BEST PRIVATE BANK – UHNW SERVICES
Widely viewed as the most effective means to meet the needs of Asia’s sophisticated and entrepreneurial UHNW clients, the ‘one bank’ approach bears organisationally complex and financially significant (not to mention culturally disruptive) implications for a bank, which must commit to establishing best practices around fee-splits, cost allocation, balance sheet sharing, and myriad issues pertaining to client risk. Credit Suisse’s integrated business model in Asia Pacific, which focuses on allocating resources by client and product ‘hubs’ to ensure that client needs are addressed in a direct and agile manner, has thus far proven to be the most potent expression of the ‘one bank’ paradigm in the region. Whereas some peers remain hamstrung by global dependencies around expertise, systems and infrastructure, Credit Suisse’s model promotes effective execution on account of greater local and divisional autonomy.
The crux of Credit Suisse’s approach is that it enables the bank to surround its ultra clients in a 360-degree manner across investments, strategic and wealth solutions, and liability solutions with a nimbleness that is uncommon for large financial institutions.
Its prime services span alpha generation, prime brokerage and business consulting, with the bank able to book clients in both IB and PB; a dedicated strategic advisory and private assets team focuses on working with the investment bank to deliver tailored corporate and financing solutions as well as proprietary deals to UHNW clients; an industry-leading wealth planning proposition; and Credit Suisse’s investment solutions proposition includes access to best-in-class and exclusive hedge fund and private equity managers, direct co-investment opportunities, and the region’s leading funds advisory service, growing its UHNW assets in discretionary mandates, advisory mandates, alternatives by at least 25% year-on-year, with UHNW funds assets more than doubling.
Further, Credit Suisse’s centralised financing division in APAC is a true game-changer, insofar as it provides a common platform for the bank to coordinate and unlock its existing expertise in structuring, risk management, and trading and syndication. Indeed, whereas other banks are reducing their liabilities exposure and focus in the region, Credit Suisse has a demonstrable track record of deploying its balance sheet in a smart, strategic manner, leading the market in debut loan issuance and private financings.
As with any pioneering approach, the truly integrated model Credit Suisse has employed to serve its entrepreneurial ultra clients in Asia will continue to require monitoring, refinement and cultural reinforcement; and as with any business model, its value will be judged by its performance across different market conditions. But based on currently available evidence, Credit Suisse is one step ahead of the competition. Registering stellar and diversified results, and backed by an industry-leading platform and the most senior members of the organisation, Credit Suisse is the deserved winner of Asian Private Banker’s Best Private Bank – UHNW Services for 2017.
“In the past two years, our unique Asia Pacific Division model has significantly deepened and strengthened our capabilities in servicing our core UHNW clients, with our integrated Wealth Management & Connected business seamlessly providing private banking, underwriting and advisory and financing solutions to these entrepreneurs who are driving wealth growth in the region.
Leveraging the bank’s global platform and the integrated multi-disciplinary competencies in APAC, our unique model has enabled Credit Suisse to serve UHNW clients holistically across their private wealth, businesses and their personal aspirations. This has led to very robust double-digit growth of our UHNW client assets and profitability, while continuously delivering landmark client solutions throughout the year.”
The ‘Excellence’ award is handed out on merit alone. It recognises an institution with private banking facilities that has demonstrated industry-leading and quality business growth, a strong sense of value proposition, fiduciary responsibility and a willingness to innovate.