housing properties and property developments in the US, Europe and Asia,” saysMsEl Masri. YB
BEST PRIVATE BANK IN NEW ZEALAND ANZNEWZEALAND PRIVATE BANK
BEST PRIVATE BANK IN MONACO UNION BANCAIRE PRIVÉE, UBP SA
Monaco, one of the key private banking battlegrounds in Europe, owes its success as a hub to the international clientswho flit in and out of the principality for leisure or business. “Monaco bank clients originate
froma wide array of countries and the vastmajority have elected to live here,” suggests Sérène El Masri, CEOofUnion Bancaire Privée (UBP) Monaco. Most stayed there during
lockdown, comforted by high levels of security and theway the authorities managed the health crisis.“We also sawa number of non-resident clients fly intoMonaco to benefit fromthe quality of the environment,” she says. This clientele includes east
European and Russian, Italian, UKandSwiss contingents, with relocations more recently fromthe Middle East and northern Europe. “ThismakesMonaco both a global and a domestic financial centre,” she says. Becausemany of these local
residents are in fact globally- oriented families, the bank is expected to provide sophisticated financial advice and management, alongside basic banking services such as credit cards and an
38 GLOBAL PRIVATE BANKING AWARDS 2020
electronic payments system. “Local investors can also be very
active margin traders rather than asset allocators,” saysMsEl Masri. “The banks capable of providing ongoing advice with structuring expertise, across all classes, and at institutional conditions,make all the difference here.” Clients alsoownreal estate
globally,which they expect their bank to be able to finance. Given the multi-jurisdictional exposure of their assets and family members, they alsowant to speak to a banker who understands the legal and tax implications for their estates, she says. Global clients are also increasingly seeking advice on setting up family offices inMonaco. “In a nutshell, to be relevant in
this market, a private bank needs to get the simple stuff right and make the difference via financial innovation, balance sheet strength and wealth planning expertise,” she says.
This innovation has included thematic investment, with the most popular themes identifying “secular trends” like medical innovation, automotive technology and artificial intelligence,among others. Impact investment funds have also proved popular, withMonaco’s banks increasingly acting as co-investment providers in this space. “Through us, our clients have
invested directly in government- leased real estate, student
Monaco owes its
success as a private banking hub to the international clients whoflit in and out of the principality for leisure or business
Focus on client service and strong investment returns contributed to AuMgrowth and substantial net new money inflows atANZNewZealand Private Bank last year. Investment portfolios across
all risk profiles “significantly exceeded” their performance objectives and the ability tomeet client needs was reflected in high client satisfaction
scores.Ninety- one per cent of the bank’s clients are very satisfied with the service and nine out of 10 would recommendthe institution to others. Acontinued focus on staff
development, knowledge sharing platforms and a newdigital learning platform also helped deliver “an excellent service to clients”, explains Craig Mulholland, managing director of wealth and private bank. The newprofessional
development fund offers external development opportunities such as university study, resilience and women’s leadership. Bankers are nowalso equipped with large screen iPad Pros, so they can present up to date information and scenarios when meeting with clients. The enhancement of digital
capabilities and the strength of the business model allowed the bank to deliver uninterrupted service during the lockdownperiod. “The pandemic has been a reminder of the importance of regular testing of business continuity plans, and of ensuring staff have the infrastructure and hardware to quickly adapt toworking from home,” states Mr Mulholland.
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