In the private banking and wealth management industry, domestic players have outperformed their regional counterparts in terms of business growth in key markets such as India, Singapore, Taiwan, and Hong Kong. A closer look at these markets reveals a more nuanced picture.
In India, the Nifty 50 rising to stratospheric levels – from 8,083.80 on April 3 2020 to a record 24,613.00 on July 16 2024 – is like a rising tide that is lifting all ships. Almost all private banks and wealth managers who participated in this year’s The Asset Private Banking and Wealth Management Awards posted record growth and performance.
However, there is a general perception among Indian high-net-worth and ultra-high-net-worth individuals (HNWIs and UHNWIs) that domestic private bankers and wealth managers know the market better and can navigate the intricacies of domestic regulations better than their foreign counterparts. As a result, domestic players outperformed across the board.
Also, before the boom in public markets, most Indian HNWIs and UHNWIs were dabbling in private markets, a space where foreign players arguably had a competitive advantage because of their overseas networks. But Nifty’s stellar rise has prompted investors to jump back into the public markets, giving domestic players an edge.
In Taiwan, the Weighted Stock Index has also hit record levels, rising steadily from 12,788.42 on October 28 2022, its lowest point for that year, to reach 23,769.82 on July 17 2024, its highest level in five years.
The bull market is further boosting the phenomenal wealth growth in the market. According to the latest market research by Boston Consulting Group (BCG), Taiwan's personal wealth reached a new high of US$6.3 trillion in 2023 and is projected to grow at an annual rate of 6% to hit US$7.8 trillion by 2027.
Government reforms, including “Wealth Management 2.0” policy, is expected to further strengthen Taiwan’s wealth management sector by attracting more domestic and foreign funds.
As a result, almost all private banks and wealth managers in the market experienced strong growth in 2023.
Singapore and Hong Kong
In Singapore, the market has continued to benefit from inflows from HNWIs and UHNWIs, as more family offices are set up, despite restrictions imposed by regulators.
Client feedback indicates that Singapore has benefited from the “neutrality effect”, or the perception that assets kept in the city-state are more sheltered from geopolitical risks, compared to assets in Hong Kong and Taiwan. Adding to that, Singapore stocks and the Singapore dollar have remained relatively stable.
According to the latest available data, about 1,400 family offices have set up shop in Singapore and given tax incentives. This number may have been impacted by the recent investigations by regulators that indicated money laundering activities by top banks operating in the city-state.
Hong Kong, on the other hand, boasts 2,700 family offices, according to a report by Deloitte. Although the Hong Kong stock market remains relatively weak, the city is still expected to surpass Switzerland to be the world's largest booking centre in 2027, according to BCG. This development is expected to boost the domestic private banking and asset management industry in the long-term. Retail banks registered higher profits in H2 2023 versus H2 2022 mainly due to higher net interest income although total bank credits decreased moderately, according to data from the Hong Kong Monetary Authority. In contrast, foreign private banks registered flat earnings growth during the period.
The biggest winner among private banks and wealth managers is DBS as it runs well-performing businesses in Singapore, Hong Kong and Taiwan. The bank remains the dominant player in Singapore, benefiting massively from the family office boom. In Hong Kong, it operates as a domestic bank that allows it to operate across all client segments, compared to foreign banks which operate mostly in the UHNWI space. In Taiwan, DBS has taken over the Citi franchise, enhancing its competitive edge over local private banks and other foreign banks in wealth management.
It is in this context that we announce the winners of Private Banking and Wealth Management Awards as part of The Asset Triple A Private Capital Awards for Private Banks, Wealth & Investment Bank Advisers, Solutions and Index Providers 2024.
We also announce the results of the The Asset Triple A Insurance Awards 2024.
Best ESG Private Bank
Best ESG Private Bank – Asia
BNP Paribas Wealth Management wins the Best ESG Private Bank – Asia award with its ESG best-in-class and profiled ESG assets under management (AUM) growing by 200% year-on-year during the review period. The ESG-rated AUM penetration rate also increased to 80.2%, driven by increases in funds and equities. Its SRI AUM increased by 42%.
Best ESG Private Bank – Asia, Highly Commended
Best ESG Private Bank – Hong Kong
HSBC Global Private Banking is Best ESG Private Bank – Asia, Highly Commended recognition and Best ESG Private Bank – Hong Kong. In 2023, HSBC Private Bank demonstrated strong ESG and Sustainable Investing (SI) AUM growth, including ESG and SI equities, long-only funds and ETFs, Green, Social, sustainability-linked bonds, and notable fundraise amount for its impact alternative product offering. It also played a key role in the HKSAR Government retail green bond IPO.
Best ESG Private Bank – Hong Kong, Highly Commended
DBS Private Bank is Best ESG Private Bank – Hong Kong, Highly Commended. By end-2023, the bank’s total AUM for traditional ESG-focused mutual funds reached US$31million. Its overall AUM for ESG funds with an MSCI rating of BBB or above was US$1.17 billion.
Best Private Bank for Impact Investing
Best Private Bank for Impact Investing – Asia
J.P. Morgan Private Bank wins as Best Private Bank for Impact Investing – Asia. In 2023, J.P. Morgan Private Bank onboarded more sustainable investing strategies for its clients. It also expanded its overall service offerings with two acquisitions: OpenInvest and Campbell Global. The private bank has over 140 carefully selected sustainable investment strategies across equities, fixed income and alternatives.
Best Private Bank for Impact Investing – Asia, Highly Commended
BNP Paribas Wealth Management is Best Private Bank for Impact Investing – Asia, Highly Commended. The private bank has made impact investing and blended finance a top priority with a range of direct / co-investment and impact / blended finance fund offerings riding on policies to accelerate positive impact in wealth management in Asia.
Best Private Bank
Best Private Bank – Asia
DBS Private Bank wins as Best Private Bank – Asia in the wake of its strong growth across all the markets, particularly in Singapore and Hong Kong, as well as across client segments. Its wealth management AUM grew 23% year-on-year in 2023 and achieved a 10% CAGR AUM growth from 2017 to 2023.
Best Private Bank – China, Winner
ICBC Private Banking wins as Best Private Bank – China. It continues to be the leading Chinese private bank, servicing the largest base of private banking clients among state-owned banks in China. The number of its clients increased by 16.3% year-on-year despite the large base, with the AUM up by 17% and net new money up by a significant 46.2%.
Best Private Bank – China, Highly Commended
Agricultural Bank of China Private Banking is Best Private Bank – China, Highly Commended. The private bank is the among largest in China. Using innovative client onboarding channels, it saw the number of private banking clients increase by 12% and AUM up by 20% during the year.
Best Private Bank – Hong Kong
DBS Private Bank win as Best Private Bank – Hong Kong for posting a resilient financial performance, setting new records for customer satisfaction, and strengthening its team to contribute to Hong Kong business amid strong competition and a challenging market environment.
Best Private Bank – India
Nuvama Private wins as Best Private Bank – India. Its client base in the UHNWI space expanded by 15% in fiscal year 2024, its wallet share grew by a compound annual growth rate (CAGR) of 15-17% in the wealth servicing space, as reflected in its assets under advisement (AUA), which grew by 25% year-on-year.
Best Private Bank – India, Highly Commended
Kotak Private Banking is Best Private Bank – India, Highly Commended. In 2023, Kotak Private Bank achieved remarkable success through strategic client acquisition, leveraging internal systems and client references, digital innovation, expansion of its offshore business, comprehensive family office services, and the launch of focused innovative financial products.
Best Private Bank – Malaysia
Maybank Private wins as Best Private Bank – Malaysia based on its strong performance, with its revenue growing by 179.4%, its AUM by 9.1%, its investment AUM by 11.7%, and its fee income by 74.5%.
Best Private Bank – Malaysia, Highly Commended
CIMB Private Banking is Best Private Bank – Malaysia, Highly Commended. It posted a robust 92% growth in net new money, leveraging its proactive approach to provide effective investment strategies to clients in volatile financial markets.
Best Private Bank – Philippines
BPI Private Wealth wins as Best Private Bank – Philippines. The private bank currently accounts for approximately 25% of the Philippine market, with a CAGR of 7% over the past four years. Its reorganization has further strengthened its competitive edge over its peers.
Best Private Bank – Singapore
DBS Private Bank is recognized as Best Private Bank – Singapore. The private bank benefited from inflows from UHNW clients, particularly family offices. In 2023 DBS posted a more than 30% increase in the number of SFO Fund Entity accounts opened, a more than 20% growth in Group Family Office Net AUM, and an increase in trust injections and insurance revenue.
Best Private Bank – Taiwan
Cathay United Bank Private Banking wins as Best Private Bank – Taiwan. In 2023, Cathay United Bank posted a strong growth of 17.49% in AUM, 14.49% in client growth, 23.67% in gross profit, and 27.75% in net income despite highly competitive market conditions.
Best Private Bank – Taiwan, Highly Commended
CTBC Bank is Best Private Bank – Taiwan, Highly Commended. The bank has further strengthened its capabilities, expanding the professional team that services HNW / UHNW customers with a strong global network and innovative solutions. It has collaborated with Boston Consulting Group (BCG) to publish Taiwan Ultra Wealth Insights Report 2024, which focuses on Taiwan’s UHNW customer needs and private wealth market trends.
Best Private Bank – Thailand
Kiatnakin Phatra (KKP) Securities is recognized as Best Private Bank – Thailand. KKP Securities posted a 23% increase in revenue from its Global Investment Service, demonstrating its capabilities as a trusted adviser to clients and providing tailored advisory services that are well-suited to the current financial landscape.
Best Boutique Private Bank
Bank Julius Baer grabs the Best Boutique Private Bank – Asia award. The private bank strengthened the range of services it provides to single family offices, onboarding 50% more clients and growing its AuM 50% AuM growth compared to last year.
Best Private Bank for Philanthropy
BNP Paribas Wealth Management wins as Best Private Bank for Philanthropy – Asia. BNP Paribas WM’s focused approach towards philanthrophy has made it a leader among its peers, particularly its use of a tool that supports clients learning how to use of the United Nations Sustainable Development Goals (SDGs) for investing and philanthropy.
Best Private Bank for Nexgen
Best Private Bank for Nexgen – Asia
BNP Paribas Wealth Management is recognized as Best Private Bank Nexgen – Asia. BNPP WM conducted exhaustive research and commissioned studies as part of its best-in-class approach towards Nexgen coverage, making it a leader in providing Nextgen services.
Best Private Bank for Nexgen – Asia, Highly Commended
Citi Private Bank is Best Private Bank Nexgen – Asia, Highly Commended. Citi Latitude, the private bank’s highly developed Nexgen programme, continues attract valued next-generation clients.
Best Private Bank for UNHWIs
Best Private Bank for UNHWIs – Asia
J.P. Morgan Private Bank wins as Best Private Bank for UNHWIs – Asia for its proactive focus on delivering top digital banking services to its UNHWI clients. It utilizes new, omni-channel features and capabilities while providing an enhanced and seamless mobile experience across iOS and Android devices.
Best Private Bank for UNHWIs – Asia, Highly Commended
Best Private Bank for UNHWIs – Hong Kong
BNP Paribas Wealth Management is Best Private Bank for UNHWIs – Asia, Highly Commended and Best Private Bank for UNHWIs – Hong Kong. BNPP WM has enhanced its services for UNHWI clients by launching initiatives on climate change, energy transition, biodiversity, and social finance.
Best Bank for UNHWIs – India
Barclays Private Bank wins as Best Bank for UNHWIs – India. Barclays Private Bank has strengthened its support for large industrialists and families with established businesses, predominantly in the listed space, as evidence by its strong growth metrics during the awards period despite a highly competitive market environment.
Best Private Bank for UNHWIs – India, Highly Commended
Avendus Wealth Management is Best Private Bank for UNHWIs – India, Highly Commended. Its best-in-class digital offering, along with its focus on investment performance, makes it one of the leading private banks for UNHWIs based on its product architecture, technology architecture, customer engagement architecture, and talent architecture.
Best Private Bank for HNWIs
Best Private Bank for HNWIs – India
360 One wins as Best Private Bank for HNWIs – India. The firm has been expanding its talent pool with the recruitment of senior private bankers and executives, thereby enhancing its servicing and investment capabilities for clients.
Best Private Bank for HNWIs – India, Highly Commended
ICICI Securities Private Wealth Management is Best Private Bank for HNWIs – India, Highly Commended. ICICI’s trusted brand, strong digital platform, and specialized proposition makes it the go-to private bank for HNWIs and the affluent.
Best Private Bank for HNWIs – Indonesia
PT Bank Rakyat Indonesia (BRI) is recognized as Best Private Bank for HNWIs – Indonesia. BRI’s comprehensive financial solutions, highly competent relationship managers, and internal and external advisers, as well as one-stop solutions make it the leader among its peers in the HNWI segment.
Best Private Bank for HNWIs – Taiwan
Cathay United Bank (CUB) Private Banking wins as Best Private Bank for HNWIs – Taiwan. CUB Private Banking continues to be the top private bank for HNWIs in Taiwan with a large client base and high-quality services. It has been enhancing its capability to provide a wider range of products and services to clients. It has come up with a more diversified suite alternative products during the awards period, making it a first mover and the leader among its peers.
Best Private Bank for HNWIs – Thailand
KASIKORNBANK (KBank) Private Banking bags the Best Private Bank for HNWIs – Thailand award. Its risk-based asset allocation strategies, alternative investment capabilities, sustainability focus, and family wealth planning services make it the dominant player in the HNWI wealth planning business.
Best Private Bank for Family Office
Waterfield Advisors wins as Best Private Bank for Family Office – India. Combing its boutique orientation with big bank capabilities, Waterfield has delivered a strong financial performance as it focuses on servicing family offices in a highly competitive market environment.
Best Wealth Manager
Best Wealth Manager – Asia
DBS Private Bank is Best Wealth Manager – Asia. DBS posted the strongest growth among regional wealth managers based on its performance in Singapore, Hong Kong, Indonesia and Taiwan during the awards period.
Best Wealth Manager – India
Motilal Oswal Private Wealth wins as Best Wealth Manager – India. Motilal Oswal strengthened its in-house Managed Solutions suite, through its Equity (AIF – Fund of Funds, NDPMS) and Fixed Income (NDPMS, DPMS) platforms, while making significant systems and servicing enhancements.
Best Wealth Manager – Indonesia
PT Bank HSBC Indonesia is recognized as Best Wealth Manager – Indonesia. The bank’s strong digital capabilities allowed it to expand its market share despite a challenging market environment.
Best Wealth Manager – Malaysia
HSBC Malaysia wins as Best Wealth Manager – Malaysia. HSBC Malaysia’s strong performance, disciplined approach to asset allocation, and industry-leading digital initiatives enabled it to maintain its market leadership.
Best Wealth Manager – Philippines
EastWest Bank wins as Best Wealth Manager – Philippines. EastWest Bank remained responsive to its clients’ needs, providing updated economic briefings from experts, continuing to strengthen its digital capabilities, and instituting systems enhancements.
Best Wealth Manager – Taiwan
Cathay United Bank (CUB) is Best Wealth Manager – Taiwan. Despite having an already large client base, CUB recorded an 11% client growth, with its AUM increasing by 8% and its income from wealth management products up by a significant 28% during the awards period. With a wide range of product offerings, the bank is well-regarded by its wealth management clients.
Best Wealth Manager – Taiwan, Highly Commended
E.SUN Bank is Best Wealth Manager – Taiwan, Highly Commended. The bank established its private baking and wealth management group in January, further integrating retail banking with corporate banking and improving its services by leveraging its Wealth Management 2.0 licence. The bank shines in its ESG product offerings, some of which are the largest in the market in terms of fund-raising size.
Best Boutique Wealth Manager
Best Boutique Wealth Manager – China
Best Family Office Experience
Mintrust wins as Best Boutique Wealth Manager – China and Best Family Office Experience. Amid regulatory and market pressures, Mintrust has expanded its client base and enhanced its service and product offerings, meeting clients’ demand for liquidity and risk management as well as wealth preservation. Mintrust has been rapidly developing its family office business during the past three years. Its family office team have structured a number of significant family trusts, some of which are the first of their kind in China.
Best Boutique Wealth Manager – Hong Kong
Carret Private wins as Best Boutique Wealth Manager – Hong Kong. Carret Private’s strong financials, remarkable digital capabilities, as well as investment and asset allocation expertise make it the leading boutique wealth manager in a highly competitive market.
Best Boutique Wealth Manager – India
Capital League is recognized as Best Boutique Wealth Manager – India. Capital League’s strong growth, investment capabilities and enthusiastic client support continue to put it at a level above its peers.
Best Boutique Wealth Manager – India, Highly Commended
Alpha Capital is Best Boutique Wealth Manager – India, Highly Commended. During the awards period, Alpha expanded its client servicing capabilities to overseas clients, partnered with external entities to strengthen its client evaluation module, while expanding its product suite, ESG initiatives, and technology capabilities.
Best Boutique Wealth Manager – India, Rising Star
Spark PWM Private Limited is recognized as Best Boutique Wealth Manager – India, Rising Star. Spark PWM's strategic initiatives have yielded impressive results attesting to its strong performance during the awards period.
Best Wealth Manager Experience
Best Wealth Manager Experience – Hong Kong
Fosun Wealth grabs the Best Wealth Manager Experience – Hong Kong Award. Based on client testimony, Fosun Wealth’s app provided the best online trading platform for clients, especially during the pandemic. Clients can trade Hong Kong and US stocks, public/private funds, bonds, and other financial products via the Fosun Wealth Holdings app. The app also provides valuable information, including 24/7 global news updates.
Best Wealth Manager Experience – Privilege Services, Taiwan
Far Eastern International Bank (FEIB) continues to leverage and integrate its resources from the parent group to provide value-added services to clients. The focus on ESG initiatives showcased FEIB’s commitment as a responsible financial institution while deepening connections with clients.
Best Family Office Experience – Advisory Services
Panhe Family Office has been devoted to providing tailor-made advisory services to UNHW families in the Greater China market, supporting clients’ family wealth preservation and succession requirements. As an external consultant for wealthy families, Panhe’s services and solutions are well-regarded by clients in the region. Panhe is especially focused on servicing NextGen clients in recent years, organizing innovative programmes that are well-regarded by clients.
Best Law Firm – China
Zhong Lun Law Firm wins as Best Law Firm – China. The law firm is a leader in China in providing services for HNW clients on tax, law, individual wealth planning and family wealth planning. It offers a full range of services, with family office structuring, immigration, asset protection, domestic and overseas insurance planning, and individual family affairs among the most popular with clients.
Editors’ Triple Star
WRISE
Technology enabled wealth management services via wealthtech platform VooTech
WRISE has been combining human expertise with technology, leveraging platforms such as VooTech in enhancing client experience.
ATR Wealth
The Philippines’ first Corporate Debt Vehicle (CDV)
ATR Wealth launched the CDV in May 2023 to provide a vehicle to match investors seeking higher yields with the funding needs of corporates.
BNP Paribas Wealth Management
myImpact, a tool to help clients develop a philanthropic blueprint to ensure alignment and efficacy
The myImpact tool helps BNPP clients in learning about the United Nations’ Sustainable Development Goals (SDGs) and discovering how to use their wealth to act upon the SDGs as an investor and/or philanthropist. In particular, it helps identify preferences with regard to responsible investing and philanthropy.
Insurance Awards
With Asia being the epicentre of wealth creation and its ageing population giving rise to the demand for retirement planning and wealth management, insurers have been increasingly focusing on the region as their growth engine.
The life insurance sector in Asia has seen a slowdown in growth. But the region’s growing middle class, technological advancements, and evolving health and retirement sectors still offer potential opportunities.
The insurance industry in the Middle East is also on the rise, with its robust economic development, rising employment, and compulsory insurance policies being the main drivers of growth. The overall insurance penetration rate in the Middle East is still low, indicating further growth potential.
Against this backdrop, The Asset announces the winners of The Asset Triple A Insurance Awards 2024.
Insurance Company of the Year, Life Insurance, Malaysia
Etiqa Life Insurance
With outstanding financial performance, Etiqa Life Insurance continues to be a major player in the sector, taking about 7% share of Malaysia’s life insurance market. With a wide distribution network, the company offers extensive product offerings to suit different customers’ demands.
Insurance Company of the Year, General Insurance, Malaysia
Etiqa General Insurance
As a leading Asean general insurer, Etiqa General Insurance recorded solid business growth, with its gross written premium increasing by double digits. It continues to be a dominant player in the corporate business segment, taking a market share of more than 30%.
Insurance Company of the Year, General Insurance, Qatar
Qatar Insurance Company
As the first and largest operating insurance company in the country, Qatar Insurance Company has been pivotal in bringing innovative motor, medical, life, travel, home, and boat insurance solutions that best respond to the needs of modern life in Qatar, the Gulf region and beyond.
For the full list of winners, please click here.
The awards dinner will be held on September 23 2024. Please contact [email protected] for details.
