BEST PRIVATE BANK FUND ADVISORY SERVICES
Credit Suisse
BEST PRIVATE BANK – FUND ADVISORY SERVICES
Francesco de Ferrari
Head of Fund Solutions, Private Banking Asia Pacific, Credit Suisse
“We are delighted to receive the Fund Advisory Award for a second year. 2017 was another record year of product innovation for Credit Suisse, with the launch of our Fixed Maturity US Loans, fund-linked structured products, fixed income solutions, and thematic funds around Technology such as Robotics and Security, or demographic supertrends such as silver economy and millennials.
We had a year of extraordinary growth, with funds net sales doubling in the first nine months versus an already very strong 2016, while funds assets under management grew more than 50%.
More importantly, over 80% of net sales were in funds from our Quarterly Focus Funds list, which represent the bank’s highest conviction funds that best suit the economic environment and outlook backed by Credit Suisse Research. 100% of our Focus Funds show a gross positive performance, while close to 70% outperformed benchmark.
We have delivered these results by continuing to enhance our clients’ experience through our network of dedicated fund experts across the region, our unique approach in connecting fund providers with our clients and bankers, a strong emphasis on after-sales as well as staging educational events that have reached 500 end-clients and over 600 RMs in 2017.”
Winners rationale
In 2016, Credit Suisse Private Banking’s funds business rocked the industry in Asia with record inflows in a year where markets were unsupportive, client sentiments were dented and wealth manager fund flows registered flat results if not net outflows. A 2017 rally uniformly induced a fund flow rebound for 2016’s lacklustre distributors, but conventional wisdom says that this was not the case for Credit Suisse.
Whether the law of averages does not apply, or has yet to come into play for Credit Suisse’s APAC funds business, the offsetting effects were far from evident in 2017. The Swiss major followed up on a strong 2016 in Asia with more than 50% and 110% year-on-year growth in fund AUM and net sales respectively, further boosting fund penetration rates despite the bank’s strong overall AUM growth. Importantly, the lion’s share of these new assets were booked from UHNW clients, traditionally more reluctant than their HNW counterparts to invest in funds.
Its strong asset flows are backed by strong positive performance. Its strong asset ows are backed by strong performance. For instance, its focus funds delivered an average outperformance of 2.7% per annum, and account for 81% of the bank’s fund net sales in Asia.
Credit Suisse’s fund advisory arm is also the exemplar of superior after-sales servicing and client support: each month the bank hosts educational events for clients and relationship managers alike, focusing on the latest market trends, and fund providers are regularly brought in to interact with clients directly.
Successfully bucking the trend in one year and riding it the next, Credit Suisse is definitively Asian Private Banker’s Best Private Bank – Fund Advisory Services.
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