Despite a strong late-2016 rally fuelled by reflationary hopes under a newly elected US president, private banks in Asia did not have it easy when convincing regional HNWIs to take risks. Asian Private Banker’s recent poll indicated that fund flows fell an average of 6.1% YoY. Nonetheless, the industry did not relent, remaining by clients’ sides during times of distress and continuing to educate the market about new opportunities or investment innovations, with fund penetration reaching an average of 11%.
More than ever, private banks and Asia’s HNWIs are demanding more from asset managers – not only in terms of product, but also in aftersales, education, timely market updates, investment insights and beyond.
Based solely on an asset manager’s share of third party fund assets, BlackRock is the Asian industry’s choice, securing the titles of Best Fund Provider – Asia Bond and Best Fund Provider – Asia ex-Japan Equity. This is all the more impressive when considering Asia’s heavy home bias and, accordingly the greater scrutiny these allocations are subject to; and closer to headquarters of many of the firm’s global private banking clients, BlackRock has been chosen as Best Fund Provider – Europe Equity.
For advocates of passive investments, who may have doubts over long-term active management and scrutinise fees closely, BlackRock is also a leader, with its ETF arm, iShares, picking up the award for Best Fund Provider – ETF.
A well-rounded product self backed by leading distributor servicing has led the region’s gatekeepers to select BlackRock as Asian Private Banker’s Fund House of the Year.