Awards for Distinction 2014 – NRI Services

AFD2014_Best Private Bank - NRI Services

Deutsche Asset & Wealth Management

Amrit Singh

Amrit Singh
Head of Wealth Management Coverage, Global South Asia
Deutsche Asset & Wealth Management

An estimated 30 million non-resident Indians (NRIs) spread across the world control US$1.2 trillion in wealth, making it impossible for any private bank in Asia to disregard the lure of this increasingly moneyed diaspora. Notoriously price-sensitive, but sophisticated, investors, this client segment has a penchant for real assets, corporate acquisitions, and tactical products. To be a preferred partner to these clients, an impressive ambit of products is the bare minimum – private banks also need a widespread network within the community and a meticulous understanding of the specificities of doing business with them.

One bank has demonstrated that it possesses all of the above in addition to considerable onshore Indian banking capabilities. Deutsche Asset & Wealth Management (Deutsche AWM), the winner of the award for the Best Private Bank – NRI Services, for the third consecutive year, has proved worthy of the win for several reasons.

During a year in which the majority of its competitors spent a large amount of organisational time and resources grappling with staffing issues, including several en-masse team moves, Deutsche AWM retained most of its core team of 72 NRI bankers across London, Geneva, Zurich, Dubai, Singapore, and Hong Kong – as well as announcing significant new hires in Asia.

Despite 2014 being a landmark year for the NRI banking team in terms of the products it was able to deliver to clients, due to the window of opportunity created by Foreign Currency Non-Resident (Bank) funds, the bank expanded its product suite even further to include a number of structured finance, corporate banking, and securities deals. As a result, assets under management grew by 35% on an annual basis, at the time of submission for the award, and revenues grew by 40% over the same period.

The bank is also an acknowledged leader in another area of priority for global Indian clients – the acquisition of real estate assets – and has helped several NRI clients buy trophy real estate assets in Europe. Many of these deals involved large ticket sizes, and the bank was able to structure and finance these complex transactions with fluid efficiency.

However, perhaps the most significant differentiator for the NRI business has been the bank’s considerable clout onshore, allowing clients access to an anomaly of high interest rates and investment grade sovereign debt.

It is for these reasons that Deutsche Asset & Wealth Management has, once again, proven itself to be the deserved winner of the award for Best Private Bank – NRI Services; a third consecutive victory.