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| Thursday, 21 October 2010, 11:30 HKT/SGT | |
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Source: VRL | |
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SINGAPORE, Oct 21, 2010 - (ACN Newswire) - The 20th Private Banker International Wealth Summit hosted the Private Banker International Awards on Wednesday night, Oct 20, to recognise industry leaders for their achievements in wealth management. The PBI Awards are the wealth industry's most prestigious accolades for excellence and best practice, voted by the industry for the industry.
Speaking about the importance of the awards, Nicholas Moody, Editor, Private Banker International, said: "As many of you may know, Private Banker International ranks as the oldest private banking periodical and our awards have now become part of the industry in celebrating excellence, our friends in the wealth management generously say. Some may disagree with the choices but we have found that most agree with the spirit in which they presented - an opportunity to recognise the outstanding performance that both institutions - and individuals - achieve annually in the wealth business."
"The Outstanding Young Private Bankers Award is a recent category and the high quality of young bankers that we shortlist year after year highlights the incredible amount of talent in the private banking industry. These are the next generation of private banking leaders," said Titien Ahmad, regional director for VRL.
Private banking has been through some of the most testing times it has ever known. "Indeed, after the past three years of quite unprecedented financial and economic turbulence, a period which has seen the undermining of client trust in a number of financial institutions, along with an erosion of portfolios, the award winners tonight, we think, are particularly worthy," adds Moody.
The awards 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. Moody says, "We take pride in considering that our awards, based on peer voting, are the most objective and have the most integrity in the wealth business."
Private Banker International Global Awards 2010 Winners
(Quotes attributable to Nicholas Moody, Editor, Private Banker International)
I. Outstanding Global Private Bank 2010
Winner: Credit Suisse Private Banking
Finalists: Barclays Wealth, HSBC Private Bank
"Credit Suisse could be fairly described as the ship that avoided all the hidden reefs and rocks which has beset its Swiss rivals, and which left its main competitor in such a vulnerable state. Credit Suisse has surmounted the attacks on Swiss banking secrecy and offshore banking. Between 2007 and 2010, it has put on a truly amazing CHF 125 billion of net new money - a sign of how superbly Credit Suisse has weathered the private client crisis typhoon."
II. Outstanding Private Bank - Asia Pacific 2010
Winner: The Standard Chartered Private Bank
Finalists: HSBC Private Bank, Bank Julius Baer
"Standard Chartered has continued to build on its market leading position in Asia. It has recently signalled that it is planning to increase the number of RMs to 750 by 2013. Its new chief executive, Shayne Nelson, will look to continue its substantial growth as the bank continues to post substantial gains, including a 27% increase in Asian AuM for the first half of 2010."
III. Outstanding Private Bank - Europe 2010
Winner: Deutsche Bank Private Wealth Management
Finalists: Bank Sarasin, Bank Julius Baer
"The bank is using its impressive balance-sheet formidably in private banking to attract the ultra high net worth segment, backing up portfolio management skills with loan facilities and structured financings for clients. It has also expanded with acquisitions, most notably with the purchase of the leading German private bank, Sal Oppenheim."
IV. Outstanding Private Bank - North America 2010
Winner: J.P. Morgan Private Bank
Finalists: Northern Trust, RBC Wealth Management
"JP Morgan has an excellent network of wealth families around the world and puts particular focus into this key client segment with assets above $50 million. It has emerged as one of the clear private banking winners from the financial crisis and continues to post impressive quarterly gains. It has few rivals when it comes to best in class provision of top tier advisory and portfolio management services."
V. Outstanding Private Bank - Latin America 2010
Winner: Itau Private Bank
Finalists: HSBC Private Bank, Santander Private Banking
"Itau Private Bank has continued to build on its landmark merger with Unibanco and the results are now really starting to be seen. Itau's net new money in 2009 was $4.8 billion and year end AuM reached AUM $55.8 billion, a 39% increase over 2008. It has presence in five Latin American countries that services almost 13,000 client relationships across eight Latin American economies."
VI. Outstanding Private Bank - Middle East 2010
Winner: HSBC Private Bank
Finalists: Emirates NBD Private Banking, Societew Generale Private Banking
"The world's fifth largest private bank by assets is a recognised leader in the Middle East. It operates eight associate offices throughout the region and a full service centre in Dubai, with each client portfolio reviewed bi-monthly. The impressive reach of its global Islamic financial services division, Amanah Private Banking, means HSBC Private Bank can open doors to serve those who wish to bank and invest in a Shariah compliant manner - a market with tremendous potential."
V. Outstanding Private Bank for UHNW Clients 2010
Winner: J.P. Morgan
Finalists: Bank Julius Baer, Credit Suisse
"The bank has had an excellent network of wealthy families around the world and puts particular focus into this key client segment with assets above $50 million. It has emerged as one of the clear private banking winners from the financial crisis and continues to post impressive quarterly gains."
VI. Outstanding Philanthropy Offering 2010:
Winner: RBS Coutts
Finalists: HSBC Private Bank, UBS
"Today, philanthropy and the establishment of charitable foundations are very much in the news. There is a significant and growing demand for good advice on how the rich can return some of their wealth. The RBS Coutts group has one of the longest established philanthropy divisions and it is surely best-in-class in leading this service, witnessed by the many seminars and educational initiatives it undertakes."
VII. Outstanding Wealth Management Service for The Affluent 2010
Winner: CIMB Private Banking
Finalists: Bank Mandiri, KASIKORNBANK
"This fast growing Malaysian bank continues to post impressive revenue, client numbers and AuM gains. In the year to May 2010 it increased in AuM by more than 50%. As it nears the end of a three year strategic push it is pushing its product range and looking to launch its own in-house discretionary portfolio management service."
VIII. Outstanding Wealth Manager - Customer Relationship Skills 2010
Winner: Bank Julius Baer
Finalists: HSBC Private Bank, Societe Generale Private Banking
"Baer has increased the quality of its relationship managers base by identifying and phasing out low-performers. Baer works to improve the quality of its customer relationship skills with a series of upcoming initiatives this includes optimising its RM support systems and tools. It has reported almost no client defections and sound growth of net new money which confirms, in its own words, the quality of its bankers."
IX. Outstanding Global Family Office 2010
Winner: Stanhope Capital
Finalists: Genspring Family Offices, Stonehage
"Stanhope is at the vanguard of the trend of large multi-family offices who are nipping at the heels of private banks. It now covers about 60 families from 12 countries. Much of this expansion is driven by the growth in the wealth of the UHNW segment. The 2010 Merrill Lynch/ Capgemini World Wealth Report showed the number of UHNW grew by almost 22 percent in 2009, well above the global wealth average of 17 percent. As the outfall of the crisis continues, the subsequent loss of client trust in big banks puts Stanhope in a prime position."
X. Most Exciting New Wealth Management Model 2010
Winner: Falcon Private Bank
Finalists: Hinduja Bank Suisse/KBC, Religare Macquarie Private Wealth
"Falcon Private Bank, based in part on a former unit of American International Group, has impressive private banking ambitions. It expects to almost double assets under management to $20 billion in two to three years by tapping growing wealth in the Middle East, Russia and Asia. The bank, part of the Abu Dhabi fund Aabar Investments, has opened new offices in Dubai, has plans for Abu Dhabi and is extending its institutional business."
XI. Outstanding Global Private Banker 2010
Winner: Ivan Pictet, Pictet & Cie
Finalists:
- Boris Collardi, Bank Julius Baer
- Daniel Truchi, Societe Generale Private Banking
"This man is another veritable legend of private banking. In assessing this award, one of his peers in private banking: "So often, whenever I see especially important clients, I find that Ivan has either been there before me or after me. He continues to have immense influence, and is a man that will jump on a plane at the drop of a hat to ensure Pictet's clients are taken care of. He is still the one who sets the standard for our industry."
XII. Outstanding Private Banker - Asia-Pacific 2010
Winner: Thomas Meier, Bank Julius Baer
Finalists:
- Hans Diederen, ABN AMRO Private Banking
- Nick Pollard, RBS Coutts
"Thomas Meier has won a well-deserved reputation of spearheading its expansion across Asia indeed Baer must be congratulated on being granted a banking licence in Hong Kong and plans to establish a Mainland Chinese presence in Shanghai."
XIII. Outstanding Young Private Bankers 2010
- Recognising up-and-coming talent in the private banking industry
Winners:
- Lawrence Yong Pow Shing, CIMB Private Banking
- Herve Launay, Societe Generale Private Banking
- Himanshu Kohli, Client Associates
- Soumya Rajan, Standard Chartered Private Banking
- Sylvia Lim, Standard Chartered Private Banking
- Leonardo Drago, AL Wealth Partners
- Kevin Yip, J.P. Morgan
- Adrian Boey, EFG Bank
- Low Wei Ling, Bank Hapoalim (Switzerland) Ltd (Singapore branch)
This award recognises the rising stars of the industry. PBI's editorial team has selected a group of bankers who we feel represent the future of the industry - the award for Outstanding Young Private Bankers.
These individuals have demonstrated excellence in their field, through either leadership, innovation in products and services, excellence in strategy or a combination of the three. Their achievements mean they are well placed to be among the leaders of the industry in the years to come.
XIV: Lifetime Services Award 2010
Jean Pierre Cuoni, Chairman, EFG International
"Put simply, the recipient is a true legend of private banking. He is Jean Pierre Cuoni, founder of EFG International in 1995 together with CEO Lonnie Howell and chairman of EFG International Zurich. Jean Pierre's career is quite remarkable. He has been chairman of the board of directors of EFG International since 1997 and has been a member of the advisory board of EFG Bank European Financial Group since 1995. Prior to this, Mr. Cuoni was founder and CEO of Coutts & Co International (the Private Banking arm of NatWest at the time). Mr. Cuoni was also founding member of Citibank International Private." (Quote attributable to John Evans, Senior Editor, Private Banker International)
XI. The Editor's Special Award 2010
Bank of Singapore
"This is a discretionary award, made to an individual or institution whom we feel needs to be especially singled out. Singapore, as a financial centre, has done an astoundingly successful job of taking its place alongside the big capitals of private banking, such as Geneva and London. And Singapore's own banks have, and are rising to the challenge to compete with rivals for clients. So we believe OCBC should deserve special mention for setting up its own wealth brand as a part of a programme to carve out market position. The new initiative is based around the former ING Bank Asia, and rightly carries the slogan: Asia's global private bank."
Contact:
Shubhreet Kochhar
Associate Editor
Tel: +65 6383 4688
HP: +65 8328 2151
shubhreet.kochhar@vrlfinancialnews.com.sg
Rosemary Pang
Media Relations
Tel: +65 6383 4688
HP: +65 9477 1545
rosemary.pang@vrlfinancialnews.com.sg
Topic: Awards
Source: VRL
Sectors: Daily Finance
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