Deutsche Bank Private Wealth Management
Ultra High Net Worth clients are the ultimate testing ground for a bank’s commitment to excellence in service. These extremely discerning individuals are savvy investors, early adopters of technology and tend to be at the cutting edge of information and best practices. They are also the most consistently courted group of clients by all private banks. Hence to secure and maintain the trust and confidence of an UHNW client is the ultimate validation of the quality of a bank’s service.
Almost all the banks competing for this award had different definitions for an UHNW client but each of these banks has dedicated teams for UHNW clients that are the ultimate embodiment of exceptional service. These UHNW bankers have set the bar exceptionally high for client confidentiality, degree of customisation and the pace of innovation. While some banks have focussed on optimising the client-experience others have built a niche on providing clients with unparalleled access to innovative investment opportunities. The best banks have combined both.
Deutsche Bank Private Wealth Management, this year’s deserved winner of the Best Private Bank – UNHWI Services, we believe, was the best in class. Indeed, its differentiation lies in its interesting definition for the UHNW segment – the bank’s top-50 clients in Asia regardless of the dollar-value of their relationship with the bank. “It is important to us that we keep this segment small,” says Anurag Mahesh, managing director and head of Global Investment and Key Client Solutions, Asia Pacific. “If we need to have senior people working on these accounts then we need to limit the size of this segment. Currently we have only 42 relationships in this category and I don’t see this growing beyond 50. At competition the same tycoon is one of 200 clients whereas at Deutsche Bank he is one of 42 so the experience is wholly different,” he explains.
Mahesh has developed a keen understanding of what Deutsche’s UHNW clients want, “Corporate needs and the availability of balance sheet [funding] is most important to clients in this segment,” he says. We at Asian Private Banker believe this understanding is a reflection of Deutsche’s innovative approach to UHNW banking and its commitment to a more relevant service offering for such clients.