The second annual Asian Private Banker’s Asset Management Awards for Excellence 2014/15 was held at the JW Marriott Hotel, Hong Kong on Friday the 29th of May. Winning fund houses enjoyed the afternoon of celebration with the product gate keepers from their key private banking clients.
2014/2015 Categories & Winners
Congratulations to the winners of the Asian Private Banker Asset Management Awards for Excellence 2014/15.
Asian Private Banker’s Asset Management Awards for Excellence is an opportunity for the asset management industry to gain recognition from leaders in the field of private banking and wealth management. The selection of winners is driven purely by votes submitted by key decision makers of fund selection operations from private banks in Asia, which collectively represent client assets exceeding US$1.5 trillion. Given the vast and diverse needs of various private banks based on their clientele, existing infrastructure and overall business strategy, we extend the depth of our scope to better understand what factors led to subsequent nominations of winners. We request our respondents to nominate winners based on four core factors: investment performance, business performance, service and support and, brand.
The single-most objective component of the fund selection and sales process, investment performance is an absolute prerequisite for selecting any single fund product. Be it traditional metrics or otherwise, asset managers’ performance are judged on a 1-year or 3-year period.
As private banks continue to mature into an advisory role in an uncertain market and a regulatory environment unconducive to brokerage business, recurring income will play an increasingly vital role in profitability. But recurrence, by definition, requires continuity and, effectively, consistency. From a business perspective, a viable product is not one that simply captivates investors in hot streaks but ideally one that can weather the storm.Business performance should not be valued merely by absolutes in asset inflows and fee generation. Certain products will inevitably serve a purpose with a limited window of opportunity while others are designed to last for a generation and beyond, impacting the nature of asset flows. Given the heavy resources required to on-board, market, sell and manage such products, cost-benefit ratios must be considered.
Service and support
Few private banks can lay claim to truly being a one-stop shop. Large, integrated, global financial institutions may be backed by a resource centre of diverse personnel at the beck and call of relationship managers who have the slightest question about a market, asset class or product, but this is not a reality shared by all.
In turn, product providers that wish to distinguish themselves can fill the gap. Be it convenient access to portfolio managers or timely dissemination of research reports, post-sales support is essential to a private bank that simply does not have the scale to cover the entire investment universe. There are very few scenarios worse than having no answer to a question from a client.
Funds distribution through private banks is a highly competitive space that truly requires visibility. At the level of the end-client, even though mass marketing is often a retail exercise, there is value in the comfort it offers investors at the high net worth level. At the level of the gatekeeper, visibility does not mean just an online ad or a billboard in the subway. Be it media conferences, self-hosted summits, or industry seminars, it is essential for asset managers not only to be effective marketers but also to showcase their thought leadership and business insights, where appropriate.