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We’rewell placed to be the number one foreignwealth manager in China and remain the number one inApac


IQBALKHAN UBS


12THANNUALGLOBAL PRIVATEBANKING AWARDS


KEYFACTS


Africa, the Middle East, Asia and Australia/ Oceania.


growing quality of submissions and private banks’ increased focus on client needs.


were best private bank forUHNWclients (18) impact and sustainable investing (15) and growth strategy (15). This year’s new category, best private bank for business continuity plans (related to Covid-19) - also attracted strong interest, with 17 banks applying for it.


Fourteen institutions have won more than one award, with three institutions, Citi Private Bank, Credit Suisse and UBS, winning three awards each


grew by more than 7 per cent, on average, with each relationship manager responsible for $160m in client assets


than $12tn in client assets between them, according toPWM’s quantitative analysis. On average, private banks have seen their AuM rise more than 15 per cent over the last year. The number of private clients


This year’s 105 entrants manage more


Best private bank for client service was the most popular category, with 25 institutions entering it. Other popular categories


With 62 winners, we have rewarded the highest number of private banks since the global private banking awards programme started in 2009. This is testament to the


covering all regions. These included North America, Central and Latin America, Europe, Central and Eastern Europe,


Despite the Covid-19 pandemic, this year we received more than 100 submissions from 50 countries around the world,


placed to be the number one foreign wealth manager in China and remain the number one in Apac,” he says. But there has been an internal


recognition that UBS can no longer be regionally biased in wealth management, with all newassets flowing fromAsia, as has happened in the past. Bank bosses say their much touted “global integration”, which has merged the US operation with the global one, will help share resources, and ensure the wealth management operation diversifies regionally. The bank says that in the first half of 2020, two thirds of net newmoneywas generated in Emea, with the residual spread evenly across other regions. Topmanagement prides itself


in having created a “competitive advantage that’s unmatched”, through closer collaboration between different units. Its latest ‘3L’ concept of liquidity, longevity and legacy has combined internal work on behavioural economics with research on clients’ emotions and needs. This focus, being rolled out across


geographies and client segments, is likely to run for some time and the bank has already credited it with helping guide clients’ portfolio positioning effectively through the pandemic. “The three Ls is not just a


marketing slogan to us, it’s the core of our philosophy,” says Mr Khan, adding the newconcept helps “frame conversations aroundwhat matters most to our clients, and enables us to be their financial life partners.” The bank recently announced


that sustainable investments are nowthe firm’s preferred solution for private clients investing globally. Of its $2.6tn in client assets, the bank claims nearly $500bn is invested sustainably. UBSbelieves a 100 per cent sustainable portfolio can deliver


14 GLOBAL PRIVATE BANKING AWARDS 2020


potentially higher returns than traditional investment portfolios, with strong diversification for clients investing globally. The pandemic, says the bank, has helped accelerate this shift by highlighting the vulnerability and interconnected nature of theworld’s societies and industries. “The shift in preferences toward sustainable products and services is only just beginning,” says Mr Khan. “We believe sustainable investments will prove to be one of the most exciting and durable opportunities for private clients in the years and decades ahead.” YB


BEST PRIVATE BANK IN EUROPE; BEST PRIVATE BANK IN SWITZERLAND PICTET


Thematic investments,which have been Pictet’s hallmark for the last 20 years after the launch of the bank’s Water fund, have proved particularly successful during the past few months of the Covid pandemic, with the healthcare and tech sectors coming into sharp focus. “By identifying themegatrends


behind those thematic strategies, we believe we can select the long-term winners in the global stockmarkets in areas as diverse as health, robotics, smart city or security to mention just a few,” says Sven Holstenson, head of Europe onshore at PictetWealth Management,which oversees $610bn of client assets globally. “In the current environment,


certain companies are actually able to growin spite of the recession,” he says. “The healthcare sector, the tech sector or the environmental economy in particular offer opportunities. These three clusters are areaswhere Pictet has developed a distinctive investment expertise. Those are very


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