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Article Excerpt
The judges
Yuri Bender, editor-in-chief, Professional Wealth Management magazine, London.
Shelby du Pasquier, co-head of the banking and finance group at Lenz & Staehelin, Switzerland.
Seb Dovey, partner at Scorpio Partnership in London.
Simeon Fowler, CEO of Fox Partnership, Singapore.
Alois Pirker, research director for wealth management at Boston-based Aite Group.
Amin Rajan, CEO of London-based Create-Research.
Ray Soudah, founder of MilleniumAssociates in Switzerland.
Award winners
Best Private Bank in Asia
Winner: HSBC
Highly Commended: Credit Suisse
Shortlisted: Barclays Wealth, DBS
Best Private Bank in the Middle East
Winner: HSBC
Highly Commended: Barclays Wealth, Blominvest
Best Private Bank in North America
Winner: Northern Trust
Highly Commended: JPMorgan
Shortlisted: Credit Suisse, BNY Mellon WM
Best Private Bank in Europe/Switzerland
Winner: Pictet
Highly Commended: Julius Baer, Credit Suisse
Best Global Private Bank
Winner: HSBC
Highly Commended: Credit Suisse, Julius Baer
Best Private Bank for Portfolio Management
Winner: Sarasin
Highly Commended: Credit Suisse, JPMorgan
Best Private Bank for Innovation
Winner: Sarasin
Highly Commended: Rathbones
Shortlisted: Berenberg, Blominvest, Iveagh
Best Alternatives Provider
Winner: Man Group
Best Structured Product Provider
Winner: HSBC
Best Global Custody Provider
Winner: Clearstream
Best External Fund Manager
Winner: BlackRock
Highly Commended: JPMorgan
Best Strategy for Growth
Winner: Julius Baer
Highly Commended: DBS, Pictet
Shortlisted: Blominvest
Private Banking Personality of the Year
Winner: Remy Best, Pictet
Shortlisted: Peter Flavel, Standard Chartered.
Alfredo Gysi, BSI.
Walter Bertchtold, Credit Suisse.
Best Leadership Team in Global Private Banking with Quantitative Analysis by Scorpio Partnership
Winner: Barclays Wealth
Highly Commended: BNY Mellon WM, Northern Trust
PWM/The Banker's inaugural Private Banking Awards were established with the aim of provoking a move to greater transparency and accountability in a growing global wealth management industry, which sees itself increasingly under the gaze of national and supra-national regulators. We also felt it was time to properly reward institutions which are doing their best for the private client.
Our researchers contacted 350 private banking and wealth management institutions in Europe, North America, Asia and the Middle East over a three-month period to request their detailed submissions. Latin America was also recognised as a vital area of private banking expansion and is likely to be featured in 2010.
The panel of judges included two of the best-known global consultants in private banking, the leading asset management integration adviser, Asia's key wealth management recruitment specialist, an expert on challenges facing the American financial services industry and a partner of one of Geneva's best placed law firms. Together, they are familiar with all aspects of the private banking industry and have worked with groups both large and small in every sector and every geographical region.
Firstly, the judges examined quantitative data supplied by the entrants. This included three years worth of figures detailing capital adequacy requirements, clients' assets under management, asset flows, net profits, cost-to-income ratios and adviser-to-client ratios.
Following this, submissions on portfolio management, innovation, client communication, technology, use of third-party products, fee structures and performance were all compared. The judges also looked at the various groups' due diligence processes and in particular how they reacted to the Madoff fraud.
After the shortlists had been drawn up by the judges, they were keenly debated and then the panel voted on the winners. The quantitative data supplied was verified by Scorpio Partnership, which also used a proprietary formula to compute - with a series of key performance indicators - which private bank had been most effectively managed by its leadership team. The winner in this key category was Barclays Wealth.
The institutions entering the awards were also asked to nominate their best and most trusted third-party providers for hedge funds and other alternatives, structured products, fund management and global custody. Man Group was by far and away the private bankers' favourite alternatives provider. BlackRock and JPMorgan were almost inseparable, with both having built up an excellent reputation as fund providers, and the judges voted by the narrowest of margins in favour of BlackRock in a tie-breaker.
Varied offerings
It soon became apparent during the judges' meetings however, that the offerings of the various institutions varied hugely. Some were more concerned with selling products, others with asset allocation and a select few highlighted customer service.
Some clear leaders quickly emerged. While global brands with strong local representation were winners - HSBC as the standout bank among the entrants performed extremely well in this screening process - a second tier, including Swiss banks Pictet, Julius Baer and Sarasin, also created a strong impression. Sarasin was particularly lauded by the panel for its unique commitment among private banks to socially responsible and sustainable investing. It took the honours in both the Portfolio Management and Innovation awards. What these institutions may have lacked in penetration of numerous markets, they made up for in solidity, customer service...
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