Awards for Distinction 2014 – UHNWI Services


AFD2014_Best Private Bank - UHNWI Services

Goldman Sachs

Ron Lee

Ron Lee
Head
Goldman Sachs Private Wealth Management, Asia Pacific

The ultimate testing ground for a bank’s commitment to excellence in service, ultra-high net worth individuals (UHNWIs) are knowledgeable, sophisticated investors at the forefront of technological development and understand more than most what constitutes best practice. Although each private bank in the region defines UHNWIs differently – ranging from clients with US$10 million or more in liquid assets to clients with US$100 million or more – all agree that these clients are the industry’s most coveted catch.

One bank has not just differentiated, but also distinguished itself for its singular focus on UHNWI clients. Goldman Sachs’ business targets only UHNWIs, defined by the firm as those with over US$100 million in net worth. Since servicing UHNWIs is in fact its entire business, every aspect of its platform is designed to fulfil the needs of this segment. As a result, the exceptionally high bar its UHNWI bankers have set for client confidentiality, customisation, and product innovation will surprise few – although it has impressed many.

In Asia, Goldman Sachs manages more than US$50 billion in client assets, according to Asian Private Banker’s estimates. While, this alone, is notable, assets under management are by no means the sole nor most crucial differentiator for the purpose of judging these awards and Asian Private Banker was impressed by depth of the firm’s relationship with its clientele – each private wealth advisor typically covers 15 to 20 active UHNWI clients. For this specific client segment, the firm controls an impressive share of wallet that Asian Private Banker was able to benchmark against the bank’s peers.

Moreover, the firm has demonstrated a dedication to diversifying both client portfolios and its own revenue streams – crucial for the survival of both. Fee-based assets have grown over 75% since 2010.

The source of wealth in Asia, especially in the UHNWI segment, lends itself naturally to investment banking services and, here again, Goldman Sachs has proven it is able to deliver a full spectrum of solutions to clients.

For all of these reasons, Goldman Sachs is the most deserving of the award for Best Private Bank – UHNWI Services in 2014.