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performance. Ithas alreadybeenrolled outacrossdifferentmarkets,countries andclient segments. Thebankdescribes‘3L’asthe pillar
of its investmentframework globally, creditingit formanagingclient expectationsandadjustingportfolios duringtheCovid-19pandemic. Whileprivatebankingleaders like
UBShavedonewell tokeepclients, theyareawarethe2020swillbea transformativedecadefortheindustry. Thebehaviour of clients willbekey tohowbanksstructuretheir offers to survive. This willbedrivenby secular trends, includingtechnology, demographics, sustainable investmentsandperhapsmostof all, the searchfor yieldandreturn. “Performancenumbers will
remaintheguidingstar,”saysAmin Rajan,CEOof theCreate-Research consultancyandajudgeofourawards. “Covid-19hasshownthat riskscan emergelikeabolt fromtheblue. Clients want tobeassuredthat scenario planningandliquiditymanagement arenowdeeplyembeddedinthe asset allocationprocess.” Clients will tolerateshort periodsof
poorperformance.Buttheywillnotbe impressedif their relationshipmanager doesnotcontactthemtoexplainit andmakefuturearrangementsfor re-positioningorat leastadiscussion
aroundrisks.That’swhykeycriteria consideredforourawardsembrace bothrelationshipmanagementand investmentperformance,whichare totallyinterlinked. “Clientshateitwhentheir
privatebankerschange,”saysKim Cornwall,anawardsjudgewhotrains relationshipmanagers inhowto communicatetheparameters of client portfolios.“Personalcommunication iskeyandmasse-mailsandmailshots donotcut themustard.” Thisneedamplifiedintimesof
challengingfinancialmarkets,when
See Big Interview with Victor Allende onp8 and extended coverage of theGlobal Private Banking Awards frompage 10
clientswanttohearthedifficultnews fromtheir relationshipmanagersand notfromwatchingBloombergorCNBC. Thereality,saysRaySoudah,
whowasaboardmemberofseveral leadingprivatebanksbeforesetting uphis strategicadvisoryconsultancy, MilleniumAssociates, isastark
one.This will remainarelationship business,butonlyfor thewealthiest. Thehighnetworthpopulation
–eventhosewithasmuchas $5mto invest–mayincreasingly bechannelled intostandardised processesandfunds. Their offersand outcomeswillbedeterminednotby chatswithsectorexpertsandportfolio managers,butbyalgorithmsandAI. OurcandidinterviewwithCaixaBank’s privatebankingboss, Victor Allende, anotherawardwinner,showsthis is likelytobethe case. Whatis clear fromourawards, is
that therearemanysuccessful private banks, withdifferentpriorities, businessmodelsandproduct
offerings.Someemphasiseonlytheir portfoliomanagementandasset allocationabilities.Othersconcentrate onempathy,understandingand communicationwiththe ‘next generation’ of clients. Thesefactors willcombineto
createnewopportunities forwealth managers. Trustedadvicewillbecome evenmoreimportant,particularly whenclients realise that in orderto achievetheirgoals,theymustembrace newassetssuchasprivateequity, until nowwell outside theircomfort zone. It isperhapstooearlyto tellwhether
wealthmanagement canfind the combinationofcontent, scaleand capabilities tosucceedin thedecade
ahead.Intheend,saysMrSoudah, “it willbethechemistrybetweenthe clientandprovider,coupledwithat leastadecentperformance,”which will determinethesuccess ofthe modern-dayprivatebank.
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