BDO Private Bank
A targeted aim to expand the investment universe that allows clients to invest through direct participation, ETFs/funds or derivatives, among other things, means that BDO Private Bank is well on top of what its clients need in the Philippine market.
A pioneer in local private wealth management, BDO Private Bank has seen its assets under management soar by over-40-fold since the turn of the millennium, while similarly demonstrating excellence in other areas such as trust and succession planning initiatives. These are built on an onshore model that serves the market’s emerging wealthy all the way through to the UHNW segment; indeed, its services have been compared to that of its bigger global counterparts.
The bank is well placed to grasp opportunities presented by one of Asia’s fastest growing economies. In the third quarter of the year, the Philippines grew 6%, the third fastest growing economy in the region behind only China’s 6.9% and Vietnam’s 6.8%. It also saw household consumption grow by 6.4% in Q3 2015, while capital formation rose to 8.9%. reflecting strong public and private sector investments.
Going forward, the nation is showing keen interest in joining the Trans-Pacific Partnership (TPP) agreement as a sign of “commitment” to pursuing economic reform measures. It also hosted the prestigious Asia Pacific Economic Cooperation conference this year, and will no doubt be a bigger player on the world stage in the years ahead.
The TPP, currently comprising 12 countries, is expected to generate an additional US$225 billion to the world economy by 2025; it is a landmark agreement that promotes well-rounded growth by marrying elements like tariff elimination or reduction with high governance standards and environmental protection.
“Filipino high net worth and emerging wealthy individuals are seeking services comparable to offshore private banks and wealth managers; with needs more focused on their domestic wealth, personal and family objectives,” says BDO Private Bank.
“A specific niche in the domestic market is underserved by the current priority banking services and the offshore private banking services. The BDO Group through BDO Private Bank sought to address the gap, and brought comparable wealth management services to this niche market.”
In what is an extremely competitively onshore Philippine private wealth management market, BDO Private Bank has demonstrated a clear winning strategy and is the deserved winner of this year’s inaugural Best Private Bank – Philippines Domestic award.