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CONTENTS April/May 2021 Issue 167 pwmnet.com MARKETMONITOR


04 FROMTHE EDITOR The ‘greed is good’ attitude in private banking is both outdated and dangerous, and those at the top need to do more to put a stop to it


06 WEALTHCHECK-UP Ultra-high net worth clients are not an easy segment to service so wealth managers should be more proactive in asking them for honest feedback


FEATURES


08 BIG INTERVIEW ABN Amro MeesPierson has big plans to consolidate and grow its share of the north-west European market, says CEO Choy-Lin van der Hooft-Cheong


10 THE GREATDEBATE UBP’s Michael Blake and John Younger of RBC discuss the pros and cons of an integrated investment banking and wealth management model


12


SUSTAINABLE VIEW The financial services industry must address the “trust deficit” which makes it difficult to attract both consumers and talented people from different backgrounds, argues Gina Miller


22 MORALLEADERSHIP While PWM’s survey of 60 industry leaders showed a desire to govern with a strong moral compass, the challenge lies in honing these leaders’ abilities to deliver for their teams


25 DIVERSITYANDINCLUSION Asset and wealth managers have been trying to improve diversity, and have met with some success, but changing a firm’s culture can be more difficult


29 MENTORSHIP Women who have reached the highest levels in Asian and African banks stress the importance of building networks and encouraging rising talent


FINTECH


30 DIGITAL STRATEGY Covid lockdowns and a mass move to remote working have driven a significant shift towards digitalisation at family offices


32 ESG Start-up Tumelo, which allows pension scheme members to screen their pots along sustainable lines, is now taking aim at the private banking industry


PRODUCTS&MARKETS


33 FAMILY-OWNEDBUSINESSES Family-owned businesses tend to carry less debt and outperform the wider equity market, with a number of recent fund launches looking to cash in


36 MEETTHE SELECTORS Our panel discuss how they would spend €100,000 for a client with a conservative balanced strategy


PWMNET.COM 3


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COVER STORY: FAMILYOFFICES


THEFAMILY HONEYPOT


14


Private banks are recruiting elite squads to target growing numbers of wealthy family offices springing up over recent years


With alternatives the asset class of choice for the top client tier, private banks are squaring up in a fierce battle for experts in illiquid assets


PRIVATEEQUITY 21


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