Credit Suisse is one of the few banks in Asia which have already proven leadership in this nascent, evolving landscape, thus making it the deserved winner of the Asian Private Banker Best Private Bank – Family Office Services award. Its much-talked about “family office hub” in Singapore, which acts as an incubator for family offices helping them jump start their family office plans, is one patent differentiator, proving to be extremely popular with clients. Indeed, even though office space at the hub is not rent-free, there is a waiting list of clients hoping to get in. As part of its pitch for this year’s award, Credit Suisse revealed its plans to open a similar hub in Hong Kong in the foreseeable future.
Asian Private Banker believes the experience of its family office team is another crucial advantage Credit Suisse has over its peers. Bernard Fung, Head of Family Office Services and Philanthropy Advisory, Private Banking Asia Pacific at Credit Suisse, spent several years as the Chief Executive of Innotech Advisors, the investment vehicle of Lord Sainsbury of Turville. Having been a client himself, Fung is able to tailor the bank’s family office service offering so that it both remains relevant, and adds value to, its clients.
Fung himself believes it is the bank’s 150+ year history serving family offices in Europe that has put it in pole position to serve family offices in Asia. “Judging from the volume of work we are doing, the potential growth in family office business is very high,” he asserts. “We are well positioned to service this business.”