GPB Magazine - Q1 2023

AWARDS ISSUE

MAKING STRIDES IN INTEGRATED MANAGEMENT

PERSONALISED WEALTH STRATEGY FOR HNW CLIENTS

THE FUTURE OF CRYPTO ASSETS PRIVATE BANKING

THE NEED FOR PURPOSEDRIVEN INVESTORS IN EMERGING ESG AND PRIVATE BANK INVESTING

04

The Power of Purpose-Driven Investing

Promising reports from Asia suggest that with policy shifts and rising awareness, private banks are opening their doors to the ongoing sustainability revolution.

07

AfrAsia Bank: Unlocking New Opportunities

The Bank serves clients in more than 160 countries, acting as a conduit for fund flows between Africa, Asia and the World.

19

Bradesco Private Bank: Growth Focused Wealth Planning In Brazil

Bradesco Private experts are able to design innovative solutions considering the more efficient investment vehicles and structures for its clients.

22

Nuvama Private: Injecting A Vibrant Approach to Wealth Management

Attracting the best-in-class talent, Nuvama Private is the largest & the most respected wealth manager in India.

10

Julius Baer: Service at the Heart of Digitalisation

Julius Baer believes in the importance of technology to bring the best of the bank to its clients.

25

HSBC Taiwan: Serving HNWI Through Digital Excellence

With strong economic prospects, Asia Pacific is emerging as the leading destination for wealth management and private banking globally.

13

Refinitiv: Providing a Catalyst for Best-Of-Breed Advisor Experience

Refinitiv is focused on achieving the purpose of its wealth business, which is: to enhance the financial well-being of all people.

29

Standard Bank: Driving Africa’s Growth Through High Impact Tech

Standard Bank Group is focused on strengthening its digital capabilities and integrating its business in order to improve client experiences.

16

Axis Bank: Driving Value Through Brand Partnership

Burgundy Private, Axis bank’s private banking arm, touts its expertise in wealth management backed by the power of a bank.

32

UBS: Digital Access Empowers Client Advisors

UBS has a reputation for outstanding thought leadership and a broad range of investment offerings.

35

BNP Paribas: A Breadth of Wealth Innovations In Asia

The global pandemic has prompted BNP Paribas to invest in its digital capabilities, benefiting both clients and relationship managers.

50

Santander Private Bank: Meeting Customers’ Digital Needs

The pandemic presented Santander a fortuitous opportunity to leverage its technological capabilities.

38

Fifth Third Private Bank: Personalised Wealth Strategy for HNW Clients

Creating the best possible experience for HNW individuals and families is central to achieving its clients’ desired outcomes today and into the future.

53

Asset Management Excellence: How SGPB Stays on Top Societe Generale Private Banking (SGPB) aims to be recognised for its asset management and wealth engineering expertise.

41

HSBC Global Private Banking: Building A Holistic Hybrid Banking Model

GPB has been automating, streamlining, and upgrading its internal processes and systems across front, middle, and back office capabilities.

56

BRI: Tailored Wealth Management for All Indonesians

Unlike other Wealth Management providers in the region, BRI WM is not only serving the Affluent / High Net Worth segments but also, the Mass segments.

44

IIFL AMC: Reimagining Investments Through Digital Solutions

The world of finance is rapidly evolving. As such, it is driving IIFL AMC to reimagine investments to create unique investment products for its clients.

60

Maybank: Making Strides in Integrated Wealth Management Maybank Group’s capabilities to offer a variety of investment products from reputable providers is beyond question.

47

Lighthouse Canton: Diverse Investment Strategies and Integrated Technologies

Lighthouse Canton has invested in integrated technology systems to improve the client experience in its global offices.

64

The Future of Crypto Assets in Private Banking

In a world where politically, motivated sanctions have been a major tool for economic and financial arm-twisting, crypto assets have provided an alternative to investors.

THE POWER OF PURPOSE-DRIVEN INVESTING

Promising reports from Asia suggest that with policy shifts and rising awareness, private banks are opening their doors to the ongoing sustainability revolution. Though there is projected growth in demand for products or portfolios integrating ESG as basic selection yardsticks, compared to pure ESG thematic portfolios that are still seen as outpost investments. Read more>>

Sustainable investing is on the rise, with global ESG assets projected to surpass $53 trillion by 2025. Despite this promising outlook, market sentiment remains a significant hurdle. Many stakeholders believe that sustainable investing needs to be expanded beyond financial data analysis to more practical indicators that will attract greater inflow. While environmental, social, and corporate governance (ESG) is emerging in some regions, private banks are now providing potential investors with channels to take advantage of the growing interest in ESG investing.

One major obstacle so far identified is the High-net-worth entities who propagate ESG concerns but are yet to put their money in it, either because they are not convinced about the Return On Investment or issues with the institutions. Contrary to this attitude, recent evidence suggests that companies that follow good ESG principles

usually perform better, exceeding market projections. Perhaps for their ability to overcome volatility and are more inclined to sustainable growth- long-term returns.

For this reason, wealth and asset managers are advising clients to invest in enterprises that are committed to ESG principles, so they can profit from the increasing adoption of ESG, not just for the potential positive ROI, but because not all enterprises can pre-emptively adapt to risk factors. While the debate over whether institutions or investors are driving the push for sustainability continues, it is clear that sustainability drives corporate results for the banks before investors, placing the responsibility more on the organizations.

Against this background, are there concerted efforts in private banks to introduce ESG-related products?

Private Banks and the Emergence of ESG Investing

Promising reports from Asia suggest that with policy shifts and rising awareness, private banks are opening their doors to the ongoing sustainability revolution. Though there is projected growth in demand for products or portfolios integrating ESG as basic selection yardsticks, compared to pure ESG thematic portfolios that are still seen as outpost investments.

Private Banks are constructing their ESG investing platform and creating knowledge-based awareness as part of a long-term obligation that involves adopting unified changes that reflect staff and client commitment, research and product selection, and so on. This is more than just hosting ESG-friendly portfolios because investors may not purchase ESG portfolios without a proper understanding of their worth.

Private Banks are constructing their ESG investing platform and creating knowledge-based awareness as part of a long-term obligation.

Just recently, Temenos announced ESG Investing as-a-service, running on Temenos Banking Cloud and any other cloud to 1,500 banking and fintech managers at Temenos Community Forum in London. A service described as capable of accelerating “time-to-market for ESG compliant products and reporting” and reduction in the cost of expansion to encourage private banks to use it.

Standard Chartered had also launched an “ESG Select” initiative. Fresh criteria will be used on wealth solutions that are inclined towards a sustainable ESG product on her platform, including Standard Chartered ESG funds via its Wealth Management group of products for retail banking customers - as sustainability investing is now influencing mainstream banking.

Purpose-Driven Investing: A Key Driver for Sustainable Growth

According to Bloomberg, global ESG assets are projected to surpass $53 trillion by 2025, a number that represents over a third of the $140.5 trillion estimated assets within organizations, as the global trend for the initiative gathers momentum. The possible impact of the UN Global Compact on the corporate sustainability program, already adopted by 16,000 companies in 162

countries, comes to mind.

However, it seems that some institutions are not willing to adopt ESG or don’t have the right platform, hence, have adopted green-washing, which is heavily misleading investors into wrong investing. Green-washing is contributing to wrong signals that are still holding back some High-Net-Worth players from participating. It is on record that some institutions, even market leaders, may have rolled out acclaimed eco-friendly products that turn out to be untrue, thereby negatively impacting the environment.

The good news is that ESG investing is achieving its set target, as findings suggest that companies with high ESG scores typically benefit from reduced costs compared to their poor counterparts. Several institutional ESG-related fund asset managers reported a growth of almost 300% from 2016, as shown in 24% of all 13F filings for the interval ending Q3 2021. ESG funds showed strong performance in 2020, outperforming traditional funds even at the hit of the COVID-19 pandemic.

However, not every ESG factor is easily measurable, hence will be difficult to translate to income growth or improved performance. Existing corporate sustainability gaps are still lop-sided in the

process and procedures and do not reflect actual performance.

Structuring a sustainable portfolio to offset specific needs is often time-consuming, with uncertain financial and sustainable effects in terms of data analysis, right product selection, the emerging climate trend, and engagement.

Therefore, purpose-driven investors must take an active role in holding institutions accountable for their ESG commitments. Investors must be equipped with the knowledge to differentiate between genuine ESG investments and those that are green-washed. With the increasing adoption of ESG, investors must invest their resources in institutions that demonstrate genuine commitments to ESG principles.

Private banks must ensure that their ESG investments are genuine and not just a marketing ploy. Investors must do their due diligence in identifying genuine ESG investments and not just fall for green-washed investments. Purpose-driven investors will play a key role in driving the ESG initiative, ensuring that the initiative meets its set target. The rise of ESG investing is promising, and with concerted efforts from institutions and investors, ESG investing will become more prominent in the investment world, creating sustainable growth for both investors and enterprises.

AFRASIA BANK: UNLOCKING NEW OPPORTUNITIES AND RESHAPING THE INVESTMENT UNIVERSE

FEATURE ARTICLE

AfrAsia Bank is headquartered in the Mauritius International Financial Centre (MIFC), with a licensed office in South Africa. The Bank serves clients in more than 160 countries, acting as a conduit for fund flows between Africa, Asia and the World. The third largest bank in the country based on asset size, the Bank has consistently delivered on its “Bank Different” philosophy. Read more >>

The state of the global private banking industry is at an inflection point as is the case with the wider financial services industry. The pandemic had necessitated a rethink in portfolio allocation strategies as traditional asset classes and markets presented limited opportunities for growth and private banking clients’ search for performance remained constrained as the global economy remained displaced by pandemic-induced restrictions, supply shocks, inflation and tightening monetary policies globally.

Yet, as international financial markets recover and a transition to a post-pandemic environment emerges, private wealth managers, family offices and advisors alike are seeking new and diversified sources of portfolio return. In particular, emerging markets in Africa, such as Mauritius, come into focus as they provide significant opportunities for potential longterm return enhancement of private wealth client portfolios, with the added benefit of lower correlations of return with their developed counterparts.

Mauritius - a financial conduit between Asia and Africa

Indeed, foreign direct investment in Africa remains well established

at $83 USD billion in 2021i and a likely $86+ billion for 2022 as clean energy initiatives, greenfield projects and infrastructure project finance (part of China’s Belt & Road Initiative) take shape materially whilst absorbing investment flows. It is here where the Mauritius International Financial Centre has played a strategic role acting as an investment corridor for Asia-Africa and beyond.

Remarkably, the island has remained resilient during the past challenging years, maintaining an impressive track record of a sustainable 3.5% GDP growth rate for the past three decades. Furthermore, the Double Taxation Avoidance Agreements (DTAA) with 17+ African countries, its numerous Investment Protection and Promotion Agreements and being ranked as the most business-friendly country in Africa (13th worldwide) reinforces Mauritius’s positioning as an investment destination of choice for accredited investors seeking to leverage the country’s favourable regulatory environment, socioeconomic stability and wealthadvisory capabilities. Additionally, Mauritius has also proven to be an ideal location for foreigners to purchase a second home or relocate through the Premium Visa scheme initiated by the government.

AfrAsia Bank - Connecting people, places and opportunities across the world

AfrAsia Bank is headquartered in the Mauritius International Financial Centre (MIFC), with a licensed office in South Africa. The Bank serves clients in more than 160 countries, acting as a conduit for fund flows between Africa, Asia and the World. The third largest bank in the country based on asset size2, the Bank has consistently ranked as a high achiever in its Customer Satisfaction Surveys throughout the years. In its latest survey, the Bank secured a Customer Satisfaction Index (CSI) of 82, surpassing the industry benchmark of 77 and a Net Promoter Score (NPS) of 14 - the industry benchmark being 4. These have undeniably contributed to the numerous international recognitions the institution has earned over the years which have altogether deftly positioned the Bank as one of the preferred private banking partners in the country.

AfrAsia Bank has a comprehensive suite of products and services for both resident and non-resident High Net-Worth Individuals comprising of multi-currency savings and deposit accounts, flexible financing solutions and international securities services. Structured products on foreign exchange, equities and/

or commodities also provide the requisite hedging tools for prudent risk management. These bespoke offerings are reinforced by dedicated relationship managers who leverage their regional expertise and international knowledge to offer a privileged experience to the investor.

A Privileged Partnership

The heritage of trust that AfrAsia Bank has earned from its clients over the years is attested by a 10% year-on-year (yoy) growth in its deposits book, reaching MUR 197.4bn and a 10% yoy increase in Total Assets (MUR 209.0bn) as at 30 June 2022. The Bank’s growth continues to be on a positive

trajectory - for the six months ended 31 December 2022, AfrAsia crossed the MUR 200bn mark in its Deposit Base, and achieved a record Net Profit of MUR 2.0bn for a six-months reporting period. More importantly, the Bank has positioned itself as a key player in facilitating crossregional investment flows between Asia and Africa – ultimately, it seeks to provide investors with access to and insight on risk-adjusted return opportunities worldwide. Over the past decade, AfrAsia Bank has secured a regional expertise and indepth knowledge of global financial markets. Leveraging both, the Bank aims to be the ideal platform for advisory to high net worth individuals in and out of Africa. Certainly, as AfrAsia Bank continues to enhance its product suite, service capabilities and superior

customer experience standards whilst ensuring sustainable competitive advantage in its core and target markets, it remains well placed to expand its assets under management. Validating its institutional achievements over the past year and throughout its “Bank Different” journey, the Global Private Banker recognised AfrAsia Bank as the “Best Private Bank – Mauritius” at the Global Private Banking Innovation Awards 2022.

i UNCTAD, https:// worldinvestmentreport.unctad.org/ world-investment-report-2022/chapter1---global-investment-trends-andprospects/#growth-momentum, World Investment Report, January 9, 2023

2 Top 100 Companies 2022 by Business Magazine

JULIUS BAER: SERVICE AT THE HEART OF DIGITALISATION

FEATURE ARTICLE

Julius Baer believes in the importance of technology to bring the best of the bank to its clients. It is in its DNA to constantly innovate and improve how it serves clients and adds value, empowering its Front Office personnel to deliver true value and premium service. To achieve this, one of its biggest efforts in 2021 was the rollout of its Digital Advisory Suite (DiAS), a sophisticated, end-to-end advisory platform in Asia.

In recognition of this amazing feat, Julius Baer was awarded, Best Pure-Play Private Bank for Digitally Empowering RMs at the Global Private Banking Innovation Awards 2022 organised by The Digital Banker.

“With the rollout of DiAS, Julius Baer is well-positioned to serve the new generation of high net-worth clients. DiAS has not only improved the operational efficiencies and augmented the overall experience of its client advisors, but it has also allowed seamless digital engagement for clients with suitable investment content. With these efficiency and productivity gains, DiAS has given back significant time to the Front Office personnel, enabling them to focus on more strategic tasks,”

said Nirav Patel, Managing Director at Global Private Banker and The Digital Banker during the awards ceremony.

The Digital Advisory Suite (DiAS) Advantage

DiAS acts as a fully integrated solution, ensuring an end-to-end advisory process: from proposal creation to trade execution. This involves integration with all order entry tools to ensure trading instructions are transmitted to Julius Baer’s execution and booking systems seamlessly.

The platform performs various automated pre-trade advisory checks of trade orders, identifying the need for further client education

where applicable. It is a unique system that synthesises multiple aspects of client information and assesses the impact on the advisory process including constant monitoring of portfolios’ health against a defined set of monitoring criteria. This innovative platform has capabilities beyond all previous systems and covers all product categories in its universe including equities, funds, bonds, structured products, and derivatives.

To keep the platform simple and connected to the bank’s vast technology architecture, Julius Baer needed a bespoke solution. This could not have been achieved by using an off-the-shelf product, so the team decided to do it inhouse. The bank had to onboard new people with different skill sets, which is a testimony of the transformational DNA in Julius Baer, leveraging Agile development practices to build an efficient workspace that delivers innovative quality with speed.

Improving risk efficiency

DiAS launched in March 2021 in Asia with a focus to improve risk efficiency for its Relationship Managers in effectively offering compliant advice. Between March and June, the team gathered

DiAS is a testimony of the transformational DNA of Julius Baer, leveraging Agile development practices to continually iterate and improve client journeys.

feedback from its front colleagues on how DiAS can make their daily work more efficient.

Significant effort was channelled towards efficiency enhancement areas such as the introduction of a simplified workflow for unsolicited trades in Singapore, allowing flexibility in Toolbox parameters post-DiAS session, and other improvements to reduce the time taken for end-to-end order placement. Owing to the quick iterative Agile development approach and proximity of Product Owners to the user base, numerous enhancement features

were delivered in the September release – all within three months of decision-making. DiAS is now used by more than 800 client-facing staff in Asia and has become central to their day-to-day advisory process.

What’s next?

Julius Baer’s focus will now shift to enhancing the quality of advice and making DiAS a content-driven tool. This will be achieved by offering best-in-class investment content on the platform that can be easily shared with clients

through distribution channels such as email and e-banking. The end goal is to support its Relationship Managers and Investment Advisors to holistically understand their client needs and enable them to deliver a compelling advisory experience to their clients.

The team has successfully created within Julius Baer a FinTech and innovation entity, which is able to aggregate and leverage its deep expertise in business, banking and advisory to create the best possible solution for advisors, and ultimately for its clients.

REFINITIV: PROVIDING A CATALYST FOR BEST-OF-BREED ADVISOR EXPERIENCE

FEATURE ARTICLE

Refinitiv is focused on achieving the purpose of its wealth business, which is: to enhance the financial well-being of all people by delivering personalised, data-driven insights to its clients who facilitate sound investment and financial decision-making and fuel rich human connection.

To realise this purpose, Refinitiv made substantial investments and delivered on initiatives that further its value to the industry and align with macro trends.

Refinitiv has a rich history of servicing the Wealth Management industry Its advisor tools equip advisors with market data, client data, and proprietary information, news, and research in one view, allowing them to streamline their workflow to provide timely and relevant advice. Refinitiv’s investor solutions, incorporating industryleading data, widget capabilities and APIs, help clients transform how investors engage with their investments – through an advisor or directly – through an enriched, digital experience.

Its flagship solution for Private Banks is Refinitiv Workspace for Wealth Advisors. It is built on an open platform which allows for integration with 3rd party and internal proprietary data and applications so innovative apps and content can all come together for a best-of-breed advisor experience.

At the Global Private Banking Innovation Awards 2022 organised by The Digital Banker Refinitiv was recognised for its excellence when it won the award, Best Data Management and Analytics Solution. “Refinitiv Workspace for Wealth Advisors uses a combination

of unique data and analytics, alongside flexible workflow tools, and intelligent content management capabilities that connect inhouse research and investment strategy teams with investors, equipping wealth managers with a powerful solution that boosts their productivity,” said Nirav Patel, Managing Director at Global Private Banker and The Digital Banker during the awards ceremony.

Top-notch data management and analytics platform

Refinitiv always stays ahead of the game when it comes to Wealth Management solutions, providing the best data management and analytics platform for its private banking and wealth management clients.

In 2021, Refinitiv announced key enhancements to Refinitiv Workspace for Wealth Advisors. First was the launch of House Views and Market Insights (HVMI), a next-generation intelligent content management capability that enables efficient distribution of investment recommendations and research by connecting product and content manufacturer teams with wealth advisors.

Nowadays, wealth firms are challenged with effectively connecting and distributing the research and portfolio advisory content needed by advisors to support construction, portfolio management and investment insight needs. Managing all this content effectively and efficiently is critical for advisors to improve how they engage their clients and more importantly, how they take action on this information.

HVMI addresses this challenge by acting as a repository for all in-house research, investment recommendations and strategy, risk ratings, convictions and model portfolios. In addition, it commingles internal and external data sources with relevant market data news in a single place, helping firm generate insights. Ultimately, it connects different in-house teams to the advisors, improving the overall advisory process.

Refi nitiv always stays ahead of the game when it comes to Wealth Management solutions, providing the best data management and analytics platform for its private banking and wealth management clients.

The road ahead

To respond to the trend of personalization and build upon the strength of its content and openness to partnering with its customers, Refinitiv launched several digital advisor and investor tools. These tools are powered by the combination of Refinitiv’s robust data and its clients’ proprietary data, providing clients with personalised, actionable, insights that drive greater financial wellness for their customers.

In the near term, Refinitiv plans of connecting traditionally disparate sources of information into a single consolidated view that empowers advisors to generate insights and ideas that they can proactively take to their clients to offer an enhanced and personalised experience.

Refinitiv serves clients globally and most recently was chosen by global financial services group Nomura’s International Wealth Management business as the strategic platform to drive timely market insights

and analytics for its relationship managers and investment advisors across Singapore and Hong Kong.

“We chose Refinitiv’s solution as its user-friendly interface and actionable insights will allow our client advisors to attract, engage and advise clients as we accelerate the expansion of our franchise across Greater China, Southeast Asia and the Global NRI markets,” said Akshay Prasad, Head of Investment Products & Advisory Solutions, International Wealth Management, Nomura.

AXIS BANK: DRIVING VALUE THROUGH BRAND PARTNERSHIP

FEATURE ARTICLE

Burgundy Private, Axis bank’s private banking arm, touts its expertise in wealth management backed by the power of a bank. In December 2021, Burgundy Private, in partnership with Hurun India, launched the 2021 Burgundy Private Hurun India 500, acknowledging India’s 500 most valuable companies, ranked according to their value (defined as market capitalization for listed companies, and valuations for non-listed companies).

The objective of partnering with Hurun India in curating the India 500 list was to create a property relevant to private banking and wealth management and make it an annual recurring issue/event.

Considering this was the first large brand-building exercise undertaken since its launch in December 2019, the report enabled Burgundy Private to project its arrival in the Private Banking space. The report also enabled Axis Bank to announce to its existing corporate clients its foray into the private banking business.

The initiative was so successful for its marketing brilliance that last year, Axis Bank was awarded, Winner, Outstanding Marketing Campaign by a Private Bank/Family Office and Highly Acclaimed, Outstanding Digital Marketing Campaign by a Private Bank/Family Office at the Global Private Banking Innovation Awards 2022 organised by The Digital Banker.

“Burgundy Private has a unique ability to deliver the bespoke services of wealth management with the prestige and stability of a leading bank. Its impressive management of the entire wealth management process is truly admirable,” said Nirav Patel, Managing Director at Global

Private Banker and The Digital Banker during the awards ceremony.

Burgundy Private Hurun India 500

The Burgundy Private Hurun India 500-list comprises of companies both from the traditional economy and the new age start-up space. The Burgundy Private business was launched in December 2019, and most of its growth journey ensued through the challenging time of the Covid 19 pandemic.

The 2021 Burgundy Private Hurun India 500 was the first large brand building project undertaken by Axis Bank for the Burgundy Private business.

While most reports about the wealth creation story in India focus on the entrepreneur, the 2021 Burgundy Private Hurun India 500 celebrates the successful companies built by them and their remarkable value creation journey. While founders/ promoters may hesitate talking about their personal wealth, they are far more amenable to talking about the companies/brands they are building.

Interestingly, about 40 names featured in the report also happened to be existing

Burgundy Private clients. Outside of these names, over half of the finalists featured in the list are either corporate or investment banking clients of Axis Bank.

Indeed, the report is a great acknowledgement of the hard work these companies, their leadership and their employees put in through the very challenging Covid 19 pandemic –and emerge as winners.

While much of the world has gone through a very difficult phase, the report is a testimony to the human spirit to fight back and come out stronger in times of grave adversity. Companies that were featured in the report received the acknowledgement with a lot of enthusiasm. The report was widely circulated by its promoters/founders, senior management, and employees. Key findings of the report were also featured across all leading national and regional print and digital media.

In short, this was not only a brand-building opportunity for the companies that were featured but also a great medium to acknowledge the hard work of their employees and senior management who steered these companies through a very challenging time throughout the Covid 19 pandemic.

A desirable outcome

Given the recency of the project, its immediate impact cannot be denied. For one, it helped announce the arrival of Burgundy Private Business in the competitive private banking landscape in India. The project not only created great awareness about the Burgundy Private business but recognition for the companies featured in the report as well.

About 40 names that were featured in the report are clients of the Burgundy Private business. Outside of these names, over half of the finalists featured in the list were either corporate or investment banking clients of Axis Bank. Through the integrated ‘One Axis’ approach, the Burgundy Private business worked closely with the corporate and investment banking teams to

actively prospect these names.

As the India 500 report becomes mainstream, the objective is to see the report emerge as an aspirational platform where public and private companies in India compete to feature in the list.

For Burgundy Private, an ideal success metric would be onboarding 100 new clients to the private banking business coming from a list of companies featured in the CY22 report. This is critical for the achievement of Burgundy Private’s AUM and profitability growth ambitions.

Burgundy Private, Axis bank’s private banking arm, has a unique ability to deliver the bespoke services of wealth management with the prestige and stability of a leading bank.

BRADESCO PRIVATE BANK: GROWTH FOCUSED WEALTH PLANNING IN BRAZIL

FEATURE ARTICLE

Bradesco Private experts are able to design innovative solutions considering the more efficient investment vehicles and structures for its clients. The team has a broad expertise on tax related issues, international structures for offshore investments, governance, succession, immigration to other countries, among others, covering all Bradesco Private Bank offices. Read more >>

For Bradesco Private Bank, the client is at the centre of the strategy. Launching its activities in Sao Paulo, Brazil in 2000 focusing on high-net worth clients, Bradesco Private later expanded to other regions of Brazil and currently has 13 offices in most of the capitals of the country. In addition, it also provides international services through BAC Bradesco Florida Bank and Banco Bradesco Europe.

Based on its client’s needs, life moment and dreams, Bradesco Private takes the time to understand not just the financial needs of its clients, but also what really makes sense for clients, then matching those needs and goals with outstanding thought leadership, a unique investment platform and the best talent in the industry.

At the Global Private Banking Innovation Awards 2022 organised by The Digital Banker Bradesco Private Bank was awarded Best Private Bank – Brazil and Best Private Bank – Latin America

– in recognition for its singleminded pursuit of wealth planning excellence.

“Bradesco Private experts are able to design innovative solutions considering the more efficient investment vehicles and structures for its clients. The team has a broad expertise on tax related issues, international structures for offshore investments, governance, succession, immigration to other countries, among others, covering all Bradesco Private Bank offices,” said Nirav Patel, Managing Director at Global Private Banker and The Digital Banker during the awards ceremony.

Specialised approach to wealth planning

When it comes to wealth planning, Bradesco has the largest and most highly specialised team in Brazil counting on 10 experts. Bradesco knows that each client has unique and singular needs. And that’s why

the wealth planning team has been structured in a personalised manner to provide customised solutions to each client.

Bradesco Private invests in the development and growth of its 416 employees (as of Set 2022), composed of 54% women and 46% men. The bank has been transforming its business model in order to increase representation in commercial focus versus operations. In two years, 17% of positions were transformed into account mannagers, reaching 81% of personnel dedicated exclusively to the clients.

In March 2020, Bradesco Private created a client experience team, dedicated to listening to clients and addressing new initiatives. This collaborative action resulted in a substantial increase in the Net Promoter Score (NPS).

In 2021, the bank created a new commercial model based on the role of a tactical advisor and daily banker

When it comes to wealth planning, Bradesco has the largest and most highly specialised team in Brazil counting on 10 experts. Bradesco knows that each client has unique and singular needs.

in relationships with clients, thereby allowing the relationship banker to focus on strategic prospecting and consolidate the loyalty of its client portfolio.

Bradesco Private also provides focus groups for innovative solutions such as cryptocurrencies, central bank digital currencies and metaverse, aiming to offer clients the most advanced platforms and products. Not to be forgotten, the bank’s CRM system also has gone through an important evolution in recent years with the implementation of SalesForce, improving the quality and consistency of client loyalty and increasing the productivity of the entire commercial team by operating in a segmented manner both for onboarding and in maintaining relationships.

In addition, Bradesco Private provides the commercial team with automatic leads, based on business intelligence, so that the client most qualified for a particular product/ service is contacted purposefully and not reactively, improving the organization’s results and client satisfaction.

An Emphasis on Sustainability

A growing concern with sustainability has become part of the culture and vision of Bradesco

Private, which is currently included in the leading Sustainability Indices and ESG Ratings worldwide and has internally adopted various measures to strengthen its environmental pillars. Currently, 99.3% of the assets under management by Bradesco Asset Management (BRAM) meet ESG criteria

Bradesco is the best-positioned Brazilian bank in the Dow Jones Sustainability Index, with 100% of its operations supplied by energy from renewable sources and 100% of its operational carbon emissions neutralised. Bradesco is the first Brazilian bank to join the Partnership for Carbon Accounting Financials (PCAF), a global initiative to measure carbon emissions generated by the businesses of financial institutions. To this end, Bradesco’s 1st sustainable bond raised R$1.2 billion to finance assets focused on the climate.

Social legacy is treated as an extremely important component by Bradesco Private, which is one of the only Brazilian banks to have a cell dedicated to philanthropic advice, in addition to managing the liquidity of non-profit entities. The cell’s specialists strategically orient the development of philanthropy, maximising social impact.

Moreover, Bradesco Private participates in the Bradesco Volunteer Program through the “Kits do Bem” (“Kits for Good”) group. Created in 2018, the group encourages the exercise of citizenship, developing its actions and supporting the Bradesco Organization’s initiatives throughout Brazil. Its activities are aligned with the UN Sustainable Development Goals and actively contribute to the development of volunteers’ skills.

NUVAMA PRIVATE: INJECTING A VIBRANT APPROACH TO WEALTH MANAGEMENT

FEATURE ARTICLE

The company believes in the power of agility and consistently delivers an ever-evolving wealth management proposition for clients, it has grown its reputation to be an organization that always listens to its customers and is by their side at every step of their wealth journey.

Its roster of clients, which includes New Age Entrepreneurs, Business Owners, Family Offices, CXOs and Corporate Treasuries, demand innovation. That’s why, as a result of a comprehensive survey that was conducted to seek inputs on how Nuvama Private can further improve its client engagement and solutions in a cluttered Wealth Management industry landscape, Nuvama Private created a platform which will eventually democratise wealth management. The goal is for each client should get the same experience and expertise that Nuvama Private can offer.

At the Global Private Banking Innovation Awards 2022 organised by The Digital Banker, Nuvama Private’ vibrant innovation was proven to be outstanding that it bagged the award, Winner, Best Private Bank – India.

“Nuvama Private has a successful & growing track record in India which is a clear testimony of the Bank’s commitment to its clients and overall excellence in the area of wealth management,” said Alok Saigal,

President & Head of Private Wealth at Nuvama Private.

Improving portfolio performance and reducing risk

Initially, when “Infinity”, a platform that provides interactive access to portfolios, holdings, transactions and performance data, was built, the team felt that it could be designed and managed by a smaller team of individuals in the wealth management team. However, the team quickly realised that a Platform Solution should be able to offer the best of what Nuvama Private could offer. Hence, Nuvama Private created the Global Investment Advisory Committee - a team of asset class specialists across

the organization to decide on Asset Allocation. In short, institutions, not Individuals.

The project team that was set up initially with 5 individuals has, over time, expanded to more than 50 at its peak across Investment Management, Technology, Compliance, Risk Management and Process – with each specific team managing its own workflow.

When Infinity was built, it aimed to solve key wealth management problems through the following smart solutions catered to the nuanced needs of its customers:

Poor investment portfolio performance - An industry first, the Investment Committee drives portfolio decisions bringing institutional expertise down to

Nuvama Private is one of the leading wealth management companies in the world that is not only young at heart but vibrant in its approach and strategies.

a client’s portfolio. This allows institutional expertise to be uniformly applied across all investors, and not just a select few.

Lack of control and oversight for investors - Investor and/or their Family Council works with the Nuvama Private investment team to create the IPS. It is the family’s unique investment charter, allowing full customization and control at a portfolio level.

Inadequate risk management

- Institutional Risk signals are applied to each client’s portfolio. Portfolio review and rebalance ensures alignment with the client’s risk and loss tolerance.

Portfolio clutter - No duplication of holdings as overlaps

are eliminated and an open architecture platform provides a choice of best managers and solutions for each portfolio

High fees and lack of transparency on portfoliorelated expenses - Clear investor alignment with complete transparency on all fees and expenses and a competitive fee structure for clients.

Investment process lapsesRobust technology backend with seamless execution allows for a multi-stage maker checker process that avoids execution delays and errors.

Multiple broker/advisors and reporting and aggregation challenges - State-of-the-art

reporting and aggregation capability that provides investors with multiple insights on portfolio allocation, performance, and risk.

To make the offering even more complete, Nuvama Private has also recently introduced the Infinity In-warding Workflow to track asset in-warding for the Infinity platform. With this implementation, automated valuation of the portfolio at all stages helps ensure complete clarity of in-warding. Add to this, it also allows seamless data movement across customers and teams such as CXO, RM, FM, Ops & Custody. Dashboards and intuitive interfaces also help make this workflow exceedingly beneficial for Nuvama Private’s growing customers.

Nuvama Private has a successful & growing track record in India which is a clear testimony of the Bank’s commitment to its clients and overall excellence in the area of wealth management.

ALOK SAIGAL President & Head of Private Wealth at Nuvama Private

HSBC TAIWAN: SERVING HNWI THROUGH DIGITAL EXCELLENCE

FEATURE ARTICLE

With strong economic prospects, Asia Pacific is emerging as the leading destination for wealth management and private banking globally because of its growing wealth as well as the increasing High-Net-Worth Individual (HNWI) population and their need for financial advice.

According to a study by KPMG, Asia Pacific is home to around 15 million HNWIs, with an expected growth of 39 per cent by 2024. Taiwan, one of the Asian “Tigers”, is viewed as one of the most important markets due to its economic muscle and wealth.

In 2020, HSBC announced the launch of a new global business, Wealth and Personal Banking (WPB), combining Retail Banking and Wealth Management and Global Private Banking, to become one of the world’s largest global wealth managers. Taiwan is chosen as the prioritised market to implement the integration, with the vision to provide a one-stop banking solution to HNW individuals and families.

The combined business, retail banking and private banking, brings together the best of both businesses, to provide a seamless experience and best-in-class products as individuals grow their wealth along with HSBC.

Owing to this integration, HSBC became the first and the only Private Bank that offers digital services to its HNW clients in Taiwan in 2022.

Without a doubt, HSBC Private Bank is a one-of-a-kind private bank in Taiwan, enough for it to be declared Winner, Best Overseas Private Bank – Taiwan at the

Global Private Banking Innovation Awards 2022 organised by The Digital Banker.

“HSBC has launched a modern banking application, that integrates all services into one place. Customers can benefit from the digital ecosystems by getting access to a wealth of services through the unique channel of the banking app,” said Nirav Patel, Managing Director at Global Private Banker and The Digital Banker during the awards ceremony.

Elevating private banking experience

HSBC Private Bank’s mission is to open a world of opportunity for

its clients through a breadth of capabilities and a global approach. Its services are tailored across the following four pillars:

Global Network

As a member of one of the largest and most stable financial institutions in the world, with operations in 63 countries, HSBC’s cross-border expertise is both broad and deep. Its extensive worldwide network makes international banking secure, easy and seamless to support and manage clients’ financial needs.

In terms of investment, Chief Investment Officers along with the Global and Regional Investment Committee periodically discuss and formulate investment thesis across global economic, asset class, market, country and industry

What makes HSBC Taiwan different from its competitors is that it keeps a customer-centric mindset to break the fence between private banking and retail banking to fulfil customer needs.

opportunities as well as thematic opportunities.

Investment

As a leading private bank, HSBC creates tailored solutions to help customers grow, manage and preserve wealth. In addition to basic investment products such as mutual funds, bonds, equities, ETFs, and structured products, HSBC keeps expanding its inventory with sophisticated products.

For example, HSBC has single-line hedge funds with various strategies, including macro, equity long/short, event-driven and multi-strategy. Customers can choose a strategy corresponding to their views. Discretionary mandate funds and Alternatives are also part of HSBC’s portfolio.

Financing

Financing can play an important role in helping HNW clients reach their financial goals. That’s why HSBC is committed to offering clients the best financing plan to be integrated into clients’ longterm investment strategies. The Bank advises complex liquidity and lending requirements and develops strategic financing solutions for customer, their family and their business.

Digitalization

To tackle the intense competition

in the Asian wealth management market, HSBC develops and deploys the most advanced and innovative technology to make banking easier and more secure. It continues to innovate on how individuals can manage wealth digitally and strengthen their digital capabilities.

Digital Excellence in Taiwan

The events of the past two years have prompted HSBC to rapidly digitalise its advisory journey. To date, HSBC is the only foreign bank in Taiwan offering a full online journey from account opening to

HSBC Taiwan’s Head of Wealth & Personal Banking Linda Yip (left) with HSBC Taiwan’s Head of Global Private Banking Sabrina Chen

investment where all documents can be collected digitally. Simply put, its customers can complete a full wealth management service with just a single click. A few notable examples of HSBC’s digital excellence follow:

HSBC Private Bank has facilitated enhanced virtual interactions of Relationship Managers (RM) with clients by leveraging live video calling to conduct one-onone sessions and group-wide webinars with clients. Last year, the Bank held an unprecedented investment outlook combining physical and virtual experience, having speakers in Taiwan and Hong Kong to provide insightful views to clients locally and overseas. Its RMs continuously provide the latest market insights to help deliver more impactful advice to clients, by leveraging

data visualisation tools and intuitive dashboards.

By introducing several key enhancements to mobile and internet banking capabilities in 2020, HSBC allows customers to have easy access to a glance of portfolio summary and a simpleto-use interface that allows clients to conveniently conduct basic financial transactions. The insurance policies are also embedded into customer portfolios so customers can review their overall portfolio using their mobile phones.

In addition, clients can easily place more than 2, 000 equities and mutual funds orders in a few steps on mobile while staying on top of market volatility without a time limit. HSBC also supports intraday trading in US equities, which

provides a more efficient way of capital utilization.

What makes HSBC Taiwan different from its competitors is that it keeps a customer-centric mindset to break the fence between private banking and retail banking to fulfil customer needs. Different from the market practice, HSBC can accompany customers’ wealth growth to provide them full spectrum wealth solutions and services in different stages.

HSBC Private Bank clients can uniquely enjoy transactional banking, online trading, digital onboarding, and branch services that other foreign private banks could not offer to elevate their experience. Indeed, HSBC Bank Taiwan’s digital innovations are putting the full power of banking in every customer’s pocket.

STANDARD BANK: DRIVING AFRICA’S GROWTH THROUGH HIGH IMPACT TECH

Standard Bank Group is focused on strengthening its digital capabilities and integrating its business in order to improve client experiences and drive operational efficiency. The company has updated its strategic priorities to align with the current operating environment and clarify its purpose. These priorities include transforming client experience, executing with excellence, and driving sustainable growth and value. Read more>>

Standard Bank Group is a proudly African financial institution that provides banking and financial services to clients in Africa and internationally. It provides integrated financial services with compelling competitive advantages, providing banking, insurance, investment as well as non-financial complementary solutions that drive the financial well-being of its clients at every stage of their financial journey.

Standard Bank has a history in South Africa dating back 159 years and has been operating in subSaharan Africa for almost 30 years. It has a presence in 20 countries on the African continent and is connected to global financial centers, which allows it to facilitate investment and development in Africa and access international capital for growth and development.

Standard Bank Group’s headline earnings for the year ending December 31, 2021 were ZAR 25 billion (USD 1.7 billion) and total assets were ZAR 2.7 trillion (USD 172 billion). As of December 31, 2021, the company served over 16 million clients, employed just over 49,000 people, and had 1,143 branches and 6,600 ATMs on the African continent. It is rated BB- (stable) by Fitch Ratings and Ba2 (negative) by Moody’s.

For Standard Bank, Africa is its home, and the bank drives her

growth. Proving that it’s true to its mission, Standard Bank was recognised for its outstanding performance when it was declared Winner, Best Private Bank – Africa at the Global Private Banking Innovation Awards 2022 organised by The Digital Banker.

Managing Director at Global Private Banker and The Digital Banker during the awards ceremony.

Truly human, truly digital

Standard Bank Group is focused on strengthening its digital capabilities and integrating its business in order to improve client experiences and drive operational efficiency. The company has updated its strategic priorities to align with the current operating environment and clarify its purpose. These priorities include transforming client experience, executing with excellence, and driving sustainable growth and value.

“Technology has significantly impacted the way in which people live and work, including in the financial services industry. As a result, the expectations of stakeholders are rapidly evolving and the strategy of Standard Bank is completely aligned to these expectations,” said Nirav Patel,

In the process of transforming the company, it aims to become truly human by providing necessary services and solutions to clients and employees, and truly digital by serving clients primarily online and embracing open innovation supported by data and insights. The Consumer and High Net Worth Clients segment provides banking solutions to individual clients, including high net worth individuals, in South Africa, Africa Regions, and the Channel Islands.

Standard Bank Group places a strong focus on its clients and works to understand their unique needs and aspirations in order to help

In the process of transforming the company, it aims to become truly human by providing necessary services and solutions to clients and employees, and truly digital by serving clients primarily online and embracing open innovation supported by data and insights.

them achieve their goals. Improving client experience is important for retaining clients, and the company has seen positive results in this area, including an increase in the South Africa NPS to 76 in 2021 and third place in the Consulta SA-csi survey. Digital adoption is also critical for increasing client engagement, and the company has seen growth in digitally active clients in South Africa and Africa Regions.

Robust digital ecosystem

Standard Bank is focused on using technology to improve the client

experience through digital solutions and various digital ecosystems. These ecosystems include a travel ecosystem, a mobility ecosystem, and a financial health ecosystem.

The travel ecosystem, available through the UCount Loyalty and Rewards program, offers clients deals on flights, travel packages, car rentals, and more.

The mobility ecosystem is provided through TaxiYam, which digitalises the taxi industry through digital payments, hailing, and lifestyle services.

The financial health ecosystem

includes the My360 app, which allows clients to track their assets and liabilities regardless of financial institution; the Money Movements feature, which tracks spending on a monthly basis; the Credit Score add-on, which allows customers to check their credit score quickly; EasyScan, which enables customers to pay for shopping with a QR code at Pick n Pay locations; and the Shyft app, which allows clients to invest, buy, store, send, spend, and exchange forex. The Shyft app also enables clients to link a physical or virtual Shyft card to their account for easy access to funds.

Image: yoamod / Shutterstock.com

UBS: DIGITAL ACCESS EMPOWERS CLIENT ADVISORS

FEATURE ARTICLE

UBS has a reputation for outstanding thought leadership and a broad range of investment offerings. It has an unmatched client and investor base, as well as some of the best talent in the industry. In addition to these strengths, the company boasts over USD 3 trillion in invested assets. In the Asia Pacific region, UBS has a strong franchise with 15 wealth management offices located in 10 different locations. Read more>>

UBS Global Wealth Management (GWM) is known for its strong focus on delivering a client experience that is personalised, relevant, on-time, and seamless in its business in the Asia Pacific region.

The firm’s significant scale allows it to offer its clients opportunities they would not normally have access to, such as preferential pricing and exclusive products. Its scale also generates greater synergies through investments in technology, new products, new business lines, and its people.

UBS’s close collaboration with the Investment Bank and Asset Management businesses enables it to offer its clients a diverse range of products and services. In addition to its strong presence in the region, UBS has also been recognised, time and again, for its excellent service to clients. UBS has also been expanding its operations in the Asia Pacific region.

UBS began investing into Mainland

China in the 1980s and have, over the years since, established a multi-entity domestic platform with a broad range of licenses. Being granted a fund distribution license in its wholly owned UBS Qianhai Wealth Management Company in October 2021, UBS aims to offer a range of wealth management services to mainland Chinese clients soon.

In Japan, its new joint venture, UBS SuMi TRUST Wealth Management Co. Ltd., commenced operations in Tokyo, Osaka, and Nagoya in August 2021. With the establishment of this joint venture, UBS have become the first bank in Japan to offer global securities and wealth management capabilities together with the custody, real estate, inheritance, alongside the wealth transfer expertise of a Japanese trust banking group.

Adding feather in its cap, at the Global Private Banking Innovation Awards 2022 organised by The Digital Banker, UBS was awarded

Best Private Bank - Asia Pacific, besting other big-name banks within the region.

“UBS has a reputation for outstanding thought leadership and a broad range of investment offerings. It has an unmatched client and investor base, as well as some of the best talent in the industry. In addition to these strengths, the company boasts over USD 3 trillion in invested assets. In the Asia Pacific region, UBS has a strong franchise with 15 wealth management offices located in 10 different locations,” said Nirav Patel, Managing Director at Global Private Banker and The Digital Banker during the awards ceremony.

Digitally empowered client advisors

At UBS, digital access empowers its client advisors and offers a hybrid client service model, amalgamating high-tech and hightouch in its offerings and driving

At UBS, digital access empowers its client advisors and offers a hybrid client service model, amalgamating high-tech and hightouch in its offerings and driving top investment performance.

top investment performance. The company is digitalising its business and service model to transform the way it interacts with its clients. This digital transformation empowers clients, giving them better access to knowledge and expertise from across the bank, customised to their portfolio, which they can then act on.

The bank has introduced several new innovations in the past year, including the UBS My Way discretionary mandate offering, which allows clients to create a portfolio customised to their preferences using over 50 building blocks. Since launching in the region, UBS My Way has attracted over $2 billion in invested assets. More than 70% of UBS My Way clients in Asia have selected sustainability-focused building blocks for their portfolios, and 25% of the product’s assets under management are invested in sustainability-focused building blocks.

UBS has also launched the Direct Investment Insights (DII) mobile app, which provides investors with timely, relevant, and actionable investment insights. The app is unique in the Asian wealth management market because it allows clients to set the parameters for the information they receive and provides them with actionable investment examples. The app has helped increase the number of clients who had previously never traded online but now choose to do so, building their confidence and empowering them in their decision making and self-directed investments.

In addition to these innovations, UBS has also been working to ensure that its existing platforms, such as UBS E-banking, E-trading, and Advisor Messaging (WeChat and Whatsapp), are able to support the company’s clients during the pandemic. These platforms have provided stability and sustained

growth by helping to deliver personalised, relevant, on-time, and seamless content to clients.

By the end of 2021, online trades at UBS had increased by over 90% year-on-year, with 70% of equity trades now being done online by clients via the company’s digital platforms. From Q1 to Q3 2021, monthly online trading revenue increased by 65% year-on-year. The company has also seen an increase in the number of “digital firsttimers” among its clients.

In order to continue innovating for its clients, UBS plans to roll out the UBS Circle One app in Asia. The app will connect investors to ideas on a global ecosystem and is currently in the pilot phase, involving a selected group of clients in Asia. Their feedback and insights will help the company tailor the product to better meet their specific needs.

Image: yoamod / Shutterstock.com

BNP PARIBAS: A BREADTH OF WEALTH INNOVATIONS IN ASIA

FEATURE ARTICLE

The global pandemic has prompted BNP Paribas to invest in its digital capabilities, benefiting both clients and relationship managers. The bank has enhanced its digital banking platform, myWealth, with more investment content in various formats and information on top buy and sell movements across asset classes for clients with similar investment profiles. Read more >>

BNP Paribas Wealth Management

(BNP Paribas) is clear on its goal: to create a new wealth management experience that combines digital and human interactions. And so far, things are going impressively well.

BNP Paribas, a trailblazing global private bank that provides wealth management services, including investment management, financing, and wealth planning solutions in Asia.

The bank has offices in Hong Kong, Singapore, and Taiwan. For over 150 years, BNP Paribas has been dedicated to protecting, developing, and passing on wealth to loved ones. The bank offers a tailored experience with a focus on attention to detail and local knowledge, supported by the global expertise of a worldwide banking group that covers a range of solutions including real estate, private equity, and project finance (including yachts and jets).

One notable example is its Equity Advisory service that provides “sell-side institutional service; buy-side products.” The bank differentiates itself from competitors through the intensity of its bespoke client engagements and the scope of its products. For the former, the company’s team members actively conduct equity portfolio reviews for key clients and provide recommendations for actionable ideas, such as additions, switches,

and exits. For the latter, the company offers a wide range of informative products, including model portfolios, conviction stock lists, tactical lists, high dividend lists, thematic pieces, and market updates.

The results speak for themselves. BNP Paribas’ HK, US, and EU model portfolios have outperformed since their inceptions to May 4, 2022, by +16ppts, +6.3ppts, and +1.2ppts, respectively. Clients can invest in these model portfolios through single line stocks, delta-one certificates, and/or equity-based structured products.

With its wealth of experience, it comes as no surprise that BNP Paribas bagged multiple coveted awards at the Global Private Banking Innovation Awards 2022 organised by The Digital Banker. They include:

• Best Discretionary & Advisory Service Offering

• Best Next-Generation Offering

• Best Private Bank - Hong Kong

• Best Private Bank for Equities

• Best Private Bank for FX

• Best Private Bank for Structured Products

• Outstanding Internet Banking Initiative

“BNP Paribas’ strategy is to optimise client engagements with bespoke services and comprehensive product offerings. This translates to a “win-win” proposition between the

bank and its clients and paves the way for greater innovation in the future,” said Nirav Patel, Managing Director at Global Private Banker and The Digital Banker during the awards ceremony.

myWealth Internet Banking

The global pandemic has prompted BNP Paribas to invest in its digital capabilities, benefiting both clients and relationship managers. The bank has enhanced its digital banking platform, myWealth, with more investment content in various formats and information on top buy and sell movements across asset classes for clients with similar investment profiles.

The platform also includes inhouse equity research. BNP Paribas was the first private bank in Asia to introduce secure communication channels via WhatsApp Business and myWealth Chat, allowing clients to have secure conversations with relationship management teams through multiple channels within their preferred ecosystem. The pandemic has led to increased usage and growth in these channels, and video and audio calls are being added to myWealth Chat for clients who prefer a visual element in their interactions. To date, about 80% of BNP

Paribas’ customer base has access to its digital channels, which has significantly increased due to the pandemic and the company’s focus on increasing client servicing through digital means. Digital usage increased by 62% in 2021 compared to 2019, due in part to the pandemic and the shift of clients towards digital channels.

Next Generation Offering

BNP Paribas has a long history of working with prominent family businesses in Asia, dating back to 1860. This experience has given the bank a genuine expertise in the field of generational transitions and wealth management for families.

BNP Paribas has learned that many products and services designed

for senior asset owners do not necessarily address the needs of the next generation. As a result, the bank has developed a strategy to specifically enhance and enrich its offerings and engagement with next generation clients.

To properly service the changing needs of next generation clients, BNP Paribas utilises the capabilities of its wealth management, corporate and institutional bank, and asset management units.

This includes offering a best-inclass transactional, investment, and sustainable finance platform, a dedicated front office organization designed with next generation clients in mind, and internal functions that support a positive client experience. The bank also has client-engagement experts who have been working on next generation

programs since 2007. This service is available throughout the lifetime of the bank’s clients.

BNP Paribas has concluded the year with strong commercial activity across Asia, as demonstrated by its sustained and positive momentum in the recent fourth quarter results. The company has seen enhanced interactions between its investment bank collaborations, bespoke credit solutions, and advisory teams in order to support next generation clients through the transition of wealth, core investment advisory, and business endeavors.

BNP Paribas believes that an increasing number of next generation clients are investing sustainably without compromising financial performance.

BNP Paribas believes that an increasing number of next generation clients are investing sustainably without compromising financial performance.

FIFTH THIRD PRIVATE BANK: PERSONALISED WEALTH STRATEGY FOR HNW CLIENTS

FEATURE ARTICLE

Creating the best possible experience for HNW individuals and families is central to achieving its clients’ desired outcomes today and into the future. Because wealth strategy is an integral part of the HNW client journey, Fifth Third Private Bank works with HNW clients to develop a personalised wealth strategy. It’s designed to help each client navigate a successful financial future on their life journey. Read more >>

Fifth Third Private Bank views wealth strategy as an integral part of the high-net-worth (HNW) client journey. As with any journey, clients need a map to efficiently reach their destination – a philosophy Fifth Third Private Bank knows well.

Fifth Third Private Bank works with HNW individuals and families to develop a customised wealth strategy that outlines its best thinking and advice on achieving clients’ primary objectives. Based on this strategy, the bank provides tailored wealth management solutions delivered by a digitally enabled, highly credentialed local wealth team. Fifth Third Private Bank knows its top priority: to deliver financial success to its clients.

This crystal-clear objective has translated to industry recognition when Fifth Third Private Bank was declared Winner, Best Private Bank for HNW Clients and Highly Acclaimed, Best Account Opening and Onboarding Services by a Private Bank, Best Private Bank for Client Experience and Best Private Bank for Succession Planning at the Global Private Banking Innovation Awards 2022 organised by The Digital Banker.

“As one of the best private banks for HNW clients, Fifth Third’s Private Bank model now includes a complimentary wealth strategy

as part of the Private Bank experience. Its value proposition is straightforward – financial success for its clients. And they have the talent and processes to back this up,” said Nirav Patel, Managing Director at Global Private Banker and The Digital Banker during the awards ceremony.

Customised wealth strategy

In 2021, the Wealth and Asset Management leadership evaluated Fifth Third Private Bank’s value

Creating the best possible experience for HNW individuals and families is central to achieving its clients’ desired outcomes today and into the future. Because wealth strategy is an integral part of the HNW client journey, Fifth Third works with HNW clients to develop a personalised wealth strategy. It’s designed to help each client navigate a successful financial future on their life journey.

What sets the Fifth Third Private Bank model apart from its competitors is that, at many firms, wealth planning is a simple retirement projection. Fifth Third Private Bank HNW clients receive complex planning ideas through the development of a wealth strategy as part of the client experience. In addition, its senior strategists are either CPAs or attorneys – or both.

proposition. After careful research, planning and competitive analysis, the Private Bank value proposition was evolved. With a deepened wealth strategy offering as part of its value proposition for HNW clients, Fifth Third’s model now includes a complimentary wealth strategy.

Through the first quarter of 2022, more than 200 Private Bank clients have received initial Wealth Strategies as part of the new Fifth Third’s Private Bank model. In contrast, through the full fiscal calendar year 2021, 120 clients received fee-based plans.

Fifth Third Private Bank HNW clients who have a wealth strategy are pleased with the outcome. Key performance success indicators for this initiative include the maintenance and increase of the bank’s high client satisfaction

Fifth Third Private Bank provides tailored wealth management solutions delivered by a digitally enabled, highly credentialed local wealth team.

metrics and growth in assets and fees. Households with wealth planning produce, on average, more assets under management (AUM) and more revenue per household.

The benefits of Fifth Third Private Bank’s evolved value proposition and wealth strategy offering is clear. A comprehensive wealth strategy can uncover unknown

risks, expose tax liabilities, and estate planning opportunities and identify events for HNW clients to optimise efficiencies.

The bank’s HNW clients have shown their satisfaction in a recent client survey. Private Bank clients with wealth planning had higher Overall Satisfaction (OSAT) ratings and higher Net Promoter Score (NPS) than those clients

without wealth planning.

The development of the Private Bank wealth strategy is just one of the many strategic initiatives of Fifth Third Private Bank. It aligns with other goals to invest, grow and prepare for the future. And since the wealth strategy evolves throughout the entire client journey, there is great potential for even stronger growth in the years to come.

HSBC GLOBAL PRIVATE BANKING: BUILDING A HOLISTIC HYBRID BANKING MODEL

FEATURE ARTICLE

HSBC Global Private Banking (GPB) has been automating, streamlining, and upgrading its internal processes and systems across front, middle, and back office capabilities to increase capacity and improve staff experience. The bank has also made enhancements to its client onboarding journey, including digital adoption and process and communication improvements, in order to provide a faster and more convenient experience for clients. Read more >>

HSBC GPB is building a hybrid banking model that combines digital tools with human expertise to meet the unique wealth goals and needs of each client. This approach reflects the changing expectations of private banking clients, who desire a combination of personal advice and convenience.

The COVID-19 pandemic has further emphasised the importance of digital tools and solutions in providing greater convenience for clients and improving the bank’s competitive edge. To achieve this, HSBC GPB has invested over USD200 million over a four-year period to build and innovate its core banking and digital platforms.

The digital transformation strategy is based on client insights and considers the entire client journey to ensure a seamless experience. The bank is focused on creating a digital ecosystem of integrated tools and solutions that enhances its high-touch, expert-led service model. HSBC GPB’s technology investment in Asia aims to provide clients with the right balance of access, convenience, relevance, and personalization.

It is due to this vision and wellexecuted plan that HSBC GPB has been recognised at the Global

Private Banking Innovation

Awards 2022, organised by The Digital Banker. HSBC GPB has won the awards for “Best Account Opening and Onboarding Services by a Private Bank” and “Outstanding Use of Technology by a Private Bank/Family Office.”

“HSBC’s holistic hybrid model combines the best people, technology, and expertise to recognise that client expectations for private banking services have changed, with a desire for both personal advice and convenience. On all counts, HSBC has delivered,” said Nirav Patel, Managing Director at Global Private Banker and The Digital Banker during the awards ceremony.

Introducing GPB Chat

Combining in-house expertise and with cutting-edge technology, HSBC GPB has launched GPB Chat, a secure client messaging platform that enables its private banking clients to communicate instantly and securely with their relationship managers (RMs) and investment counsellors via their existing social media channels, such as WhatsApp and WeChat.

The service offers secure individual and group chat features, as well as fully encrypted twoway document sharing and video conferencing functionality. In addition, the bank has launched an online trading platform for private banking clients in Asia to connect

HSBC GPB’s holistic hybrid model combines the best people, technology, and expertise to recognise that client expectations for private banking services have changed, with a desire for both personal advice and convenience.

clients with the latest market opportunities and offer trading access to 10 key financial markets.

HSBC GPB has also introduced GPB eSignature, a service that allows new and existing clients to receive, sign, and submit documents digitally via mobile or desktop. The bank has also developed a solution for independent asset managers to easily retrieve their end-client’s transactions and positions without building an interface with HSBC.

Additionally, the bank has launched an Insights & Research portal which brings together all of its proprietary and third-party content for access via its digital platform, including desktop and mobile. Alerts are sent to clients when new content that matches their holdings or interests becomes available.

HSBC GPB has seen a strong uptake of its online trading capabilities, with more than 35% of execution-only trades in Asia completed online. The chat and

video/audio conferencing features of GPB Chat have also proven popular during the pandemic, when in-person meetings have been difficult.

As a result, the adoption rate of these services has increased rapidly. According to client feedback, some clients have even found that the digital services exceeded their expectations, leading to significant improvements in client satisfaction scores in 2021. Overall, the bank has seen a 24-point increase in its net promoter score from 2020 and a 11% increase in promoters within the region.

The best of people, technologies and expertise

HSBC GPB has been automating, streamlining, and upgrading its internal processes and systems across front, middle, and back office capabilities to increase capacity and improve staff experience. The

bank has also made enhancements to its client onboarding journey, including digital adoption and process and communication improvements, in order to provide a faster and more convenient experience for clients.

Its online trading platform gives clients the ability to self-direct their trades and invest directly in different asset classes, such as ETFs and structured products, from their mobile phones.

By digitising interactions that are traditionally complex and time-consuming, HSBC’s RMs and advisors are able to spend more time deepening their understanding of clients, building trust, and engaging in tailored conversations to help clients achieve the most rewarding outcomes with their wealth.

HSBC GPB’s focus on digital innovation is clearly paying off, leading to increased revenue growth and stronger relationships with clients.

IIFL AMC: REIMAGINING INVESTMENTS THROUGH DIGITAL SOLUTIONS

FEATURE ARTICLE

The world of finance is rapidly evolving. As such, it is driving IIFL AMC to reimagine investments to create unique investment products for its clients and proactively leverage digital solutions to enhance customer journeys through curated solutions, seamless transactions, and efficient access to products, information, and services. Read more >>

IIFL Wealth & Asset Management (IIFL WAM) is one of the leading wealth and alternates-focused asset management companies in India. It is the investment and financial advisor to more than 6800 relevant families in the High Net Worth Individuals (HNI) and Ultra HNI segments, with aggregate assets of more than INR 314,500 crore under management.

IIFL Asset Management Limited (IIFL AMC), part of IIFL Wealth & Asset Management group, is an alternatesfocused asset management firm, which manages an AUM of more than INR 55,000 crore across key strategies including listed equity, private equity, credit, and real estate.

IIFL AMC was the first player to launch a fund that invests in Late Stage to Pre-IPO stage in tech space.

In 2021, IIFL AMC launched the IIFL Special Opportunities Fund - Series 8, with the objective of participating in ‘India’s digital growth story.’ India’s internet economy is expected to grow 9X times over the next decade and has the 2nd largest internet base in the world. In addition, the pandemic has given a strong boost to India’s digital ecosystem. When clubbed together, this provides a huge opportunity to unlock value for investors who would be participating in this space and with time, it is expected to grow exponentially.

For this reason, IIFL AMC decided to launch an AIF in the Technology space investing in Late-stage to PreIPO companies, taking advantage of India’s favourable demographic,

better internet connectivity, increase in per capita income and rising digital ecosystem.

At the Global Private Banking Innovation Awards 2022 organised by The Digital Banker, IIFL AMC was awarded, Fund of the Year –Alternatives and Most Innovative Asset Management Solution of the Year. In addition, IIFL Wealth was hailed Highly Acclaimed, Best Next-Generation Offering and Best Private Bank for UHNW Clients, in recognition of its stellar achievements.

“IIFL AMC currently holds the distinction of being the largest alternative asset manager in India. We aim to consolidate this position further by offering a nuanced and

IIFL AMC currently holds the distinction of being the largest alternative asset manager in India.

We aim to consolidate this position further by offering a nuanced and holistic range of product offerings across asset classes.

ANUP MAHESHWARI

Co-Founder & CIO, IIFL Asset Management

holistic range of product offerings across asset classes,” said Anup Maheshwari, Co-Founder & CIO at IIFL Asset Management during the awards ceremony.

Reimagining investments in the digital age

The world of finance is rapidly evolving. As such, it is driving IIFL AMC to reimagine investments to create unique investment products for its clients and proactively leverage digital solutions to enhance customer journeys through curated solutions, seamless transactions, and efficient access to products, information, and services.

One such solution is the IIFL Special Opportunities Fund –Series 8 (SOF 8), which is a CAT II close-ended AIF, launched with an investment objective of generating long-term capital appreciation for investors by primarily investing in a portfolio of equity and equityrelated securities of companies which are in the Late stage to PreIPO stage.

To achieve the desired objective, the fund invests in unlisted companies in the new age technology space to benefit from India’s digital growth story. The idea is to invest in dominant players which are vertical

plays in the consumer tech and enterprise tech space, technology companies with unique business models and technology-enabled platforms/marketplaces wherein the market share is concentrated among a few players.

Below are the different stages at which the fund invests:

Pre-IPO: The fund would be also investing in the Pre-IPO stage. These companies will be looking to file an IPO within 2 years

Mature Late Stage: The Fund will invest in companies with mature business models which are likely to file for an IPO in the next 2 to 4 years

Late Stage: The fund would be investing in late-stage technology companies which have a strong business model and are raising capital in series C or series D and above

SOF 8 was IIFL AMC’s first consumer tech-focused fund and the same strategy was later on extended to IIFL Monopolistic Market Intermediaries Fund and IIFL Multi-Strategy Fund - Series 2 as it reaches the threshold of 1000 investors in the SOF 8 in a short span of less than 6 months.

Cumulatively, IIFL AMC was able to get a total commitment of over INR

5k crs in the last one-year period. This has contributed to a substantial portion of IIFL AMC’s total net sales for the last fiscal year.

Among the key KPIs used to measure the success of the product included:

• Achieving the target AUM (set before the launch of the product)

• Getting the requisite number of investors

• Generating healthy returns for the client

• Providing an opportunity to benefit from the investment in the Consumer Tech companies

The technology sector has been one of the top drivers of economic growth in India. Notably, the Indian IT sector is one of the leading outsourcing destinations across the globe. The growing appetite for the adoption of new-age technology in India along with the government’s push for ‘Digital India’, is likely to be favourable to tech companies in the medium to long term period. Given this scenario, IIFL AMC sees that these funds will allow it to gain a foothold in the Consumer Tech startup ecosystem.

In addition, IIFL AMC expects that these funds will serve as a blueprint for any theme or opportunities that it sees in this space.

LIGHTHOUSE CANTON: DIVERSE INVESTMENT STRATEGIES AND INTEGRATED TECHNOLOGIES FUEL NEXT WAVE OF GROWTH

FEATURE ARTICLE

Lighthouse Canton has invested in integrated technology systems to improve the client experience in its global offices. These systems include an Order Management System for straight-through order processing, a Portfolio Generator for automated construction of complex portfolios in real time, a Lighthouse Canton Portal for reporting services that consolidate portfolio statements from 14 financial institutions, and Chat Services for secure communication with clients. Read more>>

Lighthouse Canton is fast emerging as an innovative investment institution predicated on the application of emerging technologies and product development. With its operations out of Singapore, Dubai, and India, the firm manages and advises north of USD 3 billion of assets globally (as of 30th September, 2022). Despite the global pandemic, the firm reported a steady CAGR of 45% from 2019 to 2021 and is poised to build on its institutional investment approach for its ultrahigh net worth (UHNW) and Mega / family office client segments.

A key aspect of the firm’s strategy has been its focus on the client experience. Some of its key differentiators include its investment philosophy and framework, innovative asset management strategies, transparent fee structure, and digital-first mindset; Lighthouse Canton has sought to create value through its innovative investment solutions at every part of the client’s journey with them.

Innovative fund development and exposure to nontraditional asset classes

At Lighthouse Canton, enhanced risk-adjusted returns, capital preservation, and value creation for its stakeholders form the core of its

investment philosophy. Lighthouse Canton’s investment consultants drive custom solutions to meet the unique priorities and investment goals of its client base. Investors have responded by reposing trust in the firm’s capabilities and Lighthouse Canton’s UAE client acquisition increased by 15% YoY in 2021.

classes and place focus on capital preservation while driving economic and sustainable impact.

Its strategies such as Life Sciences Real Estate, Venture Capital, and Private Credit, seek to offer relatively low correlation to shifts in the business cycle. In the Venture Capital strategy, more than a third of the capital raised was sourced from the UAE reflecting traction and interest from investors based in a key jurisdiction.

The firm’s investment philosophy is developed around sourcing nonconventional opportunities using a bottom-up approach. This has created outperformance vis-à-vis its peers.

Alongside its wealth management offerings, the firm also has an asset management business that manages several funds across the private and public market space. These funds are a departure from the traditional equity and fixed income asset

Lighthouse Canton has been actively supporting startups and their founders across their business lifecycles. It initiated the Lighthouse Canton Founders’ Ecosystem to facilitate early-stage growth companies by empowering these start-ups with appropriate skill formation, competencies, and capital. Given its strong ties between the UAE and India, the initiative bridges the startups and investors across both locations and reinforces the UAE’s fledging start-up ecosystem.

The role of integrated technologies

Lighthouse Canton has invested in its technology infrastructure and framework to fully digitise all of its operational processes and workflow. The firm’s investment in technology and digital innovation increased by almost 43% YoY in 2021. Its digital

Lighthouse Canton has invested in its technology infrastructure and framework to fully digitise all of its operational processes and workflow.

transformation has positively impacted both its front and back-end processes, leading to a more efficient and streamlined experience for its teams and clients alike.

From a top-line perspective, integrated technology enhancements helped the business register revenue growth of 22% YoY in 2021. The digitization initiative helped the firm enhance its productivity across the board. The firm embarked on developing three new inhouse systems to facilitate order management, portfolio construction, and consolidation and reporting of portfolio statements. All of these have contributed to an improved client experience and enabled complete delivery of investment solutions via digital channels.

Furthermore, the creation of a central database that contains client information, transactions, and supporting documentation through the portal and is embedded across all of the firm’s systems has contributed to a 70%-time

improvement in data extraction. Its in-house systems have helped the business better analyze client trade transactions and enhanced its reconciliation of costs of execution and fund accounting.

Lighthouse Canton continues to enhance its product innovation, service capabilities, and user experience, establishing a sustainable competitive advantage in its core markets, namely South East

Asia, South Asia, and the UAE. The firm also has overarching plans to collaborate with the wider industry and set standards across these markets. Affirming its institutional achievements, Global Private Banker recognised Lighthouse Canton as the “Best Family Office in the Middle East & United Arab Emirates” and “Outstanding Digital Transformation in Covid-19 by a Family Office” at the 2022 Global Private Banking Innovation Awards.

Lighthouse Canton has invested in its technology infrastructure and framework to fully digitise all of its operational processes and workflow.

SANTANDER PRIVATE BANK: MEETING CUSTOMERS’ DIGITAL NEEDS

Prior to the COVID-19 pandemic, the traditional face-to-face advice process consists of five stages which consist of customers navigating through each step with the assistance of a private banker. When the pandemic hit, Santander encountered a setback as the team was unable to conduct these meetings with a physical presence. This presented a fortuitous opportunity for Santander to leverage its technological capabilities to ensure that it could still service customers and maintain a level of customer service that is second to none. Thus, Vizolution was born. Read more>>

Santander Private Bank understands that technology is fundamental to banking, and while its private bank is centred around the personal service offered by its team, Santander also continues to evolve its digital banking services, embracing digital innovation, while developing established eco-systems to improve service and experience of its clients.

Throughout the last 3 years, Santander has invested significantly in technology and digital innovation. A few notable examples of investment into technology include the development of a mobile banking app to provide clients with easier access to their investments. In addition, the Bank is also currently in the process of deploying a new vision for its Investment Hub, where it collaborated with a behavioural psychologist to re-design the platform, creating a better user experience for its clients.

Santander has also poured in resources to develop a tool that boasts unique features such as the debt check within the eligibility criteria and risk profiler. More recently, during the early stages of the COVID-19 pandemic, Santander also invested in improving its remote capabilities by introducing Vizolution, a tool that effectively allows its advisors to conduct ‘faceto-face’ meetings, without exposing its clients to any health or physical risks.

For always pushing the boundaries to serve customers’ digital needs, Santander Private Bank has been recognised at the Global Private Banking Innovation Awards 2022 organised by The Digital Banker when it was declared Winner, Best Private Bank - United Kingdom and Outstanding Digital Transformation in Covid-19 by a Private Bank. The coveted, Private Banker of the Year

has also been won by Santander’s Raj Dass.

“Santander Private Bank understands that life is demanding and that clients require a personalised banking service that is tailored to the individual, to help them reach their ambitions. This overriding passion to serve its customers by leveraging on technology is what makes Santander a cut above the rest,” said Nirav Patel, Managing Director at Global Private Banker and The Digital Banker during the awards ceremony.

Seamless remote customer engagement via Vizolution

Prior to the COVID-19 pandemic, the traditional face-to-face advice process consists of five stages which consist of customers

The Vizolution technology allows Santander to replicate the face-to-face experience, providing advisors with the tools to visually display content to customers, exchange documents in real-time, collect electronic signatures and help customers co-browse a website, all done in a live video call or phone call environment.

navigating through each step with the assistance of a private banker. When the pandemic hit, Santander encountered a setback as the team was unable to conduct these meetings with a physical presence. This presented a fortuitous opportunity for Santander to leverage its technological capabilities to ensure that it could still service customers and maintain a level of customer service that is second to none. Thus, Vizolution was born.

Vizolution’s digital engagement platform allows Santander to create 100% remote customer journeys with a full audit trail of customer interactions. The Vizolution technology allows Santander to replicate the face-to-face experience, providing advisors with the tools to visually display content to customers, exchange documents in real-time, collect electronic signatures and help customers cobrowse a website, all done in a live video call or phone call environment.

Santander originally introduced Vizolution before the pandemic within its Wealth Direct teams in Belfast and Glasgow, whereby six colleagues initially utilised remote capabilities, to meet with clients who lived in remote areas and were unable to visit branches to meet advisors. As the Covid situation crisis worsens and impacted markets, advisors saw increased demand from clients who wanted

to discuss their options. Leveraging on the existing technological capabilities of the Wealth Direct team, Santander was able to effectively deploy Vizolution within four weeks. Within this period, Santander had to build a remote operation, starting with supplying laptops to the advisors, ensuring that devices had the correct security and software, and providing remote training solutions, so that all advisors, regardless of experience, could operate the system effectively. The deployment was completed successfully showcasing Santander’s ability to transform during unprecedented situations.

Raj Dass - Private Banker of the Year

Another notable achievement of Santander Private Bank this year is the Private Banker of the Year award given to Raj Dass.

Having worked in financial services for over 20 years, Raj has a depth of experience in helping executive clients. For the last 5 years, Raj has been an investment advisor at Santander and moved into the Private Banking business at the beginning of 2020 where he soon became a role model performer looking after some of the bank’s most valuable clients.

Raj has well-rounded conversations with all his clients about all their

financial needs. His comprehensive knowledge of the Santander offering, both onshore and offshore, enables him to provide the best advice to clients no matter what the situation. He has put himself forward to support the coaching of others as well as 1:1 coaching. He has also supported internal podcasts to share best practices. His work rate is exceptional, and he does everything in his control to ensure the client experience is at its optimum best. Despite only being in the Private Banking team at Santander UK for just over 2 years, Raj has set the pace for others to follow. His engagement with stakeholders across the bank is proactive and timely, ensuring client needs are quickly identified and met. His attention to his clients, and desire to go the extra mile make him a standout performer whose client-centric activity is helping drive significant commercial success for the business.

RAJ DASS Private Banker of the Year

ASSET MANAGEMENT EXCELLENCE: HOW SGPB STAYS ON TOP

FEATURE ARTICLE

Societe Generale Private Banking (SGPB) aims to be recognised for its asset management and wealth engineering expertise and has a holistic approach to wealth management, taking clients’ personal circumstances and needs into account to develop the most suitable asset allocation.

Societe Generale Private Banking (SGPB) is a worldwide private bank with a strong European base. As of the end of December 2021, it had €130 billion of assets under management (AuM). SGPB employs approximately 2,500 staff in 10 countries and offers wealth management solutions to entrepreneurs, high net worth individuals, and family offices. These solutions include wealth planning, financing, corporate solutions, investment solutions, portfolio management, and passions advisory, including philanthropy.

SGPB has three main areas of focus: two domestic markets (SGPB France and SGPB in the UK) and the European private banking (“Societe Generale Private Banking Europe”). SGPB France had €78 billion in AuM as of the end of 2021, while SGPB in the UK, through Kleinwort Hambros, had €16 billion in AuM. SGPB Europe had €36 billion in AuM as of the end of 2021.

Societe Generale Private Banking

Luxembourg (SGPB LUX) is the European hub for the wealth management activities of Societe Generale Private Banking, with €13.4 billion of assets under management. Located at the heart of Europe, SGPB LUX benefits from a unique position within Societe Generale Luxembourg, a multiexpertise banking group.

Societe Generale Private Banking (SGPB) has been recognised as a leader in the private banking industry due to its excellence in asset management. At the Global Private Banking Innovation Awards 2022, organised by The Digital Banker, SGPB received nine major awards, including Asset Management Company of the Year, Best Asset Manager for ESG Investing, Best Private Bank - Luxembourg, Best Private BankMonaco, Best Private Bank – Robo Advisory, Best Private Bank for Millennials, Fund of the Year – ESG, Most Innovative ESG Offering by a Private Bank, and Highly Acclaimed, Best Private Bank - United Kingdom.

Nirav Patel, Managing Director at Global Private Banker and The Digital Banker, said during the ceremony: “SGPB aims to be recognised for its asset management and wealth engineering expertise and has a holistic approach to wealth management, taking clients’

personal circumstances and needs into account to develop the most suitable asset allocation.”

Societe Generale Private Wealth Management (SGPWM) is known for its flexibility and ability to react quickly, offering solutions that are tailored to meet specific goals and adapt to the market environment. The company provides access to a diverse range of asset classes, including equities, fixed income, commodities, structured products, derivatives, and primary market, on major international markets.

SGPWM’s patrimonial approach is focused on balanced growth and long-term protection of wealth, using derivatives and access to specific markets to achieve this goal. The company’s proactive philosophy involves continuous market

‘Our strength lies in our flexibility’

Image: Alexandros Michailidis / Shutterstock.com

monitoring and macroeconomic analysis, allowing it to take advantage of opportunities by proposing management strategies that are suited to the market environment.

SGPWM has become a key part of Societe Generale’s strategy. With over 7 billion assets under management through a range of 15 sub-funds, SGPWM has significantly increased the company’s assets under management. Additionally, this initiative has allowed Societe Generale to further its commitment to sustainability, with a total of six Moorea funds branded with the LUXFLAG ESB label and two with the French ISR label. SGPWM has also allowed Societe Generale to expand its expertise in order to better meet the diverse needs of its clients. The SGPWM team is made up of over 45 professionals dedicated to portfolio management, risk management, and support functions, and is spread across Luxembourg, Switzerland, and Monaco.

Innovative ESG Offering

Societe Generale has launched a range of 100% responsible mutual funds, known as the NGE range, which is available to retail and private banking customers of the bank.

SG 29 Haussmann, a management company, has made a significant transformation in its range of funds towards Socially Responsible Investment (SRI) management with the launch of the NGE range and the first SRI-labeled management mandate in France.

This offering has allowed 29 Haussmann to access a new market and offer its clients a unique investment solution that integrates sustainable development issues. The NGE range, which was launched in February 2021, is open architecture, based on SRI or environmentally-oriented solutions, and accessible to all Société Générale Group customers.

SG 29 Haussmann has also obtained the SRI label from the French government for its “29H Signature SRI” management offer, which combines the company’s in-house expertise in asset management with the quality of its partners’ open architecture funds. After only six months on the market, 29 Haussmann Signature SRI has over 350 million euros in assets under management. In less than two years, 90% of the assets under management of multi-client funds at SG 29 Haussmann are all SRI-labeled.

Indeed, Societe Generale Private Wealth Management’s commitment to sustainable development and responsible investment is evident in the success and growth of their NGE and 29 Haussmann Signature SRI offerings. The company continues to prioritise the needs and values of their clients, and their dedication to sustainability ensures a bright and sustainable future for all stakeholders.

Societe Generale Private Wealth Management (SGPWM) is known for its flexibility and ability to react quickly, offering solutions that are tailored to meet specific goals and adapt to the market environment.

BRI: TAILORED WEALTH MANAGEMENT FOR ALL INDONESIANS

FEATURE ARTICLE

In line with BRI Group’s vision, BRI’s Wealth Management (WM) division was created to provide comprehensive advisory services to help clients protect and grow their wealth. However, unlike other Wealth Management providers in the region, BRI WM is not only serving the Affluent / High Net Worth segments but also, the Mass segments. Read more >>

BRI, short for “Bank Rakyat Indonesia” or “Bank of the People of Indonesia” is the largest bank in Indonesia in terms of Assets. With more than 130 million customers, BRI manages the financial needs of ~40% of the Indonesian population, making it also the largest in South East Asia in terms of customer base. No other bank in the region has a larger customer network than BRI.

BRI WM is part of the largest stateowned financial conglomerates in Indonesia. The groups have capabilities ranging from venture capital, securities companies, and insurance companies to investment management companies. As such, it enables BRI to provide breadth and depth of products and services to its customers, such as direct/flow products (equity/bonds) or IPO service, estate planning and health protection with life insurance, and access to exclusive Venture capital funds supported by BRI Group.

Apart from being at the forefront of assisting customers with their financial decisions, BRI WM also provides a prime service to HNW customers. Currently, BRI has 5 types of privileges for every HNW customer’s needs (concierge service, travel, lifestyle, health, and education privilege).

In line with BRI Group’s vision, BRI’s Wealth Management (WM)

division was created to provide comprehensive advisory services to help clients protect and grow their wealth. However, unlike other Wealth Management providers in the region, BRI WM is not only serving the Affluent / High Net Worth segments but also, the Mass segments. This all-encompassing value proposition has helped propel BRI WM to achieve the distinct honour of being declared Winner, Best Bank for Priority Banking and Best Wealth Management for $250k –$500k AUM. It was also awarded Highly Acclaimed, Best Private Bank for Entrepreneurs and Outstanding Private Bank for Growth Strategy at the Global Private Banking Innovation Awards 2022 organised by The Digital Banker.

“BRI WM delivered strong positive

growth in AUM for the last 10 years. More interestingly, it has managed to weather the COVID-19 storm through disciplined execution of its key business pillars,” said Nirav Patel, Managing Director at Global Private Banker and The Digital Banker during the awards ceremony.

Relentless focus on customer centricity

Customer centricity is at the crux of BRI WM’s business operations. It is what drives its way of thinking in producing value propositions and executing business strategies. In the private segment, BRI’s focus on customer centricity has helped the bank to differentiate its business model from competitors. Catering to the complex needs of Private banking clients, BRI’s business model relies greatly on these 3 key propositions:

Tailored advisory “Tailored advisory” refers to personalised approach and investment recommendations based on the customer’s unique needs and financial conditions. The upcoming WM Platform manifests a robo advisory to capture the HNW customer’s current condition and desire to generate comprehensive financial planning recommendations suitable to the customer’s needs. This digital

Customer centricity is at the crux of BRI WM’s business operations. It is what drives its way of thinking in producing value propositions and executing business strategies.

journey also matches the shifting habits of BRI’s customers, especially the 18% of its millennials priority customers and 8% of millennials private customers (20 to <40 yo).

Highly competent RM

This refers to BRI’s 10 highly experienced RMs certified with various professional licenses. RMs serving Private Banking customers are subjected to strict work experience and certification requirements, as well as a proven track record in handling active

customers with RM/client ratio of 1:80. The bank’s RM’s capability is continuously upgraded through structured training and certification programs. These propositions helped BRI deliver a personalised approach to serve HNW customers with unique investment objectives & style.

Customer’s enrichment

This refers to BRI’s continuous efforts to enhance financial education for HNW customers in 2021:

• Financial education seminars: Conducted 42 financial education seminars and reached approximately 65.000 total participants as of December 2021.

• Regular market insights: Supported clients with regular market insights across relevant macroeconomic topics; through both direct and online platforms.

• Exclusive HNW Customer

Image: siswoto / Shutterstock.com

networking events: Helped customers in sharing investment knowledge while building their important connections.

On top of serving its valued customers, BRI’s concern for the national economy and government agenda is equally laudable.

As the pandemic situation has crashed the economy, BRI has been persistent in assisting government programs for economic recovery as well as increasing financial

inclusion for customers. This action has translated to its government bond sales in 2021 with a total sales of approximately IDR 11T (21% growth YoY) and the number of investors at 14,688 (grew by 31%).

This outstanding record has allowed BRI to grab an 11% market share in the whole of Indonesia. This remarkable feat further demonstrated how BRI continuously supports the Indonesian government’s agenda for economic recovery while

fulfilling customers’ investment needs.

The growing contribution of BRI’s private banking segment has taken part in the positive growth of BRI WM. Through its senior & competent RMs, BRI was able to provide in-depth solutions and advisory services for HNW customers. Looking ahead, BRI WM plans to continuously improve on its strengths and further cement its position as the best Wealth Management Bank in Indonesia.

MAYBANK: MAKING STRIDES IN INTEGRATED WEALTH MANAGEMENT

Maybank Group’s capabilities to offer a variety of investment products from reputable providers is beyond question. It is a wealth management partner that enables clients to diversify their portfolios into ASEAN-wide trusts, insurance and corporate banking solutions.

Read more>>

As a truly ASEAN bank, Maybank leverages the Group’s network, resources, and expertise to offer a complete spectrum of wealth management solutions and value propositions within the ASEAN region. Maybank Group’s capabilities to offer a variety of investment products from reputable providers is beyond question. It is a wealth management partner that enables clients to diversify their portfolios into ASEAN-wide trusts, insurance and corporate banking solutions.

Maybank has been recognised for its excellence in innovation, winning several awards at the Global Private Banking Innovation Awards 2022, organised by The Digital Banker. The bank was declared the winner in two consecutive years for Best Wealth Management for S$100k – S$250k

AUM and Best Wealth Management for S$500k – S$1.5 million AUM. Additionally, the bank also received recognition in several categories such as Best Islamic Private Bank - Malaysia, Best Private BankMalaysia, Female Private Banker of the Year - Ms. Alice Tan, Best Young Private Banker - Chin Sze Li, RM of the Year - Private BankTerence Goh, Highly Acclaimed, Best Discretionary & Advisory Service Offering, and Highly Acclaimed, Best Private Bank for Structured Products.

innovation and its efforts to provide the best possible service to its clients. The awards also recognise the contributions of the bank’s employees and leaders, who have been instrumental in driving the bank’s success,” said Nirav Patel, Managing Director at Global Private Banker and The Digital Banker during the ceremony.

Excellence in Integrated Wealth Management

Maybank Premier is a wealth management platform established in 2014 to cater to affluent clients

across the Maybank Group, serving customer segment with AUM of S$300k to S$1.5m. It offers priority banking services across all Maybank branches in Singapore, access to expert views, invitations to exclusive lifestyle events, cross-border lending solutions and exclusive credit and debit cards.

Maybank Premier also aims to keep clients fully engaged and well-informed through an integrated, multi-channel approach, such as SMS, emails, push notifications, and social media platforms. In 2019, Maybank Premier introduced the AVALOQ

“This recognition is a testament to the bank’s commitment towards

Wealth Management system, a fully integrated front-middle-back office system, that brought automation and straight-through-processing to its operations, boosting its wealth business performance. In 2020, Maybank Premier introduced the Video Conferencing Wealth Advisory service, allowing clients to have virtual consultations with their Relationship Managers.

On the other hand, Maybank Privilege is a wealth management platform established in 2018 that aims to help clients achieve their financial aspirations, with clients generally being financially savvy and ranging from young to mature professionals and active seniors, with AUM of S$50k - S$300k.

The team takes pride in service excellence and keeps clients fully engaged and well-informed on its array of campaigns and activities. Despite pandemic challenges, Maybank Privilege has recorded stellar growth in client base and total assets since its launch in 2018. With a complete suite of

investment products and wealth advisory services, the number of investors grew and contributed to an increase in investment assets by 43.6% (CAGR), according to the latest figures.

Relationship Manager of the Year - Terence Goh

Terence is a Maybank Private Relationship Manager (RM). He began his wealth management career with Maybank in 2013 and has since moved up the career ladder, starting as a retail Financial Executive and is presently a Maybank Private RM.

Terence has been recognised for his strong sales performances and has won various awards in both the retail and Private Banking segments. His focus as a Maybank Private RM is to grow and serve high-net-worth (HNW) and ultra HNW individuals, providing professional financial solutions for their personal wealth needs such

as financial planning, investments, and legacy planning, as well as support and contacts through the joint capabilities of Maybank to assist them in their business needs. This has helped him win his clients’ trust and deepen his relationship with them, allowing him to build and grow a substantial AUM under his portfolio over the years.

Best Young Private Banker - Chin Sze Li

Sze Li first joined Maybank as an entry-level Financial Executive in the retail banking space. She has progressed in her career to be a Maybank Private banker through the years. Sze Li places a strong emphasis on building a strong relationship with her clients. Her passion and drive have enabled her to foster strong rapport and she continues to hone her skills in wealth management, crafting customised solutions for different clients’ needs, whilst earning clients’ trust and satisfaction.

As a truly ASEAN bank, Maybank leverages the Group’s network, resources, and expertise to offer a complete spectrum of wealth management solutions.

Sze Li is often referred new clients by her existing ones, and in some instances, existing clients even introduce Sze Li to their families and business partners for succession planning and ensuring seamless continuity of their businesses and investment portfolios. Given her passion for wealth management and people interaction, Sze Li is committed to growing her longterm career in the private banking industry and successfully managing the financial needs and goals of her HNW clients.

Female Private Banker

of the Year - Asia Pacific – Alice Tan

Alice Tan, Head Maybank Private Singapore and Head Products and Investment Solutions, oversees the product and investment solutions suite at Maybank, as well as the HNW individuals segment. With 20 years of experience in asset management, portfolio management and investment consulting, Alice has a proven track record of success.

Before joining Maybank, she held senior roles at Credit Suisse Asset Management, Coutts and SG Asset

Management. In her nine years with Maybank, Alice has played an instrumental role in building and growing the private banking unit, placing clients’ interests at the forefront and enhancing business solutions to provide a comprehensive suite of financial solutions with competitive offerings.

Under her leadership, Maybank Private Singapore has grown exponentially and is now recognised as one of the top 25 private banks in Asia-Pacific, winning numerous global awards.

ALICE TAN Female Private Banker of the Year - Asia Pacific

It is an honour to win the Female Private Banker of the Year (Asia Pacific) award. I am immensely appreciative of Maybank Private team’s hard work and commitment that has helped make this win possible. I am very motivated to be an exemplary female leader, and will continue to persevere and excel in our wealth management business.

THE FUTURE OF CRYPTO ASSETS IN PRIVATE BANKING

FEATURE ARTICLE

Crypto assets defy regulation by their very nature. The very mention of crypto regulation has the potential to add more volatility to the market. Crypto investors are generally not fond of regulations, as regulations bring crypto assets under the influence of political forces. In a world where politically motivated sanctions have been a major tool for economic and financial arm-twisting, crypto assets have provided an alternative to investors. Read more>>

The popularity of crypto-assets has skyrocketed in recent years. These digital tokens have drawn the attention of investors around the world, as well as regulators who are still trying to understand how they should be treated. While some believe that crypto-assets could play a role in private banking, others remain sceptical.

As an investor, it is difficult to ignore crypto assets especially when there is so much buzz about decentralised finance apps, nonfungible tokens and metaverse already promising over a trillion dollar market value in just a few years.

According to the annual wealth report of Knight Frank, clients are now asking for 1% to 5% of their portfolio to be in crypto assets. This demand is forcing the banks to offer crypto assets. This is not yet a widespread trend in the market, so far it is mostly limited to the younger generation of investors but banks are starting to realise that while the older generation was more sceptical about crypto assets, the younger generation is going to drive their demand.

Their popularity is due in part to their volatility, which can be both a good and bad thing for investors. In just one decade, crypto assets crossed the $3 trillion market capitalization value but in the last

10 months alone the market has lost over $2 trillion in value. This volatility has made crypto-assets a risky investment, and many private banks have been hesitant to get involved.

Volatility is just one risk factor, another very important factor that adds to the hesitancy of private banks is the threat of regulatory risk posed by crypto assets. Crypto assets defy regulation by their very nature. The very mention of crypto regulation has the potential to add more volatility to the market. Crypto investors are generally not fond of regulations, as regulations bring crypto assets under the influence of political forces. In a world where politically motivated sanctions have been a major tool for economic and financial arm-twisting, crypto assets

have provided an alternative to investors.

The whole spectrum of crypto regulations can be divided into three areas. There are countries like Switzerland and Liechtenstein that have completely embraced crypto assets. It is important to remember that these countries are important wealth hubs and Switzerland is already on its way to becoming the crypto central of the world. Next in line are countries like the UK, Portugal and United States, with somewhat lukewarm crypto regulation. Britain is already looking at the fintech and crypto market to look for solutions to the problems posed by Brexit and the economic turmoil that the country is currently going through. The far end of the spectrum has countries like China which until recently was the hub of bitcoin mining, has now completely banned it and gone off the radar as far as bitcoin mining is concerned.

Crypto regulation across the spectrum is evolving. One way or the other, crypto will be regulated otherwise it runs the risk of being relegated to black market facilitation channels, which no one wants.

Banks are starting to realise that there is a need for these assets. The question now is not whether crypto assets have a role in private

Volatility is just one risk factor, another very important factor that adds to the hesitancy of private banks is the threat of regulatory risk posed by crypto assets.

banking, but how private banks can ensure that these assets are properly protected.

The way ahead

So, what can private banks do to protect their clients’ assets? One option is to simply not offer cryptoassets as an investment option. This is the safest option but it would also be akin to closing your eyes to the changing landscape.

Another option is for private banks to actively manage their clients’ portfolios. This could involve buying and selling crypto-assets on behalf of their clients, to take advantage of market movements.

This would require private banks to have a good understanding of the crypto-asset market, and it would also be a risky strategy. However, it could potentially offer higher returns to investors who are willing to take on more risk.

Private banks could also choose to invest in crypto-assets themselves. This would allow them to get exposure to the asset class without having to directly offer it to their clients. It would also allow private banks to benefit from the potential upside of investing in crypto-assets, while still managing the risks.

Ultimately, whether or not private banks choose to get involved with crypto-assets is up to them.

However, it is clear that there is a role for crypto-assets in private banking. Crypto assets offer private banks an opportunity to provide their clients with exposure to a new and exciting asset class. They also offer the potential for higher returns, which can be appealing to investors who are willing to take on more risk.

Only time will tell whether or not crypto-assets will play a role in private banking. For now, the Volatility and lack of regulation remain a disincentive for most banks. However, as the industry continues to evolve, we may see more private banks getting involved in this emerging asset class.

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