has not only set a new standard in client-centric and technologically advanced banking services, but has also been recognised at the Global Private Banking Innovation Awards 2024, picking up the award for the Best Core Banking Platform for Private Banks at the awards ceremony hosted by Global Private Banker at the Corinthia hotel in London, UK.
Azqore operates a comprehensive and fully integrated front-to-back core banking system. S2i. The distinctiveness of its platform lies in a modular, but fully integrated approach, empowering banking clients to tailor their solutions, opting for S2i Software-as-a-Service (SaaS) solution, its award-winning Business Processes Outsourcing (BPO) services, or a combination of both.
Opting for the S2i SaaS solution ensures that clients receive a comprehensive, seamlessly integrated and open to third parties front-to-back platform, catering to the unique needs of private banks operating in Switzerland, Europe and Asia.
In addition, S2i operates as a truly international platform supporting four languages (French, English, Spanish and Italian) across 10 jurisdictions including Switzerland, France, Monaco, Luxembourg, Belgium, Italy, Spain, Portugal, Singapore and Hong Kong. The
platform also boasts multilingual client reporting, covering 13 languages.
From a technological standpoint, S2i’s unique multi-bank system sets it apart. A single software version is shared among all clients, streamlining development and maintenance efforts. Clients are using the same version, with the possibility to activate the necessary business modules as per their requirements.
S2i is not just a standalone solution; it seamlessly integrates best-ofbreed third-party solutions, as illustrated by the integration of WDX from Wealth Dynamix as a comprehensive Client Lifecycle Management solution, or Evooq and Edgelab for enhanced Advisory processes and portfolio risk calculation.
Embracing innovation, Azqore has adopted an API architecture using micro-services and adheres to the BIAN industry standard, simplifying integration and accelerating the functional evolution of S2i. This strategic decision ensures flexibility
Deputy CEO Azqore
and adaptability in a dynamic technological landscape.
Additionally, to stay at the forefront of technology and exceed client expectations, Azqore earmarks a substantial budget of over CHF 40 million annually to IT investment projects to continuously bring updates and enhancements.
As a technology company with a wealth management DNA and approach, Azqore’s commitment to innovation, client service, and market expansion, positions the company as a leading provider of integrated banking solutions tailored for a global clientele.
Azqore operates a comprehensive and fully integrated front-to-back core banking system, S2i. The distinctiveness of its platform lies in a modular, but fully integrated approach.
As the private wealth management landscape in France evolves, BNP Paribas Banque Privée has responded categorically by developing a comprehensive suite of personalised private wealth solutions, reinforced by more than 1,000 private bankers and an extensive network of private banking centres located across the country. At the helm is Nicolas Otton, CEO of BNP Paribas Banque Privée, who has ably led the growth of the business, while ensuring new value creation for clients.
In particular, BNP Paribas Banque Privée has transformed client experience for the UHNWI segment through its diversification in private banker recruitment to support its wide-ranging investment & financial services as well as dedicated offers to clients. The Private Bank sourced established corporate bankers to facilitate entrepreneurs and senior executives, whereas global market profiles candidates with deep expertise in specific sectors have been hired to address the priorities of an increasingly sophisticated clientele.
In this regard, BNP Paribas Banque Privée has deftly deepened its private client engagements, commanding a 25% market share in France and reaching EUR €129 billion in assets under management (AUM) by December, 2023. Markedly, the Private Bank has been supporting its wealth-creating clients that comprise business leaders, large family corporations and technology entrepreneurs. Notably, an estimated more than 85% of Next40 companies and 78% of French Tech 120 companies are being serviced by the institution.
Indeed, in 2023 new client acquisition registered a +9% increase with the entrepreneur sub-segment recording a +3% growth. BNP Paribas Banque Privée has also strategically expanded its next-gen client base, onboarding 200 clients during the year and doubling its share of entrepreneurial clients under the age of 40. Moreover, the Private Bank has unlocked further value for its private wealth clients through synergies realised with the BNP Paribas Corporate team generating EUR €2.2 billion of new business in 2023.
In addition, BNP Paribas Banque Privée has augmented its digital capabilities ensuring that most client journeys can be conveniently executed remotely. Its flagship discretionary portfolio management service “MyMand@ te” and asset allocation advice platform “Mon Expert financier” underscore the Private Bank’s ability to blend human expertise with advanced technologies efficiently delivering personalised and data-driven investment strategies to clients. Moreover, clients are well placed to utilise a suite of digital tools for more informed investment decisionmaking coupled with access to financial experts, wealth engineers and specialist advisors across asset classes comprising the largest pool of expertise in France.
Certainly, the institution’s strategy to integrate human and digital touchpoints has resulted in improved client satisfaction and enhanced customer engagement across digital channels. Likewise, consider also “@ Partnerinbusiness” that marked launch of the first ever Instagram account by a French private bank targeting the millennial and Gen-Z customer segment. It has already garnered more than 3,300 followers, with 2/3rd of
subscribers being under the age of 35 and each post resulting in an average of 240 unique engagements.
Furthermore, BNP Paribas Banque Privée has proactively adopted ESG criteria in its management of discretionary portfolios and advisory services, while offering clients a range of
BNP Paribas Banque Privée has augmented its digital capabilities ensuring that most client journeys can be conveniently executed remotely.
Socially Responsible Investing (SRI) vehicles comprising real estate, private equity and social impact funds with a target to securing 50% of all new investment mandates being SRI based by 2025. The Private Bank’s existing SRI mandates stand at EUR €7.535 billion with 90% of
funds recommended in June, 2023 being compliant with Sustainable Finance Disclosure Requirement Article 8.
Similarly, BNP Paribas Banque Privée has constituted crossfunctional teams, which have augmented staff capabilities in managing the transition to carbon neutrality, protection of biodiversity, formation of a circular economy and combatting exclusion. Likewise, its private bankers are undergoing relevant training and certification processes to enhance their understanding and application of ESG frameworks within their operational processes. Clients are being equally empowered by myImpact, a useful guide and educational resource for investing responsibly, thereby facilitating prudent investment selection in the rapidly changing ESG universe.
Clearly, BNP Paribas Banque Privée through its personalised solutions is effectively addressing the complex wealth needs of clients, leveraging its extensive institutional pool of financial expertise to support different affluent segments. Affirming its leadership and institutional achievements, Global Private Banker has recognised BNP Paribas Banque Privée for the “Best Private Bank in France” distinction at the recently concluded Global Private Banking Innovation Awards 2024.
FEATURE ARTICLE
As one of the fastest growing private banks in Asia, Bank of Singapore, which is a wholly owned subsidiary of OCBC, maintains its steadfast commitment to managing and growing client wealth with expertise, prudence, and care. Indeed, the private bank’s Asian roots are established on the timeless values of loyalty, humility and diligence and have proven to be invaluable in building enduring trust-based client relationships.
Importantly, Bank of Singapore adopts a structured and consistent approach towards client engagement, which is powered by an open architecture product platform and robust research capabilities that deliver the desired total risk-based solutions customised to each client’s exclusive needs. Likewise, private banking clients can also enjoy access to OCBC’s full suite of investment and commercial banking solutions such as financing, insurance and brokerage services.
Bank of Singapore is headquartered in Singapore where clients are assured of the unrivalled stability and security of the country’s strong and open economy. The private bank is also strategically positioned to serve its clients globally with presence in key markets that will benefit from the rising prosperity trends.
Over the past year, Bank of Singapore has strengthened its hubto-region strategies with Singapore serving the Singapore, Indonesia, Malaysia, Thailand, Philippines, Japan and non-resident Indian (NRI) markets. Similarly, Hong Kong caters to the Hong Kong, mainland China and Taiwan markets, while Dubai and the European offices support Middle-Eastern, European and NRI clients.
Furthermore, Bank of Singapore has considerably sharpened its focus on growing its family office and financial intermediary business. The private bank has recently reorganised its business to establish a dedicated platform for the family office and
financial intermediary clients, providing them with customised solutions and services to meet the increasing demand for wealth planning and portfolio advisory.
Importantly, family office and financial intermediary clients can have access to world class research and investment views from Bank of Singapore’s strong inhouse research team and best-in-class investment products and solutions.
Bank of Singapore adopts a structured and consistent approach towards client engagement, which is powered by an open architecture product platform and robust research capabilities.
With the combined expertise of its global team of investment professionals, the private bank is able to support its clients in making sound investment decisions. The bank is confident that the enhanced advisory platform will further accelerate the private bank’s growth in this segment in the coming years and has already recorded a 30% increase in the number of family office clients during 2023 reinforcing
its position as a leading player in this space.
The go-to bank for world-class thought leadership, mandate solutions, and discretionary portfolio management
Moreover, Bank of Singapore has reorganised its Chief Investment Office (CIO) function into a standalone unit. This has been integral in strengthening the private bank’s value proposition of becoming the go-to bank for mandate solutions and discretionary portfolio management.
In 2024, Bank of Singapore became one of the first Asian private banks to convene the inaugural CIO Global Advisory Council (GAC), an esteemed group of experts from leading think tanks and global asset managers, including BlackRock, Blackstone, Goldman Sachs, and KKR, to augment the Bank’s CIO research capabilities and to provide valuable insights for our clients.
Additionally, the private bank recently appointed a new Chief Portfolio Strategist to develop a systematic, robust, and risk-based multi-asset allocation framework to guide its clients in building longterm investment portfolios.
The private bank has continued to augment its alternative investments
offerings by expanding its platform for greater access to direct coinvestments into private companies, as well as a more comprehensive suite of hedge fund solutions and portfolios.
Incorporating a distinctive approach to sustainability setting it apart from peers
Bank of Singapore has also achieved remarkable success by holistically incorporating ESG principles within a short period of time. Notably, the private bank has established several industry firsts and these accomplishments can directly be attributed to its comprehensive approach towards ESG, which seamlessly integrates its frameworks within the institution’s core values and operations.
For instance, Bank of Singapore was the private bank to incorporate ESG factors in the assessment of the loan quantum for investment financing for its clients in 2021. It was also the first private bank to become a signatory of the Singapore Stewardship Principles (SSP) for Responsible Investors in 2023, which provides guidance on the responsible allocation, management and oversight of capital to create long-term value for clients and beneficiaries. Internally, the private bank also rolled out analytics tools and dashboards to
better integrate clients’ portfolio ESG ratings and profiling with investment advisory processes, underscoring its commitment to sustainable investing.
Furthermore, Bank of Singapore not only prioritises the development of ESG themed product offerings but also works towards its adoption across all departments. Recognising the importance of collaborations, the private bank has embraced an ecosystem approach by establishing key partnerships across various sectors, including consultancy firms, academia, industry associations, regulators, non-profits and other outreach partners. Indeed, these collective efforts are fostering a culture of sustainability, both internally and externally with positive changes in the offing.
The institution has grown its sustainable investment business since 2019 and over half of its assets under management are defined as sustainable (rated BB and above by MSCI). Clearly, Bank of Singapore’s growth strategy is enabling it to become one of the top ranked private wealth institutions both in Asia and beyond while delivering sustainable long-term value to its clients. Affirming its institutional achievements, Global Private Banker has duly recognised Bank of Singapore for “Outstanding Mobile Banking Initiative”, “Outstanding Achievement by Head of Private Bank in Southeast Asia - Rodney Sin”, “RM of the Year – Private Bank –Lin Jingkuan” and “Best Private Bank for ESG – Overall” distinctions at the recently concluded Global Private Banking Innovation Awards 2024.
FEATURE ARTICLE
As investment mandates of Single-Family Offices (SFOs) and Corporate Treasuries become increasingly large and sophisticated, Wealth Tech provider Centricity’s Invictus solution addresses these complexities directly facilitating SFOs, Ultra-High-Net-Worth-Individuals (UHNWI) and Corporate Treasuries holding portfolios across multiple advisors.
Importantly, the Invictus proposition has enabled Centricity to be as positioned as a prime wealth manager and investment aggregator for large family offices looking to consolidate their reporting, analytics and decision making, while also enhancing their investment mandate review capabilities. This is coupled with client access to a wide and differentiated investment product listing.
Orchestrating value-added private wealth management services with technology as an enabler
In this regard, Centricity deftly recognised the relative under-utilisation of technology in concurrent reporting, analytics and subsequent call to action for large family office investment portfolios, which had been previously impeding client performance. Likewise, the technology provider also correctly assessed the lack of a diversified investment product offering for private wealth management entities existed in India thereby limiting return opportunities.
Hence, the Invictus platform was launched in 2023, enabling private wealth players to categorically overcome these key operational gaps, and leverage a unique insights engine that provides for more efficient portfolio management. Effectively, Invictus augments institutional capabilities by facilitating private wealth managers in:
• Preparing an investment mandate
• Administration of Family Net Worth
• Generating actionable portfolio review and insights
• Investment product marketplace for ‘search, discovery and comparison’
• Investment product marketplace
In addition, Centricity’s Invictus ensures that the administration and maintenance of large family office and ultra-high net worth portfolios is completely streamlined thereby reducing potential time lags and possibility of data entry errors. Notably, the platform automates and digitises previously manual processes involved in data consolidation, reporting & MIS as well as analytics and call to action on an end-to-end basis.
Essentially, this has enabled private wealth managers to benefit from man hours saved and maintain access to decision makers. It has also contributed to tangible cost savings on portfolio maintenance due to the highly-accurate monitoring processes and review mechanisms, backed by userfriendly dashboards, offsetting initial capital costs.
Interestingly, users of Centricity’s Invictus are not charged a fee and monetisation is achieved exclusively through product commissions offered under the platform’s “open architecture” umbrella. Remarkably, within less
Centricity through its Invictus platform has democratised investment intelligence and streamlined the management and administration of multi-advisor and multi-asset portfolios.
than two years, Centricity has grown to approximately USD $ .375 million in assets under management across more than 40 SFO/UHNWI clients.
A significant proportion of these clients have found immense value in shifting their portfolios from peer private wealth management companies to Invictus, specifically due to the ease of operations, consolidated multi-product and multi-advisor reporting capabilities. This is reinforced by the accurate and concurrent reporting features available to clients at the click of a button, alongside lower portfolio maintenance costs and access to a large and neutral universe of investment products.
Fundamentally, Centricity through its Invictus platform has democratised investment
intelligence and streamlined the management and administration of multi-advisor and multi-asset portfolios. Indeed, the Invictus proposition for SFOs and UHNWI families is poised for an exponential uptake in the coming years. Affirming its institutional achievements, Global Private Banker has awarded Centricity Wealth Tech Pvt. Ltd. for the “Best Technology Partner to a Family Office” distinction at the recently concluded Global Private Banking Innovation Awards 2024.
FEATURE ARTICLE
As the goals and financial needs of high-net-worth (HNW) individuals become increasingly complex and sophisticated the ability to service and support clients in navigating a fast-changing and dynamic wealth management landscape is paramount for private wealth institutions. Enter Fifth Third Private Bank that incorporates a comprehensive, advisor-led and digitally enabled approach towards wealth creation and preservation. Through its dedicated teams of highly specialised advisors and reinforced by cutting edge digital platforms, the Private Bank has been effective in crafting bespoke and unique wealth strategies for clients and their families.
A comprehensive and collaborative approach to wealth strategy formulation
Resultingly, Fifth Third Private Bank strives to ensure that the quality of service and care extended to private wealth clients is relevant, customised and value-adding. An integral component of this engagement model is the complimentary ‘wealth strategy’ geared towards ensuring the financial success of HNW clients. Indeed, the Private Bank works with HNW clients in developing the customised ‘wealth strategy’, which captures the institution’s best thinking and advice in achieving core client objectives.
Moreover, the ‘wealth strategy’ serves as personalised map that facilitates successful client journeys in attaining desired financial goals at each life stage in a systematic and methodical manner. This truly differentiates Fifth Third Private Bank from its peers, where wealth planning is often relegated as a simple retirement projection endeavour. Remarkably, the institution’s wealth strategy engagements having grown by 17% year-on-year (YoY) in 2023 as HNW clients respond positively to this enhanced wealth proposition.
Likewise, the complimentary ‘wealth strategy’ as part of the Private Bank experience has enabled the institution to remain a best-in-class relationship bank. This is evidenced in the Private Bank Client Experience survey to assess overall satisfaction, customer recommendation and advocacy conducted in 2023.
Notably, Fifth Third Private Bank registered an industry-leading NPS Score of +76, which marks a 7% YoY increase, establishing a new record as clients appreciate the high-quality interaction, relationship-building and communication efforts from the wealth team.
Another important facet of Fifth Third Private Bank’s wealth proposition is its exclusive support to the affluent business owner’s client segment via the Business Transition Advisory team. The team is tasked with preparing business owners both financially and personally with all aspects of the business transition process helping Fifth Third Private Bank clients in their pursuit of creating lasting legacies.
Certainly, the team has already advised hundreds of business owners by guiding them through significant transition events, which are likely to benefit the generations to come. This has been accomplished by adopting an integrated approach that aligns the personal planning process with business transition and optimises personal preparation and optionality. Fundamentally, the Business Transition Advisory team can help clients uncover risks that result from lack of planning
by reducing or mitigating these challenges through execution of well-designed business transition plans.
Impressively, by December 2023, Fifth Third Private Bank’s Business Transition Advisory team had more than USD $800 million in assets under management. Indeed, the strategic advisory role has positioned the Private Bank as a trusted advisor to business owners and enabling clients to realise a smooth and orderly transition maximising desired results for life after business exit.
Clearly, Fifth Third Private Bank has elevated the standards of private wealth experience through the delivery of customised, convenient and well differentiated solutions that have unlocked additional value for its clients. Affirming its institutional achievements, Global Private Banker has recognised Fifth Third Private Bank for the “Best Private Bank for HNW Clients” and “Best Private Bank for Succession Planning” distinctions at the recently concluded Global Private Banking Innovation Awards 2024.
The ‘wealth strategy’ serves as personalised map that facilitates successful client journeys in attaining desired financial goals at each life stage in a systematic and methodical manner.
FEATURE ARTICLE
As the financial services landscape becomes increasingly interconnected there is a growing demand from market participants across geographies for multi-custody services. Indeed, client assets are scattered across multiple booking centres and a dearth of consolidated reporting exists that can provide investors with a singular and holistic view of their wealth. Further accentuating the challenge are regulatory and compliance mandates across jurisdictions that necessitate the highest levels of data security and efficiency.
Given this dynamic landscape, private wealth institutions are hard-pressed in sourcing high-quality and granular data to ensure that their services are aligned with client needs. As new asset classes emerge and innovative market infrastructure develops the magnitude of data that needs to be managed significantly multiplies. Crucially, compiling this data from a myriad of booking centres and custodians followed by cleaning, standardising and distilling it to its purest form is proving to be a complex endeavour.
Enter Swiss-based FinTech company, Fintama AG, jointly led by Heiko Sundermann, Managing Partner, and Dr. Christian Koeppel, Managing Partner that have addressed this monumental challenge head-on, by ably pioneering the development of a next generation open banking “Hawkeye” data platform. Certainly, the solution is proving to be an industry game changer by using state of the art technology to address fundamental data quality issues being faced by market participants. Notably, Hawkeye enables the consolidation and aggregation of complex transaction data from multiple custodians, providing a common semantic layer and exposes this data in industry standard APIs to facilitate complex portfolio analytics.
Furthermore, Hawkeye leverages sophisticated data pipeline technology, as well as incorporates an AI supported reconciliations module, empowering market participants to achieving unparallel STP rates and quickly identifying the root-causes of errors. Given the costs and complexities that private wealth institutions, especially private banks, have in terms of accessing data spread across multiple custodians, crypto exchanges and providers of non-bankable data, Hawkeye categorically allows market participants to circumvent this through seamless and secure accessibility of high-quality data needed for effective investment decision-making.
In addition, Hawkeye augments the capabilities of private wealth institutions to consume OpenWealth compliant custody APIs and quickly onboard data from multiple custodians using industry standards.
As an active member of the OpenWealth Association, Hawkeye also exposes the OpenWealth compliant custody APIs. Hence, private banks that have adopted either the ISO15022 or ISO20022 standard are in a position to offer OpenWealth compliant custody APIs, fundamentally setting new standards in open banking and API usage.
Hawkeye augments the capabilities of private wealth institutions to consume OpenWealth compliant custody APIs and quickly onboard data from multiple custodians using industry standards.
Moreover, the Hawkeye solution itself enables private banks to significantly reduce errors and costs in client reporting. Likewise, private bank clients now have a more holistic view of their wealth given the aggregation of portfolio data across multiple booking centres that has been made possible. Similarly, Hawkeye enables private banks to extend this service to third party custodians allowing for a more complete view of complex wealth holdings encompassing both bankable and non-bankable assets across multiple asset classes, regions and industries.
Naturally, Fintama AG will continue to enhance Hawkeye, extending its capabilities to capture complex client tailored investment strategies and ensure adherence to portfolio policies through automated monitoring across asset managers and custodians. Furthermore, sophisticated performance and risk analytics, specifically attribution analysis, is also in the offing to help ascertain strengths and weaknesses of individual asset managers and identify portfolio value creation.
Clearly, Fintama AG through its Hawkeye solution has developed a unique open banking data platform that enables the sourcing of clean, granular and consistent transaction & booking data spread across multiple booking centres, custodians and asset managers. Affirming its institutional achievements, Global Private Banker has duly recognised Fintama for the “Best Open Banking Solution” distinction at the recently concluded Global Private Banking Innovation Awards 2024.
FEATURE ARTICLE
As the investment management landscape becomes increasingly complex and interconnected the need for innovative, resilient and scalable solutions for the asset and wealth management industry becomes paramount. As established players and disruptors alike are struggling to cope with the pace of change and transformation observed in recent years within the industry, they seek a trusted and experienced partner to help them sail the waves of continuous change.
In response, Fintama, a Swiss-based technology company specialising in developing advanced software solutions and provide strategic product design services for the wealth management industry, is empowering wealth managers to realise sustainable competitive advantage through its suite of impactful solutions. Importantly, these capabilities are aligned with the needs of wealth managers in optimising their operational processes while significantly elevating client engagement.
Augmenting client capabilities to deliver best-in-class investment propositions
Under the astute leadership of both Heiko Sundermann, Managing Partner and Dr. Christian Koeppel, Managing Partner, Fintama has positioned itself as the partner of choice for software solutions and strategic design services to private banks, asset managers and wealth management technology providers. Notably, the Company is focused on unlocking new value for clients by combining its investment management expertise with design & technology capabilities to bring a new spirit to their clients. Their leitmotif “Breathing life into financial services” says it all.
Fintama has positioned itself as the partner of choice for software solutions and strategic design services to private banks, asset managers and wealth management technology providers.
Fintama achieves this by pioneering a range of out-of-the-box innovations, SaaS solutions and blueprints for crafting of state-of-the-art investment service propositions. This is made feasible given the Fintama’s deep industry insights and formulation of ready-made concepts such as:
• Wealth planning and goalsbased advice - asset and liability management
• Thematic and sustainable investments
• Highly tailored strategies in a scalable discretionary or advisory mandate service.
• Direct indexing and bespoke indexing platform
Certainly, in terms of products, the unique flagship Fintama Hawkeye Platform remains a key standout by providing private clients with a holistic ‘birds-eye’ view of their entire investment positions; as these may be distributed across different portfolios, sectors, asset classes and locations. Clearly, Hawkeye as a modular platform is providing critical insight to private clients through consolidated, high-quality and clean data sourced from different custodians, booking centres and asset managers.
Furthermore, Fintama’s approach remains technology agnostic given its deep understanding and familiarity with key private wealth management institutions and associated technology providers. The Company has been closely involved in either facilitating the development of select product designs or rolling out technology implementation projects with different institutions. It has engaged with top-tier brands in wealth management, supporting these clients in creating market leading investment services propositions that are augmented by customised and scalable investment process solutions.
Importantly, Fintama is deftly leveraging its proprietary accelerators such as Service Blueprints, Business Architecture and capability maturity model, reference architectures to enable institutional clients in crafting the desired investment propositions. Resultingly, Fintama’s core strengths
in servicing clients are built around its:
1. Investment process and proposition design
2. Service and experience design
3. Architecture design and engineering
4. Industry research and channel strategy design
Fundamentally, Fintama is committed to pair deep investment management expertise with technology expertise to provide mass-tailored investment solutions to wealth management clients and highly industrialised scalable investment processes for the financial institutions. Their vision for the industry in simple terms
“Custom investment solutions for every private banking client at almost zero marginal costs for the wealth manager”. This is further evidenced by its membership in the OpenWealth Association, which fosters collaboration and innovation across the wealth management ecosystem, as the Company seeks to build on its strengths by enhancing its suite of existing platforms and address the fundamental operational challenges being faced by market participants today.
FEATURE ARTICLE
As the global wealth landscape continues to evolve across markets, Lighthouse Canton, has emerged as a leading investment institution offering wealth and asset management services to diverse client segments. Operating in key financial centres across Singapore, UAE and India, the Institution has been collaborating closely with family offices, corporates, institutional investors and private wealth clients by delivering innovative investment solutions.
Importantly, investors are provided with requisite data-backed and wellresearched investment guidance that is augmented by Lighthouse Canton’s resilient institutional framework. Indeed, the Institution’s core competencies have been developed around the following three pillars namely:
• Investment acumen that is reflected in Lighthouse Canton’s experienced investment consulting and asset management teams, which possess deep expertise across a wide range of asset classes accompanied by a track record
of delivering superior riskadjusted investment returns.
• Digital agility as reflected in the Institution’s extensive investment in its own digital infrastructure reaching 625% in 2023 as it prioritised developing a suite of cutting-edge tools and platforms that provides clients with a seamless and personalised experience.
• Human excellence given Lighthouse Canton’s commitment to enabling a culture that truly attracts and retains the best investment and wealth management professionals in the industry.
Notably, as of June 2024, the Institution has a consolidated USD $3.7 billion in assets under management and advisory. A key
standout has been the performance of its UAE operations that has recorded significant year on year increase in revenues and client acquisition during the 2023 period. The global investment institution has seen positive growth in the UAE, with the acquisition of both new clients and talents alike.
Lighthouse Canton’s offerings span both wealth and asset management for individual investors, family offices and institutional investors. Its range of wealth management solutions include investment advisory, portfolio management, business
Lighthouse Canton was founded on a vision of delivering innovative investment solutions, and it is this vision that inspires us to challenge conventions and explore new frontiers. It is this ethos that we have transfered to our presence in the Middle East, where we continue to explore significant potential through our differentiated business model and our truly bespoke institutional investment strategies.
- Prashant
Tandon
MD & Chief Executive Officer, UAE Lighthouse Canton
& family solutions and financing solutions to address the increasingly complex and sophisticated needs of its private banking and family office clients. While on the asset management side the Institution has established seven funds across private and public markets for accredited and institutional investors, that encompass private credit, venture debt, venture capital, life sciences real estate, Indian equities and global macro.
In 2023, Lighthouse Canton achieved a series of new milestones that has enabled the entity continue to scale and simultaneously reinforce its capabilities. One such highlight was its strategic partnership with Epicure Investment Management, a subsidiary of Qatar Insurance Company. Together Lighthouse Canton and Epicure Investment Management launched a Fixed Income product, which invests in fixed income credits globally. As of June 2024, the portfolio had already generated a total return of +10.48% (net of fees) since inception.
Through its strategic presence across Singapore, UAE and India, Lighthouse Canton has emerged as a key enabler of cross-border trade and opportunities. Its private market investments have empowered startups in India and Southeast Asia to expand into the GCC and UAE. Lighthouse Canton’s crossborder expertise has also seen it successfully facilitate several of its clients, including a large UAE
based Single Family Office/Quasi Institutional client, in structuring their investment holdings into a Variable Capital Company (VCC) structure.
While in India’s Gujarat International Finance Tec-City (“GIFT City”), Lighthouse Canton has established a Category III Alternative Investment Fund (AIF), which is managed by its GIFT City Branch set up by Lighthouse Canton’s UAE office to provide investors access to global investments. Through these efforts, Lighthouse Canton has created a robust platform for international investments, bridging diverse markets and investors across borders.
In addition, Lighthouse Canton deftly developed and introduced LC Vantage - its own in-house end-toend digital wealth management and intelligent market place platform. LC Vantage provides users with access to 45 global markets, institutional grade analytics, portfolio
management, consolidation as well on-the-go support and relationship management. From a custodian capability perspective, LC Vantage is integrated with several private banks and provides reporting and portfolio consolidation capabilities. It also aims to provide investors straight through processing capabilities with their own segregated account and enhanced asset protection powered by BNY Pershing.
Fundamentally, Lighthouse Canton has proven itself as a market leading investment and wealth management institution incorporating the highest standards of investment acumen digital agility and people excellence needed to effectively service clients. Affirming its institutional achievements, Global Private Banker has duly recognised Lighthouse Canton for the “Best Family Office –Middle East” and “Best Family Office – United Arab Emirates” distinctions at the recently concluded Global Private Banking Innovation Awards 2024.
As the global wealth management landscape continues to be reshaped through increased digital transformation, the role and use of new technologies including data and analytics by wealth managers is proving to be a game-changing one for all stakeholders. Categorically, both wealth managers and financial advisors are seeking to accommodate the evolving preferences of a fast-emerging cohort of tech-savvy investors whose customer experiences have been redefined within a digital-first environment.
In this regard, LSEG, the world’s largest provider of financial markets data and infrastructure through its extensive suite of digital wealth solutions is deftly empowering wealth advisors with the requisite content, technology and expertise required to accelerate growth, augment the investment decision-making capabilities of firms and deepen subsequent client engagement activities.
Fundamentally, superior investment experience mandates the use of flexible and intuitive digital solutions incorporating industry-leading data, widget capabilities and APIs that orchestrate a modern and refreshed advisor-client interaction. Moreover, self-directed investors in particular are harnessing the power of digital tools to optimise their investment strategies given that data capabilities offer speed, efficiency and 24/7 connectivity while AI can readily optimise investment strategies.
Indeed, in a recent study of investors and investment providers commissioned by LSEG , it was revealed 69% of providers agree with the notion that AI will significantly change the way they operate. Furthermore, almost all providers identified themselves as either “advanced” (48%) or “mid-implementation” (44%) for AI Automation. Naturally, such automation can be easily applied to a wide range of tasks that include investment research and identifying new opportunities based on return objectives and risk profiles.
and challenges in a “bigdata” environment
Similarly, given the ever-increasing volumes of data and content
available market participants are now exceptionally placed in making more informed investment decisions. For instance, this can be accomplished by incorporating sentiment analysis and assessing the market’s ‘pulse’ across thousands of different global news sources and social media platforms.
Certainly, the size and depth of different data points can certainly overwhelm even the most discerning of investors and being able to pinpoint and extract relevant information will require embracing digital capabilities. This becomes even more critical during periods of extreme market volatility where investors are hard-pressed in navigating fast-moving financial markets.
Naturally, the challenge is being able to correctly locate
the signal amid the noise and effectively decode voluminous reams of information to generate the best possible investment outcomes. Understandably, investors are not fully equipped in generating actionable insights and recommendations and this presents a clear opportunity for all types of wealth managers that offer investment services to deliver credible data, advanced management tools and analytics to their clients.
Indeed, digital solutions now incorporate advanced tools, with value-added analytics and predictive financial modelling that can streamline and strengthen investment decision-making.
This paradigm shift is the key to attracting, engaging and retaining investors, while helping investment firms in increasing assets under management and driving trading volumes.
LSEG is at the forefront of providing the relevant data, analytics and tools to effectively hyper-personalise information and insights in areas such as ESG investing that are most relevant in today’s dynamic financial markets. Moreover, LSEG leverages advanced AI for speed any efficiency, providing market-leading content from major credible news sources, while also offering investors and advisors with comprehensive data and targeted analytics in finding the signal in the noise.
Essentially, these flexible and intuitive digital solutions seamlessly integrate content and analytics to uncover insights relevant to investors and their individual needs. By incorporating LSEG’s wealth management solutions, investment firms are in better position to facilitate more successful, compelling and personalised digital journeys for their clients.
Furthermore, access to personalised data is a key prerequisite as both investors and advisors significantly value personal recommendations that are aligned with individual circumstances and preferences. Hence, all data & analytics, content and expertise must be tailored to deliver well-crafted solutions that are aligned with individual investor needs.
Similarly, LSEG research validates the efficacy of both digital capabilities and advisory services within the wealth management domain, indicating that hybrid models of engagement will continue to gain traction. Notably, a hybrid investment model encompasses both digital and advisor services and investment providers will need to streamline online-offline interactions through the optimisation of data, technology and human expertise.
Likewise, this will require leveraging
emerging technologies to facilitate digital delivery of investment services while incorporating personalised interactions. However, ensuring trust in data and technology along with trust in advisor/client relationships will be integral for long-term success.
LSEG research categorically revealed that the greatest potential value an advisor can add in the next three years is “to provide investment advice that I trust” as indicated by 51% of respondents who don’t currently use an advisor and 45% of those who do use an advisor.
Certainly, wealth managers would need to consider the importance of leveraging a carefully curated mix of data & analytics, digital capabilities and personalised offerings to succeed in a fast-paced market environment. It is entirely relevant to both advisors and self-
LSEG is at the forefront of providing the relevant data, analytics and tools to effectively hyper-personalise information and insights.
directed investors across a range of engagement points including:
• Self-advised platforms that empower investors in managing their own portfolios. Indeed, these platforms facilitate investors through enhanced online investment trading functionalities, which include access to tools, research and market data etc.
• Robo-advisors that leverage advanced portfolio management algorithms offering automated investment advice. Notably, Robo-advisors provide a cost-effective option for investors wanting a selfdirected experience supported by trusted digitally-generated advice.
• Online brokers, offering advisory services and
leveraging digital engagement to deliver value added services such as market data, research and collaboration tools.
Furthermore, as has been established, data forms the basis of successful investment decisionmaking and ensuring access to high-quality data that is accurate, comprehensive and credible is essential for maintaining financial wellness. Likewise, analytics unlocks additional value for market participants, while also extending efforts for deep personalisation through more customised content, which delivers simplified insights uniquely tailored to meet individual investor needs. Ultimately, the outcome is a superior digital experience for investors across a range of touchpoints particularly mobile apps, which enable successful customer journeys and will remain a core consideration by
investors when selecting their main investment provider.
Clearly, LSEG through its extensive data offerings, targeted insights and elevated digitalfirst capabilities supporting both advisor and self-directed investors, remains committed to continued innovation in addressing the evolving needs of the wealth management industry. Certainly, the financial markets infrastructure provider is well placed in delivering optimised data, digital solutions and expertise in enabling industry stakeholders in navigating an increasingly complex operating environment. Affirming its institutional achievements, Global Private Banker has duly recognised LSEG for the “Best Data Management Analytics Solution” distinction at the recently concluded Global Private Banking Innovation Awards 2024.
FEATURE ARTICLE
Mashreq Private Banking has enhanced its private wealth management capabilities through the implementation of a distinctive operational framework centered around a ‘team-based’ approach. This model aims to provide enhanced service to clients, supporting their endeavors in wealth preservation and growth. It features a dedicated team of experts, comprising of certified relationship managers, qualified investment, insurance, & FX specialists, and client service managers. Their collective aim is to ensure superior client experiences for high-net-worth individuals.
In addition, Mashreq Private Banking offers a wide range of solutions to private wealth clients, which include bespoke investment portfolios, insurance products, wealth structuring, legacy planning, lending and accounts for day-to-day transactions. Notably, the private banking proposition also provides tailored financing solutions such as Lombard lending, trade financing and real estate financing to serve the sophisticated needs of clients.
Private Banking has continually worked towards augmenting its digital capabilities with a customer-centric approach.
clients through an outstanding digital banking experience
Moreover, Mashreq Private Banking has continually worked towards augmenting its digital capabilities with a customer-centric approach, while also undertaking a largescale digital transformation that has been focused on upgrading the wealth management system at the Bank. Specifically, the Private Bank’s digital interventions span its entire platform facilitating superior trading execution and unlocking of new value-added services for clients.
Likewise, the Mashreq Mobile app integrates banking, wealth management and money transfer capabilities in a single mobile application and offers users a suite of cutting-edge onboarding, portfolio management and servicing features. Furthermore, the app enables a curated experience for clients reinforced with an enhanced design, user-friendly language and mobile friendly screen flows. Indeed, now an increasing number of transactions are being
conducted digitally with 85% of the Private Bank’s customer base currently active across digital various digital touchpoints including mobile, internet and other digital applications.
exclusive
Fundamentally, Mashreq has also increased its offering of mutual
funds with more than 250 Security and Commodity Authority (SCA) approved funds now available for investment. Clients can access both retail and institutional share classes at a comparatively competitive fee structure, across a range of strategies from equity, pure credit play to alternative investments and multi-asset allocation. Moreover, clients are increasingly choosing to invest in solutions offering risk reduction potential thereby minimising volatility of returns in client portfolios and ultimately
driving a positive client experience. Notably, Mashreq maintains an open architecture, with a globally diversified offering across geographies and themes enabling clients to meet different investment objectives and construct highly diversified portfolios in line with their return goals and risk constraints. The extensive fund offerings provide clients with a wide choice of investment strategies, liquidity profiles, and enhanced risk/return combinations.
In addition, the platform has registered strong traction with clients in the last six years, with the dedicated investment specialist and access to digital tools and market insights contributing to an elevated retention rate and clients increasing their investments on an average by 5x. Furthermore, Mashreq’s active engagement in developing and growing its mutual fund offerings has significantly enhanced the composition of the wealth segment’s assets under management (AUM) as the Bank grew its fund book by AED 2 billion within the last three years.
Likewise, Mashreq Private Banking has invested in a robust and integrated wealth management platform, offering end-to-end
solutions for range of investment products including equities, bonds, structured products etc. This new platform consolidates multiple systems and has the capability to connect with other internal & external applications via APIs, which facilitates straight through processing and results in enhanced client experience and improved relationship manager productivity.
Similarly, Mashreq Private Banking has prioritised the development of a stellar web-based digital platform to enable clients to trade equities, FX and commodities. Importantly, clients are in a position to choose from thousands of securities across multiple exchanges, while also having access to a range of technical analysis and charting tools that optimise investment and trading decisions.
Importantly, Mashreq has been facilitating clients with digital investment opportunities particularly through its Thematic Investments platform launched in August 2023, which has democratised access to unique portfolios comprising either niche subsectors or regional-sector combinations such as Sustainable Planet, Finance, Healthcare, Lifestyle, Technology, and Tradition. This approach empowers investors to channel their funds into areas that resonate with their personal values and interests.
Interestingly, Mashreq has observed its broad adoption across various
client segments highlighting the efficacy of integrating cuttingedge technologies in elevating the investor’s digital journey. The Bank has also prudently leveraged cutting-edge AI algorithms offering clients the opportunity to rebalance their investments in response to both broad economic shifts and specific market movements. This proactive approach to portfolio management has proven to be highly effective, with portfolios consistently delivering superior returns and outperforming established benchmarks.
At a categorical level, Mashreq Private Banking has incorporated emerging technologies and innovation placing itself as a customer-first bank, while empowering clients with global products and best-in-class services accessible in a seamless and intuitive manner. Certainly, Mashreq Private Banking’s suite of holistic solutions is tailored to fit the lifestyle, plans and ambitions of its HNWI client base.
Affirming its institutional achievements, Global Private Banker has awarded Mashreq Private Banking the “Best Private Bank for Funds” and Highly Acclaimed distinctions for “Best Private Bank – United Arab Emirates”, “Best Private Bank – Digital Innovation” and “Outstanding Mobile Banking Initiatives” at the recently concluded Global Private Banking Innovation Awards 2024.
FEATURE ARTICLE
Neuberger Berman is a private, 100% independent, employee-owned investment management firm overseeing a variety of strategies globally, spanning both public and private asset classes. Neuberger Berman managed $481 billion in client assets as of June 30, 2024, supported by over 2,800 employees located across offices in 39 cities worldwide. This diversity and scale support the firm’s commitment to delivering robust long-term returns for its clients.
As demand for innovative alternative solutions grows, Neuberger Berman leverages its extensive private markets experience to design high-quality, diversified, and accessible private equity investments to its clients. José Luis Gonzáles Pastor, Managing Director on the Private Equity team, helps lead the European team’s deep evergreen expertise.
The NB Private Markets platform draws on the insights of over 400 professionals around the world, and as part of a large global and employee-owned firm, the private markets team is able to leverage the deep resources of Neuberger Berman across research, risk management and ESG, among others.
The integrated global platform is diversified, responsible for over $115bn of commitments managed across funds and direct investments1. The team invests across primaries, co-investments, secondaries, private credit and direct specialty strategies on behalf of some of the worlds most sophisticated institutions.
The platform has found success investing alongside leading GPs and affords the team a differentiated position in the private markets ecosystem. As a capital solutions provider, NB Private Markets has built a strong, global network of sponsors investing in their core areas of expertise. This access to multiple high-quality funds across geographies, asset classes, and industries, when combined with NB’s disciplined investment process, has ultimately allowed the team to build a strong investment track record. The breadth of the platform provides substantial information flow, idea sharing and advantages in sourcing,
Neuberger Berman managed $481 billion in client assets as of June 30, 2024, supported by over 2,800 employees located across offices in 39 cities worldwide.
due diligence, and execution which ultimately allows clients to access many high-quality private investments across the globe.
In recent years, NB Private Markets has significantly grown its presence in Europe, becoming a reputable multi-strategy platform with both commingled and custom capabilities across primaries, co-investments and secondaries. The team is now well known as a solutions provider for both European general partners and limited partners. Since 2016, NB Private Markets assets managed for European clients have increased four-fold. The team has also grown their European GP relationships, increasing those by 60% over the same period.
Over the course of 2023 alone, the European team successfully raised a record $3.5 billion in private equity commitments from EMEALA investors for both commingled funds and custom accounts. Between June 2023 and June 2024, NB Private Markets approved $1.2 billion of commitments to European primary funds and co-investments.
JOSE LUIS GONZALEZ PASTOR Managing Director Neuberger Berman
NB Private Markets has been at the forefront of creating innovative products that help solve many of the legal, structuring and administrative challenges of traditional private equity.
Recognising a growing interest in private equity from private clients, despite being an asset class that has traditionally been difficult for individuals to access, NB Private Markets has been at the forefront of creating innovative products that help solve many of the legal, structuring and administrative challenges of traditional private
equity. The team has over 15 years of meaningful experience in launching and managing individual investor friendly vehicles, managing over $7.8 billion across 25+ evergreen commingled fund vehicles and custom mandates as of March 31, 2024.
The team leverages its comprehensive investment capabilities and deep expertise to build institutional quality, evergreen offerings for a variety of investors across different jurisdictions
and regulatory frameworks. The evergreen structure has been of increasing interest to investors due to its structure, which allows investors to purchase shares of a fund at NAV and gain exposure to a diversified portfolio of private equity investments that continuously reinvests proceeds for compounding returns.
Neuberger Berman looks forward to continuing to support clients through innovative solutions that best fit their needs.
FEATURE ARTICLE
The global private wealth management landscape continues to evolve as financial institutions pursue new business models to strengthen client engagement with high-net-worth individuals and financial intermediaries. In that respect, Spain-based private wealth institution Sabadell Urquijo Private Banking has exemplified this strategic shift by introducing segment-specific propositions informed by business and market intelligence distinctly positioning it from its peers.
Importantly, the Private Bank proactively enhanced its competencies to better address the unmet and increasingly sophisticated needs of private clients. As a first step, Sabadell Urquijo Private Banking undertook an extensive analytics-driven client identification exercise to determine which customers would be most suitable to access its unique and value-added advisory services. This assessment resulted in a widening of the client pool with a positive impact on funds under management for the Private Bank that grew by 68% year-on-year in 2023.
Indeed, another important outcome has been that Sabadell Urquijo Private Banking now has a better understanding of the profile of its private wealth clients, which facilitates the delivery of more bespoke solutions. Moreover, the Private Bank expanded its team of front-line staff by 3x and were deployed across the more than 1,000 branches located throughout Spain to ensure adequate coverage and support for its enlarged client base through a dedicated private banker.
Likewise, Sabadell Urquijo Private Banking established a new segmentation model that comprises of two client subsegments, namely private and wealth clients, which are distinguished based on the size of financial assets. This has enabled the Private Bank to craft more personalised and tailored solutions to clients in conjunction with extending high quality financial advice that is aligned with meeting their investment objectives and goals.
The private wealth propositions have also been further reinforced by the digital innovation undertaken by Sabadell Urquijo Private Banking that has a dedicated 24x7 support
model in place to facilitate all types of client requests even outside of regular office hours with a 60-minute service level agreement (SLA). Clients have access to both online and mobile platforms that can facilitate desired digital financial and non-financial transactions with the fund execution service being an important enhancement empowering clients and streamlining operations. Notably, 66% of private wealth clients accessed digital banking services in 2023.
Furthermore, clients can benefit from access to a range of investment funds delivered via Sabadell Asset Management in addition to its
Sabadell Urquijo Private Banking now has a better understanding of the profile of its private wealth clients, which facilitates the delivery of more bespoke solutions.
- Mr. Xavier BlanquetDeputy General Manager of Banco Sabadell and Head of Private Banking Business
partner Amundi Group Funds. Similarly, Sabadell Urquijo Private Banking has also made a range of third-party products available to clients to complement their existing offerings and ensure that clients have access to investment opportunities with return potential amid a fastchanging and dynamic market environment.
Urquijo Gestión, an asset management company, has also played a key role in supporting the Private Bank by managing customised mandates for clients. In addition, the Private Bank has refreshed its transactional products such as accounts and cards, while ensuring that special pricing for financing products is provided to clients. Moreover, specific risk management frameworks are now in place augmented with staff specialising in private banking to mitigate adverse exposures.
Sabadell Urquijo Private Banking has defended its market positioning and is focused on maintaining its excellence in private wealth management, while generating value for its respective client segments. The Private Bank’s gross income reached 132 million (+123% YoY) net income in 2023 elevated by its new engagement model and client acquisition efforts. Importantly, clients have reposed confidence in this new approach adopted by Sabadell Urquijo Private Banking reinforced through the various client outreach activities organised in 2023.
Stewards Investment Capital is a leading boutique investment management firm, with a 25-year legacy within the Stewards affiliation, having a strategic presence in Mauritius, South Africa and the USA. The Firm specialises in providing pension funds, institutional investors and high-net-worth individuals with customised investment solutions that optimise desired risk-adjusted returns. These tailored services effectively meet the needs of clients through unique financial portfolio construction, which is aligned with the needs of investors.
Importantly, by deploying innovative and unorthodox investment strategies, Stewards Investment Capital is enabling wealth preservation and growth for clients. Its flagship investment solutions offer attractive fixed income yield opportunities, capture of equity market upside returns through strategic themes accompanied by downside protection. In addition, the Firm has facilitated clients through access and exposure to new markets and asset classes such as digital assets and private credit.
A key standout has been the APEX Structured Liquidity Solution that offers investors with a competitive alternative to traditional bank fixed deposits, providing predictable fixed income returns of up to 12% annually. The solution caters to investors seeking portfolio diversification and stable income streams, with rigorous risk management ensuring capital protection and reduced volatility.
Furthermore, Stewards Investment Capital has also established extensive industry-wide connections to facilitate structured dealmaking that may otherwise not be considered feasible. By incorporating in-depth analysis, strategic guidance and identifying the right partners to grow with, the Firm empowers clients in making more informed decisions that support their longterm financial plans.
By leveraging its wide- ranging professional network to execute the best financial transactions for clients, Stewards Investment Capital has proven to be instrumental to making the right introductions to select parties and counterparties. Moreover, the Firm excels in facilitating transactions that include but are not limited to mezzanine financing and digital asset investments, while also pioneering various types of financial structuring across the entire spectrum ranging from vanilla structured products, through private equity placement to exotic investment undertakings.
Orchestrating the ground-breaking acquisition of publiclylisted FAVO Capital
Stewards Investment Capital has played a pivotal role in facilitating the restructuring of FAVO Capital
business operations, strategically transitioning it from a realty-focused company with a microfinance subsidiary to one that is a private credit-centric firm with real estate holding as a subsidiary.
This strategic shift positioned FAVO to capitalise on the rapid growth of the private credit industry resulting in the June, 2023 landmark acquisition of FAVO Group of Companies by FAVO Capital valued at USD $37 million.
By deploying innovative and unorthodox investment strategies,
Stewards Investment Capital is enabling wealth preservation and growth for its investors worldwide.
Notably, the acquisition empowered FAVO Capital to expand its operations, introduce innovative products and solidify its market position, with Stewards Investment Capital becoming its second largest shareholder post-restructuring.
Capitalising on its network in South Africa, Stewards Investment Capital has helped an instrumental role in securing substantial investments from notable institutional investors, including one of South Africa’s
largest pension funds, underscoring the confidence in the businesses’ long-term growth prospects.
In addition, FAVO Capital has continued its expansion plan with three new acquisitions as Stewards Investment Capital maintains its role as a strategic advisor and shareholder. As another strategic move, FAVO recently announced the engagement of EF Hutton to act as lead underwriter, deal manager and investment banker in preparation for the Company’s proposed firm commitment public offering and application to the NASDAQ.
Stewards Investment Capital integral role in facilitating the FAVO Capital acquisition is a testament towards its commitment to innovation, strategic foresight and delivering tangible value to clients. Moreover, Stewards Investment Capital has differentiated itself from traditional investment managers through its active involvement into the businesses it invests in effectively aligning its interests with those of its clients thereby fostering a partnership for mutual growth and success. Affirming its institutional achievements, Global Private Banker has duly recognised Stewards Investment Capital for the “Structured Finance Deal of the Year” distinction at the recently concluded Global Private Banking Innovation Awards 2024.
EXCLUSIVE INTERVIEW WITH DEUTSCHE BANK UK’S JAMES WHITTAKER: “BRINGING OUR WHOLE BANK TO OUR CLIENTS IS A REAL GAME CHANGER”
Global Private Banker: Please share with us the key drivers of growth for Deutsche Bank’s UK business in 2023-24 and your immediate priorities for expanding client relationships and engagement?
James Whittaker, Head of Wealth Management UK and CEO of DB UK: Over the past few years, we invested in top industry professionals as well as our platform and offering, enabling us to establish our UK franchise as an ultra-highnet-worth (UHNW) player in the market. In this segment, we were able to attract family offices due to our broad set of capabilities and the ability to cover highly complex needs. These range from financing solutions, capital markets, corporate finance as well as currency and deposit services. We follow our socalled Global Hausbank approach, meaning we have the unique opportunity to work closely together with our colleagues from the Investment Bank. Considering our clients’ sophisticated needs, bringing our whole bank to our clients is a real game changer.
These growth drivers helped us double our revenues and assets under management from the UHNW segment in the past three years. Today, we have a team of top industry professionals and we’re looking to further scale up our franchise. The UK definitely remains a priority growth market for the bank.
How instrumental has the Bank’s global presence and capabilities, as reflected through its “Global Hausbank” strategy, been – particularly in supporting private wealth clients?
Very instrumental. For us, the onebank model – or what we call being the Global Hausbank for our clients – is a distinguishing factor when we talk to UHNW clients. Looking across their assets and investments, we develop a deep understanding of who our clients are, where they come from and where they are headed in their lives. And based on this, we might bring in specialists across other divisions of the bank – for example if they have extensive capital markets needs or own a business they want to sell or take public.
Of course, this goes beyond the standard private-banking product lineup, considering that some of our clients are well-established family offices or institutional investors. It’s imperative for us to think in solutions, options and opportunities and work hand-in-hand with our Corporate and Investment Bank.
Finally, there’s hardly a UHNW client who isn’t active across multiple countries. Whether that involves owning property, businesses or simply having family based around the world. Being a global bank means that we can work with clients to help them find the best solutions across
the world and allows us to remain at the pulse of their lives.
What impact has the Bank’s efforts had in optimising client engagement and realising its 2025 targets given the adoption of a two-pronged “customerfocused” segment approach?
If you look at the three key areas for us in the UK – family offices, private equity professionals and entrepreneurs – they all have very different needs and want to engage in different ways. Investing in our franchise both from a client relationship point of view as well as from a platform perspective has paid off, allowing us to help them meet their objectives and to engage with them in the way that suits them.
Family offices often have complex and geographically diverse needs spanning personal, trust and corporate operations. Our capabilities range across traditional and customised financing, investments, cash management, wealth planning and corporate finance. The key for them is getting customised and thoughtfully designed sustainable solutions –which is really the thought behind the Global Hausbank approach.
Supporting entrepreneurs has always been a core part of our DNA. But it’s become a focus and point of pride for us to work with entrepreneurs in a very holistic way. That means looking at their life goals broadly, what
they want for their businesses, their families, and what mark they would like to make on the world. We sit down with entrepreneurs to discuss their private wealth and investment approach, their company’s liquidity needs to grow and expand, as well as wealth transfer and succession planning. For entrepreneurs, a business decision is often also a personal one.
Finally, private equity professionals have different liquidity requirements depending on where they are on their career journeys. We support them with liquidity solutions and
complimentary asset management. Moreover, they also tend to be very international and we are working closely with the community on navigating the evolving UK tax landscape. We work not just with private equity individuals but with the sponsors directly on fund finance solutions to build long lasting relationships with top tier private equity firms.
Finally, in terms of your investment outlook for the medium to long-term, which particular asset classes or markets remain attractive and what sectors would you caution against (if any)?
With the market fearing that the US economy might be heading for a recession, volatility has increased on financial markets. We, meaning our Chief Investment Office, expects a slowing economy rather than a recession. Rate cut expectations for both the Fed and the ECB led yield curves to steepen. Looking forward, longer-end yields are expected to rise somewhat along with normalising/
rising short term yields, bond investors are expected to continue to focus on carry.
There was heavy volatility in July. Rather than timing the market, we would focus on a “market cap barbell”, i.e. being invested into both ends of the market cap spectrum, trying to capitalise on the secular earnings strength and sound balance sheets of Large and Mega Caps, while at the same time benefiting from low valuations and decent cyclical earnings prospects for Small Caps.
Synchronised action of Fed and ECB would argue for a comparatively stable EUR/USD exchange rate, elevated geopolitical risk could cause safe haven flows and volatility.
Finally, in commodities we expect a balanced outlook for oil around current price levels. The gold price recently received some tailwind from lower-than-expected inflation data from the U.S. and expectations for Fed rate cuts.
(CIO views are as of 16 August, at the time of writing)
For us, the one-bank model – or what we call being the Global Hausbank for our clients – is a distinguishing factor when we talk to UHNW clients.
Disclaimer: Please note that we do all we can to ensure accuracy and timeliness of the information presented herein but errors may still understandably occur in some cases. If you believe that a serious inaccuracy has been made, please email nirav@digitalbankeronline. com. This report is provided for information purposes only. Global Private Banker and The Digital Banker accepts no responsibility whatsoever for any direct or indirect losses arising from the use of this report or its contents.