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& Celebrating
50 years
of private
banking
w
PRIVATE BANKING
PRIVATE BANKING
1969
2019
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private banking
1969
2019
Wealth management
The Next Generation
The last 20 years of private banking have been all about building scale,
international growth and professionalization. The top wealth managers are still
getting bigger and are confident they have the right model. But as they struggle
to maintain quality of service under pressure on revenues, new specialists are
emerging
By: Helen Avery Illustration: Neil Edwards
M
ake no mistake, the familiar landscape of farewell to their respective houses to launch their own
the wealth management industry is about boutique advisories and fintech businesses. Before them,
to undergo a seismic shift. And when the hedge fund managers had spun out of asset management
revolution comes, it will be led by some firms and investment banks.
familiar faces. It is now the turn of the wealth management industry to
In New York, former Morgan Stanley wealth management have its reinvention, insiders say. For a decade, there have
head Greg Fleming, now chief executive and co-owner of been predictions of a barbell industry of large scale players
Rockefeller Capital Management, has a new brokerage offering breadth and global reach, and specialized firms at
licence and is also building strategic advisory. the other end that go deeper for fewer clients. Now that a
In Switzerland, Michael Baer, scion of a family perfect storm of cost and revenue pressures, technology,
synonymous with private banking, is getting ready to open transparency and client demographics has occurred in the
the doors at his new merchant bank. wealth management industry, those predictions look like
Marc Syz, son of the founder of one of the most they are finally coming to pass.
successful private banks launched in the past 25 years, is
on his way to Asia to make the first deal for his new private
market investment and advisory business, Syz Capital. “We grew up as bankers in a different world of banking,”
Jürg Zeltner, the man behind UBS’s stranglehold on says Baer, speaking for many of his peers. As the great-
global wealth management in the decade since the grandson of Julius Baer and former head of the bank Julius
financial crisis, is starting a new venture – rumoured to be Baer started, he has earned the ability to make such a
a boutique. claim.
Sallie Krawcheck, who ran both Smith Barney and Bank It was simple, he continues, the job of a banker was to
of America’s wealth management operations, is making listen to a client, solve their problems and express that
waves and attracting assets at Ellevest, which she set up solution in financial terms.
five years ago. “If you go all the way back to the Warburgs and
Alongside these new focused and nimble entities, family Rothschilds, or look at the history of JPMorgan or Credit
offices are increasing, multifamily offices are expanding Suisse, you’ll find banks were set up to serve one
and specialist wealth managers are emerging to serve entrepreneur and then added relatively few clients. They
specific segments such as impact investors, women, or focused on helping them build their wealth and manage the
even clients that want the autonomy and low fees of a business finances in addition to their personal finances. It’s
digital adviser. the definition of a merchant bank.”
Industry executives are quick to draw a comparison with Baer is now going to join them with the launch of MBaer In illustration (left to right):
other financial services sectors. Over the last decade, Merchant Bank in April. In a world of increased regulatory Greg Fleming, Michael Baer,
Sallie Krawcheck, Jürg Zeltner and
a slew of senior investment banking executives has bid costs for banks, it could be seen as a bold move. Indeed, it Marc Syz
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clients… It put banks into overdrive to where, pre-crash, we
saw UBS, Deutsche Bank and Credit Suisse chief executives
trying to trump each other on return on equity. It was such a
deviation from the basic definition of banking.”
The outcome for wealth management clients of these
large universal bank models, says Baer, is that they now
find themselves having endless relationships within a bank,
which lowers the level of service.
“Personal loans are dealt with by one division that isn’t
familiar with your entire wealth profile, so you might wait
months for approval,” he says. “Meanwhile, your business is
handled in another division, and family wealth in yet another
again.”
Baer points out that at the same time the constant
redefining of client wealth segments has meant clients have
seen long-standing relationships with advisers severed and
service levels altered more than they can tolerate.
“The merchant bank model on the other hand was
and is to have fewer clients and know them well, whether
they have $1 million or $100 million,” he says. “It’s about
“You cannot risk not being on top of understanding their business, so that you can offer them
your compliance and ethics because advice be it on a next-gen issue or advice about the
business and trade finance.”
to put issues right today is very, very Greg Fleming has also thrown his hat – together with his
big money” experience and some considerable financial firepower –
into the ring. He is another banker highly familiar with the
inner workings of large wealth managers, having been the
Peter Charrington, Citi Private Bank president of both Morgan Stanley Wealth Management and
Merrill Lynch.
Fleming teamed up with the Rockefeller family and the
is the first merchant bank to be opened in Switzerland in private equity arm of Viking Global Investors to buy Rock
some 30 years. & Co multifamily office last year. Now with a broker-dealer
But Baer sees the need for an alternative proposition. licence, he is building the newly rebranded Rockefeller
“Banking hasn’t been great since the early 1990s,” Capital Management, not just as a multifamily office but
he says, pointing the finger somewhat at the influence also a high-end advisory brokerage business and a strategic
of consultants. “Their talk of scale and mass and bigger adviser – essentially a merchant bank.
balance sheets and higher returns and segmenting The opportunity, he says, in addition to the brand quality
of Rockefeller, is that “it’s harder for large firms to efficiently
Compared with the previous year, wealth managers expect connect their high-end clients across both strategic advisory
revenues to be and wealth management, or to bring intellectual capital to
% bear. At a smaller firm, we can have the focus to do that.”
90
Through the acquisition of financial advisory teams, a
80
family office or two, and a boat-load of intellectual capital,
70
Higher Fleming thinks he will increase assets under management
60
(AuM) from $18 billion to $30 billion this year, with a soft,
50
five-year target of $100 billion.
40
“AuM is not the key here though,” he says, “it’s about
30
bringing the best service and products to high-end clients.”
20 Lower Typically those with assets above $25 million, he clarifies.
Same
10 Syz also believes that as wealth management has
0 trended towards fewer and larger service providers, an
2016
2019
2018
2017
2015
opportunity has arisen for specialist wealth management
firms to emerge. He is co-running the newly created Syz
Source: Euromoney survey
Capital, which brings entrepreneurial clients and families
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together to access private market investments and economics, the political environment and pace of change
solutions for their own businesses. is cause for concern for clients, and they need guidance.
“Wealthy families and individuals can gain access to It highlights the necessity of having a global footprint and
the largest private equity and hedge funds through feeder reinforces the need not to be international – which a lot
funds at the large wealth managers,” he says. “Or if they of firms are – but actually to be global, onshore in every
want to go into a deal directly with the likes of Carlyle region.”
or Blackstone, they will need $10 million to $25 million The boutiques and specialists cannot claim to be plugged
minimum investments. But in both cases, they’re investing in globally to the same extent, but they can counter that
in large investments with institutional-type risks and they can go deeper into one segment, whether that is a
returns. specific geography, style or client sector.
“Gone are the opportunities to invest directly in a Lending also seems an obvious possibility for boutiques,
business venture with a few other entrepreneurs and says James Gorman, chief executive of Morgan Stanley,
families with complimentary expertise to really create although he is clear that scale is the only game in wealth.
value.” “Wealth management is a scale business, so to survive
And this is precisely what Syz Capital intends to provide. boutiques will need to have a premium pricing model, and
In essence, clients are on the hunt for a new type of the good ones will do that through exceptional service and
service. That explains the 10% rise in assets at multifamily leading with lending products,” he says.
offices last year and the growth in single family offices. Exceptional service requires talent, however, and larger
At the same time, after waves of consolidation in the mid banks will argue that scale attracts talent – that the best
to late 2000s, the largest wealth managers are becoming advisers want to know they are working for a bank that has
bigger still. The top 10 wealth managers by AuM oversaw
$12.38 trillion at the end of 2017, according to Scorpio
Partnership. The rise of the family office
The top three – UBS, Morgan Stanley and Bank of
America Merrill Lynch – held more than half of that, some In Euromoney’s 2019 annual private banking and wealth management survey, the
$6.8 trillion between them. That makes them enormous. popularity of multifamily offices (MFO) is clearly shown.
BAML has around 17,500 advisers, Morgan Stanley Northwood Family Office, a Canadian MFO ranks first for best private banking services
more than 15,500 and UBS just under 10,700. in Canada, above RBC Wealth Management. In North America, it ranks sixth alongside
And there is room to grow. The latest world wealth report scale players such as Morgan Stanley.
from Capgemini showed high net-worth wealth (above $1 In just five years, Northwood has more than doubled its clients, staff and total client
million in investable assets) to have surpassed $70 trillion net worth, and now manages over C$4 billion ($3 billion).
globally in 2017. That number is on course to exceed $100 “Families of wealth are increasingly looking for holistic management of their affairs,
trillion by 2025, making the $6.8 trillion at the top three the personalized service of a boutique firm and the impartiality and objectivity of an
managers seem just a drop in the ocean. independent adviser that doesn’t sell products,” says the firm’s chief executive, Tom
The largest wealth managers argue that there are McCullough.
factors that mean a successful future for those with scale. Northwood provides global access to its client families through its membership in the
Size affords a global footprint, for example. Wigmore Association, an international alliance of independent family offices.
Tom Naratil, co-head of UBS Wealth Management points New MFOs are also emerging out of the big wealth managers, like Frank Ghali,
to the data. who oversaw $10 billion in client assets at Goldman Sachs before leaving to set up his
“Over 65% of those with $5 million and above have lived multifamily office Jordan Park in 2017.
or worked in another country for at least three years, or Another who knows the appeal of multifamily offices is Rob Elliott. He joined Bessemer
have owned real estate or a stake in a business in another Trust when it was managing $1 billion for the Phipps family in 1975 and was charged with
country,” he says. “And the trend towards wealth becoming opening the doors to other families. By the time as senior adviser in 2014, the firm served
more global is just increasing. Some 80% of wealthy 2,500 clients and had $65 billion in assets under management.
business owners aged 21 to 34 have global businesses, “The MFO is really the best alignment you can have with your adviser: knowing that
versus 35% of the over 65-year-old business owners of the firm is exclusively focused on handling a small number of very substantial families,”
today. With wealth creation growing at twice GDP, there he says.
will be new entrants poking around the edges, but the Today he sits on the board of Market Street Trust Company, a family office co-op
demographics point to global footprint being crucial – and that pools costs to keep them low, while maintaining its exclusive focus. All profits are
that requires scale.” reinvested.
The global nature of markets, he adds, also requires Single family offices have also become more popular in recent years. According to
firms with global expertise. research from UBS and Campden Research, 37% of family offices (of those 311 surveyed)
“The next decade is going to be more complex and have been formed since 2010.
clients will require more advice,” he says. “Global trade
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access to any product or service their client desires.
Indeed, Naratil says that size can even reduce
recruitment costs.
“[Breadth] is part of advisers’ compensation
considerations. If they know they can do more for their
clients with your platform, they know they will make more
money even if the percentage compensation is less than at
a competitor.”
It is an important point because as Citi Private Bank’s
global chief executive, Peter Charrington, points out: “What
hasn’t changed in 30 years is that talent doesn’t grow on
trees.”
Recruitment costs may have eased off a little, but
good advisers can command high salaries, say banking
executives.
But specialist advisers with good brands, or those
started by highly regarded industry veterans have always
been able to attract strong talent. Women are lining up to
work for Krawcheck’s boutique, Ellevest, for example, say
industry insiders.
And it is hard to imagine anyone not wanting to work
for Fleming as part of a brand like Rockefeller. He has
Paul Myners, Jack Brennan, the former chief executive of
Vanguard, and Andrea Jung, president of Grameen America
and a former president of Avon, on his board, alongside
Rockefeller family members.
“With wealth creation growing Indeed, he has already hired two teams out of UBS in
at twice GDP, there will be new Atlanta that managed a combined $2.2 billion for their
former employer, and persuaded Chris Randazzo to leave
entrants poking around the edges, his role as the chief information officer for Morgan Stanley’s
but the demographics point to global global wealth and investment management business to run
footprint being crucial – and that Rockefeller Capital Management’s technology.
Syz makes the point that working closely alongside other
requires scale” families brings an expertise that larger firms even with
specialist teams cannot replicate.
Tom Naratil, UBS Wealth Management “When it comes to investing, it’s beneficial to have people
working with you that bring generations of experience with
What will be your firm’s largest sources of profit in 2019? Which wealth segment offers the most growth for your firm in
1,500 wealth managers the year ahead?
Other
1,500 wealth managers
Fee changes Mega wealthy
1%
Cost cutting
4% Mass affluent
Use of 5% 8%
technology
Adding
7% clients UHNW
26%
Cross- 26%
selling 12% 49%
40%
22%
Increasing
engagement
with clients HNW
Source: Euromoney survey Source: Euromoney survey
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them” he says. Ray Soudah is chief executive and founder of
The case for brand being key to success can also swing MilleniumAssociates in Switzerland, which advises on M&A
both ways. in the global wealth management sector. In his firm’s survey
As Gorman points out, for the scale players: “If clients of wealth managers at the end of last year, he says none
see a physical presence, they know it’s a brand that has said they wanted to be sold: “The appetite to acquire is
been around a long time and it gives them comfort if there, but the targets just aren’t right now.”
markets become choppy.” Indeed, acquisitions have been relatively small. BNP
One banker argues that brand can get you through Paribas Wealth Management recently bought ABN Amro’s
reputational blows that small firms just would not be able Luxembourg business and Raiffeisen’s Polish business,
to handle. However, the specialists counter that their points out co-chief executive of the business, Sofia Merlo.
high-touch model, deep relationships and less risk of Martin Blessing, co-head at UBS Global Wealth
reputational blows, offers the comfort clients want. Management, mentions his firm’s acquisition of Nordea’s
Luxembourg private banking business.
Soudah thinks that profitability challenges will eventually
What is driving the arrival of the specialists? Revenue come to a head, resulting in some large mergers in the next
pressure and a need to decrease costs are putting larger decade.
managers at risk of becoming commoditized offerings and “The banks are now well capitalized, but with cost-
creating potential employee and client dissatisfaction. income ratios averaging around 75%, there is little revenue
Wealth management revenues at the largest firms by
AuM have been trending upwards over the last five years,
and the share of revenues that wealth management
divisions contribute to their overall banking group are
higher, but pressure is mounting.
Euromoney asked private bankers for their revenue
expectations for 2019 compared with 2018. While 66% of
more than 1,500 respondents say they expect this year’s
revenues to be higher, that expectation is considerably
less bullish than last year, when 78% of respondents
anticipated higher revenues. At the same time, 20% of
respondents say they are expecting lower revenues this
year – the largest proportion of respondents in five years.
“The whole industry is under spread compression,” says
Citi’s Charrington.
The transformation of private banks into wealth
management firms in this century means the industry
is subject to the same pressures pure asset managers
face: greater transparency through regulation and the
introduction of low-cost digital offerings have forced fees
downwards.
A report from PwC last October, for example, showed
global mutual fund fees in both active and passive funds
dropped 14.3%, from 0.52% in 2012 to 0.44% in 2017.
By 2025, the consultancy group predicts a further 19.4%
fall. Global alternative management fees are also predicted
to continue their decline, dropping between 13.1% and “If you go all the way back to the
16.4% by 2025. Warburgs and Rothschilds, or look
Revenues as a percentage of AuM also declined by
10.4% between 2012 and 2017 and are expected to
at the history of JPMorgan or Credit
decrease by 22.4% by 2025. That means wealth managers Suisse, you’ll find banks were set up
need to increase their AuM at a faster rate than they have to serve one entrepreneur and then
been doing in order to keep revenues growing. As the bull
market comes to an end, an AuM boost from market gains
added relatively few clients”
cannot be relied upon, which leaves acquisitions as the
only option left. The problem is no one is selling – yet. Michael Baer, MBaer Merchant Bank
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cushion,” he says. “I look at Julius Baer, Lombard Odier, you have focus and no compliance problems, you stand a
Vontobel, Deutsche PWM, Pictet, UBP, Safra, EFG… we chance,” says Citi’s Charrington. “You cannot risk not being
could see some long-standing names join forces or be on top of your compliance and ethics because to put issues
bought up by the largest wealth managers.” right today is very, very big money.”
That is not going to happen until the prices are right. Baer says he has seen the back to front office ratio at
Naratil says building partnerships to improve product about seven to one in many large firms – it is worse for firms
distribution may be more palatable for the larger firms at with legacy businesses.
the moment. “Some banks have clients who were onboarded in
On the other side of the equation, costs have increased. the 1970s and 1980s who might not meet today’s
It is largely the result of compliance. Some 57% of requirements, and they are having to re-document every
single client. The paperwork is immense,” he says.
For new firms, compliance will be as expensive, but
the complexity will be less, he argues. “We get to pick our
clients and document them efficiently.”
The cumulative effect of falling revenues and increasing
costs is causing cracks to appear in wealth management
firms. Baer says he has noticed an increase in fees on
custody to compensate for lower investment management
fees, for example. He also says some client segments have
suffered.
“If you have $100 million, you’re going to be treated well
because you’re highly profitable,” he says. “If you have $30
million, however, that service is not guaranteed. We hear
often how clients with $30 million have to wait months
to get approved for financing because their bank’s client
committees only meet once a month.”
Service levels at wealth managers may suffer further
as firms resort to mass layoffs as a means to cut costs,
increasing the number of clients per remaining adviser.
Soudah says he anticipates the wealth management
industry will “fire thousands of people” over the next few
“Clients are only going to be willing years. Yet 59% of Euromoney’s survey respondents say they
to pay for quality advice and they intend to increase the number of advisers in 2019.
“They all say that,” says Soudah. “But if you keep an eye
won’t be willing to pay for transactions on the numbers in the earnings, you’ll see.”
at all. The transparency is now Andy Sieg, head of Merrill Lynch Wealth Management,
there for them to make those value expects to continue to grow the advisor workforce over
the next few years by leveraging Bank of America’s global
judgments” training and development programmes, rather than
recruiting from other firms.
Iqbal Khan, Credit Suisse “As an industry we’ve stopped competitive hiring, and
it’s clear that some of the larger firms will be reducing
headcount in the next couple of years,” he says. “Our goal
Euromoney’s survey respondents say they are investing is to grow.”
more in compliance in 2019 than 2018. And a survey
of senior staff at asset managers, brokers and banks by Sieg says Merrill is recruiting from internal employees to
professional services firm Duff & Phelps in 2018 found that increase the number of its advisers.
one fifth of firms expect to spend 10% of annual revenues For those considering reducing headcount, Soudah says
on compliance in 2023. It cannot be avoided – in part that they would maintain better levels of service at lower
because regulation requires it and in part so too does cost by taking the more difficult route of cutting 30% of
reputation. salaries rather than 30% of jobs.
“If you have scale and no compliance problems, or The inevitable impact on clients of reduced headcounts
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and the commoditization of service is going to make them
question what they are paying for, says Baer.
His counterparts at larger banks agree that value for
money is going to dominate conversations over the next
few years, because as Boris Collardi, the former head of
Julius Baer who joined Pictet as a partner last year, says:
“As the large managers got bigger, they didn’t necessarily
get better.”
Private banks are going to have to prove they add
value, says Victor Matarranz, head of Santander Wealth
Management. Santander is focusing on connecting its
corporate customers to its wealth management platform,
mimicking a merchant bank.
“We are a corporate bank in southern Europe, the
UK, Latin America and in the US – that can be a value
proposition for us if we can get the connectivity right with
wealth management,” he says.
More will likely follow suit. Entrepreneurs after all are
seen as the segment that will offer the most growth. There
is a reason merchant banks are popping up.
The trick is identifying segments where value can be
added for clients and matching that with profitability. A
2018 study of advisory firms by TD Ameritrade found the
median operating profit margin for target-focused firms
was 18% higher than others and the median annual client
growth was 35% greater.
Iqbal Khan, international head of wealth management
at Credit Suisse, says his firm is looking to segment clients
“As an industry we’ve stopped
based on what they are willing to pay. competitive hiring, and it’s clear
“Clients are only going to be willing to pay for quality that some of the larger firms will be
advice and they won’t be willing to pay for transactions at
all,” he says. “The transparency is now there for them to
reducing headcount in the next couple
make those value judgments.” of years. Our goal is to grow”
He highlights the $5 million to $30 million segment,
agreeing with Baer that these clients could be served
better, and adds that they could be a large revenue driver
Andy Sieg, Merrill Lynch Wealth Management
for banks that figure out how to do so efficiently.
Indeed, 40% of respondents to Euromoney’s survey
noted the $5 million to $30 million segment as offering the Khan mentions some specific initiatives the bank is
most growth for their firm. It makes sense. The upcoming working on to build revenues in this segment, ensuring
generational transfer of $30 trillion in wealth, for example, that relationship managers can focus either on ultra-high
is going to create wealthy clients predominantly in this net-worth clients or fully dedicate their time to this mid-tier
segment. segment, rather than having to cover both.
Wealth managers, however, just have not understood Credit Suisse also plans to further connect clients
how to make this segment work it seems. digitally.
“Banks are going to have to find an economic model “We introduced several initiatives in the $1 million to $5
that allows them to provide a high level of service to this million segment that worked to improve efficiencies and that
segment – and scale is going to help,” says Khan. The we can adapt more broadly across the bank,” Khan says.
growth potential is there. For other banks the $1 million to $5 million segment in
“This segment represents roughly a third of our clients’ domestic markets may be the preferred revenue route. They
assets,” he adds, “and last year we grew these assets by have left it late as digital advisory firms such as Betterment,
low single-digit percent, while growing the top segment by Nutmeg and Fineco have already captured market share,
double-digit percent. It will be one of our focus points for but several have introduced robo-advisory platforms of their
the next three to five years.” own. It will improve efficiency, freeing up advisers to target
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new clients and lightening the load of advisers serving the for their emergence.
segment above. “Large firms need their internal proprietary systems and
Almost half Euromoney’s survey respondents say that processes, small players don’t,” adds Zeltner.
adding clients will be their largest driver of profits for the Technology costs have come down so much that
year ahead. boutiques are no longer at a disadvantage.
Fleming at RCM says: “In 2005, it would have been hard
for us to think about doing what we’re doing – to be able to
Focusing on specific areas such as corporate banking, compete on platforms and processes with a large firm. Now
private deals and sustainable investing could also become you do not need scale to be competitive on technology.”
a value proposition for banks and enable them to compete Will these specialists take business away from the
with the specialists. UBS, for example, is regarded as a largest firms? One banker points out that Evercore started
leader in sustainable investing in wealth management and as a specialist and is now in the top 10 in the M&A league
is growing its offerings there. (UBS ranks first globally in tables. Another counters by saying there are many hedge
ESG in this year’s survey.) funds that launched and failed.
JPMorgan Private Bank has Morgan Private Ventures, However, Soudah points out that the emergence of
says Brian Carlin, chief executive of JPMorgan Wealth specialists could be an opportunity for large wealth
Management Solutions. It managers. If they are smart
serves 1,000 family offices and about developing business-to-
individuals that are qualified to “Wealth management is a scale consumer (B2C) offerings, they
be treated as quasi-institutional business. To survive, boutiques will could end up being service
investors; they get exclusive providers of choice to some
direct access to deals coming
need to have a premium pricing of these specialists, he says.
out of the firm’s alternative model, and the good ones will do Credit Suisse is setting up
investment partners and the that through exceptional service and a B2C business in Asia, for
investment bank. example.
Some large players
leading with lending products” And in Europe, Lombard Odier
are focusing on specific has a B2C technology offering.
geographies. Société Générale James Gorman, Morgan Stanley “We clone our own systems
Private Banking, for example, and can make them available
pulled out of Asia and has to other local and international
spent the last four years deepening its focus in France, partners,” says Patrick Odier, senior managing partner at
where it is now in 80 cities. the Swiss wealth manager. “There’s a lot of innovation that
“We refocused and redeployed – that was not an easy happens at established firms that could become a business
decision to make in such a growing market like Asia,” says – such as developing reg-tech functionalities and making
Jean-François Mazaud, who heads the business. “But if the them available to emerging players.”
market isn’t delivering value to you or your clients then it’s Working with family offices is the most obvious example
best to leave it to a partner that will.” of how banks have already managed to stay relevant to
The focus paid off he says, with “good profitability in the specialists. Blessing at UBS says the bank’s research
bank’s domestic market, even in a challenging year such shows family offices are actually increasing the number
as the last.” of banks they do business with as their families become
increasingly global.
It is the banks in the middle that stand to lose the most.
What does this mean for the competitive landscape And Société Générale’s Mazaud says the middle can be
in wealth management in the decade ahead? The long- defined as “not being there for any clear-cut reason.”
discussed barbell that has occurred in other financial Santander’s Matarranz agrees: “If you’re in the middle
industries may come about. with a plain vanilla proposition, it’s hard to see how you’ll
“It’s going to be the largest global wealth managers at survive.”
one end, and they’ll need to find the new efficiency curve Citi’s Charrington offers food for thought about the future.
to deliver their products and advice more cheaply and “I would think a lot of banks are going to fail in the next
in a more streamlined way,” says Zeltner. “The effect of decade, particularly those in the middle who racked up high
which will create room for boutiques and specialists where cost-to-income ratios going all in on Asia,” he says. “And
people will want more sophisticated advisers and deeper with high expense ratios, it will be hard to survive if you’re
relationships.” neither a good boutique nor a large bank.
Low barriers to entry afforded by third parties will allow After all, “these costs aren’t going anywhere but up.”
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Merchants Bank had 63 private banking centres and 66 wealth management given month.
centres in 70 cities at home and abroad, including offices in Hong Kong, New For our private banking clients, China Merchants Bank is a bridge between the
York, Los Angeles, Luxembourg and Singapore. The latest additions to our global mainland and the world. We are perfectly placed for any HNW or ultra-HNW
network include Sydney, added in 2018, and our inaugural London office, set to seeking to put their capital to work in China, and to make sense of the changing
open its doors to customers in 2019. These new private banking centres enable us regulatory landscape. And we are the ideal partner for our burgeoning roster of
to further expand our reach into Europe and Australasia. mainland clients as they continue to look to put their money to work overseas,
Still China’s number one
Our ability and willingness to adapt to new markets, and to continue to “Our ability and willingness to
adapt to new markets, and to
invest wisely in our core domestic market, is underpinned by our strong
financials. At the end of September 2018, China Merchants Bank’s private
bank boasted more than 72,000 clients – leveraged on our 100 million-plus
retail customers – with collective assets under management of Rmb2.05 continue to invest wisely in
trillion ($300 billion). That placed us ahead yet again of all of our domestic
our core domestic market,
is underpinned by
rivals, maintaining our status as China’s number one provider of high-end
wealth management services.
our strong financials”
CMB’s vertiginous rise, and the speed with which we have transformed
ourselves into a private bank with international reach and scale, was
encapsulated in Scorpio Partnership’s 2018 Global Private Banking
Benchmark report. The London-based strategy and research specialist
placed us 13th globally, gaining two places over the previous year thanks to a
22.6% rise in dollar-adjusted assets under management – a faster rate of AUM
growth than any financial institution named in Scorpio’s global top 25. That
puts China Merchants Bank ahead of many of the world’s leading providers of
private banking services – including HSBC, Deutsche Bank and Pictet – and on
track to surpass, in the near- to mid-term, the likes of UBS and Citigroup.
Marrying quality with scale
Where China Merchants Bank really stands out from the crowd is in the quality
of our private banking services, and our drive and determination to invest in
new types of technology and new forms of communication. We focus heavily
on improving our service capabilities as well as on customer management, To enrich your family’s long-term prosperity is our duty
seizing every opportunity to learn from the market and to improve ourselves
internally, with the aim of serving our clients to the best of our ability. • China Merchants Bank has 63 private banking centres in 70
Our fast-growing network allows us to provide our clients with a global cities including London, Shanghai, New York and Singapore.
perspective on their investments and portfolios, as they put their money to work
• CMB has more than 72,000 HNW and UHNW clients, with a
around the world. That ensures that we are in a perfect position to serve our
collective AUM of more than $300 billion.
clients at home and abroad, and to benefit from China’s vast private banking
opportunity. According to data from CMB and Bain Consulting, China is home • The bank is China’s leading provider of high-end wealth
• management services.
to $27 trillion in personal fortunes, including roughly $12.5 billion in cash and
deposits, which will combine to drive private banking sales and growth for years • CMB placed 13th in Scorpio Partnership’s 2018 Global Private
to come. Overall, AUMs at China’s private banks have surged by an average Banking Benchmark report, beating many of its global peers.
annual rate of 31% since 2012, compared to a mean of just 11% in other • China is home to $27 trillion in personal fortunes, including
Asian countries. $12.5 billion in cash and deposits.
• AUMs at China’s private banks are up by an average rate of
Bridging China with the world 31% since 2012.
China Merchants Bank remains committed to maintaining the very highestSPONSORED CONTENT
Celebrating 50 years Sponsored by
of private banking
KEB Hana Bank: Taking private banking in Korea to the next level
In the competitive world of Korean wealth management, no financial institution overall investment market, and was worth $900 million. But that is a number that
can compete with KEB Hana Bank. The Seoul-based lender is constantly thinking, will grow blindingly fast in the next few years. And, again, KEB Hana Bank is the
moving, planning and innovating, and has been doing so ever since it established market leader in terms of both action and thought, having recently published its
its thriving private banking division 25 years ago. inaugural 2018 “Korea Robo-Advisor Report”.
The standout thought-leader in its field, KEB Hana Bank’s annual “Korea
Wealth Report” is a mainstay of the market, avidly read by high- and ultra-high- A very human heart
net-worth individuals in the East Asian state and across the Korean diaspora. Like Yet the bank neatly marries this focus on high-end technology with a very human
Capgemini’s global “World Wealth desire to act as a friendly home for its
Report”, it is the gold standard, a many customers. KEB Hana’s Gold
crucial dispensary of knowledge Club, its elite VIP private banking divi-
and advice about one of the world’s sion, has spent much time and money
richest and fastest-growing private redesigning its physical branches, trans-
banking markets. forming them into convivial spaces that
encourage a form of ‘slow banking’
Good planning, that binds customer and brand together
new thinking more strongly.
KEB Hana Bank’s exceptionalism is Each Gold Club branch is different
a direct result of its ability to plan for in look and feel. Some might host wine
the long-term, and its willingness to bars or gourmet kitchens. One of
think outside the box. It was an early the VIP banking centres in Seoul has
Ham Young Joo KEB Hana Bank President CEO
and aggressive investor in technology, a space set aside for arts and crafts exhi-
introducing its first private banking bitions, while another has an in-house
robo-advisory service in 2013 and, in Additional data and factual points: bookstore and lending library. These
the years since, regularly upgrading innovations are part of a concerted
its systems and services. • KEB Hana Bank’s annual “Korea Wealth Report” is avidly effort to reconfigure how people
In 2017, KEB Hana launched read by HNW and UHNW customers across Korea. think about a bank: to show high-end
‘HAI Robo’, a third-generation customers that financial services and
• The bank is set to launch a new AI robo-advisory platform
robo-advisor that attracted 40,000 financial education can be part of
built on a deep-learning algorithm.
new customers in the first 11 months their everyday life, a place to kick
of operation and led to the opening • Its most aggressive robo-advisory services, targeted at back and relax, and to communicate
of 150,000 new fund accounts. Next, with relationship managers.
private banking customers, regularly beat the KOSPI
the bank aims to augment HAI Robo
index.
by introducing a fully interactive AI It’s a woman’s world
platform built on a deep-learning al- • Robo-advisory is on track to be worth $8 trillion globally Making private banking a ‘softer’
gorithm, which operates with limited by 2022, according to EY. and more human and rounded
human input. • KEB’s VIP Gold Club branches are places that foster ‘slow experience, even a more feminine
This is a seminal moment for pri- banking’, marrying service with culture. one, makes good sense. In Korea,
vate banking in Korea. HAI Robo is wealth management, from budgeting
• More than half of the bank’s private banking RMs are
taking wealth management in Korea female, reflecting the rising importance of women across to investing to balancing cheque-
to the next level, by offering HNW, the financial spectrum. books, has long been the preserve
UHNW and even mass affluent cus- of women. But in recent years, the
tomers a host of investment options number of female millionaires and
suited to their specific needs. At one billionaires has soared, as more wealth
end of the spectrum, in the year to is handed down to daughters, and
the end of March 2018, the bank’s as more women enter the workplace
boldest and most aggressive invest- and launch their own successful and
ment portfolios generated 12% higher thriving businesses.
return, in the form of clear profit, This is reflected in the rising
than the benchmark onshore KOSPI number of female relationship and
index. That is impressive in a world general managers employed by KEB
where too many investments and Hana Bank across its private banking
assets yield low-single-digit returns. division. The proportion of female
KEB Hana Bank’s constant Library KEB Hana Bank general managers at KEB Hana’s 25
innovation and re-investment in Gold Clubs jumped from 5.5% in
next-generation robo-advisory ser- 2015 to 21% in 2017, and is set to rise
vices is easy to understand. This is a sector that is on track to be worth $8 trillion further still. At the end of 2018, more than half of all private banking relation-
globally by 2022, according to forecasts from EY, up from $540 billion in 2017. At ship managers at KEB Hana Bank were female. KEB Hana Bank is again at the
the end of March 2018, robo-advisory services accounted for 0.07% of Korea’s forefront of thinking here, as it always is.Celebrating 50 years
of private banking
Santander Private Banking
For more than 160 years, Santander has adapted to the changes in the banking as private banking customers regardless of the country they operate in, with
sector and in society. The years to come promise to present them with even multiple advantages such as easier on-boarding when moving across countries,
greater challenges. among others.
Banco Santander has a sustainable growth model, whose mission is to help One of the key initiatives is the launch of “Private Wealth”, a specialized
people and businesses prosper, earning the trust and loyalty of customers, service designed for ultra-high-net-worth (UHNW) customers. This is a
shareholders and communities. strategic segment where Santander has the opportunity to offer this worldwide
Santander Private Banking aims to be a trusted partner for all its customers, connectivity, providing a full range of services with a central point of contact.
taking advantage of the group’s multiple strengths, its profound understanding “The reason why UHNW customers are so important is that these are normally
of the specific needs of clients and a global view that allows Santander to families that can make a great impact in their community. They are owners of
anticipate and adapt to new challenges. companies, they create a lot of jobs and a lot of wealth. And they need a single
During 2018, Santander Private Banking received multiple internationally point of contact where they can solve all these needs,” Matarranz says.
recognized awards as a market leader in Europe and Latin America. Private The creation of this specialized unit can offer them the full range of services
banking customers can take advantage of Santander’s local presence as one available from the bank, including access to services from its corporate and
of the top 5 players in 9 markets in Europe and the Americas. This position investment banking division, investment advisory, investments in venture capital
allows Santander to respond effectively at a local level while being able to offer alternative products and real estate advisory. In addition to these services, there
customers many products and services that purely global players cannot. is also a concierge service that facilitates attendance or participation in exclusive
events. All this is coordinated by a single point of contact who deals with the
Global coverage for global clients global situation of the customer and knows their needs and concerns, the
To tap this potential, a year ago Santander announced a new Wealth private banker.
Management Division, led by Victor Matarranz, which integrates all private
banking and asset management activities around the world, with more than Technology at the heart of private banking
€329 in assets under management globally. Synergies and opportunities were Private bankers are at the heart of the business. They are dedicated to
identified and a new framework of collaboration was implemented, not only understanding and serving customers. To support the private banker, Santander
between the private banking and asset management businesses but also among Private Banking has developed IT capabilities that help provide a better
countries and other divisions of the bank, such as Santander Corporate & service to the client. They have developed them partly in-house and partly
Investment Banking (SCIB). through partnering with third parties. This tool for bankers, that Santander
Under this global multi-local model, more than 174,000 Santander Private calls Spirit, allows bankers to visit customers and service them remotely with
Banking customers now have a new value proposition. They are recognized iPads. For some segments, it also includes a robo-advisor that supports theSPONSORED CONTENT
Sponsored by
investment managers to offer the best options. These digital
Euromoney Private Banking &
developments aim to enhance what the advisors do every ESG/Social Impact Investing
Wealth Management Survey 2019 By Country Portugal
day, to deeply engage clients, and to introduce advanced
highlights By Region Latin America
capabilities around advisory and portfolio construction. They
By Country Brazil
are now available in most of the markets where Santander Best Private Banking Services Overall
By Country Chile
is active and the intention is to continue improving the By Country Spain By Country Mexico
capabilities in these markets while they advance in the By Country Portugal
remainder during 2019 and 2020. By Region Latin America International Clients
Also during 2019, Santander Private Banking clients will By Country Spain
By Country Argentina
see the introduction of a series of exciting enhancements to By Country Portugal
By Country Chile By Region Latin America
the web-client experience in Miami, Geneva and Mexico.
By Country Mexico By Country Chile
These developments will be available through their existing
By Country Mexico
Santander online banking and private banking ‘App’.
Net-worth-specific services, Ultra High Net Worth
Customers will have seamless access to a holistic view of their clients (Greater than US$ 30 million) Asset Management
solutions and investment holdings within Santander Private By Country Spain By Country Spain
Bank. The experience will also deliver industry and market By Country Portugal By Country Portugal
news, the Santander market outlook, modelling tools for their By Region Latin America By Region Latin America
portfolios and a secure ‘Banker-Customer chat’ feature. By Country Chile By Country Chile
By Country Mexico By Country Mexico
Services: Addressing the
Technology Family Office Services
client’s needs in a holistic way
By Country Spain By Country Spain
With the support of the entire group, the Santander Private
By Country Portugal By Country Portugal
Banking team of specialists provide their clients with exclusive By Region Latin America
By Region Latin America
services, which include wealth planning, the best financial By Country Chile
By Country Chile
solutions at a personal and corporate level, corporate finance By Country Mexico By Country Mexico
and value-added services such as advisory for the next
generation.
Through the Santander Private
Banking Business School and
“The goal of Santander is to become the best
Santander Universidades, customers
can have direct contact with in-field
experts within universities that can
support younger family members in
wealth manager in Europe and the Americas,
their career planning. with state-of-the art digital tools and systems, in a
Private banking clients also have sustainable way and constantly evolving the product
and service proposition for its clients.”
available all the investment solutions
provided by Santander Asset
Management, including traditional
and alternative products to optimize
risk/return ratios and portfolios.
Their productis built on open banking strategy. Santander wants to develop partnerships with clients,
architecture and partnerships with third-party distributors. This is key to their families and future generations, fulfilling their collective and individual
enhancing the quality of the advisory services provided to clients. aspirations with a sense of responsibility, diligence and consistency while
integrating environmental, social and governance factors in processes and
The future investment opportunities. This is part of the Santander way and they want to
The goal of Santander is to become the best wealth manager in Europe and the make it core to their strategy.
Americas, with state-of-the art digital tools and systems, in a sustainable way and “Wealth management is today a key area of focus for Santander, contributing
constantly evolving the product and service proposition for its clients. more than 10% to group profit, and we want to increase this contribution in a
On top of this, 2019 will see them working on a new responsible private sustainable and responsible way”, Matarranz concludes.Private banking survey – global results Best overall Super affluent 4 4 BNP Paribas 2019 2018 ($1mln-$5mln) 5 Santander 1 1 UBS 1 1 UBS 6 5 Pictet 2 3 Credit Suisse 2 2 BNP Paribas 7 7 Citi 3 2 JPMorgan 3 5 Credit Suisse 8 Julius Baer 4 7 BNP Paribas 4 4 Citi 9 6 HSBC 5 5 Citi 5 7 Santander 10 8 ABN Amro 6 11 Santander 6 6 Julius Baer ESG/Social impact investing 7 4 Julius Baer 7 3 HSBC 1 1 UBS 8 6 Pictet 8 UniCredit 2 2 Credit Suisse 9 9 Goldman Sachs 9 Barclays 3 3 JPMorgan 10 8 HSBC 10 8 ABN Amro 4 5 BNP Paribas 11 12 Deutsche Bank Asset management 5 Santander 12 10 ABN Amro 1 1 BlackRock 6 6 Pictet 13 20 UniCredit 2 2 JPMorgan 7 7 Citi 14 14 Barclays 3 3 UBS 8 Julius Baer 15 Raiffeisen Bank International 4 6 Credit Suisse 9 9 ABN Amro 16 BBVA 5 10 BNP Paribas 10 4 HSBC 17 15 Rothschild 6 5 Pictet International clients 18= Erste Bank 7 Santander 1 1 UBS 18= Morgan Stanley 8 9 Goldman Sachs 2 5 Credit Suisse 20 21 Société Générale 9 8 Deutsche Bank 3 4 JPMorgan 21 Banco Portugues de Investimento 10 Aberdeen Standard Investments 4 3 Citi (BPI) Family office services 5 Santander 22 18 Intesa Sanpaolo 1 2 Credit Suisse 6 7 BNP Paribas 23 24 Banco Itaú 2 1 UBS 7 2 HSBC 24 Nordea 3 3 JPMorgan 8 8 Goldman Sachs 25 DBS 4 Santander 9 BBVA UHNW (>$30mln) 5 BNP Paribas 10 Pictet 1 1 UBS 6 4 Pictet Succession planning advice 2 3 Credit Suisse 7 10 Citi and trusts 3 2 JPMorgan 8 6 Julius Baer 1 1 UBS 4 4 Goldman Sachs 9 7 Goldman Sachs 2 2 Credit Suisse 5 5 Citi 10 9 HSBC 3 3 JPMorgan 6 8 BNP Paribas Research and 4 8 BNP Paribas 7 6 Pictet asset allocation advice 5 Santander 8 Santander 1 2 JPMorgan 6 5 Citi 9 7 Julius Baer 2 1 UBS 7 4 HSBC 10 Deutsche Bank 3 3 Credit Suisse 8 6 Pictet HNW($5mln-$30mln) 4 4 Goldman Sachs 9 7 Julius Baer 1 1 UBS 5 5 Citi 10 Barclays 2 2 Credit Suisse 6 8 BNP Paribas Technology 3 6 BNP Paribas 7 4 Morgan Stanley 1 1 UBS 4 3 Julius Baer 8 Santander 2 2 Credit Suisse 5 7 Citi 9 6 Deutsche Bank 3 3 JPMorgan 6 4 JPMorgan 10 Julius Baer 4 4 Citi 7 10 Santander Philanthropic advice 5 5 BNP Paribas 8 8 Pictet 1 1 UBS 6 Santander 9 9 Deutsche Bank 2 2 Credit Suisse 7 6 HSBC 10 5 HSBC 3 3 JPMorgan 8 7 Goldman Sachs
Private banking survey – regional results
BY REGION 5 4 Standard Chartered International clients
Africa 6 1 UBS 1 3 Absa (Barclays)
Best overall 7= 3 JPMorgan 2 FNB Private Wealth
2019 2018 7= Nedbank Private Wealth 3 4 Standard Bank
1 2 Absa (Barclays) 9 BlackRock 4 7 Credit Suisse
2 5 Investec 10= RMB Private Bank 5 8 Investec
3 3 Standard Bank 10= Standard Bank 6= 5 Citi
4= 10 Nedbank Private Wealth Family office services 6= Schroders
4= RMB Private Bank 1= 3 Stonehage Fleming 8= JPMorgan
6 FNB Private Wealth 1= 2 Absa (Barclays) 8= RMB Private Bank
7 4 Standard Chartered 3 4 Credit Suisse 8= 2 UBS
8 8 Credit Suisse 4 JPMorgan Succession planning advice
9 Old Mutual Wealth 5= 6 Pictet and trusts
10 1 UBS 5= Standard Bank 1 4 Absa (Barclays)
UHNW (>$30mln) 7 Deutsche Bank 2 8 Stonehage Fleming
1 2 Absa (Barclays) 8 5 Citi 3 Maitland
2 7 Investec 9= 2PM Group 4 FNB Private Wealth
3= Credit Suisse 9= RMB Private Bank 5 3 Standard Bank
3= JPMorgan Research and 6 7 Credit Suisse
5 FNB Private Wealth asset allocation advice 7 1 UBS
6 RMB Private Bank 1 3 Absa (Barclays) 8 Sanlam Private Investments (SPI)
7= Citadel 2 6 Standard Bank 9= Investec
7= Deutsche Bank 3 2 JPMorgan 9= 2 Standard Chartered
7= 3 Standard Bank 4= 7 Citi Technology
10 Nedbank Private Wealth 4= 5 Credit Suisse 1 3 Absa (Barclays)
HNW($5mln-$30mln) 6 4 Standard Chartered 2 6 FNB Private Wealth
1 2 Absa (Barclays) 7= Coronation Fund Managers 3 2 Standard Bank
2 RMB Private Bank 7= 8 Investec 4 Credit Suisse
3 6 Investec 7= 1 UBS 5 7 Investec
4 FNB Private Wealth 10= Deutsche Bank 6= 8 Citi
5= Nedbank Private Wealth 10= RMB Private Bank 6= Schroders
5= 4 Standard Bank Philanthropic advice 8= 5 JPMorgan
7 7 Credit Suisse 1 2 Absa (Barclays) 8= RMB Private Bank
8 3 Standard Chartered 2 6 Credit Suisse 8= 1 UBS
9 1 UBS 3= 5 Nedbank Private Wealth Asia Pacific
10 Citi 3= Sanlam Private Investments (SPI) Best overall
Super affluent 5 4 Standard Bank 1 2 Credit Suisse
($1mln-$5mln) 6= 8 JPMorgan 2 1 UBS
1 1 Absa (Barclays) 6= LGT 3 3 Citi
2 4 Standard Chartered 6= Stonehage Fleming 4 10 BNP Paribas
3 Nedbank Private Wealth 9= FNB Private Wealth 5 5 HSBC
4 5 Investec 9= 1 UBS 6 DBS
5= FNB Private Wealth ESG/Social impact investing 7 7 Julius Baer
5= RMB Private Bank 1 4 UBS 8 JPMorgan
7 2 Standard Bank 2= Credit Suisse 9 9 Maybank
8= Citi 2= 1 Absa (Barclays) 10 Bank of Singapore
8= 8 Credit Suisse 4 2 Standard Bank UHNW (>$30mln)
8= 6 Julius Baer 5 Nedbank Private Wealth 1 2 Credit Suisse
8= State Bank of Mauritius 6 FNB Private Wealth 2 1 UBS
Asset management 7 5 Pictet 3 3 Citi
1 Investec 8= JPMorgan 4 8 BNP Paribas
2 9 Coronation Fund Managers 8= 3 Standard Chartered 5 4 JPMorgan
3 5 Allan Gray 10 RMB Private Bank 6 5 Goldman Sachs
4 2 Absa (Barclays) 7 HSBC
8 9 Julius Baer
54 February 2019 www.euromoney.comSubscribers get to see the full private banking results
@euromoney.com
9 KEB Hana Bank 6 Morgan Stanley 3 7 Credit Suisse
10 Shinhan Bank 7 8 HSBC 4 5 DBS
HNW($5mln-$30mln) 8 4 Goldman Sachs 5 BNP Paribas
1 3 Citi 9 DBS 6 6 HSBC
2 2 Credit Suisse 10= 9 KEB Hana Bank 7 8 KEB Hana Bank
3 1 UBS 10= Julius Baer 8 9 JPMorgan
4 8 BNP Paribas Philanthropic advice 9 Maybank
5 HSBC 1 2 Credit Suisse 10 Kiwoom Securities
6 DBS 2 1 UBS Central & eastern Europe
7 9 Julius Baer 3 BNP Paribas Best overall
8 Bank of Singapore 4 4 Citi 1 6 Raiffeisen Bank International
9 10 KEB Hana Bank 5 5 HSBC 2 UniCredit
10 9 Mitsubishi UFJ 6 6 JPMorgan 3 Erste Bank
Morgan Stanley PB Securities 7 7 KEB Hana Bank 4 2 Credit Suisse
Super affluent 8 Kookmin Bank 5= Bank of Cyprus
($1mln-$5mln) 9 CTBC Bank 5= Société Générale
1 1 Citi 10 Julius Baer 7= Eurobank
2 7 UBS ESG/Social impact investing 7= Intesa Sanpaolo
3 3 DBS 1 1 UBS 9 CSOB (KBC)
4 HSBC 2 10 BNP Paribas 10= 1 UBS
5 6 Bank of Singapore 3 5 Citi 10= 5 BNP Paribas
6 BNP Paribas 4 3 Credit Suisse UHNW (>$30mln)
7 Credit Suisse 5 JPMorgan 1 UniCredit
8= Maybank 6 4 HSBC 2 1 UBS
8= Julius Baer 7 7 KEB Hana Bank 3 2 Credit Suisse
10 10 KEB Hana Bank 8 Julius Baer 4 Raiffeisen Bank International
Asset management 9= Kookmin Bank 5 Erste Bank
1 2 BlackRock 9= Standard Chartered 6 6 BNP Paribas
2 5 UBS International clients 7= 8 Bank of Cyprus
3 BNP Paribas 1 1 Citi 7= KBC
4= 9 Fidelity Investments 2 3 UBS 9 Société Générale
4= 4 JPMorgan 3 4 Credit Suisse 10 Rothschild
6 Citi 4 DBS HNW($5mln-$30mln)
7 6 Pimco 5 BNP Paribas 1 UniCredit
8 1 Aberdeen Standard Investments 6 2 HSBC 2 5 Raiffeisen Bank International
9 Credit Suisse 7 7 KEB Hana Bank 3 Erste Bank
10 8 KEB Hana Bank 8 8 JPMorgan 4 Société Générale
Family office services 9 Maybank 5 Intesa Sanpaolo
1 2 Credit Suisse 10 Kiwoom Securities 6 8 Bank of Cyprus
2 1 UBS Succession planning advice 7 BNP Paribas
3 BNP Paribas and trusts 8= 1 Credit Suisse
4 8 Citi 1 1 UBS 8= 3 UBS
5 HSBC 2 3 Credit Suisse 10 Julius Baer
6 6 JPMorgan 3 2 HSBC Super affluent
7 9 Julius Baer 4= BNP Paribas ($1mln-$5mln)
8 7 KEB Hana Bank 4= 7 Citi 1 UniCredit
9 Woori Bank 6 6 JPMorgan 2 1 Raiffeisen Bank International
10 CTBC Bank 7 9 Julius Baer 3 Erste Bank
Research and 8 8 KEB Hana Bank 4 Intesa Sanpaolo
asset allocation advice 9 Kookmin Bank 5 10 BNP Paribas
1 2 Citi 10= CTBC Bank 6 Bank of Cyprus
2 1 UBS 10= IIFL Private Wealth Management 7 Société Générale
3 6 Credit Suisse Technology 8= CSOB (KBC)
4 3 JPMorgan 1 1 Citi 8= 7 UBS
5 BNP Paribas 2 2 UBS 10 EurobankYou can also read
