Best Private Bank – Fund Advisory
Bank of Singapore
We are deeply honoured by the award, which is a clear recognition of the team’s focus on client engagement and strategic use of data analytics to ensure a targeted and contextualised approach in our advisory efforts. This was all the more important in 2020 when the industry faced tough challenges due to volatile markets and changes in the ways we engage clients. Against this backdrop, we delivered thematic investment solutions in a nimble way, based around significant events and risk profiles of clients, and enhanced our after-sales service.
We would also like to thank our partners in the Fund Selection team who have onboarded quality, differentiated offerings — including funds in sustainable investing and impact investing. We have delivered strong performances in fund advisory portfolios, which has given clients greater confidence in our commitment to help them build long-lasting and sustainable portfolios that deliver solid returns and stand the test of time.
2020 was a pivotal year for Bank of Singapore’s funds advisory business. A renewed and greater focus on client engagement and a strategic use of data, as well as strong performance of the key fund offerings throughout the year were well recognised by both the industry and clients.
Underpinned by the bank’s strategic and tactical asset allocation framework, the fund portfolio construction drew from the bank’s best-in-class investment views and research. To bolster the size and quality of funds offered on the platform, the bank’s fund advisory and due diligence teams worked hand-in-hand to identify, onboard and maintain the recommended funds, providing a comprehensive best-of-breed fund list for each asset and sub-asset class. As of October 2020, nearly 70% of the high conviction funds had outperformed their respective benchmarks.
Worth noting, a key enhancement has been the increasing use of big data to identify clients’ appetite and market trends. In 2Q20, the funds advisory team sent out a solutions pack titled “Work your cash harder”, highlighting a collection of highly rated short-duration bond funds for cash rich clients who were hungry for extra yield, but did not want to take excessive credit and duration risk. Using data, the bank was able to extract and target a list of clients who were sitting on large cash balances and sent them targeted messaging along with the risk-appropriate solutions list.
Similarly, in 4Q20, Bank of Singapore launched a product campaign titled “China-leading the rebound”. With the help of big data, the bank identified those clients with no China exposure or with large single-line concentrated exposure to China assets, and recommended that they diversify their portfolios into a wider range of high-quality China funds.
Delivering the right advice to the right clients at the right time through the clients’ preferred method of communication became more important than ever. When physical contacts with clients were eliminated during the pandemic, bankers and front line advisors at Bank of Singapore rapidly pivoted to digitalised engagement. Throughout 2020, the bank continued to build upon virtual capabilities and enhanced the digital dissemination of ideas and information. This allowed the bank to better weather the COVID-19 storm and win clients’ trust.
Bank of Singapore is Asian Private Banker’s Best Private Bank – Fund Advisory for 2020.