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SINGAPORE, Oct 24, 2012 - (ACN Newswire) - Private Banker International (PBI), the leading journal for the global wealth management industry has announced the winners of the 2012 Private Banker International Global Wealth Awards, held in conjunction with the 22nd PBI Wealth Summit.
The award winners were announced and presented at the Awards Gala Dinner on Wednesday, 24th October 2012 at The Fullerton Hotel Singapore. The PBI awards are regarded as the most credible in the industry, voted by the industry for the industry.
Nicholas Moody, editor of PBI, said: "2012 was a bumper year of nominations for the Private Banker International Awards. We are starting to see more varied nominations from across the world of different business models. This illustrates the growth of the wealth management industry.
This year's winners underline the importance of choosing those segments and businesses where they can best serve clients' interests. The time when banks could dictate what products and services client received has passed and those who are succeeding are making their businesses as client-centric as possible. Innovation, flexibility and trustworthiness are today the most important attributes for any wealth manager - paired with an increasing eye on client's desire for increased interaction via technology."
They are based on a rigorous selection process which starts with nominations from industry professionals, including the readership of PBI. Nominees are then shortlisted and submitted to a panel of judges who decide the finalists in each award category and the overall winner and highly-commended.
Private Banker International Global Wealth Awards 2012 Winners & Highly Commended
I. Lifetime Achievement Award 2012
- Michael Lagopoulos, Deputy Chairman, RBC Wealth Management
II. The Editor's Special Award 2012
- Fieldpoint Private
III. Outstanding Global Private Bank 2012
Winner -
- Credit Suisse
Highly Commended -
- BNP Paribas Wealth Management
- J.P Morgan Private Bank
IV. Outstanding Private Bank - Asia Pacific (Overall) 2012
Winner -
- HSBC Private Bank
V. Outstanding Private Bank - Asia Pacific (Regional) 2012
Winner -
- Standard Chartered Private Bank
Highly Commended -
- Bank of Singapore
VI. Outstanding Private Bank - South Asia 2012
Winner -
- Kotak Wealth Management
Highly Commended -
- IIFL Private Wealth Management
VII. Outstanding Private Bank - East Asia 2012
Winner -
- Hana Bank
Highly Commended -
- Taishin Bank
VIII. Outstanding Private Bank - Southeast Asia 2012
Winner -
- DBS Private Bank
IX. Outstanding Private Bank - Europe 2012
Winner -
- BNP Paribas Wealth Management
Highly Commended -
- Deutsche Bank Private Wealth Management
- J.P. Morgan Private Bank
X. Outstanding Private Bank - North America 2012
Winner -
- RBC Wealth Management
Highly Commended -
- J.P. Morgan Private Bank
XI. Outstanding Private Bank - Latin America 2012
Winner -
- Itau Private Bank
Highly Commended -
- HSBC Private Bank
XII. Outstanding Private Bank - Middle East 2012
Winner -
- HSBC Private Bank
Highly Commended -
- Bank Sarasin-Alpen
- Societe Generale Private Banking
XIII. Outstanding Private Bank for UHNW Clients 2012
Winner -
- J.P. Morgan Private Bank
Highly Commended -
- Credit Suisse
XIV. Outstanding Philanthropy Offering 2012
Winner -
- Coutts
Highly Commended -
- Credit Suisse
- Lombard Odier & Cie
XV. Outstanding Wealth Management Service for The Affluent 2012
Winner -
- CIMB Private Banking
Highly Commended -
- United Overseas Bank
XVI. Outstanding Wealth Manager - Customer Engagement 2012
Winner -
- Bank Julius Baer
XVII. Outstanding Wealth Planning & Trust Provider 2012
Winner -
- RBC Wealth Management
Highly Commended -
- HSBC Private Bank
- Societe Generale Private Banking
XVIII. Outstanding International Wealth Financial Centre 2012
Winner -
- Jersey International Finance Centre
XIX. Outstanding International Wealth Management Platform 2012
Highly Commended -
- CAIS
XX. Outstanding Global Private Banker 2012
- Rory Tapner, Chief Executive Officer, Wealth Division of RBS Group
XXI. Outstanding Private Banker - Asia-Pacific 2012
- Peter Flavel, CEO, J.P. Morgan Private Wealth Management
XXII. Outstanding Young Private Bankers 2012
Recognising up-and-coming talent in the private banking industry -
- Aditya Singh Chauhan, Societe Generale Private Banking
- Camilla Stowell, Coutts
- Denise Leonardi, Standard Chartered Private Bank
- Ihab Al-Derzi, Standard Chartered Private Bank
- Mouhammed Choukeir, Kleinwort Benson
- Rebecca Hughes, Coutts
- Shiv Gupta, RBS Private Banking
- Tan Tee Ming, CIMB Private Banking
- Willis Phong, Westpac Private Bank
Private Banker International Global Awards 2012 Winners - Quotes from our Editors, PBI
I. Lifetime Achievement Award 2012
- Michael Lagopoulos, Deputy Chairman, RBC Wealth Management
"Michael Lagopoulos has spent 26 years with The Royal Bank of Canada. Now retiring, he has been one of the primary architects during that time in building RBC into a global private banking powerhouse.
George Lewis, the group head of RBC Wealth Management, in his own testament says, "I would like to thank Mike for his significant contribution to the success of RBC and RBC Wealth Management throughout his career."
Mike started his banking career in 1986, when he joined Royal Trust as Director of Finance after becoming a chartered accountant and articling with a major international accounting firm. From 1988 to 1993, he was responsible for the Caribbean and Jersey operations for Royal Trust.
In 1993 when Royal Trust was acquired by RBC, Mike was appointed Vice President of the bank in the Channel Islands. From 1996 to 2006, he held increasingly senior leadership roles including Head of Global Private Banking during which he established RBC's global leadership in offshore trust solutions through organic growth and acquisitions and structured the overall business to deliver a client-focused wealth management offering meeting the needs of our international HNW and UHNW clients.
In 2007 to 2010, he lived in London as the Head of International Wealth Management for RBC Wealth Management during which time he held the position of President of the UK-Canada Chamber of Commerce.
With the transformation of RBC Wealth Management in 2010, he was appointed Deputy Chair RBC Wealth Management, UHNW International to focus on working with teams across RBC Wealth Management for international UHNW clients.
During his career, Mike reckons he has visited and done business in nearly 70 different countries and logged well over three million miles in the air averaging 120 nights per year on the road - surely one for the private banking record books," said John Evans, Editor-at-Large, Private Banker International.
II. The Editor's Special Award 2012
- Fieldpoint Private
"Fieldpoint Private is a boutique wealth manager you may not have heard of but its back-story and recent performance suggest it is one to watch. Founded almost four years ago by a group of high-profile former C-level executives, it has grown revenues by 120% over the last three years. Its client-centric model is free of any product-pushing, looks to get a single customer views across its client's portfolios and has a risk-parity approach to asset allocation. The substantial growth in Fieldpoint's net new assets and private client numbers suggest this exciting model is just what clients want," said John Evans, Editor-at-Large, Private Banker International.
III. Outstanding Global Private Bank 2012
- Winner: Credit Suisse
"Credit Suisse is a truly global private bank that has wealth management at its core, representing almost half of its group revenues and continues to focus on providing the best of breed service. The Awards Judges noted that the bank is globally strong with its offshore propositions and is working hard to continue building its onshore presence. Its acquisition of HSBC's Japan business underlines its commitment to Asia-Pacific where new net assets have grown more than 20% per annum in the past five years. Independent banking research rated it the world's top wealth manager based on 13 factors ranging from profitability to geographic distribution," said Nicholas Moody.
IV. Outstanding Private Bank - Asia Pacific (Overall) 2012
- Winner: HSBC Private Bank
"HSBC Private Bank is one of the top international private banks in Asia, providing integrated banking, investment and wealth advisory services. The Private Wealth Solutions, part of the private bank, is among the largest private client trust and estate planning businesses in Asia. It is working to become the market leader in the provision of offshore Chinese renminbi products and services, such as HSBC Expat. Its group-wide strategy has seen the bank re-focus on nine priority markets in Asia, more than any other region, which is an indication of where its future lies," said Nicholas Moody.
V. Outstanding Private Bank - Asia Pacific (Regional) 2012
- Winner: Standard Chartered Private Bank
"Standard Chartered has continued its rapid expansion in Asia since launching 5 years ago and is among the top 10 private banks across the Asia-Pacific region. It has built client assets under management up to $50bn overseen by 480 private bankers delivering income growth of over 20%. Its launch of a specialist Islamic offering for its HNW clients looking for Shariah compliant products last year is a sign of the innovation that keeps it at the forefront of the industry in the world's most dynamic wealth management market," said Nicholas Moody.
VI. Outstanding Private Bank - South Asia 2012
- Winner: Kotak Wealth Management
"Kotak Wealth Management has continued to leverage the benefits of its India-wide banking group. It provides financial advice to an estimated 30% of India's top 100 families and has been the pioneer in setting up Institutional Family Office Services highly customized structures for clients. Assets under management have increased more than 20% in 2011, an indication its share of wallet for individual clients is increasing," said Nicholas Moody.
VII. Outstanding Private Bank - East Asia 2012
- Winner: Hana Bank
"Hana Financial Group's universal banking offering has helped cement its position as arguably South Korea's private banking provider. This has been powered by remarkably low cost-income ratio, well-below the market norm, which is a sign that its active investment in technology across a range of channels has paid off. Assets under management, profit and client numbers are all on the rise as the bank looks to expand throughout Asia's markets through subsidiaries and strategic alliances," said Nicholas Moody.
VIII. Outstanding Private Bank - Southeast Asia 2012
- Winner: DBS Private Bank
"DBS is without question a South-East Asian powerhouse which has delivered clever service to clients through its two client service levels: Private Banking and recently launched Treasures Private Client. In 2011, the banking group announced a SGD$250m investment in wealth management over five years with half being spent on improving online services, to cater to increasingly tech-savvy clients. Assets under management continue to post double digit growth - the result of excellent services including a consolidated portfolio view and sophisticated performance reports," said Nicholas Moody.
IX. Outstanding Private Bank - Europe 2012
- Winner: BNP Paribas Wealth Management
"The eurozone's largest private bank with about EU245bn in AUM, BNP Paribas Wealth Management is making full use of its ability as a fully-integrated bank utilising its footprint in its four core European markets through its retail and investment bank to drive relationships. It is using this retail-led model to expand in Turkey, in Poland and in Morocco. It is also fostering innovation leading to interesting approaches to recruitment via LinkedIn and the use of technology to connect with clients. Its wealth business has two co-heads who divide the business geographically, demonstrating how innovation extends to its leadership and organisational structure," said Nicholas Moody.
X. Outstanding Private Bank - North America 2012
- Winner: RBC Wealth Management
"Among the global financial turmoil of the past five years, RBC Wealth Management's strength and stability have proved winning qualities among clients. Judges described it as having "impressive resilience and a strong Caribbean network." It manages more than CAD$400bn of HNW and UHNW client assets in North America. In Canada, RBC WM is the largest and most comprehensive full-service wealth manager with a 23% HNW market share versus direct wealth management competitors. In the US it is the 7th largest by financial advisers with 2,000 financial advisors in 42 states - managing close to $200bn in assets. Its additional services through its acquisition of BlueBay Asset Management, the stability of RBC Group and resilience through the financial crisis means it is well positioned to accelerate its dominance in the North American market," Nicholas Moody.
XI. Outstanding Private Bank - Latin America 2012
- Winner: Itau Private Bank
"Continuing to build on the strength of parent Itau Unibanco, Itau Private Bank has continued to grow key metrics in all the important areas, except cost-income which fell almost 5%. It has increasing share of wallet with existing clients and increasing assets under management by 15% in the past 12 months. Its joint venture with Chilean-based asset manager Munita Cruzat & Claro (MCC) has created a top five player in the Chilean market that will help the Brazilian bank accelerate its plans to become a leader in wealth management for HNW families in Chile. It is also pushing to extend its international operations, particularly to increase its penetration of Hispanic markets," said Nicholas Moody.
XII. Outstanding Private Bank - Middle East 2012
- Winner: HSBC Private Bank
"The judges gave a clear signal in their voting that HSBC was their favourite and the world's seventh largest private bank by assets is a recognised leader in the Middle East. It operates seven associate offices throughout the region and a full service centre in Dubai. Through its Islamic financial services division, Amanah Private Banking now centred on Saudi Arabia, HSBC Private Bank can offer market-leading Shariah compliant solutions. HSBC has also worked to use the east to east axis with its UHNW clients with MENA Private Bank at its heart. In 2012, the bank arranged several major investments flowing both ways in an area stretching from the southern tip of Europe through Turkey to the Gulf," said Nicholas Moody.
XIII. Outstanding Private Bank for UHNW Clients 2012
- Winner: J.P. Morgan Private Bank
"Our judges agreed that JP Morgan Private Bank has an exceedingly strong brand name in the Ultra High Worth segment. This helped it take out the award in what was a hotly contested category. Its global private banking business now manages $750 billion about in assets under management and supervision with a significant proportion in the UHNW segment. It can drive sophisticated wealth structuring services for the ultra clients through strong linkages with its investment banking arm. Late last year it launched its Family Office Solutions unit to serve family offices with more than $500m in assets and connect them with other parts of the JP Morgan Group. Its 60 global professionals, based at the heart of the markets where they trade, provide investment bank quality service to sophisticated self-directed UHNW investors," Nicholas Moody.
XIV. Outstanding Philanthropy Offering 2012
- Winner: Coutts
"A fiercely-contested category, Coutts has one of the longest established philanthropy divisions and is continuing to innovate to remain best-in-class in leading this service, witnessed by the many seminars and educational initiatives it undertakes. Its dedicated philanthropy team has continued to recruit staff and hold client events to educate its clients that drew more than 500 attendees. Its Knowledge Exchange, a private online network, has in the past 12 months been rolled out to clients in the UK, Asia and also clients of Adam & Company. But Coutts cannot rest on its laurels; many private banks continue to actively boost their philanthropic units making this a highly competitive space," said Nicholas Moody.
XV. Outstanding Wealth Management Service for The Affluent 2012
- Winner: CIMB Private Banking
"This fast growing Malaysian bank continues to post impressive revenue, client numbers and AuM gains. Since 2010 its AUM has increased by 40% as well as its share of wallet among clients. Banks within the affluent space usually suffer from high turnover of RMs and CIMB impressed the judges with its average tenure of six years for its private bankers and cumulative staff attrition of less than 5% in the last five years. It continues to use its One Bank approach to move clients between affluent and HNW ranks and has a broad local footprint in key markets of Kuala Lumpur, Johor, Penang, Kuching, Sibu, Miri and Kota Kinabalu demonstrating its strong onshore presence," said Nicholas Moody.
XVI. Wealth Manager - Customer Engagement 2012
- Winner: Bank Julius Baer
"Client contact has historically been a touchstone for Bank Julius Baer. The Swiss bank works hard to make sure its bankers are delivering for its clients by undertaking a yearly performance review. At the end of November, staff are matched against their performance criteria and low-performing staff are moved out of the business. Its internal training facility (JB Academy) also gives relationship managers ongoing opportunities to develop their customer skills. In 2011 it managed to generate a net new money rate of 6%, evidence that even in tough times good RMs generate returns," said Nicholas Moody.
XVII. Outstanding Wealth Planning & Trust Provider 2012
- Winner: RBC Wealth Management
"RBC Wealth Management is a recognised market leader in the provision of planning and trust services serving clients from over 120 countries from ten jurisdictions across Asia, Europe, the US, the British Isles and the Caribbean. It prides itself on its independent approach to trusteeship, whereby external providers are considered alongside in-house solutions, and its extensive expertise and experience in managing a wide range of client interests, from mainstream cash and marketable securities to non-traditional trust assets such as private company shares, artwork and yachts. It is fully committed to enhancing its global presence and making inroads in new markets, with impressive results highlighted in key emerging markets such as Asia, which now accounts for a much greater proportion of new business than previous years," said Nicholas Moody.
XVIII. Outstanding International Wealth Financial Centre 2012
- Winner - Jersey International Finance Centre
"Jersey has remained at the forefront of efforts by international financial centres to innovate, signing 29 Tax Information Exchange Agreements, most recently with India. In just over a year since the opening of an office by Jersey Finance in Abu Dhabi, as part of its drive to secure business in new markets, Jersey has seen a 11 percent increase in the amount of bank deposits from the Gulf with a total of GBP 21.2 billion at March 2012. It is the highest rated offshore jurisdiction in the latest Global Financial Centres Index and makes it into the world's top twenty global finance centres," said Nicholas Moody.
XIX. Outstanding Global Private Banker 2012
- Rory Tapner, Chief Executive Officer, Wealth Division of RBS Group
"Rory Tapner joined the RBS wealth management division in September 2010, with a mandate to energise the wealth management interests of the RBS Group, centering on Coutts & Co. He came to RBS from UBS, where he was Chairman and CEO of the UBS Group across Asia Pacific, responsible for Investment Banking, Wealth Management and Asset Management.
In the past two years, the changes at Coutts have been dramatic. From a firm primarily concerned on offering banking services, a broad wealth management offering has been created in line with the ambition to be the number one for investment and wealth management--a one-stop solution for banking through wealth structuring to succession and beyond.
As a starting point, the strong Coutts brand, one of the most outstanding images in global private banking, was used to become the centrepiece of the RBS wealth transformation effort and image.
At the heart of this major change programme is to have a Coutts wealth manager sitting alongside a Coutts private banker, an approach that allows the bank to service all the components of a client's balance sheet, from banking services through to advanced wealth, tax and estate planning.
At a time when many private banks have been consolidating or even contracting, a major investment has been made in Coutts - in terms of platforms and new talent.
In the past year or so, Coutts has added approximately 500 net new positions. Most have been in the UK, at around 380, while the rest have been hired in the international businesses - Switzerland, Eastern Europe, the Middle East and Asia.
Much of the recruiting has been in the products and services area, to equip Coutts to compete at the highest level in holistic wealth management.
The progress that Coutts is making can be measured by the fact that it has caught up Barclays Wealth, historically the largest UK wealth manager. Last year, Coutts raised its assets under management to GBP 49.8 billion from GBP 48.4 billion in 2010 - virtually to equal Barclays Wealth's own total.
For heading and implementing one of the biggest change management projects in global private banking of recent years, in a root and branch transformation, Rory Tapner becomes Global Private Banker of the Year - 2012." - Nicholas Moody.
XX. Outstanding Private Banker - Asia-Pacific 2012
- Peter Flavel, CEO, J.P. Morgan Private Wealth Management
"Peter Flavel has had a meteoric career as a senior private banker across Asia. He joined JP Morgan Private Bank in early 2011 with a mandate to grow its private wealth business, focused on high net worth (HNW) investors with between $10 million to $30 million of investible net assets.
Under Peter's leadership, this business in Asia is understood to have more than doubled, making it one of best performing units for JP Morgan's private bank globally. It now employs some 100 client advisors from its initial small base 18 months ago. There are now roughly the same number of advisors in the Asian UHNW segment.
Prior to JP Morgan, Peter Flavel led the establishment of Standard Chartered's Global Private Bank starting in 2006. In three years since launch it grew to over 1,700 employees and $50 billion of assets under management across 30 locations globally, including India, China, Singapore, Hong Kong, Dubai, London and Korea.
Peter joined Standard Chartered in 2002 from National Australia Bank, where he was General Manager of Personal Financial Services, responsible for over 9,000 staff across the retail, mass affluent and private bank client segments. He was also an executive director of MLC Ltd, the bank's wealth management subsidiary and led in 2000 the bank's A$4.6 billion acquisition of MLC, then Australia's second-largest fund manager.
Peter says of his pioneering role in wealth management in the Asian market places: While the HNW strategy is yet but young we are very pleased with our progress. It's not growth for growth's sake as our goal is to be the best private bank not the biggest. Our team based client coverage is the future for wealth management advice in Asia and provides the value added advice our clients seek.-." -Nicholas Moody.
Contact:
Titien Ahmad (Ms)
Regional Director, Asia Pacific
VRL
Tel: +65 6383 4688
HP: +65 9478 6908
titien.ahmad@vrlfinancialnews.com.sg
Rosemary Pang (Ms)
Media Relations
VRL
Tel: +65 6383 4688
HP: +65 9477 1545
rosemary.pang@vrlfinancialnews.com.sg
Topic: Awards
Source: Private Banker International Wealth Summit
Sectors: Daily Finance
http://www.acnnewswire.com
From the Asia Corporate News Network
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