4 August 2017 |

Top Eight for Week 28 July – 3 August 2017

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Greetings,

Holiday season is in full swing. It’s also interim earnings season. Here are a few highlights:

Bank of Singapore | AUM +US$4 billion to US$89 billion in Q2; “very marginal” outflows stemming from Barclays integration; Tsien: OCBC’s onshore private banking business in Indonesia had “a very strong start”.

BNP Paribas WM | “good asset inflows” in Asia and France in Q2; wealth and asset management business with PTI of €226 million Q2 (+24.6% YoY)

Deutsche Bank WM | APAC AUM down €1 billion in Q2 to €47 billion; bank said: “In wealth management, we will continue to follow our strategy which includes to invest in key growth markets, e.g. Asia, Americas and the Middle East, as well as selected de-risking and transformation initiatives.”

Credit Suisse PB | CHF 4.5 billion in Q2 APAC NNA; H1 APAC NNA of CHF 9.8 billion; APAC AUM per RM +15% YoY in Q2; APAC RM headcount down 10 to 610; PB revenues +24% YoY, WM&C APAC +33% YoY in net revenues to CHF 1.1 billion, +72% growth in adjusted PTI to record CHF 403 million.

EFG | group-wide net asset outflows of CHF 5.5 billion in H1; Ex-BSI-related outflows, NNA growth of CHF 0.5 billion, incl. CHF 1.2 billion in Asia; Asia AUM of CHF 21.4 billion

HSBC PB | Asia accounted for lion’s share of global PB PTP, at US$148 million in H1, or almost 97% of the global unadjusted total; HK PB business contributed US$129 million; HSBC PB Asia AUM +US$11 billion in H1 to US$119 billion

Credit Agricole WM | Global AUM +3.4% YoY to €156 billion; “positive net new inflows” in Q2; WM accounted for 6.7% of H1 group net income, at €58 million.

Julius Baer | NNM inflows H1 2017 of CHF 10.2 billion at annualised growth rate of 6.1%; “Strong” net inflows from clients in Asia, Middle East & Monaco

StandChart PB | US$0.6 billion in H1 NNM globally, driven by operations in Hong Kong, India; globally PB unit recorded pre-tax loss of US$1 million due to higher expenses YoY stemming from hiring and its tech revamp.

UBP | globally, strong revenue (12.5%) and profits growth (21.2%); PB AUM of CHF 91 billion

UBS | “record-high” 41% YoY increase in PTP in H1; 2.6% QoQ increase in invested assets in Asia to CHF 319 billion; NNM inflows of CHF 9.6 billion accounting for 70% of global WM NNM flows in Q2 (ex-Americas)

UOB | HNW segment AUM +18% YoY in H1; Wee: “more than double mass affluent, as we step up our organic growth strategy”.

For the most part a positive six months.

Your Top Eight follows.

Cheers,
Sebastian Enberg
Editor

 

STRAIGHT TALK | EXCLUSIVE   28 July 2017
Straight Talk: Vincent Chui, head of Asia institutional equity distribution & PWM, Morgan Stanley
Morgan Stanley is, of course, a household name in Asia. Its private wealth management business, though a small part of the firm, is important insofar as its clients touch across the full spectrum of the bank. Asian Private Banker sits one-on-one with straight-shooting Vincent Chui, who heads Morgan Stanley’s Asia PWM business, to discuss China, the firm’s competitive strengths (and weaknesses) and the state of the private banking industry at large.

 

PEOPLE | EXCLUSIVE   3 August 2017
Credit Suisse PB’s market group head for China steps away from industry
A year after joining the Swiss major, Credit Suisse Private Banking’s market group head for China is believed to have left the bank to retire.

 

APB MANDATE | DPM | EXCLUSIVE​   1 August 2017
EFG’s Asia DPM assets rise 40% this year
EFG has seen a 40% bump in discretionary portfolio management (DPM) assets in Asia since the start of the year. The sharp increase is likely to please the Swiss pure play given its increased emphasis on annuity income amidst industry-wide fee compression, regulatory tightening and transactional volatility.

 

INDUSTRY | STRAIGHT TALK | EXCLUSIVE   31 July 2017
Straight Talk: Anshu Kapoor, head of global wealth management, Edelweiss
Asian Private Banker sits down with Anshu Kapoor, Edelweiss’ head of global wealth management, to discuss the Mumbai-based firm’s rapid growth last year, its approach to hiring and training, competition in India amongst local and foreign players, and the wealth manager’s plans for the future. By end-2016, Edelweiss was the fifth largest wealth manager in India’s onshore market, according to Asian Private Banker’s India AUM League Table, rising from 10th place a year before.

 

PHILANTHROPY | EXCLUSIVE   1 August 2017
Auma Obama encourages private banks to fund entrepreneurship training programmes
Auma Obama, project leader at Kenya’s Sauti Kuu Foundation, speaks to Asian Private Banker about the challenges that NGOs face as a result of being dependent on donations from philanthropists. Speaking on the sidelines of the UBS Philanthropy Forum Asia, Obama shares her thoughts on how private banks can have a positive social impact.

 

PEOPLE   2 August 2017
Julius Baer confirms appointment of new head of markets and advisory solutions Asia
Julius Baer has confirmed via a media release that it has hired Credit Suisse Private Banking’s former APAC head of investment solutions and products for a Singapore-based role.

 

APB MANDATE | ADVISORY | ASSET MANAGERS | EXCLUSIVE   2 August 2017
Asia’s private banks up cash allocations despite low volatility
Despite the fact that volatility remains low, private banks in Asia have increased their allocations towards cash for their balanced risk portfolios, according to APB Mandate data, which indicates risk aversion amongst the region’s private banking clients.

 

FAMILY OFFICE/IAM | TRUSTS | EXCLUSIVE   1 August 2017
Wealthy families taking advantage of Singapore’s asset manager tax incentives
Wealthy families are taking advantage of an incentive scheme in Singapore that grants tax exemptions to fund management companies, such that the city-state is fast becoming a preferred destination for qualifying family offices to put down their roots, tax specialists tell Asian Private Banker.