Celebrating Central & 50 years Eastern of private …...In Euromoney’s 2019 annual private banking...

PRIVATE BANKING

Central & Eastern Europe 2019Overview

of private banking

Celebrating 50 years

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2019 PRIVATE BANKING

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2019private banking

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

Wealth management The Next Generation

Make no mistake, the familiar landscape of the wealth management industry is about to undergo a seismic shift. And when the revolution comes, it will be led by some

familiar faces.In New York, former Morgan Stanley wealth management

head Greg Fleming, now chief executive and co-owner of Rockefeller Capital Management, has a new brokerage licence and is also building strategic advisory.

In Switzerland, Michael Baer, scion of a family synonymous with private banking, is getting ready to open the doors at his new merchant bank.

Marc Syz, son of the founder of one of the most 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.

Jürg Zeltner, the man behind UBS’s stranglehold on global wealth management in the decade since the financial crisis, is starting a new venture – rumoured to be a boutique.

Sallie Krawcheck, who ran both Smith Barney and Bank of America’s wealth management operations, is making waves and attracting assets at Ellevest, which she set up five years ago.

Alongside these new focused and nimble entities, family offices are increasing, multifamily offices are expanding and specialist wealth managers are emerging to serve specific segments such as impact investors, women, or even clients that want the autonomy and low fees of a digital adviser.

Industry executives are quick to draw a comparison with other financial services sectors. Over the last decade, a slew of senior investment banking executives has bid

farewell to their respective houses to launch their own boutique advisories and fintech businesses. Before them, hedge fund managers had spun out of asset management firms and investment banks.

It is now the turn of the wealth management industry to have its reinvention, insiders say. For a decade, there have been predictions of a barbell industry of large scale players offering breadth and global reach, and specialized firms at the other end that go deeper for fewer clients. Now that a perfect storm of cost and revenue pressures, technology, transparency and client demographics has occurred in the wealth management industry, those predictions look like they are finally coming to pass.

“We grew up as bankers in a different world of banking,” says Baer, speaking for many of his peers. As the great-grandson of Julius Baer and former head of the bank Julius Baer started, he has earned the ability to make such a claim.

It was simple, he continues, the job of a banker was to listen to a client, solve their problems and express that solution in financial terms.

“If you go all the way back to the Warburgs and Rothschilds, or look at the history of JPMorgan or Credit Suisse, you’ll find banks were set up to serve one entrepreneur and then added relatively few clients. They focused on helping them build their wealth and manage the business finances in addition to their personal finances. It’s the definition of a merchant bank.”

Baer is now going to join them with the launch of MBaer Merchant Bank in April. In a world of increased regulatory costs for banks, it could be seen as a bold move. Indeed, it

By: Helen Avery Illustration: Neil Edwards

In illustration (left to right): Greg Fleming, Michael Baer, Sallie Krawcheck, Jürg Zeltner and Marc Syz

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is the first merchant bank to be opened in Switzerland in some 30 years.

But Baer sees the need for an alternative proposition. “Banking hasn’t been great since the early 1990s,”

he says, pointing the finger somewhat at the influence of consultants. “Their talk of scale and mass and bigger balance sheets and higher returns and segmenting

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 understanding their business, so that you can offer them advice be it on a next-gen issue or advice about the business and trade finance.”

Greg Fleming has also thrown his hat – together with his 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 president of both Morgan Stanley Wealth Management and Merrill Lynch.

Fleming teamed up with the Rockefeller family and the private equity arm of Viking Global Investors to buy Rock & Co multifamily office last year. Now with a broker-dealer licence, he is building the newly rebranded Rockefeller Capital Management, not just as a multifamily office but also a high-end advisory brokerage business and a strategic adviser – essentially a merchant bank.

The opportunity, he says, in addition to the brand quality of Rockefeller, is that “it’s harder for large firms to efficiently connect their high-end clients across both strategic advisory and wealth management, or to bring intellectual capital to bear. At a smaller firm, we can have the focus to do that.”

Through the acquisition of financial advisory teams, a family office or two, and a boat-load of intellectual capital, Fleming thinks he will increase assets under management (AuM) from $18 billion to $30 billion this year, with a soft, five-year target of $100 billion.

“AuM is not the key here though,” he says, “it’s about bringing the best service and products to high-end clients.”

Typically those with assets above $25 million, he clarifies. Syz also believes that as wealth management has

trended towards fewer and larger service providers, an opportunity has arisen for specialist wealth management firms to emerge. He is co-running the newly created Syz Capital, which brings entrepreneurial clients and families

“You cannot risk not being on top of your compliance and ethics because to put issues right today is very, very

big money”

Peter Charrington, Citi Private Bank

0

10

20

30

40

50

60

70

80

90

2019

2018

2017

2016

2015

Higher

SameLower

%

Compared with the previous year, wealth managers expect revenues to be

Source: Euromoney survey

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2019private banking

together to access private market investments and solutions for their own businesses.

“Wealthy families and individuals can gain access to the largest private equity and hedge funds through feeder funds at the large wealth managers,” he says. “Or if they want to go into a deal directly with the likes of Carlyle or Blackstone, they will need $10 million to $25 million minimum investments. But in both cases, they’re investing in large investments with institutional-type risks and returns.

“Gone are the opportunities to invest directly in a business venture with a few other entrepreneurs and families with complimentary expertise to really create value.”

And this is precisely what Syz Capital intends to provide. In essence, clients are on the hunt for a new type of

service. That explains the 10% rise in assets at multifamily offices last year and the growth in single family offices.

At the same time, after waves of consolidation in the mid to late 2000s, the largest wealth managers are becoming bigger still. The top 10 wealth managers by AuM oversaw $12.38 trillion at the end of 2017, according to Scorpio Partnership.

The top three – UBS, Morgan Stanley and Bank of America Merrill Lynch – held more than half of that, some $6.8 trillion between them. That makes them enormous.

BAML has around 17,500 advisers, Morgan Stanley more than 15,500 and UBS just under 10,700.

And there is room to grow. The latest world wealth report from Capgemini showed high net-worth wealth (above $1 million in investable assets) to have surpassed $70 trillion globally in 2017. That number is on course to exceed $100 trillion by 2025, making the $6.8 trillion at the top three managers seem just a drop in the ocean.

The largest wealth managers argue that there are factors that mean a successful future for those with scale. Size affords a global footprint, for example.

Tom Naratil, co-head of UBS Wealth Management points to the data.

“Over 65% of those with $5 million and above have lived or worked in another country for at least three years, or have owned real estate or a stake in a business in another country,” he says. “And the trend towards wealth becoming more global is just increasing. Some 80% of wealthy business owners aged 21 to 34 have global businesses, versus 35% of the over 65-year-old business owners of today. With wealth creation growing at twice GDP, there will be new entrants poking around the edges, but the demographics point to global footprint being crucial – and that requires scale.”

The global nature of markets, he adds, also requires firms with global expertise.

“The next decade is going to be more complex and clients will require more advice,” he says. “Global trade

economics, the political environment and pace of change is cause for concern for clients, and they need guidance. It highlights the necessity of having a global footprint and reinforces the need not to be international – which a lot of firms are – but actually to be global, onshore in every region.”

The boutiques and specialists cannot claim to be plugged in globally to the same extent, but they can counter that they can go deeper into one segment, whether that is a specific geography, style or client sector.

Lending also seems an obvious possibility for boutiques, says James Gorman, chief executive of Morgan Stanley, although he is clear that scale is the only game in wealth.

“Wealth management is a scale business, so to survive boutiques will need to have a premium pricing model, and the good ones will do that through exceptional service and leading with lending products,” he says.

Exceptional service requires talent, however, and larger banks will argue that scale attracts talent – that the best advisers want to know they are working for a bank that has

The rise of the family office

In Euromoney’s 2019 annual private banking and wealth management survey, the popularity of multifamily offices (MFO) is clearly shown.

Northwood Family Office, a Canadian MFO ranks first for best private banking services in Canada, above RBC Wealth Management. In North America, it ranks sixth alongside scale players such as Morgan Stanley.

In just five years, Northwood has more than doubled its clients, staff and total client net worth, and now manages over C$4 billion ($3 billion).

“Families of wealth are increasingly looking for holistic management of their affairs, the personalized service of a boutique firm and the impartiality and objectivity of an independent adviser that doesn’t sell products,” says the firm’s chief executive, Tom McCullough.

Northwood provides global access to its client families through its membership in the Wigmore Association, an international alliance of independent family offices.

New MFOs are also emerging out of the big wealth managers, like Frank Ghali, who oversaw $10 billion in client assets at Goldman Sachs before leaving to set up his multifamily office Jordan Park in 2017.

Another who knows the appeal of multifamily offices is Rob Elliott. He joined Bessemer Trust when it was managing $1 billion for the Phipps family in 1975 and was charged with opening the doors to other families. By the time as senior adviser in 2014, the firm served 2,500 clients and had $65 billion in assets under management.

“The MFO is really the best alignment you can have with your adviser: knowing that the firm is exclusively focused on handling a small number of very substantial families,” he says.

Today he sits on the board of Market Street Trust Company, a family office co-op that pools costs to keep them low, while maintaining its exclusive focus. All profits are reinvested.

Single family offices have also become more popular in recent years. According to research from UBS and Campden Research, 37% of family offices (of those 311 surveyed) have been formed since 2010.

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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.

Indeed, he has already hired two teams out of UBS in Atlanta that managed a combined $2.2 billion for their former employer, and persuaded Chris Randazzo to leave his role as the chief information officer for Morgan Stanley’s global wealth and investment management business to run Rockefeller Capital Management’s technology.

Syz makes the point that working closely alongside other families brings an expertise that larger firms even with specialist teams cannot replicate.

“When it comes to investing, it’s beneficial to have people working with you that bring generations of experience with

“With wealth creation growing at twice GDP, there will be new

entrants poking around the edges, but the demographics point to global

footprint being crucial – and that requires scale”

Tom Naratil, UBS Wealth Management

Mass affluent

26%

HNW

40%

UHNW

26%

Mega wealthy

8%Addingclients

Cost cutting

Cross-selling

Fee changes

Increasingengagement with clients

Use oftechnology

Other

49%

22%

12%

7%5%

4%1%

Which wealth segment offers the most growth for your firm in the year ahead?1,500 wealth managers

What will be your firm’s largest sources of profit in 2019?1,500 wealth managers

Source: Euromoney surveySource: Euromoney survey

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them” he says. The case for brand being key to success can also swing

both ways. As Gorman points out, for the scale players: “If clients

see a physical presence, they know it’s a brand that has been around a long time and it gives them comfort if markets become choppy.”

One banker argues that brand can get you through reputational blows that small firms just would not be able to handle. However, the specialists counter that their high-touch model, deep relationships and less risk of reputational blows, offers the comfort clients want.

What is driving the arrival of the specialists? Revenue pressure and a need to decrease costs are putting larger managers at risk of becoming commoditized offerings and creating potential employee and client dissatisfaction.

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 16.4% by 2025.

Revenues as a percentage of AuM also declined by 10.4% between 2012 and 2017 and are expected to decrease by 22.4% by 2025. That means wealth managers need to increase their AuM at a faster rate than they have been doing in order to keep revenues growing. As the bull market comes to an end, an AuM boost from market gains cannot be relied upon, which leaves acquisitions as the only option left. The problem is no one is selling – yet.

Ray Soudah is chief executive and founder of MilleniumAssociates in Switzerland, which advises on M&A in the global wealth management sector. In his firm’s survey of wealth managers at the end of last year, he says none said they wanted to be sold: “The appetite to acquire is there, but the targets just aren’t right now.”

Indeed, acquisitions have been relatively small. BNP Paribas Wealth Management recently bought ABN Amro’s Luxembourg business and Raiffeisen’s Polish business, points out co-chief executive of the business, Sofia Merlo.

Martin Blessing, co-head at UBS Global Wealth Management, mentions his firm’s acquisition of Nordea’s Luxembourg private banking business.

Soudah thinks that profitability challenges will eventually come to a head, resulting in some large mergers in the next decade.

“The banks are now well capitalized, but with cost-income ratios averaging around 75%, there is little revenue

“If you go all the way back to the Warburgs and Rothschilds, or look

at the history of JPMorgan or Credit Suisse, you’ll find banks were set up to serve one entrepreneur and then

added relatively few clients”

Michael Baer, MBaer Merchant Bank

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cushion,” he says. “I look at Julius Baer, Lombard Odier, Vontobel, Deutsche PWM, Pictet, UBP, Safra, EFG… we could see some long-standing names join forces or be bought up by the largest wealth managers.”

That is not going to happen until the prices are right. Naratil says building partnerships to improve product

distribution may be more palatable for the larger firms at the moment.

On the other side of the equation, costs have increased. It is largely the result of compliance. Some 57% of

Euromoney’s survey respondents say they are investing more in compliance in 2019 than 2018. And a survey of senior staff at asset managers, brokers and banks by professional services firm Duff & Phelps in 2018 found that one fifth of firms expect to spend 10% of annual revenues on compliance in 2023. It cannot be avoided – in part because regulation requires it and in part so too does reputation.

“If you have scale and no compliance problems, or

you have focus and no compliance problems, you stand a chance,” says Citi’s Charrington. “You cannot risk not being on top of your compliance and ethics because to put issues right today is very, very big money.”

Baer says he has seen the back to front office ratio at about seven to one in many large firms – it is worse for firms with legacy businesses.

“Some banks have clients who were onboarded in the 1970s and 1980s who might not meet today’s 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 years. Yet 59% of Euromoney’s survey respondents say they intend to increase the number of advisers in 2019.

“They all say that,” says Soudah. “But if you keep an eye on the numbers in the earnings, you’ll see.”

Andy Sieg, head of Merrill Lynch Wealth Management, expects to continue to grow the advisor workforce over the next few years by leveraging Bank of America’s global training and development programmes, rather than recruiting from other firms.

“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 is to grow.”

Sieg says Merrill is recruiting from internal employees to increase the number of its advisers.

For those considering reducing headcount, Soudah says that they would maintain better levels of service at lower cost by taking the more difficult route of cutting 30% of salaries rather than 30% of jobs.

The inevitable impact on clients of reduced headcounts

“Clients are only going to be willing to pay for quality advice and they

won’t be willing to pay for transactions at all. The transparency is now

there for them to make those value judgments”

Iqbal Khan, Credit Suisse

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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 based on what they are willing to pay.

“Clients are only going to be willing to pay for quality advice and they won’t be willing to pay for transactions at all,” he says. “The transparency is now there for them to make those value judgments.”

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 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 most growth for their firm. It makes sense. The upcoming generational transfer of $30 trillion in wealth, for example, is going to create wealthy clients predominantly in this segment.

Wealth managers, however, just have not understood how to make this segment work it seems.

“Banks are going to have to find an economic model that allows them to provide a high level of service to this segment – and scale is going to help,” says Khan. The growth potential is there.

“This segment represents roughly a third of our clients’ assets,” he adds, “and last year we grew these assets by low single-digit percent, while growing the top segment by double-digit percent. It will be one of our focus points for the next three to five years.”

Khan mentions some specific initiatives the bank is working on to build revenues in this segment, ensuring that relationship managers can focus either on ultra-high net-worth clients or fully dedicate their time to this mid-tier segment, rather than having to cover both.

Credit Suisse also plans to further connect clients digitally.

“We introduced several initiatives in the $1 million to $5 million segment that worked to improve efficiencies and that we can adapt more broadly across the bank,” Khan says.

For other banks the $1 million to $5 million segment in domestic markets may be the preferred revenue route. They have left it late as digital advisory firms such as Betterment, Nutmeg and Fineco have already captured market share, but several have introduced robo-advisory platforms of their own. It will improve efficiency, freeing up advisers to target

“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. Our goal is to grow”

Andy Sieg, Merrill Lynch Wealth Management

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new clients and lightening the load of advisers serving the segment above.

Almost half Euromoney’s survey respondents say that adding clients will be their largest driver of profits for the year ahead.

Focusing on specific areas such as corporate banking, private deals and sustainable investing could also become a value proposition for banks and enable them to compete with the specialists. UBS, for example, is regarded as a leader in sustainable investing in wealth management and is growing its offerings there. (UBS ranks first globally in ESG in this year’s survey.)

JPMorgan Private Bank has Morgan Private Ventures, says Brian Carlin, chief executive of JPMorgan Wealth Management Solutions. It serves 1,000 family offices and individuals that are qualified to be treated as quasi-institutional investors; they get exclusive direct access to deals coming out of the firm’s alternative investment partners and the investment bank.

Some large players are focusing on specific geographies. Société Générale Private Banking, for example, pulled out of Asia and has spent the last four years deepening its focus in France, where it is now in 80 cities.

“We refocused and redeployed – that was not an easy decision to make in such a growing market like Asia,” says Jean-François Mazaud, who heads the business. “But if the market isn’t delivering value to you or your clients then it’s best to leave it to a partner that will.”

The focus paid off he says, with “good profitability in the bank’s domestic market, even in a challenging year such as the last.”

What does this mean for the competitive landscape in wealth management in the decade ahead? The long-discussed barbell that has occurred in other financial industries may come about.

“It’s going to be the largest global wealth managers at one end, and they’ll need to find the new efficiency curve to deliver their products and advice more cheaply and in a more streamlined way,” says Zeltner. “The effect of which will create room for boutiques and specialists where people will want more sophisticated advisers and deeper relationships.”

Low barriers to entry afforded by third parties will allow

for their emergence. “Large firms need their internal proprietary systems and

processes, small players don’t,” adds Zeltner.Technology costs have come down so much that

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 compete on platforms and processes with a large firm. Now you do not need scale to be competitive on technology.”

Will these specialists take business away from the largest firms? One banker points out that Evercore started as a specialist and is now in the top 10 in the M&A league tables. Another counters by saying there are many hedge funds that launched and failed.

However, Soudah points out that the emergence of specialists could be an opportunity for large wealth

managers. If they are smart about developing business-to-consumer (B2C) offerings, they could end up being service providers of choice to some of these specialists, he says. Credit Suisse is setting up a B2C business in Asia, for example.

And in Europe, Lombard Odier has a B2C technology offering.

“We clone our own systems and can make them available to other local and international

partners,” says Patrick Odier, senior managing partner at the Swiss wealth manager. “There’s a lot of innovation that happens at established firms that could become a business – such as developing reg-tech functionalities and making them available to emerging players.”

Working with family offices is the most obvious example of how banks have already managed to stay relevant to specialists. Blessing at UBS says the bank’s research shows family offices are actually increasing the number 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. And Société Générale’s Mazaud says the middle can be defined as “not being there for any clear-cut reason.”

Santander’s Matarranz agrees: “If you’re in the middle with a plain vanilla proposition, it’s hard to see how you’ll survive.”

Citi’s Charrington offers food for thought about the future. “I would think a lot of banks are going to fail in the next

decade, particularly those in the middle who racked up high cost-to-income ratios going all in on Asia,” he says. “And with high expense ratios, it will be hard to survive if you’re neither a good boutique nor a large bank.

After all, “these costs aren’t going anywhere but up.”

“Wealth management is a scale business. To survive, boutiques will

need to have a premium pricing model, and the good ones will do

that through exceptional service and leading with lending products”

James Gorman, Morgan Stanley

S P O N S O R E D C O N T E N T

“Our ability and willingness to adapt to new markets, and to continue to invest wisely in our core domestic market,is underpinned by our strong financials”

• China Merchants Bank has 63 private banking centres in 70 cities including London, Shanghai, New York and Singapore.

• CMB has more than 72,000 HNW and UHNW clients, with a collective AUM of more than $300 billion.

• The bank is China’s leading provider of high-end wealth• management services.

• CMB placed 13th in Scorpio Partnership’s 2018 Global Private Banking Benchmark report, beating many of its global peers.

• China is home to $27 trillion in personal fortunes, including $12.5 billion in cash and deposits.

• AUMs at China’s private banks are up by an average rate of 31% since 2012.

of private bankingCelebrating 50 years

When it comes to China’s burgeoning wealth management industry, China Merchants Bank (CMB) stands head and shoulders above its peers. The Shenzhen-based lender made its first foray into private banking back in 2007, with the aim of serving and enriching its high-net-worth (HNW) clients and their families, and building a strong physical global network.

We have stayed true to our vision ever since, expanding and adapting according to the evolving needs of our clients. At the end of September 2018, China Merchants Bank had 63 private banking centres and 66 wealth management centres in 70 cities at home and abroad, including offices in Hong Kong, New York, Los Angeles, Luxembourg and Singapore. The latest additions to our global network include Sydney, added in 2018, and our inaugural London office, set to open its doors to customers in 2019. These new private banking centres enable us to further expand our reach into Europe and Australasia.

Still China’s number oneOur ability and willingness to adapt to new markets, and to continue 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 trillion ($300 billion). That placed us ahead yet again of all of our domestic rivals, maintaining our status as China’s number one provider of high-end wealth management services.

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 scaleWhere 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, 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.

Our fast-growing network allows us to provide our clients with a global perspective on their investments and portfolios, as they put their money to work around the world. That ensures that we are in a perfect position to serve our 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 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 to come. Overall, AUMs at China’s private banks have surged by an average annual rate of 31% since 2012, compared to a mean of just 11% in other Asian countries.

Bridging China with the worldChina Merchants Bank remains committed to maintaining the very highest

levels of customer service, wherever we are – and of being a standout leader in corporate governance. Changes to industry regulations in China aim to standardize product design and market practices, encouraging more mainland HNWs to put their money to work with private banks, a move that will benefit market leaders, led by CMB. At the bank level, we continue to identify a private banking client as anyone with average monthly financial assets of more than Rmb10 million ($1.5 million), as opposed to anyone with that amount in their account at the end of a given month.

For our private banking clients, China Merchants Bank is a bridge between the mainland and the world. We are perfectly placed for any HNW or ultra-HNW seeking to put their capital to work in China, and to make sense of the changing regulatory landscape. And we are the ideal partner for our burgeoning roster of mainland clients as they continue to look to put their money to work overseas,

China Merchants Bank breaks into private banking’s global elite

Sponsored by

To enrich your family’s long-term prosperity is our duty


Additional data and factual points:

• KEB Hana Bank’s annual “Korea Wealth Report” is avidly read by HNW and UHNW customers across Korea.

• The bank is set to launch a new AI robo-advisory platform built on a deep-learning algorithm.

• Its most aggressive robo-advisory services, targeted at

private banking customers, regularly beat the KOSPI index.

• Robo-advisory is on track to be worth $8 trillion globally by 2022, according to EY.

• KEB’s VIP Gold Club branches are places that foster ‘slow banking’, marrying service with culture.

• More than half of the bank’s private banking RMs are female, reflecting the rising importance of women across the financial spectrum.

Sponsored by

of private bankingCelebrating 50 years

In the competitive world of Korean wealth management, no financial institution can compete with KEB Hana Bank. The Seoul-based lender is constantly thinking, moving, planning and innovating, and has been doing so ever since it established its thriving private banking division 25 years ago.

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-net-worth individuals in the East Asian state and across the Korean diaspora. Like Capgemini’s global “World Wealth Report”, it is the gold standard, a crucial dispensary of knowledge and advice about one of the world’s richest and fastest-growing private banking markets.

Good planning, new thinkingKEB Hana Bank’s exceptionalism is a direct result of its ability to plan for the long-term, and its willingness to think outside the box. It was an early and aggressive investor in technology, introducing its first private banking robo-advisory service in 2013 and, in the years since, regularly upgrading its systems and services.

In 2017, KEB Hana launched ‘HAI Robo’, a third-generation robo-advisor that attracted 40,000 new customers in the first 11 months of operation and led to the opening of 150,000 new fund accounts. Next, the bank aims to augment HAI Robo by introducing a fully interactive AI platform built on a deep-learning al-gorithm, which operates with limited human input.

This is a seminal moment for pri-vate banking in Korea. HAI Robo is taking wealth management in Korea to the next level, by offering HNW, UHNW and even mass affluent cus-tomers a host of investment options suited to their specific needs. At one end of the spectrum, in the year to the end of March 2018, the bank’s boldest and most aggressive invest-ment portfolios generated 12% higher return, in the form of clear profit, than the benchmark onshore KOSPI index. That is impressive in a world where too many investments and assets yield low-single-digit returns.

KEB Hana Bank’s constant innovation and re-investment in next-generation robo-advisory ser-vices is easy to understand. This is a sector that is on track to be worth $8 trillion globally by 2022, according to forecasts from EY, up from $540 billion in 2017. At the end of March 2018, robo-advisory services accounted for 0.07% of Korea’s

overall investment market, and was worth $900 million. But that is a number that will grow blindingly fast in the next few years. And, again, KEB Hana Bank is the market leader in terms of both action and thought, having recently published its inaugural 2018 “Korea Robo-Advisor Report”.

A very human heartYet the bank neatly marries this focus on high-end technology with a very human

desire to act as a friendly home for its many customers. KEB Hana’s Gold Club, its elite VIP private banking divi-sion, has spent much time and money redesigning its physical branches, trans-forming them into convivial spaces that encourage a form of ‘slow banking’ that binds customer and brand together more strongly.

Each Gold Club branch is different in look and feel. Some might host wine bars or gourmet kitchens. One of the VIP banking centres in Seoul has a space set aside for arts and crafts exhi-bitions, while another has an in-house

bookstore and lending library. These innovations are part of a concerted effort to reconfigure how people think about a bank: to show high-end customers that financial services and financial education can be part of their everyday life, a place to kick back and relax, and to communicate with relationship managers.

It’s a woman’s worldMaking private banking a ‘softer’ and more human and rounded experience, even a more feminine one, makes good sense. In Korea, wealth management, from budgeting to investing to balancing cheque-books, has long been the preserve of women. But in recent years, the

number of female millionaires and billionaires has soared, as more wealth is handed down to daughters, and as more women enter the workplace and launch their own successful and thriving businesses.

This is reflected in the rising number of female relationship and general managers employed by KEB Hana Bank across its private banking division. The proportion of female general managers at KEB Hana’s 25 Gold Clubs jumped from 5.5% in 2015 to 21% in 2017, and is set to rise

further still. At the end of 2018, more than half of all private banking relation-ship managers at KEB Hana Bank were female. KEB Hana Bank is again at the forefront of thinking here, as it always is.

KEB Hana Bank: Taking private banking in Korea to the next level

Ham Young Joo KEB Hana Bank President CEO

Library KEB Hana Bank

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(최종out) KEB하나_유로머니수상(210x286mm)재단선.pdf 1 2019. 1. 16. 오후 5:54

Celebrating 50 years of private bankingSantander Private Banking

For more than 160 years, Santander has adapted to the changes in the banking sector and in society. The years to come promise to present them with even greater challenges.

Banco Santander has a sustainable growth model, whose mission is to help people and businesses prosper, earning the trust and loyalty of customers, shareholders and communities.

Santander Private Banking aims to be a trusted partner for all its customers, taking advantage of the group’s multiple strengths, its profound understanding of the specific needs of clients and a global view that allows Santander to anticipate and adapt to new challenges.

During 2018, Santander Private Banking received multiple internationally recognized awards as a market leader in Europe and Latin America. Private banking customers can take advantage of Santander’s local presence as one of the top 5 players in 9 markets in Europe and the Americas. This position allows Santander to respond effectively at a local level while being able to offer customers many products and services that purely global players cannot.

Global coverage for global clientsTo tap this potential, a year ago Santander announced a new Wealth Management Division, led by Victor Matarranz, which integrates all private banking and asset management activities around the world, with more than €329 in assets under management globally. Synergies and opportunities were identified and a new framework of collaboration was implemented, not only between the private banking and asset management businesses but also among countries and other divisions of the bank, such as Santander Corporate & Investment Banking (SCIB).

Under this global multi-local model, more than 174,000 Santander Private Banking customers now have a new value proposition. They are recognized

as private banking customers regardless of the country they operate in, with multiple advantages such as easier on-boarding when moving across countries, among others.

One of the key initiatives is the launch of “Private Wealth”, a specialized service designed for ultra-high-net-worth (UHNW) customers. This is a strategic segment where Santander has the opportunity to offer this worldwide connectivity, providing a full range of services with a central point of contact. “The reason why UHNW customers are so important is that these are normally families that can make a great impact in their community. They are owners of companies, they create a lot of jobs and a lot of wealth. And they need a single point of contact where they can solve all these needs,” Matarranz says.

The creation of this specialized unit can offer them the full range of services available from the bank, including access to services from its corporate and investment banking division, investment advisory, investments in venture capital alternative products and real estate advisory. In addition to these services, there 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 situation of the customer and knows their needs and concerns, the private banker.

Technology at the heart of private banking Private bankers are at the heart of the business. They are dedicated to understanding and serving customers. To support the private banker, Santander Private Banking has developed IT capabilities that help provide a better service to the client. They have developed them partly in-house and partly through partnering with third parties. This tool for bankers, that Santander calls Spirit, allows bankers to visit customers and service them remotely with iPads. For some segments, it also includes a robo-advisor that supports the


Sponsored by

investment managers to off er the best options. These digital developments aim to enhance what the advisors do every day, to deeply engage clients, and to introduce advanced capabilities around advisory and portfolio construction. They are now available in most of the markets where Santander is active and the intention is to continue improving the capabilities in these markets while they advance in the remainder during 2019 and 2020.

Also during 2019, Santander Private Banking clients will see the introduction of a series of exciting enhancements to the web-client experience in Miami, Geneva and Mexico. These developments will be available through their existing Santander online banking and private banking ‘App’. Customers will have seamless access to a holistic view of their solutions and investment holdings within Santander Private Bank. The experience will also deliver industry and market news, the Santander market outlook, modelling tools for their portfolios and a secure ‘Banker-Customer chat’ feature.

Services: Addressing the client’s needs in a holistic way With the support of the entire group, the Santander Private Banking team of specialists provide their clients with exclusive services, which include wealth planning, the best fi nancial solutions at a personal and corporate level, corporate fi nance and value-added services such as advisory for the next generation.

Through the Santander Private Banking Business School and Santander Universidades, customers can have direct contact with in-fi eld experts within universities that can support younger family members in their career planning.

Private banking clients also have 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 architecture and partnerships with third-party distributors. This is key to enhancing the quality of the advisory services provided to clients.

The future The goal of Santander is to become the best wealth manager in Europe and the Americas, with state-of-the art digital tools and systems, in a sustainable way and constantly evolving the product and service proposition for its clients.

On top of this, 2019 will see them working on a new responsible private

banking strategy. Santander wants to develop partnerships with clients, their families and future generations, fulfi lling their collective and individual aspirations with a sense of responsibility, diligence and consistency while integrating environmental, social and governance factors in processes and investment opportunities. This is part of the Santander way and they want to make it core to their strategy.

“Wealth management is today a key area of focus for Santander, contributing more than 10% to group profi t, and we want to increase this contribution in a sustainable and responsible way”, Matarranz concludes.

Euromoney Private Banking & Wealth Management Survey 2019 highlights

Best Private Banking Services OverallBy Country Spain By Country Portugal By Region Latin America By Country Argentina By Country Chile By Country Mexico

Net-worth-specifi c services, Ultra High Net Worth clients (Greater than US$ 30 million)By Country Spain By Country Portugal By Region Latin AmericaBy Country Chile By Country Mexico Technology By Country Spain By Country Portugal By Region Latin AmericaBy Country Chile By Country Mexico

ESG/Social Impact InvestingBy Country Portugal By Region Latin AmericaBy Country Brazil By Country Chile By Country Mexico International ClientsBy Country Spain By Country Portugal By Region Latin AmericaBy Country Chile By Country Mexico Asset ManagementBy Country Spain By Country Portugal By Region Latin AmericaBy Country Chile By Country Mexico

Family Offi ce ServicesBy Country Spain By Country Portugal By Region Latin AmericaBy Country Chile By Country Mexico

“The goal of Santander is to become the best wealth manager in Europe and the Americas,with state-of-the art digital tools and systems, in a sustainable way and constantly evolving the product and service proposition for its clients.”

By Region Latin America

By Region Latin America

Private banking survey – global results

Best overall2019 2018

1 1 UBS

2 3 Credit Suisse

3 2 JPMorgan

4 7 BNP Paribas

5 5 Citi

6 11 Santander

7 4 Julius Baer

8 6 Pictet

9 9 Goldman Sachs

10 8 HSBC

11 12 Deutsche Bank

12 10 ABN Amro

13 20 UniCredit

14 14 Barclays

15 Raiffeisen Bank International

16 BBVA

17 15 Rothschild

18= Erste Bank

18= Morgan Stanley

20 21 Société Générale

21 Banco Portugues de Investimento

(BPI)

22 18 Intesa Sanpaolo

23 24 Banco Itaú

24 Nordea

25 DBS

UHNW (>$30mln)1 1 UBS

2 3 Credit Suisse

3 2 JPMorgan

4 4 Goldman Sachs

5 5 Citi

6 8 BNP Paribas

7 6 Pictet

8 Santander

9 7 Julius Baer

10 Deutsche Bank

HNW($5mln-$30mln)1 1 UBS

2 2 Credit Suisse

3 6 BNP Paribas

4 3 Julius Baer

5 7 Citi

6 4 JPMorgan

7 10 Santander

8 8 Pictet

9 9 Deutsche Bank

10 5 HSBC

Super affluent ($1mln-$5mln)1 1 UBS

2 2 BNP Paribas

3 5 Credit Suisse

4 4 Citi

5 7 Santander

6 6 Julius Baer

7 3 HSBC

8 UniCredit

9 Barclays

10 8 ABN Amro

Asset management1 1 BlackRock

2 2 JPMorgan

3 3 UBS

4 6 Credit Suisse

5 10 BNP Paribas

6 5 Pictet

7 Santander

8 9 Goldman Sachs

9 8 Deutsche Bank

10 Aberdeen Standard Investments

Family office services1 2 Credit Suisse

2 1 UBS

3 3 JPMorgan

4 Santander

5 BNP Paribas

6 4 Pictet

7 10 Citi

8 6 Julius Baer

9 7 Goldman Sachs

10 9 HSBC

Research and asset allocation advice1 2 JPMorgan

2 1 UBS

3 3 Credit Suisse

4 4 Goldman Sachs

5 5 Citi

6 8 BNP Paribas

7 4 Morgan Stanley

8 Santander

9 6 Deutsche Bank

10 Julius Baer

Philanthropic advice1 1 UBS

2 2 Credit Suisse

3 3 JPMorgan

4 4 BNP Paribas

5 Santander

6 5 Pictet

7 7 Citi

8 Julius Baer

9 6 HSBC

10 8 ABN Amro

ESG/Social impact investing1 1 UBS

2 2 Credit Suisse

3 3 JPMorgan

4 5 BNP Paribas

5 Santander

6 6 Pictet

7 7 Citi

8 Julius Baer

9 9 ABN Amro

10 4 HSBC

International clients1 1 UBS

2 5 Credit Suisse

3 4 JPMorgan

4 3 Citi

5 Santander

6 7 BNP Paribas

7 2 HSBC

8 8 Goldman Sachs

9 BBVA

10 Pictet

Succession planning advice and trusts1 1 UBS

2 2 Credit Suisse

3 3 JPMorgan

4 8 BNP Paribas

5 Santander

6 5 Citi

7 4 HSBC

8 6 Pictet

9 7 Julius Baer

10 Barclays

Technology1 1 UBS

2 2 Credit Suisse

3 3 JPMorgan

4 4 Citi

5 5 BNP Paribas

6 Santander

7 6 HSBC

8 7 Goldman Sachs

February 2019 www.euromoney.com54

Private banking survey – regional results

BY REGIONAfricaBest overall2019 2018

1 2 Absa (Barclays)

2 5 Investec

3 3 Standard Bank

4= 10 Nedbank Private Wealth

4= RMB Private Bank

6 FNB Private Wealth

7 4 Standard Chartered

8 8 Credit Suisse

9 Old Mutual Wealth

10 1 UBS

UHNW (>$30mln)1 2 Absa (Barclays)

2 7 Investec

3= Credit Suisse

3= JPMorgan


6 RMB Private Bank

7= Citadel

7= Deutsche Bank

7= 3 Standard Bank

10 Nedbank Private Wealth

HNW($5mln-$30mln)1 2 Absa (Barclays)

2 RMB Private Bank

3 6 Investec


5= Nedbank Private Wealth

5= 4 Standard Bank

7 7 Credit Suisse


9 1 UBS

10 Citi

Super affl uent ($1mln-$5mln)1 1 Absa (Barclays)



4 5 Investec

5= FNB Private Wealth

5= RMB Private Bank

7 2 Standard Bank

8= Citi

8= 8 Credit Suisse

8= 6 Julius Baer

8= State Bank of Mauritius

Asset management1 Investec

2 9 Coronation Fund Managers

3 5 Allan Gray

4 2 Absa (Barclays)


6 1 UBS

7= 3 JPMorgan

7= Nedbank Private Wealth

9 BlackRock

10= RMB Private Bank

10= Standard Bank

Family offi ce services1= 3 Stonehage Fleming

1= 2 Absa (Barclays)

3 4 Credit Suisse

4 JPMorgan

5= 6 Pictet

5= Standard Bank

7 Deutsche Bank

8 5 Citi

9= 2PM Group

9= RMB Private Bank

Research and asset allocation advice1 3 Absa (Barclays)

2 6 Standard Bank

3 2 JPMorgan

4= 7 Citi

4= 5 Credit Suisse


7= Coronation Fund Managers

7= 8 Investec

7= 1 UBS

10= Deutsche Bank

10= RMB Private Bank

Philanthropic advice1 2 Absa (Barclays)

2 6 Credit Suisse

3= 5 Nedbank Private Wealth

3= Sanlam Private Investments (SPI)

5 4 Standard Bank

6= 8 JPMorgan

6= LGT

6= Stonehage Fleming

9= FNB Private Wealth

9= 1 UBS


2= Credit Suisse

2= 1 Absa (Barclays)

4 2 Standard Bank



7 5 Pictet

8= JPMorgan

8= 3 Standard Chartered

10 RMB Private Bank

International clients1 3 Absa (Barclays)


3 4 Standard Bank

4 7 Credit Suisse

5 8 Investec

6= 5 Citi

6= Schroders

8= JPMorgan

8= RMB Private Bank

8= 2 UBS

Succession planning advice and trusts1 4 Absa (Barclays)

2 8 Stonehage Fleming

3 Maitland


5 3 Standard Bank

6 7 Credit Suisse

7 1 UBS

8 Sanlam Private Investments (SPI)

9= Investec

9= 2 Standard Chartered

Technology1 3 Absa (Barclays)

2 6 FNB Private Wealth

3 2 Standard Bank

4 Credit Suisse

5 7 Investec

6= 8 Citi

6= Schroders

8= 5 JPMorgan

8= RMB Private Bank

8= 1 UBS

Asia Pacifi cBest overall1 2 Credit Suisse

2 1 UBS

3 3 Citi

4 10 BNP Paribas

5 5 HSBC

6 DBS

7 7 Julius Baer

8 JPMorgan

9 9 Maybank

10 Bank of Singapore

UHNW (>$30mln)1 2 Credit Suisse

2 1 UBS

3 3 Citi

4 8 BNP Paribas

5 4 JPMorgan

6 5 Goldman Sachs

7 HSBC

8 9 Julius Baer

Subscribers get to see the full private banking [email protected]

9 KEB Hana Bank

10 Shinhan Bank

HNW($5mln-$30mln)1 3 Citi

2 2 Credit Suisse

3 1 UBS

4 8 BNP Paribas

5 HSBC

6 DBS

7 9 Julius Baer

8 Bank of Singapore

9 10 KEB Hana Bank

10 9 Mitsubishi UFJ

Morgan Stanley PB Securities

Super affl uent ($1mln-$5mln)1 1 Citi

2 7 UBS

3 3 DBS

4 HSBC

5 6 Bank of Singapore

6 BNP Paribas

7 Credit Suisse

8= Maybank

8= Julius Baer

10 10 KEB Hana Bank


2 5 UBS

3 BNP Paribas

4= 9 Fidelity Investments

4= 4 JPMorgan

6 Citi

7 6 Pimco

8 1 Aberdeen Standard Investments

9 Credit Suisse

10 8 KEB Hana Bank

Family offi ce services1 2 Credit Suisse

2 1 UBS

3 BNP Paribas

4 8 Citi

5 HSBC

6 6 JPMorgan

7 9 Julius Baer

8 7 KEB Hana Bank

9 Woori Bank

10 CTBC Bank

Research and asset allocation advice1 2 Citi

2 1 UBS

3 6 Credit Suisse

4 3 JPMorgan

5 BNP Paribas

6 Morgan Stanley

7 8 HSBC

8 4 Goldman Sachs

9 DBS

10= 9 KEB Hana Bank

10= Julius Baer

Philanthropic advice1 2 Credit Suisse

2 1 UBS

3 BNP Paribas

4 4 Citi

5 5 HSBC

6 6 JPMorgan

7 7 KEB Hana Bank

8 Kookmin Bank

9 CTBC Bank

10 Julius Baer


2 10 BNP Paribas

3 5 Citi

4 3 Credit Suisse

5 JPMorgan

6 4 HSBC

7 7 KEB Hana Bank

8 Julius Baer

9= Kookmin Bank

9= Standard Chartered

International clients1 1 Citi

2 3 UBS

3 4 Credit Suisse

4 DBS

5 BNP Paribas

6 2 HSBC

7 7 KEB Hana Bank

8 8 JPMorgan

9 Maybank

10 Kiwoom Securities


2 3 Credit Suisse

3 2 HSBC

4= BNP Paribas

4= 7 Citi

6 6 JPMorgan

7 9 Julius Baer

8 8 KEB Hana Bank

9 Kookmin Bank

10= CTBC Bank

10= IIFL Private Wealth Management

Technology1 1 Citi

2 2 UBS

3 7 Credit Suisse

4 5 DBS

5 BNP Paribas

6 6 HSBC

7 8 KEB Hana Bank

8 9 JPMorgan

9 Maybank

10 Kiwoom Securities

Central & eastern EuropeBest overall1 6 Raiffeisen Bank International

2 UniCredit

3 Erste Bank

4 2 Credit Suisse

5= Bank of Cyprus

5= Société Générale

7= Eurobank

7= Intesa Sanpaolo

9 CSOB (KBC)

10= 1 UBS

10= 5 BNP Paribas

UHNW (>$30mln)1 UniCredit

2 1 UBS

3 2 Credit Suisse


5 Erste Bank

6 6 BNP Paribas

7= 8 Bank of Cyprus

7= KBC

9 Société Générale

10 Rothschild

HNW($5mln-$30mln)1 UniCredit

2 5 Raiffeisen Bank International

3 Erste Bank


5 Intesa Sanpaolo

6 8 Bank of Cyprus

7 BNP Paribas

8= 1 Credit Suisse

8= 3 UBS

10 Julius Baer

Super affl uent ($1mln-$5mln)1 UniCredit


3 Erste Bank

4 Intesa Sanpaolo

5 10 BNP Paribas

6 Bank of Cyprus


8= CSOB (KBC)

8= 7 UBS

10 Eurobank



Asset management1 8 UniCredit

2 Erste Bank


4 4 Credit Suisse

5= 10 Bank of Cyprus

5= Société Générale

7 Intesa Sanpaolo

8 1 UBS

9 OTP Bank

10 CSOB (KBC)

Family offi ce services1 2 UBS

2 10 UniCredit

3 Bank of Cyprus


5 1 Credit Suisse

6 Eurobank

7 7 Rothschild

8 Erste Bank

9 Hellenic Bank

10 6 BNP Paribas

Research and asset allocation advice1 10 UniCredit

2 Erste Bank

3 2 Credit Suisse


5 4 UBS

6 5 Goldman Sachs

7 1 JPMorgan


9 Bank of Cyprus

10 Julius Baer

Philanthropic advice1 7 Raiffeisen Bank International

2 UniCredit

3 Erste Bank

4 2 UBS

5 1 Credit Suisse

6 5 BNP Paribas


8 Bank of Cyprus

9 Rothschild

10 8 Julius Baer

ESG/Social impact investing1 2 Credit Suisse

2 Erste Bank

3 1 UBS

4 UniCredit



7 9 Bank of Cyprus

8= CSOB (KBC)

8= BNP Paribas

10 Intesa Sanpaolo

International clients1 4 UniCredit


3 Erste Bank

4 3 UBS

5 Intesa Sanpaolo

6= 2 Credit Suisse

6= OTP Bank

8 6 BNP Paribas

9 Bank of Cyprus


Succession planning advice and trusts1 UniCredit

2 Erste Bank


4 2 UBS

5 1 Credit Suisse

6 BNP Paribas

7 4 PricewaterhouseCoopers

8= 10 Bank of Cyprus

8= Deloitte

10 6 Julius Baer

Technology1 UniCredit


3 9 Erste Bank

4 1 UBS

5 Intesa Sanpaolo

6= 4 Credit Suisse

6= OTP Bank

8 3 BNP Paribas

9 Bank of Cyprus


Latin AmericaBest overall1 3 Santander

2 1 JPMorgan

3 2 Credit Suisse

4 6 Citi

5 5 Banco Itaú

6 7 BTG Pactual

7 4 UBS

8 BBVA

9 Morgan Stanley

10 Banco de Chile

UHNW (>$30mln)1 6 Santander

2 1 JPMorgan

3 2 Credit Suisse

4 4 Banco Itaú

5 7 Citi

6 8 BTG Pactual

7 3 UBS

8 5 Goldman Sachs

9 BBVA

10 Morgan Stanley

HNW($5mln-$30mln)1 2 Santander

2 5 JPMorgan

3 1 Credit Suisse

4 4 Banco Itaú

5 6 Citi

6 7 BTG Pactual

7 3 UBS

8 BBVA

9 Morgan Stanley

10 Banco de Chile

Super affl uent ($1mln-$5mln)1 1 Santander

2 3 Citi

3 6 BTG Pactual

4 BBVA

5 2 Banco Itaú

6 Morgan Stanley

7 4 Credit Suisse

8 8 XP Investimentos

9 Banco de Chile

10 Banco BICE

Asset management1 7 Santander

2 2 JPMorgan

3 3 BlackRock

4 4 BTG Pactual

5= Banco Itaú

5= 10 Citi

7 1 Credit Suisse

8 Pictet

9= Goldman Sachs

9= BBVA

Family offi ce services1 8 Santander

2 1 JPMorgan

3 3 Credit Suisse

4 5 BTG Pactual

5 9 Banco Itaú

6 2 UBS

7 Pictet

8 Citi

9 Banco de Chile

10= Turim

10= BBVA


2 9 Santander

3 2 Credit Suisse

4 5 Goldman Sachs


5= 7 Banco Itaú

5= 3 UBS

7 6 Citi

8 4 BTG Pactual

9 BBVA

10 Morgan Stanley

Philanthropic advice1 5 Santander

2 2 JPMorgan

3 3 Credit Suisse

4 1 UBS

5 7 Banco Itaú

6 4 Citi

7 10 Pictet

8 Banco de Chile

9 Banco BICE

10 BBVA

ESG/Social impact investing1 4 Santander

2 5 Credit Suisse

3 2 JPMorgan

4 3 Citi

5 6 Banco Itaú

6= 1 UBS

6= BBVA

8 Banco de Chile

9 Banco BICE

10 8 Pictet

International clients1 5 Santander

2 1 JPMorgan

3 3 Credit Suisse

4 9 Banco Itaú

5 BBVA

6 2 Citi

7 4 UBS

8 10 BTG Pactual

9 Morgan Stanley

10 Banco de Chile

Succession planning advice and trusts1 9 Santander

2 1 JPMorgan

3 3 Credit Suisse

4 4 Citi

5 2 UBS

6 6 Banco Itaú

7 5 BTG Pactual

8 Banco de Chile

9 Banco BICE

10 BBVA

Technology1 6 Santander

2 2 JPMorgan

3 5 Credit Suisse

4 3 Banco Itaú

5 10 BBVA

6 4 Citi

7= BTG Pactual

7= 1 UBS

9 Morgan Stanley

10 Banco de Chile

Middle EastBest overall1 3 Credit Suisse

2 1 JPMorgan

3 2 UBS

4 4 Julius Baer

5 6 Pictet

6= BNP Paribas

6= 5 Citi

6= Barclays

9 7 HSBC

10 UBP

UHNW (>$30mln)1 1 JPMorgan

2 3 Credit Suisse

3 2 UBS

4 6 Pictet

5 5 Goldman Sachs

6 8 Julius Baer

7 4 Citi

8 7 HSBC

9 Lombard Odier

10 Morgan Stanley

HNW($5mln-$30mln)1 2 Credit Suisse

2 3 Julius Baer

3 1 UBS

4 6 Pictet

5 9 JPMorgan

6= 5 Citi

6= 4 HSBC

8 8 Lombard Odier

9 BNP Paribas

10 Barclays

Super affl uent ($1mln-$5mln)1 1 Julius Baer

2 3 Credit Suisse

3 5 UBS

4 4 Citi

5 6 Lombard Odier

6 BNP Paribas

7= Emirates NBD

7= 2 HSBC

7= 7 Pictet

7= 9 UBP

Asset management1 1 JPMorgan

2 4 Credit Suisse

3 Julius Baer

4 2 BlackRock

5 3 UBS

6 5 Goldman Sachs

7 7 Pictet


9 6 HSBC

10= ABN Amro

10= BNP Paribas

Family offi ce services1 2 JPMorgan

2 3 Credit Suisse

3 1 UBS

4 4 Pictet

5= HSBC

5= 6 Lombard Odier

7 7 Julius Baer

8 5 Citi

9 Goldman Sachs

10 BNP Paribas


2 3 Credit Suisse

3 5 Goldman Sachs

4 2 UBS

5 Julius Baer

6 8 Pictet

7 6 Citi

8 Credit Agricole

9 4 Deutsche Bank

10 Bank of Singapore

Philanthropic advice1 2 Credit Suisse

2 6 JPMorgan

3 1 UBS

4 3 Pictet

5= BNP Paribas

5= 4 HSBC

5= 9 Julius Baer

8 Goldman Sachs

9 8 Lombard Odier


ESG/Social impact investing1 1 Credit Suisse

2 5 JPMorgan

3 Julius Baer

4 3 Pictet

5 2 UBS

6 6 HSBC

7 Barclays

8 BNP Paribas



9= ABN Amro

9= EFG Hermes

9= UBP

International clients1 5 Credit Suisse

2 2 JPMorgan

3 4 UBS

4 3 Citi

5 8 Julius Baer

6= Goldman Sachs

6= 1 HSBC

8 BNP Paribas

9 9 Pictet

10 Merrill Lynch Wealth Management

Succession planning advice and trusts1 2 Credit Suisse

2 6 JPMorgan

3 1 UBS

4 3 Pictet

5 4 Citi

6 9 Barclays

7 7 Julius Baer

8 5 HSBC

9 BNP Paribas

10= Credit Agricole

10= Goldman Sachs

Technology1 2 Credit Suisse

2 3 JPMorgan

3 1 UBS

4 4 Citi

5= Goldman Sachs

5= HSBC

7 5 Julius Baer

8 BNP Paribas

9 6 Pictet


Nordic & BalticsBest overall1 1 Nordea

2 6 Danske Bank

3 2 SEB

4 8 UBS

5 7 Swedbank

6= 3 Carnegie

6= Credit Suisse

8 5 Svenska Handelsbanken

9 4 Nykredit

10 Jyske Bank


2 3 SEB

3 2 Nordea

4 5 Danske Bank

5 Credit Suisse

6 4 Carnegie

7 6 JPMorgan

8 Goldman Sachs

9 DNB Bank

10 Julius Baer

HNW($5mln-$30mln)1 2 SEB

2 1 Nordea

3 5 Danske Bank

4 3 Carnegie

5 9 UBS


7 Credit Suisse

8 Julius Baer

9 6 Swedbank

10 7 Nykredit

Super affl uent ($1mln-$5mln)1 1 Nordea

2 3 Danske Bank

3 5 SEB


5 2 Swedbank

6 10 Carnegie

7 Nordnet

8 6 Nykredit

9 Alandsbanken

10 9 Ringkjobing Landbobank

Asset management1 1 Nordea

2 3 SEB

3 4 Danske Bank

4 7 UBS

5 6 BlackRock

6 5 Carnegie

7 Credit Suisse

8= 9 Goldman Sachs

8= 10 JPMorgan


Family offi ce services1 2 Nordea

2 1 UBS

3 8 Credit Suisse

4 3 SEB

5 5 Danske Bank

6 Carnegie

7 Lewben Group

8 Goldman Sachs

9 4 JPMorgan

10 Rothschild

Research and asset allocation advice1 3 SEB

2 1 Nordea

3 10 Credit Suisse

4 4 Danske Bank

5 2 Carnegie

6 7 UBS

7 6 Swedbank

8 8 Goldman Sachs

9 BlackRock

10= ABG Sundal Collier

10= Deutsche Bank

Philanthropic advice1 3 Nordea

2 8 Credit Suisse

3 2 SEB

4 1 UBS

5 5 Danske Bank

6 Svenska Handelsbanken

7 Aktia

8 Carnegie

9= Alandsbanken

9= Rothschild

ESG/Social impact investing1 1 Nordea

2 3 SEB

3 8 Danske Bank

4 Svenska Handelsbanken

5 Credit Suisse

6 2 Swedbank

7 5 UBS

8 OP-Pohjola Group

9 6 Storebrand

10 DNB Bank

International clients1 4 Danske Bank

2 1 Nordea

3 3 SEB

4 Nordnet

5 9 Credit Suisse

6 2 UBS

7 Avanza

8= DNB Bank

8= Morgan Stanley

10 Swedbank

Succession planning advice and trusts1 2 Danske Bank

2 1 Nordea

3 4 UBS

4 5 SEB

5 Credit Suisse

6 Carnegie


7 Rothschild

8= Aktia

8= UBP

10 8 Nykredit

Technology1 1 Danske Bank

2 2 Nordea

3 SEB

4 3 Nordnet

5 Credit Suisse

6 5 UBS

7 4 Avanza

8= 8 DNB Bank

8= Morgan Stanley

10= JPMorgan

10= Swedbank

North AmericaBest overall1 1 JPMorgan

2 2 Goldman Sachs

3 5 RBC

4 3 UBS

5 4 Citi

6= Northwood Family Offi ce

6= TD Bank

6= City National Bank (RBC)

6= Morgan Stanley

10= Bank of Montreal (BMO)

10= CIBC

UHNW (>$30mln)1 1 JPMorgan

2 2 Goldman Sachs

3 4 UBS

4 5 Northwood Family Offi ce

5 RBC

6= Merrill Lynch Wealth Management

6= 3 Northern Trust

8 CIBC

9 TD Bank

10 Morgan Stanley

HNW($5mln-$30mln)1 5 JPMorgan

2 UBS

3 1 Merrill Lynch Wealth Management

4 2 Morgan Stanley


6 RBC

7 Wells Fargo

8 TD Bank

9 Citi

10 CIBC

Super affl uent ($1mln-$5mln)1 3 JPMorgan

2 UBS

3 Charles Schwab

4 2 Merrill Lynch Wealth Management

5= 5 Northwood Family Offi ce

5= Wells Fargo

7 4 Citi

8= RBC

8= Goldman Sachs

10= CIBC

10= TD Bank

Asset management1 JPMorgan

2 1 BlackRock

3 Morgan Stanley

4= Goldman Sachs

4= UBS


7 RBC

8= TD Bank

8= Scotiabank

10 Vanguard

Family offi ce services1 1 JPMorgan

2 Bessemer Trust

3 Northern Trust

4= 2 Northwood Family Offi ce

4= UBS

6 Goldman Sachs

7= RBC

7= Scotiabank


9= Bell Kearns & Associates

9= Wellington Management


2 UBS

3 Morgan Stanley

4 BlackRock

5= Northwood Family Offi ce

5= Goldman Sachs

7 RBC

8 Citi

9= Vanguard


Philanthropic advice1 1 JPMorgan

2 Bessemer Trust


4 Wells Fargo

5 5 RBC

6 US Bank


7= Morgan Stanley

7= Northern Trust

7= US Trust

ESG/Social impact investing1 1 JPMorgan

2 UBS

3 BlackRock

4 RBC

5 Morgan Stanley



7= Barclays

7= US Trust

7= Wells Fargo


2 Wells Fargo

3 RBC

4 Northwood Family Offi ce

5 TD Bank


6= Morgan Stanley

6= Santander

9 Bank of Montreal (BMO)

10= CIBC

10= National Bank of Canada

10= Access Bank

Succession planning advice and trusts1 2 JPMorgan

2 Bessemer Trust


4 4 RBC

5 TD Bank


7= UBS

7= Amicorp

7= US Trust

7= Northern Trust

Technology1 1 JPMorgan


3 UBS

4 Charles Schwab

5 Wells Fargo

6 Citi

7 Northwood Family Offi ce

8 RBC

9 2 TD Bank

10 Bank of Montreal (BMO)

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Western EuropeBest overall1 1 UBS

2 2 JPMorgan

3 5 Credit Suisse

4 4 BNP Paribas

5 3 Pictet

6 6 Julius Baer

7 Deutsche Bank

8 10 Santander

9 9 ABN Amro

10 Banco Portugues de Investimento


2 2 JPMorgan

3 4 Credit Suisse

4 7 BNP Paribas

5 3 Goldman Sachs

6 5 Pictet

7 8 Julius Baer

8 6 Rothschild

9 Santander

10 9 Deutsche Bank

HNW($5mln-$30mln)1 1 UBS

2 2 Credit Suisse

3 4 BNP Paribas

4 3 Julius Baer

5 10 Pictet

6 6 JPMorgan

7 5 Deutsche Bank

8 Santander

9 9 ABN Amro

10 Barclays

Super affl uent ($1mln-$5mln)1 1 BNP Paribas

2 2 UBS

3 3 Credit Suisse

4 4 Deutsche Bank

5 Barclays

6 8 ABN Amro

7 Santander

8 9 HSBC

9 5 UniCredit

10 Julius Baer


2 3 JPMorgan

3 2 UBS

4 6 Pictet

5 8 BNP Paribas

6 5 Deutsche Bank

7 10 Credit Suisse

8 Santander

9 7 Aberdeen Standard Investments

10 Amundi

Family offi ce services1 1 UBS

2 6 Credit Suisse

3 4 JPMorgan

4 Pictet

5 9 BNP Paribas

6 Santander

7 8 Deutsche Bank

8 10 Julius Baer

9 7 Goldman Sachs

10 Lombard Odier


2 1 UBS

3 4 Credit Suisse

4 3 Goldman Sachs

5 6 BNP Paribas

6 5 Deutsche Bank

7 Santander

8 Morgan Stanley

9 ABN Amro

10 8 Pictet

Philanthropic advice1 1 UBS

2 3 Credit Suisse

3 2 BNP Paribas

4 4 JPMorgan

5 10 Santander

6 5 Pictet

7 6 ABN Amro

8 Julius Baer

9 Barclays

10 8 Deutsche Bank


2 2 BNP Paribas

3 6 Credit Suisse

4 3 Pictet

5 5 ABN Amro

6 Santander

7 9 JPMorgan

8 4 Deutsche Bank

9 Barclays

10 CaixaBank


2 4 Credit Suisse

3 3 JPMorgan

4 Santander

5 6 BNP Paribas

6= 5 Deutsche Bank

6= Pictet

8 ING

9= BBVA

9= ABN Amro


2 2 Credit Suisse

3 3 JPMorgan

4 6 BNP Paribas

5 Santander

6 8 ABN Amro

7 Barclays

8 4 Pictet

9 9 Rothschild

10 5 Deutsche Bank

Technology1 1 UBS

2 2 Credit Suisse

3 JPMorgan

4 3 BNP Paribas

5 10 Santander

6 6 Pictet

7 4 Deutsche Bank

8 ABN Amro

9 9 ING

10 Barclays

Celebrating Central & 50 years Eastern of private …...In Euromoney’s 2019 annual private banking...

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Transcript of Celebrating Central & 50 years Eastern of private …...In Euromoney’s 2019 annual private banking...