PRIVATE BANKER

May 2015 Issue 320 www.privatebankerinternational.com

On track for digital wellness

• Interview: 's James Fleming • PBI London Awards: Preview • Interview: Lombard Odier's Dominic Tremlett • Country survey: France

PBI 320.indd 1 22/05/2015 20:11:30 Join thousands of financial services Intelligent Environments, the international professionals who have joined The provider of digital solutions in association with Retail Banker International, Digital Banking Club to understand Cards International, Electronic and discuss the future of mobile and Payments International, Private Banker online financial services International and Motor Finance

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PBI 320.indd 2 22/05/2015 20:11:30 TDBC-Advert-Dec-2014.indd 1 19/01/2015 09:03:48 Private Banker International

EDITOR’S LETTER ANALYSIS

CONTENTS London state of mind

NEWS Join thousands of financial services Intelligent Environments, the international 2: NEWS BRIEFS hese are exciting times for wealth exposure. provider of digital solutions in association management in the UK. The private Additionally, the appeal of the once- professionals who have joined The 13: NEWS DIGEST with Retail Banker International, banking industry in London, par - favourite offshore financial hubs, such as Digital Banking Club to understand 12: MONTHLY TECH UPDATE ticularly, is becoming increasingly , has taken a hit due to the end T of banking secrecy. This has further added Cards International, Electronic 13: MONTHLY REGULATION ROUND-UP interesting, with more banks and their cli- ents alike rushing to the UK capital. to London’s attractiveness for wealthy cli- and discuss the future of mobile and Payments International, Private Banker 15: PEOPLE MOVES Established banks from across the world ents. online financial services International and Motor Finance ANALYSIS as well as new institutions are developing However, regulation and compliance private banking units in London, while demands continue to loom large on the 10: EXPERT COMMENT: WEALTHINSIGHT other big players are growing their exist- leading financial centres of the world, put- ing operations. ting banks’ profitability under the spot - 14: LIQUIDITY PROFILES Indeed, with the strategic advantage light and driving industry consolidation. FEATURE of its central timezone and an increas - The UK private banking industry needs to ing inflow of foreign money, London has effectively navigate through this climate. COVER STORY 4-5: THE DIGITAL WAVE strengthened its position as the go-to Also, the European private banking As wealthy individuals increase their demand wealth hub, particularly for the ultra-high industry trends significantly influence for digital channels and easily accessible net worth clientele. the UK sector and it is important to keep Membership benefits information on their portfolios, private The UK General Elections earlier this in mind the various shortfalls and banks and wealth managers must evaluate their digital priorities to successfully keep up month saw The Conservative party swing- synergies. 10% discount on with client demands. John Schaffer talks to ing into power. This is why the upcoming PBI London private banks in to understand their This has come as good news for private Conference, which will take place on digital journeys banks and their clients. 3 June, is the ideal forum to discuss and Delegate passes for Motor Finance and Private Banking UK conferences 6-7: THE ‘IT’ FACTOR: LOMBARD ODIER The already flourishing London prop - debate the future of the UK as a global Head of UK private banking for Lombard erty market, for instance, has got a further private banking and wealth management Annual Subscription to Retail Banker International, Cards International, Odier, Dominic Tremlett, joined the Swiss boost. capital. in 2011 in Switzerland. He The (in)famous Mansion Tax the This is the right time to get industry Electronic Payments International, Motor Finance and Private Banker moved to the bank’s London office in 2013 and one of the features that “attracted” wealthy would have potentially had to face experts in the same room to talk about not International publications (new subscribers only) Tremlett to make the move was the if the Labour party had come into power only the strengths of the market but also Swiss private bank's investment in its was being feared for a while by most high evaluate drawbacks, pressures, and poten- IT infrastructure. Tremlett gives Meghna World Market Intelligence Ltd’s archive of over 250 Retail Banking, Private Mukerjee the details and ultra high net worth clients who own tial threats. expensive homes in Britain. It will definitely be a day of rewarding Banking and Cards and Payments research reports (for new report purchasers only) 8: PBI AWARDS: LONDON 2015 FINALISTS The Conservative’s win has batted away insights and valuable interactions. Private Banker International (PBI) has those concerns as HNWIs and UHNWIs Meghna Mukerjee Annual subscription to Retail Banking Intelligence Centre and Wealth Insight named the finalists for the PBI Awards: will not need to downscale their property [email protected] London 2015, held in conjunction with the Intelligence database (new subscribers only) PBI London Conference

9: SMALL IS BEAUTIFUL World Market Intelligence Ltd’s bespoke research and consultancy services Being modest in size is not necessarily a disadvantage for a private bank, especially if it services clients with significant assets. For further information please email: [email protected] A more personalised service for wealthy individuals can be seen as a unique selling point for a smaller bank. John Schaffer speaks with Arbuthnot Latham CEO, James Fleming, as he discusses the bank’s strategy and growth plans

COUNTRY SURVEY

11: FRANCE With an incumbent socialist government and Join The Club! high levels of taxation, it would seem that France is a less favourable environment for wealthy individuals. However, WealthInsight www.thedigitalbankingclub.com data forecasts a growth in the high net worth Follow Private Banker International population in the countryMENT

16: STANLEY GIBBONS Keith Heddle, managing director of Stanley Search for ‘Private Banker International Or For further information please email: Gibbons, on how rare stamps and coins can Search for @BankerNews be serious, alternative investment options – Timetric Financial Services’ [email protected] www.privatebankerinternational.com May 2015 y 1

PBI 320.indd 1 26/05/2015 11:43:13 TDBC-Advert-Dec-2014.indd 1 19/01/2015 09:03:48 Private Banker International NEWS BRIEFS

Hedge funds climb in April as Chinese, EM equities surge: HFR

Hedge funds posted gains in April as MENA Index advanced +3.6 percent. gain of +1.9 percent and the HFRI ED: Spe- regional equity and currency markets Hedge fund strategy performance was led cial Situations Index gain of +1.4 percent. across China, Russia, Brazil and the Middle by the HFRI Equity Hedge Index, which Partially offsetting these, Macro hedge East posted sharp gains. Volume surged on gained +2.0 percent for the month. Equity funds posted declines in April, paring the Shanghai/Hong Kong Connect program Hedge gains were led by exposure to recov- strong 1Q15 gains, as models re-calibrated to a daily record, driving Chinese A-shares ering growth equities, with the HFRI Fun- portfolio exposures as a result of Oil and to a gain of over 18 percent for the month, damental Growth Index up +4.0 percent for Currency reversals. according to a report by HFR. the month, the best monthly performance The HFRI Macro Index declined -1.2 The HFRI Fund Weighted Composite since October 2011. percent, reducing the YTD gain to +1.9 Index gained +0.8 percent in April, extend- Energy and Fundamental Value strategies percent. Macro sub-strategy declines were ing 2015 gains, with contributions from also posted gains, with these HFRI Indices led by quantitative, trend-following CTA exposure to Emerging Markets and Energy. advancing +3.9 and +2.0 percent, respec- exposures, with the HFRI Macro: System- April performance was led by the HFRI tively. atic Diversified/CTA Index declining -2.2 Emerging Markets Index, which advanced Fixed income-based Relative Value percent for the month, paring the YTD gain +7.0 percent, the best monthly return since Arbitrage strategies also posted gains, as US for the Index to +2.4 percent. May 2009. All EM regions posted gains, & European yields rose and high yield cred- HFR president Kenneth Heinz said: "The led by Russia and Emerging Asia, with the it tightened, with the HFRI Relative Value drivers of April HFRI performance shifted HFRI EM: Russia/Eastern Europe Index Arbitrage Index advancing +1.4 percent. significantly from the exposure factors advancing +10.8 percent for the month, RV gains were led by Credit Multi-Strategy, which drove gains in recent months, as benefiting from the strong recovery in the Convertible Arbitrage and Yield Alternative strategies which had been lagging, includ- Russian Rouble, as well as regional Russian sub-strategies, with these gaining +2.4, +2.1 ing Emerging Markets and Energy, reversed equity markets. and +1.9 percent, respectively, in April. to lead performance, while trend-following The HFRI EM: Asia ex-Japan Index Event Driven hedge funds also advanced CTA and Macro multi-strategy exposures climbed +10.5 percent, also the best per - for the month as deal volume accelerated declined, paring recent gains. formance since May 2009, while the HFRI with transaction announcements in Kraft/ "Opportunistic hedge funds which are tac- China Index posted a gain of +13.0 percent, Heinz and Teva/Mylan, as well as the tically positioned across a broad spectrum the highest return since Index inception announcement of a transaction involving of exposures, including Emerging Markets, in 2008. Hedge funds investing in other GE, Blackstone & Wells Fargo. Energy, Oil, Currency, Shareholder Activ- Emerging Markets also posted strong The HFRI Event Driven Index gained ist and interest rate sensitive strategies, are gains, as the HFRI EM: Latin America +1.2 percent, with ED sub-strategy perfor- likely to drive industry performance gains Index gained +5.9 percent, while the HFRI mance led by the HFRI ED: Activist Index and asset growth through mid-year 2015."

A favourable result for private banks: UK General Election 2015 The Conservative party have won the UK election, divisive impact of a dominant SNP north of the border. points to 1.8%." securing 331 of 650 available seats. After a number This combination relieves some of the pressure on Colin Harte, senior portfolio manager and of policies proposed by the Labour party that would him to move ahead wholeheartedly with an early EU strategist at BNP Paribas have affected wealthy individuals, the private referendum. "The Conservative government has pledged to banking industry is breathing a sigh of relief. "Already UK capital markets - sterling and equities undertake a referendum on UK membership of the Industry experts from private banks and wealth - have recovered some of the uncertainty that was EU. However, with Prime Minister Cameron winning management companies give their comments on weighing on them in the run up to this difficult- a majority in his own right, this should give him the surprise election result and the significance to-call election. Sure, the outlook is favourable for enough leverage to face down the more extreme the newly elected government will have on the UK UK equities and sterling but Europe and the wider euro-sceptics within his own party to conclude a economy: world will make most of the difference in the months sensible deal with the EU over the UK's relation with Bill O'Neill, head of the UK investment office ahead." it. But the very act of holding a referendum will cause at UBS Wealth Management Adam Chester, head of economic research and some concern in financial markets over the next "The good news is that the current fiscal trajectory market strategy at Commercial 12-18 months. remains firmly in place. Importantly, the Bank of Banking "The previous Conservative-led coalition England will not be confronted by a change in the "The lifting of the political fog has prompted a sharp government had planned a significant fiscal policy fiscal framework. This could prompt lower for longer reaction in the FX markets. Sterling has spiked higher tightening following the election, which would interest rates. against both the US dollar and the euro. Sterling rose have focused primarily on public expenditure "There could be clouds on the horizon for the UK sharply when the exit poll was published at 10pm on cuts and increased user charges. With this policy economy if growth momentum is seen to have slowed, 7 May, with GBP/USD rising to around 1.5450 and largely endorsed at the ballot box, a Conservative but broadly the economic context is relatively bright." extending gains to above 1.55 as the results pointed government is likely to implement most of its planned Gregor MacIntosh, CIO of Lombard Odier to a clear Conservative victory. Government bond fiscal tightening of 5.3% of GDP by 2019/20. Overall, Absolute Return bonds prices and the FTSE 100 have also opened higher. this planned fiscal consolidation should temporarily "David Cameron won't have missed the fact that UKIP Within minutes of these markets opening, the FTSE dampen GDP growth and prevent a further significant suffered a disappointing election in terms of seats 100 rose around 80 points to above 6,900, whilst 10 deterioration in the UK current account position, won; and the fact that he will have to manage the year government bond yields dropped over 10 basis which already stands at 5.5% of GDP."

2 y May 2015 www.privatebankerinternational.com

PBI 320.indd 2 22/05/2015 20:11:31 Private Banker International DIGEST NEWS

PRODUCTS AND SERVICES: For the quarter ending 31 build a more prosperous world. currency-hedged ETFs glob- AXA IM rolls out new March 2015, the unit's operating It's never been more complex for ally linked to MSCI indexes, property fund profit before tax surged 73% to people to save, retire and plan for more than all other index EUR106m from EUR61m in the the future, so quality financial providers combined. AXA Investments Managers year ago quarter. advice has become a must-have Managing director and global (AXA IM) has launched a prop- The unit's net fee and com - for many. head of products Baer Pettit said: erty fund in an effort to produce mission income jumped 19% to "By cutting through the com- "Following strong growth in the a return profile similar to that of EUR159m from EUR134m a plexity, we are aiming to help number of ETFs tracking our direct real estate investment. year ago. Net fees were mainly our customers better under- indexes in 2014, this year is off The new fund, christened AXA driven by higher client assets as stand their financial situation to a record-setting start. As the WF Global Flexible Property, will a result of a favourable stock to achieve their aspirations and industry grows in size and com- invest in both equity and debt market performance and the goals," said Murray. plexity, we intend to maintain and will provide investors with acquired German activities. The acquisition of Pearson our position as the first choice of exposure to the long-term return The division's operating Jones will add assets under ETF providers who are looking opportunities of direct property. expenses rose 10% to EUR244m advice of £1.1bn to Standard for both leading-edge innovation The fund, to be run by AXA from EUR223m in the first quar- Life, and 102 employees includ- and exceptional quality." IM global head of listed real ter of 2014. ing 39 advisers and paraplanners. With over 730 ETFs tracking estate Frédéric Tempel in con- Overall, the group's underly- MSCI indexes globally, more junction with a team drawn ing profit for the first quarter RESEARCH: ETFs track MSCI's indexes than from AXA IM and its AXA Real was EUR543m, up 44% from Assets in ETFs linked those of any other index provider. Estate subsidiary, will target a EUR378m in the prior year to MSCI indexes reach 60% equity and 40% debt allo- quarter. record high of $418bn: STRATEGY: cation. ABN AMRO Group chairman MSCI UBS collaborates with AXA WF Global Flexible of the managing board Gerrit Mercer to expand man- Property, which provides daily Zalm said: 'We had a good finan- Assets in ETFs linked to MSCI ager research offering liquidity, is currently registered in cial start to 2015, with a Q1 net indexes grew more than 12 per- the UK, Austria, Belgium, Den- profit of EUR543m, the highest cent in the first quarter of 2015, UBS Wealth Management Amer- mark, Finland, France, Germany, level of profitability in the past reaching an all-time high of icas (WMA) has struck a strate- Italy (institutional), Luxembourg, 16 quarters. $418bn, according a report by gic relationship with institutional Spain, Sweden and the Neth- The underlying first-quarter MSCI, a provider of research- investment consulting firm Mer- erlands and will be available net profit improved by 44% based indexes and analytics. cer Investments to expand man- in institutional and retail share year-on-year and the RoE from ETF providers launched 56 ager research offering. classes. 11% to 14% on the back of an products based on MSCI index- Following the alliance, UBS Tempel said: "Mixing real increase in the operating result es during the period, three times Financial Services' investment estate equity and debt instru- and lower impairments. Reve- more than the next index pro- management research team will ments in one liquid strategy is nues increased by 9% compared vider. receive access to Mercer's 9,000 a relatively recent investment with Q1 2014. The surge in demand from manager research opinions and opportunity. The disinterme- ETF providers for MSCI Factor performance analytics. diation of banks following the M&A: Indexes continued, with 11 new The new collaboration is global financial crisis has created Standard Life com- ETFs launched in the first quarter, expected to help WMA expand a much deeper market for real pletes Pearson Jones two times higher than the next its existing manager research estate debt. acquisition index provider. capabilities, which is a central "Following this approach These new ETFs attracted part of the investment advice and investing in the full range Standard Life has completed the $4.4bn in assets, or 31% of the that financial advisors offer to of liquid instruments issued by purchase of British wealth man- total asset flows into that cat- clients. property companies worldwide, ager Pearson Jones from Skipton egory. UBS WMA head of advice and we expect to mimic unlevered Building Society. platforms managing director Jeff returns of directly held property Standard Life has bought Other highlights: Miller said: and offer investors a more flex- 100% of the issued share capital • ETFs linked to MSCI Mini- "With this strategic relation- ible option for investing in prop- of Pearson Jones, which operates mum Volatility Indexes, the ship, UBS WMA advisors and erty." with offices in Leeds, Sheffield, industry's first low volatil- clients can be confident that our Bishop Auckland, and Reading. ity benchmarks, reached a manager and strategy research RESULTS: Standard Life's new advisory record $13bn in assets under coverage will be one of the most ABN Amro’s private bank- proposition, named 1825, will management. comprehensive in the US Wealth ing arm sees 70% jump in deliver restricted advice. Advisers • Assets in ETFs tracking the Management Industry. Q1 underlying profit of 1825 will be restricted to using MSCI USA Quality Index "By working with Mercer, the Standard Life's wrap platform. surpassed the $1bn mark. industry leader in institutional State-owned Dutch lender ABN Steve Murray, managing • Global currency hedged ETF investment manager research, Amro's private banking arm has director of advice and strategy at assets attracted $28bn in new we will expand UBS WMA's posted an underlying profit of Standard Life, will spearhead the assets, with half of those fund coverage universe of investments EUR87m for the first quarter life company's advice business as flows going to ETFs linked while multiplying the number of of 2015, up 70% compared to CEO. to MSCI Currency Hedged strategies on our high conviction EUR52m a year earlier. "1825 shares a vision of helping Indexes. There are now 68 list."<

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PBI 320.indd 3 22/05/2015 20:11:31 Private Banker International FEATURE STRATEGY: PRIVATE BANKS' DIGITAL ROADMAP

Riding the digital wave As wealthy individuals increase their demand for digital channels and easily accessible information on their portfolios, beyond the traditional face to face meetings with relationship managers, private banks and wealth managers must evaluate their digital priorities to successfully keep up with client demands. John Schaffer talks to private banks in Europe to understand their digital journeys

he wealth management and private HNWIs under 40 would leave their wealth used by approximately 5,000 clients, with banking industry has gained a repu- manager if there was no way to engage digi- 30% of private banking clients engaging via tation for being behind in the digital tally. However, clients over the age of 60 are smartphone or tablet devices. innovation race in comparison to less likely to be swayed by a lack of digi - also uses biometrics technology T tal offerings, with 20.5% saying that they for authentication of HNW clients. other industries. In a world where Apple and Amazon have made technology an expecta- would leave. Christian Berchem, managing director tion rather than merely an added bonus, the and head of the London region at management industry cannot ignore What’s on offer? Wealth and Investment Management, tells the general mega trend towards digital. Private banks in Europe are continuing to PBI: “Voice biometrics has been available In the retail banking sphere, digital chan- increase and fine tune their digital capabili- for Barclays Wealth and Investment Man- nels are gradually becoming more ubiqui- ties. agement clients since June 2012 and is being tous and in some cases even replacing the Lloyds Bank's private banking clients in rolled out to corporate and personal bank- function of branches. However, the wealth the UK are able to use the group’s main digi- ing customers. Our global service centres management and private banking industry tal proposition, which is an extension of the now authenticate more clients through voice is traditionally associated with face to face lender’s retail banking facilities. The offer- biometrics than any other means of security.” contact where the role of a relationship ing is tailored for both desktop and mobile Boutique private bank in the UK, Arbuth- manager (RM) is key when managing assets devices and allows clients to view their not Latham, launched its online banking of large value, and advising clients on their accounts, make UK and international pay- service in 2004. It added mobile banking portfolios. Clients also engage in personal ments and transfers, as well as stay informed functionalities in 2014. contact due to the complex nature of some of the bank’s reward programmes. Andy Mattocks, COO and head of corpo- issues that they face, such as regulatory Lloyds Bank has also introduced screen rate development at Arbuthnot Latham, tells issues. Therefore the expertise of an RM sharing and video conference technology, PBI that approximately 1,500 of the 3,500 holds much weight. giving the private banking clients more client base are using online banking chan- In comparison to functional retail banking choice when it comes to how they would like nels and around 25% of them are using the digital channels, the private banking coun- to transact with the bank. bank’s mobile app. terparts must demonstrate greater depth In March 2015, Lloyds reported that Arbuthnot Latham’s digital offerings and breadth in their offerings in order to £1.2bn payments and transfers had been allow clients to view transactions, look at add real value for a high or ultra high net made from private banking clients via digi- statements and carry out other basic e-bank- worth (HNW, UHNW) client. As opposed tal channels. ing functions such as standing orders. The to merely checking balances and performing Phil Allen, digital director for wealth and bank also offers an investment portal, which basic bank transfers, private banking clients investments at Lloyds, tells PBI: allows clients to view their investment port- want to view more detailed portfolio infor- “Approximately 40% of our private folio. However, clients are not able to make mation, want access to granular data, as well banking clients are digitally active, a 10% transactions on an investment basis. as expect more sophisticated engagement increase year on year. Customers continue to The bank is also engaging with clients capabilities such as financial advice. use a mix of face to face and digital channels, more via social media with 770 followers A survey of HNWIs from Capgemini and with mobile starting to gain more traction. on Linkedin and 450 on Twitter. Mattocks RBC Wealth Management for the World "In March 2015, 34% of logins were tells PBI, “Social media is a mechanism for Wealth Report 2014, reveals that 55.6% from a mobile device, an 84% year on year us to engage with existing clients, potential of European wealth management clients increase." clients and people that are in our network say that most or all of their relationship is Barclays on the other hand launched a that we know.” conducted via digital channels and 61.5% mobile banking application for its UK HNW For France-headquartered Societe Gener- expect their wealth management relation- clients in July 2014. The app is part of a ale Private Bank (SGPB), the transformation ship to be further digitised in the future. web portal for private banking clients called of its digital or customer interface is one of The World Wealth Report 2014 also sug- “Barclays One”. the three pillars of its all-round IT rejuvena- gests that 62.7% of HNW European clients The service allows clients a view of their tion plan (the other two being about data would leave their wealth management firm, holistic investment and banking accounts storage of customer information and data due to a lack of integrated channel experi- and holdings in UK onshore and offshore analytics). ence. This figure is even more significant in locations. The web based service also pro- SGPB links all its products and services to regions such as Asia-Pacific (82.8%) and vides clients with wealth research publica- the customers through a series of apps and Latin America (87.1%). tions and access to more general online the digital transformation journey entails The report also reveals that 50% of banking features. Barclays One is actively the deployment of a sophisticated e-banking

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PBI 320.indd 4 22/05/2015 20:11:31 Private Banker International STRATEGY: PRIVATE BANKS' DIGITAL ROADMAP FEATURE

■ HNWI'S CURRENT AND DESIRED LEVEL OF DIGITALISATION IN ings is their onboarding toolkit. together, interact with the information on WEALTH MANAGEMENT, Q1 2014 The bank plans to release a wet the screen and pass the device between them. signature functionality, enabling It felt like a much more collaborative experi- % Current Future clients to use their finger or a sty- ence.” 100 lus to sign documents. However, Tate feels that the current Tim Tate, director of client expe- impact of digital channels on the role of rience and innovation at Citi pri- RMs has been modest, due to the difficulties 80 vate bank, tells PBI: “It’s a signifi- surrounding legacy systems. cant step forward from the days Going forward, he sees digital channels 60 of turning up with a pile of docu- becoming more personalised, enabling cli- ments and expecting clients to fill ents to have more information during meet- in their name and address 20 times ings with their advisors: “The client has 40 just to open an account.” the upper hand because they come into the Citi were early adopter of meeting more prepared than they can today. mobile provisions for private By having access to all the information at 20 banking clients. The release of any time, they can ensure they ask all the the app comes as an update to the questions rather than the banker leading the bank’s private banking app, which conversation.” 0 was released in 2010. Although there is clear competition from

Tate tells PBI that approximately new, online-only entrants into the wealth Japan

Global 60% of the bank’s private bank- management industry, such as Nutmeg and Europe

and ing clients are registered for digital Wealthfront, who are challenging the tradi-

Middle East

Asia-Pacific channels, with half of them regu- tional, face-to-face advisory model, David Latin America Latin North America larly using the digital platforms. Bruno, head of innovation and digital at Source: Capgemini and RBC He adds that engagement is still UBS wealth management, says that RMs are “skewed towards desktop rather still key while working with UHNWIs. than mobile”, but expects mobile “To move CHF10,000 is pretty easy digital- platform for wealthy clients so that they usage to continually increase. ly. But to move a few million pounds across have the full spectrum of options to transact Swiss private bank Lombard Odier is borders in a trust environment - if you’ve - "bonds, shares, forex, money market, what- also strongly riding the digital wave with had a liquidity event as an entrepreneur and ever the asset class", head of Societe Gener- its asset and investment management sys- you’re fully digital - you still typically use ale Private Banking, Jean-Francois Mazaud, tem, which was created in-house. Lombard an advisor to make sure you’re doing things told PBI recently. Odier is now on the third version of its sys- right, at least at the checkpoint. SGPB's e-banking app is particularly pop- tems and the latest online and mobile bank- “In our client base, when we work across ular in France where there have been over ing app version is called G3. most of the countries in the world, the cli- 35m downloads. The app is available for Apple devices ents still need that human touch point and SGPB Hambros, the bank’s UK division, and is a dedicated wealth management sys- our digital channels enable the advisor to launched a new e-banking platform earlier tem, with the capability of accessing a large have a better discussion with the client.” in 2015. The service includes an improved volume of data. It can carry out difficult With an increase in scrutiny centred Client Relationship Management (CRM) transactions, such as cross border transac- around the private banking and wealth man- tool and an enhanced portfolio manage - tions for instance, within seconds. agement industry, some clients have become ment system with more flexibility in access- far more self-directed with regards to their ing information such as portfolio valuations, Effect on RMs and client autonomy portfolio management. The World Wealth positions and performances. Although technology innovations are driven Report 2014, reveals that of the HNWIs The bank is looking to launch further by a desire to make clients' lives easier, the who describe themselves as self-directed, e-banking platforms internationally over RMs at private banks and wealth manage- 68.6% would consider moving to another 2015 and 2016, with an aim to complete a ment firms are directly affected by it. As a firm if digital channels were not present. digital transformation project in 2017 for lot of their tasks become automated and However, Bruno says that he has not seen all of SGPB’s locations. Mazaud told PBI: the demand for more comprehensive digital digital channels pushing clients to become "Our digital transformation is a long journey solutions increases, the RM's role is going more autonomous. and it will take a few years to be fully imple- through a massive shift. He says that although digital channels mented but it is exciting and creating posi- Citi's Tate says that tablet interaction is give clients greater experiences and content, tive energy within the team.” a tool that can actually benefit RMs, as it clients have much of the same behaviours if currently offers a mobile can improve the quality of advisory meetings they are engaged in long term investments. app for Apple devices called “In View”. The with their clients. Tate, Citi, agrees, saying: service, launched in February 2014, allows “If you think back five years ago, you “Some of our clients will execute things clients to view their portfolios in detail and would turn up to a meeting and the most themselves and be a little more autonomous analyse key metrics, alongside performing you would see in terms of technology was than they are today, but they still expect basic transactions through the app. The someone opening up a laptop and project- to have conversations around their invest- mobile app also gives Citi Private Banking ing a PowerPoint presentation onto a screen. ments - either with the product specialists on clients access to various research articles When we started to look at tablets, it became the desks, the investment councillors or the related to their portfolios. clear very quickly that there was now an bankers before they make their final deci- A significant feature of Citi’s digital offer- opportunity for two people to sit down sions.” <

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PBI 320.indd 5 22/05/2015 20:11:32 Private Banker International FEATURE INTERVIEW: LOMBARD ODIER

The ‘IT’ factor Head of UK private banking for Lombard Odier, Dominic Tremlett, joined the Swiss private bank in 2011 in Switzerland. He moved to the bank’s London office in 2013 and one of the features that “attracted” Tremlett to make the move was the Swiss private bank's investment in its IT infrastructure. Tremlett gives Meghna Mukerjee the details

ombard Odier’s work with its tech - nology infrastructure is both exten - sive and impressive. The Swiss private Lbank that is owned by eight partners has created its own asset and investment management system, and the IT segment has become a ‘third pillar’ for the bank. Approximately 200 people out of a total workforce of just over 2,000 are dedicated to the in-house IT development at Lombard Odier. Head of UK private banking for Lom - bard Odier, Dominic Tremlett, says that over 30 years ago, it was one of the part - ners of Lombard Odier who "fully realised and acknowledged" the opportunities that IT systems used in wealth management throws up. “He looked at everything available in the industry and decided that we needed to create our own system so that we can have controls over how it operates and as well as any upgrades it needs. “It was a very big decision, but it was a positive one. It has given us advantages in the speed of reaction we can create. We know the system is dedicated to exactly what we want to do,” says Tremlett. There are myriad advantages of an in- house IT system, explains Tremlett. “We control our system and can adapt quickly to changing circumstances, which in the current world is useful as everything is changing constantly in the private bank- ing space. “What we see from most competitors who don’t have their own systems is the together and they really struggle with it,” – that is the core of what we do. It just so reliance on third parties. There is also a he explains. happens that we have a fantastic in-house pecking order. If a supplier has 10 banking asset and investment management system clients all coming to it at the same time for Sharing fruits of success that we decided to share with others, to upgrades, there is a waiting list. Tremlett says that besides the obvious prof- cover the costs as well. “Additionally, other banks end up with a its that an in-house system reaps, it most “This enables us to continue developing collection of legacy systems that don’t talk importantly provides unparalleled “effi- our IT capabilities because we can share the to each other. Especially if the client is inter- ciency” levels, leading to much better client cost of it with other banks, wealth manag- national, it is difficult to pull all the infor- experience. The Swiss bank has also started ers, and family offices that we are providing mation together from different accounts. to selectively work with third parties by the systems to. The client ends up talking to half a dozen way of providing IT systems for smaller “We are selective about who we work people, and more often than not, someone banks and wealth managers. with – we don’t want to lose our own com- somewhere is putting together an excel However, Tremlett reiterates: “Let’s be petitive edge. But we have a great service spreadsheet that is prone to error. Several clear – we are not an IT vendor. We are a so we won’t be too shy to talk about it,” larger institutions have had to bolt systems Swiss private bank and an asset manager he adds.

6 y May 2015 www.privatebankerinternational.com

PBI 320.indd 6 22/05/2015 20:11:32 Private Banker International INTERVIEW: LOMBARD ODIER FEATURE

Ahead of the curve urgent changes required,” says Tremlett. fund in Switzerland. Swiss private banks are often viewed Additionally, for large, multi-banked, Vantage 3000 aims to have a max draw- as a tad bit old fashioned, however this institutional clients, Lombard Odier also down of 10% and Vantage 1500 has a max “couldn’t be further from the truth” he offers a global custody platform. drawdown limit of 5%. At the end of Feb- explains. ruary 2015, they had a collective AuM of Lombard Odier is now on the third ver- Data and details EUR330m. sion of its systems. Its latest online and The vast amount of data and the level of This approach was being offered to some mobile banking app version is called G3. granular information available on the G3 sophisticated institutional clients for a The app is available for Apple devices cur- app is of particular interest to the Next number of years, as well as Lombard Odi- rently but there are plans to make it avail- Gen clientele, says Tremlett. “They want to er’s own employees' pension funds. able to other devices in due course. drill down to the details. There are a lot While traditional approaches can over- Tremlett highlights the fact that G3 is a of young entrepreneurs nowadays who fall expose investors to equity risk and may not dedicated wealth management system, not within the HNW and UHNW brackets. We be dynamic enough to cope with markets, a retail or corporate system that has been just have to keep up with the way these cli- Lombard Odier's aim is to keep clients’ tweaked or adapted for private banking, ents want their information. portfolios balanced and not expose them to which sets it apart. “It was fine a few years ago to send paper more risk than they’re willing to take with The G3 app has the capability of access- statements by post monthly. Now it is not. a diversified approach through these funds. ing a large volume of data and can carry out As a private bank, if we don’t keep up, we In October 2014, Lombard Odier difficult transactions, such as cross border get left behind." launched risk-based mandates based on risk transactions for instance, within seconds. Having easy access to data also helps allocation. According to Lombard Odier, As Lombard Odier has envisaged its clients keeping costs of compliance under control, the risk-based overlay was developed due using this app largely while they are travel- says Tremlett. to client demand for exposure to the private ling and on the move, a lot of the attention “All the banks have to update their IT bank's current investment ideas as a supple- to detail has gone behind the security of the systems at the same time to keep up with ment to the Vantage ‘risk-based’ approach, app. The app doesn’t collect data for the changing regulation, and to do it in a timely which aims to mitigate losses over the eco- same reason, and has to be online to work. manner is tough. The compliance and risk nomic cycle. Through the app, clients can access their teams at Lombard Odier, however, can eas- In general, around 80% of the portfolio portfolios that present current valuation ily extract data. They are not reliant on risk is allocated to Vantage funds and 20% as well as enables access to real time mar- some third party producing the data for to trading ideas made by the tactical asset ket data. As high and ultra high net worth them.” allocation committee. As of February 2015, individuals (HNWIs, UHNWIs) have bank Using social media more than it is cur - the risk-based mandates had attracted AuM accounts in several countries, clients have rently being used by Lombard Odier is also $140m. the option of choosing different currencies in the plan. to access their accounts as well. “We see that the next gen clients especially Expertise and heritage The app provides clients with portfolio are interested in accessing relevant pieces of The primary strength that the private bank breakdown by asset class – benchmarks, research on twitter, for example. They want has, reiterates Tremlett, is the 200-years- short term performances and longer term a quick burst of information. plus history of being an asset manager. performances. The app can additionally “We are looking into how we can best “We have managed clients’ assets for mul- be tailored for data and analysis purposes, make use of social media, as we have to be tiple generations. We have vast experience giving the clients a deeper understanding of careful from a regulatory perspective about in managing portfolios. their portfolio. Clients also have access to what information we put out there.” "Several large multinational banks tend to exactly the same screen that their relation- offer all services to all people but we focus ship manager (RM) is looking at, which is UK focus and fund launches on what we are very good at. We want to be advantageous. Beyond its home market in Switzerland, world class at that. Doing everything has its The app also allows clients access to other important markets for Lombard dangers,” he says. a consolidated view of portfolios – as it Odier are the rest of its European opera - According to Tremlett, who was with recalculates the entire portfolio in seconds, tions as well as Asia, which is a "key Barclays for 22 years prior to joining Lom- making the process much easier, especially growth engine" for the private bank. bard Odier, the M&A trend in private if there are various accounts in different The UK market is a particularly impor- banking is set to continue as the cost of countries to consider. tant one for the Swiss private bank. operations keeps growing. “Clients can get a global view of their In the UK, Lombard Odier is on track to “Bank must have a level of scale to oper- portfolios, across geographies. The big double its assets under management (AuM) ate successfully. With the barrier to entry advantage for the bank is that the main in the next three years. now being higher, industry consolidation RM can oversee all of the client’s portfo - “We intend to continue growing in the UK will carry on,” he says. lios and the client does not have to talk to and we are investing in our business. We However, Lombard Odier’s focus will many RMs. expect to hire three to four senior private remain on establishing long-term relation- “We are proud of the app. There is hardly bankers here in the coming 12 months. I ships with wealthy families and individuals. anything available in the industry that is would expect that trend to continue in the “There has been strong consistency in quite as detailed and interactive. next few years." the ownership of the bank and the part - “We continue to monitor where the client In January 2014, Lombard Odier ners have long-term plans in place for the demand is and get feedback on what’s miss- launched two funds with a risk-based business. That also makes us very focused. ing. That’s also the advantage of having our approach for private clients, mirroring the It’s a much more considered approach for own systems because we can fast-track any strategy used on the bank’s own pension growth,” adds Tremlett. <

www.privatebankerinternational.com May 2015 y 7

PBI 320.indd 7 22/05/2015 20:11:32 Private Banker International NEWS PBI LONDON AWARDS FINALISTS

PBI announces finalists for Wealth Awards: London 2015 Private Banker International (PBI) has named the finalists for the PBI Awards: London 2015, held in conjunction with the PBI London Conference, that will take place on 3 June at the Waldorf Astoria

rivate Banker International (PBI) has The PBI Awards: London 2015 finalists are: announced the finalists for the PBI Awards: London 2015. The winners will Outstanding Private Bank – London - Domestic Clients P be announced at the PBI Awards: London C. Hoare & Co Gala Dinner on 3 June 2015 at the Waldorf Asto- ria, London. HSBC Private Bank (UK) Now in its second year, the PBI London Awards, Societe Generale Private Banking dedicated mainly to the UK and European mar- kets, have been created to identify leading institu- Winner 2014: Coutts tions that are setting new standards in the private Outstanding Private Bank – London - International Clients banking and wealth management industry. These Barclays awards are an important extension of the annual Coutts PBI Global Wealth Awards. HSBC Private Bank (UK) This year, a record number of submissions came Winner 2014: Private Bank in and the shortlist of finalists underwent a rigor- ous selection process by the PBI editorial team. Outstanding Private Bank – Europe A total of 28 firms have been shortlisted across ABN AMRO Private Banking seven different categories. The winners for each BNP Paribas Wealth Management of the award titles will be chosen by an expert ING Private Banking - Belgium panel of judges. KBC Bank NV (KBC Private Banking Belgium) Meghna Mukerjee, Editor of Private Banker Societe Generale Private Banking International, says: Winner 2014: BNP Paribas “We commend the extremely high calibre of submissions this year and would like to express Outstanding Customer Relationship Service and Engagement our gratitude to all those who devoted time and C. Hoare & Co effort into nominating their institutions of choice. Coutts Private Office The UK, and Europe on the whole, are traditional, ING Private Banking - Belgium fast-moving and crucial wealth hubs, and these KBC Bank NV (KBC Private Banking Belgium) awards celebrate the best-of-breed players who Winner 2014: ABN AMRO Private Banking are shaping this industry. “We added two new award categories – ‘Best Outstanding Wealth Management Technology Provider Next Gen proposition’ and ‘Outstanding Philan- Appway thropy Proposition’ – and both received a warm Avaloq UK response, which highlights their importance in BNP Paribas Wealth Management the wealth sector. Objectway Financial Software “The Awards function will be a great opportuni- Ortec Finance ty for industry participants to come together and PROFILE Software celebrate achievements, network, and potentially Winner 2014: Avaloq hone their own institution’s strategy and competi- tive positioning.” Best Next Gen Proposition (New category) The Awards function is preceded by the Pri- BNP Paribas Wealth Management vate Banker International Conference 2015 that ING Private Banking - Belgium brings together senior executives from financial KBC Bank NV (KBC Private Banking Belgium) institutions, private banks, wealth managers, family offices, asset managers and other industry Outstanding Philanthropy Proposition (New category) participants from within the UK and Europe, in BNP Paribas Wealth Management an active discussion of key issues currently facing JP Morgan the private banking industry. KBC Bank NV (KBC Private Banking Belgium) The informative keynote sessions and panel dis- Most Innovative Business Model – Editor’s Special Award cussions provide the perfect setting for industry Winner 2014:Coutts experts to engage in effective dialogue. <

8 y May 2015 www.privatebankerinternational.com

PBI 320.indd 8 22/05/2015 20:11:32 Private Banker International ARBUTHNOT LATHAM FEATURE

Small is beautiful Being modest in size is not necessarily a disadvantage for a private bank, especially if it services clients with significant assets. A more personalised service for wealthy individuals can be seen as a unique selling point for a smaller bank. John Schaffer speaks with Arbuthnot Latham CEO, James Fleming, as he discusses the private bank’s strategy and growth plans

rbuthnot Latham describes itself as a Well formed ■ ARBUTHNOT LATHAM AUM FIGURES ‘boutique bank’, arguing that its small Fleming feels there are numerous benefits of size gives its private banking clients a a boutique bank. “We can make decisions Year AuM (m) Abespoke service that differentiates it quickly. We do not have numerous commit- 2014 £666 from the larger players. tees that we have to go through to get an ulti- 2013 £528 The bank, headquartered in London, has mate yes or no as to whether we can do some- 2012 £337 an assets under management figure of £666m thing. Thus, we can serve our clients better.” ($1bn) for 2014, up 26% from the 2013 fig- Fleming adds that Arbuthnot Latham has 2011 £315 ure of £528m. Arbuthnot made profits of had clients moving over to it from competi- 2010 £225 £3.6m in 2014. tors due to dissatisfaction with service. He Source: Arbuthnot Latham With a client base of approximately 3.5k, cites the frequent change of relationship the 180 year old bank has historically con- managers (RMs) and slow decision making New frontiers centrated on UK clients. However, with the processes as reasons behind wealthy individu- Although Arbuthnot Latham has traditionally opening of a Middle-East office in Dubai in als migrating to Arbuthnot Latham. been associated with a London-based clien- July 2013, the bank has increased its interna- Having a personal touch is certainly impor- tele, it has acquired a number of international tional focus. tant for wealthy private banking clients and clients. “Obviously the UK in recent years has James Fleming, Chief Executive Officer at Fleming feels that these relationships are cru- expanded its own market to have quite a sub- Arbuthnot Latham, speaks calmly and asser- cial for the bank. Fleming says the general tar- stantial resident but non-domicile sector. We tively about the private bank’s position in the get market of the bank has £2–20m in value, offer international private banking services market. and it defines the bank’s ultra high net worth to that community. The Dubai office opened Fleming is no stranger to private banking, (UHNW) client base as having above £20m two years ago. That’s gone better than we with 25 years of experience in the industry. in investable assets, with some individuals could have hoped for in terms of establishing He joined Arbuthnot Latham in 2012. He having significantly more. roots and building up momentum of growth.” moved over from Coutts, where he held According to Fleming, the client base is pre- In the UK, Fleming reveals that the bank is the position of head of international private dominately made up of individuals who have concentrating on other areas of the country, banking and managing director of the UK created their wealth in their own right, rather with a focus on Exeter in the South West and entrepreneurs, landowners and inpatriates than inheriting it. Manchester in the North West, though the business. Prior to that, he was the managing The objective for Arbuthnot Latham is to London market remains its priority. director at SG Hambros UK. continue growing, but not to become “indus- “It’s not an obvious strategy for us to With controversies shrouding the private trial” in size. become less London centric, because actually, banking industry over the past few years, “I’m a firm believer that small is beautiful, within the M25, there’s an enormous mar- Fleming feels he joined a bank that ‘lacked’ but I’d like to be a little larger than we are ket place for us. But it is the recognition that some of the difficulties of larger rivals. now.” there are other important areas in the country, “Arbuthnot Latham has always been run and that recognition may extend further in quite conservatively, with a small ‘c’. Being Autonomy due course.” small, it is obviously not in a position to take The distrust towards banks post the financial too many risks and as a result of that policy, it crisis has contributed to several changes in Favourable environment? has navigated carefully through the financial customer behaviour, a predominant one being The recent UK General Election revealed a crisis.” wealthy individuals putting their wealth man- majority vote for the Conservative party and Fleming has had no intentions of rocking agers under more scrutiny. Dissatisfaction has this has come as a relief for most of the pri- the boat at Arbuthnot Latham. His strategy lead to HNWIs and UHNWIs moving their vate banking industry. Fleming reiterates his has been to continue with the bank’s focus, assets to other institutions rather than having support for London as a financial centre, as keeping aligned with its client base. blind faith in their RMs. he feels the UK has a transparent legal system “The bank started as a and “A much greater fluidity of client movement and is politically stable. over the decades it has become much more has developed in the last four to five years. “We obviously have a well regulated finan- focused towards the high net worth (HNW) By that I mean, traditionally, a client would cial centre and I think we lead the world, in clients and their business activities. stay with a bank for a long time and if chang- that sense, in terms of regulation. Clients “I didn’t change that. I took that basic strat- es were made in strategy or RM, the client know they will have protection, both legally egy and developed it further to have a clear would generally just live with it and would and from a regulatory perspective. We have a focus on sectors where wealth is being cre- move on. Now the clients will not tolerate strong and high level of expertise in London, ated.” any shortage of service.” relative to the rest of the world.” <

www.privatebankerinternational.com May 2015 y 9

PBI 320.indd 9 22/05/2015 20:11:32 Private Banker International

ANALYSIS ANALYSIS EXPERT COMMENTS: WEALTHINSIGHT

Welcome to the monthly instalment of news and views from PBI’s sister company, WealthInsight – the leading provider of business intelligence for the wealth sector Inheritance, Iran and Investors: What the summer holds for Middle Eastern HNWIs

The Côte d'Azur’s double dose of the Cannes film festival fol - lowed by the Grand Prix has come to mark the begin - ning of a seasonal Arab–Europe migration, that is, when wealthy residents of the Arabian Peninsula move to their European abodes to escape the stifling heat of the summer. This migration is most notable in the number of ostentatious sports cars that idle through streets of London, and Paris during the summer months. Yet, behind closed doors, it is also a season of major spending in European capitals. However, this ‘season’, profitable to many, might not be as lucrative in 2015 as in recent years. As wealth managers, finan- ciers, retailers and hoteliers prepare for the annual influx, they might be disappointed. Here’s why:

Inheritance The traditional big spenders in summertime Europe have often been second generation Middle Eastern HNWIs. Indeed, Gulf countries have very youthful populations, for example, two- thirds of Saudi Arabia’s 29 million-person population is under age 30. However, when it comes to HNWIs the demographics are very different (see table). The fastest growing age bracket in the Gulf’s richest countries – Saudi Arabia, UAE and Qatar – is 51–60, the prime age for succession planning. WealthInsight’s latest Middle East report states “Over the fore- cast period [2015 – 2019], succession planning and philanthropic work in wealth management is expected to grow, as HNWIs look to give something back to society, and ensure efficiency in their family business”. With this trend, many of Europe’s sum - mer residents could be kept at home as they are groomed for by the slumping oil price. During the last four years when oil succession or to head the family foundation. prices have comfortably traded at around $100 per barrel, the HNWI population in the Gulf rose by 8.1pc to 185,816 individu- Tadawul als. However, WealthInsight’s Business Strategies for Targeting Otherwise known as the Saudi Stock Exchange, the Tadawul HNWIs in the Middle East reports forecasts a growth of 4.1pc will open to foreign investors for the first time on June 15th. over the next four years, reaching 226,809 by 2019. The debut could bring a summer of volatility to listed Saudi companies as the Middle East’s biggest stock market finds its Iran place among foreign investors. As a large portion of Saudi Ara- Sanctions reliefs are potentially only a matter of weeks away bia’s wealthiest derive their wealth from the Tadawul (Prince as the US–Iran nuclear deadline is pushed back to 30th June. Al-Waleed bin Talal, Sulaiman Al Rajhi and Prince Sultan, for Geo-political worries aside, Middle Eastern HNWIs will be example. All within Saudi’s richest top 10) any volatility could concerned about the effect and economic resurgence in Iran put the brakes on summer excursions. will have on their own fortunes. Over $100bn is expected to be released from sanctioned assets alone. Oil Oliver Williams, Head, WealthInsight The wealth of many a Middle Eastern HNWI has been affected [email protected] www.wealthinsight.com

■ HNWI POPULATIONS BY AGE GROUP, 2014 UAE Saudi Arabia Quatar Oman Kuwait Bahrain 40 and below 10% 5% 20% 5% 15% 10% 41-50 30% 25% 15% 20% 15% 0% 51-60 35% 30% 35% 15% 15% 10% 61-70 15% 25% 10% 30% 30% 55% 71 and above 10% 15% 20% 30% 25% 25% Source: WealthInsight

10 y May 2015 www.privatebankerinternational.com

PBI 320.indd 10 22/05/2015 20:11:33 Private Banker International SURVEY FRANCE COUNTRY

La belle France? With an incumbent socialist government and high levels of taxation, it would seem that France is a less favourable environment for wealthy individuals. However, WealthInsight data forecasts a growth in the high net worth population in the country. John Schaffer delves into the findings

t has been well publicised that the French asset purchase stimulus programme, has par- ■ FRENCH HNWIS – CITIES, 2014 economy has been going through a tially paved the way for economic recovery.” tumultuous period. The French Presi- The socialist French government has cre- Rank by HNWI Number of Percentage of Population HNWIs, 2014 HNWIs, 2014 dent, François Hollande, has been the ated a less favourable climate for the coun- (Thousand) I try’s wealthy individuals, due to high levels of country’s least popular leader to date with an 18% approval rating. taxation and a largely anti-rich rhetoric. Hol- Paris 221.8 39.40% France suffers from high unemployment lande proposed a 75% marginal rate of tax Marseille 5.4 0.90% rates at 10.2%. In particular, the younger on incomes above EUR1m during his election Lyon 3.9 0.70% demographic have suffered the most as youth campaign, but the tax was not implemented. Toulouse 3.1 0.60% unemployment rose to 23.8% in 2014. France imposes a wealth tax on its affluent Source: WealthInsight The lack of public confidence in Hollande’s individuals. The “Impôt de solidarité sur la socialist government has come about due to fortune” (ISF) or solidarity tax on fortunes, a diminutive majority in parliament, paired has six bands going up to a 1.5% rate on ■ FRENCH HNWI HOLDINGS GROWTH (%), with a perception of poor economic decisions. assets above EUR10m. However, there have 2010–2019 The French economy has been largely been arguments that the tax has squeezed Asset Class 2010–2014 2015–2019 stagnant as GDP growth fell by 1.8 % middle income families due to rising house (forecast) between 2011 and 2012, rising slightly by prices in the country. The first ISF tax band is Alternatives 6.50% 27.60% 0.1 % between 2012 and 2014. Some of the between EUR800,000 and EUR1.3m. Real estate 6.50% 26.00% slowdown can be attributed to the country’s Middle income households may have poor export performance, with a $70bn to pay an annual charge on their property, Cash -2.70% 27.20% difference between imports and exports. without having substantial income to handle Fixed-income 4.20% 29.60% France’s eurozone membership means that payment. French citizens can be disgruntled Equities 34.40% 76.90% there is little manoeuvrability with currency. about privacy, as full disclosure of all assets is Business interests 15.00% 34.70% France is the third-largest economy in required for wealth assessment. This includes Europe after Germany and the UK. Its public jewellery, cars, wine cellars, besides property. Total HNWI Assets 13.10% 42.30% debt increased following the 2008 financial The ISF wealth tax has been nicknamed, Source: WealthInsight crisis to 94.8% of GDP in 2014, from the Incitement de Sortir de la France—an incite- 82.4% seen in 2010. ment to leave France. The heavy tax sanctions wealth acquisition for HNWIs. The richest According to data from the WealthInsight on wealthy individuals in the country have individual in France, Liliane Bettencourt, is database, there were 563,675 high net worth lead to some high profile wealthy individuals worth $35.7bn and attributes the majority individuals (HNWIs) in France in 2014, hold- choosing to leave France. of her wealth to being one of the principal ing $2.2tr in wealth. It has been a challenging Actor Gérard Depardieu moved across the shareholders in L’Oreal. The second wealthi- climate for the wealthy in France. Wealth- border to Belgium before obtaining Russian est individual is LVMH's Arnault at $33.8bn. Insight findings show that HNWI numbers citizenship. Bernard Arnault, the chief execu- Other notable industries include technology grew by 1.6% in 2014 (4.1% rise in 2013). tive of luxury group LVMH, had reportedly and communications with 8.3%, media with WealthInsight forecast that the number considered a move to a Belgian nationality. 6.4% FMCG with 5.8% and manufacturing of HNWIs will grow by 24.7%, reaching The concept of a wealth tax is not largely with 5.8% in 2014. Although the WealthIn- 726,508 by 2019. The majority of wealthy popular within the EU. There had been a pro- sight findings indicate growth in HNW num- individuals were concentrated in the coun- posal of a mansion tax in the UK by the oppo- bers, the uncertain political climate in France try’s capital, Paris. The Parisian HNWI sition party, Labour. However, they failed to may prompt wealthy individuals to leave population was 221,847 in 2014, accounting overthrow the Conservative government. the country. The growth in popularity of the for 39.4% of all HNWI in France. Marseille The largest industry sector for HWNIs in far right party, the Front National, could had a population of 5,353 HNWIs in 2014, France was financial services and investments, be unnerving for many HNWIs as political accounting for 0.9% of the total. with 32.2% of wealth being acquired via this extremism could have negative effects on the Dr Roselyn Lekdee, economist at Wealth- source in 2014. For a country synonymous attractiveness of the French economy. Insight, tells PBI: “The regional economic with culture and style, the retail, fashion and Lekdee adds: “The economic conditions conditions in the Eurozone area certainly give luxury goods sector was the second largest alone could promise larger number of mil- a promising outlook for the French million- source of HNWIs' wealth. lionaires in France. However political factors aires over the forecast period (2015-2019). As France is home to internationally famous and internal affairs could indeed hinder the stronger growth in the Eurozone area, facili- brands such as L’Oreal and Chanel and in growth prospect of future millionaires in the tated by the European ’s £790 2014 the industry accounted for 9.9% of country.” <

www.privatebankerinternational.com May 2015 y 11

PBI 320.indd 11 22/05/2015 20:11:33 Private Banker International NEWS TECHNOLOGY

Let’s talk technology: monthly update Giving private banking a stroke of elegance While private banks embrace digitalised trends in front-end services, there is a need for integrated and sophisticated front-end tools according to wealth management platform provider AG Delta. Sruti Rao speaks to Rob Saly, the firm’s chief product officer, on the gaps that still need to be met for relationship managers to effectively serve their clients hile certain indus - er the right investment advice and boring? We can try to products to provide transpar- try challenges will to the right clients, is the need break that with technology. ency and efficiency in the asset always remain, the of the hour. Bringing the touch of grace sales. W key to success in pri- With over 30 years experi - and elegance to the technol - Perceived as the ‘iTunes of vate banking is leverage on them ence in the investment bank- ogy, thanks to the know-how, I structured products’ by the for future developments, instead ing industry having worked work with my innovation team firm, Saly sees promise in this of eradicating them completely. with UBS, Merrill Lynch, to bring the sophisticated look platform moving across asset Rob Saly, Chief Product Officer and Vontobel before joining and feel to the technology.” classes, and adopted by an at AG Delta, elaborated on this AG Delta, Saly adds that the increasing number of member in the context of the ever-present effectiveness of systems for the Big partnership – big impact banks and competitive plat - industry challenge of compli- front-end is imperative in order As part of the firms efforts to form providers, to truly create ance. to make any positive impact to create a larger impact in the industry impact. The role of technology in the client experience wealth management space, “We provide the platform dealing with compliance issues He says: “No bank will AG Delta recently announced and infrastructure, so when can be pivotal, particularly in want to throw away what a partnership with technol - Contineo wants to expand finding a clearer pathway to they invested in. We have that ogy firm Contineo, along with this to other asset classes, we understanding the investment layer that connects your core a consortium of investment can readily do that. The real risks of the clients, says Saly. systems with multiple assets banks including of Barclays, power of this platform for the “One of the key factors is cost. platform that links to compli- BNP Paribas, Goldman Sachs, end user actually comes by Previously banks could afford ance and risk. It optimises the HSBC, JP Morgan, Société expanding the open network, hundreds of back-office people. whole process and allows RMs Générale to build an open net- even with our competitors,” he But when your infrastructure to not only see the investment work for the sale of structured explains. < and organisation’s cost goes up, ideas, but also immediately see you have to automate. Europe which clients are suitable to did that 15 years ago, and now these investments, and execute Tech Headlines Asia, especially markets like (the trade) immediately.” Singapore and Hong Kong, are The platform provider starting to bring in this trans- focuses on the integrated and formation.” hi-touch capabilities of its tech- Saly, who has been with AG nology to address the issues of Delta since June 2014, adds: ‘inadequate service standards “Compliance drives the budget. and compliance costs’ that are If you show a trading platform currently disrupting the private that helps with compliance, banking industry. banks are more responsive. Developing look and feel Empowering the RM In a service oriented industry, Despite rising technology the sophistication and presen- investments within private tation of the front-end inter - banks, there is still a difficulty phase has an important impact in integrating systems for rela- on the client experience. Saly tionship managers (RMs) to be highlights that the look and ABN AMRO adopts Temenos WealthSuite for its international private equipped with the right infor- feel of the service platform banking operations mation to advise their clients. aesthetically enhances its IDB Bank selects FolioDynamix wealth management technology In lieu of the customised and value to the client, and there is platform sophisticated standard of ser- opportunity for private banks Digital wealth management entrants are here to stay: EY vice that HNWIs in Asia are to develop this aspect in their PKB Privatbank selects SunGard’s Ambit Private Banking solution expecting, AG Delta says that applications. suite using effective technology to “In comparison to social provide a mobile interface, and media, why do banking appli- Envestnet acquires wealth management tech firm Finance Logix thereby enabling RMs to deliv- cations have to look standard

12 y May 2015 www.privatebankerinternational.com

PBI 320.indd 12 22/05/2015 20:11:36 Private Banker International REGULATION NEWS

The latest in regulation A monthly round-up of the big regulatory announcements that impacted the private banking and wealth management industry across the globe

UBS asked to pay $200,000 to regulated offshore products in The revised Sanction Guidelines, The Federal Reserve said that investor for Puerto Rico fund markets outside India. effective immediately, advise FINRA continued participation by the losses The approval will enable the adjudicators to consider barring an five employees with a depository A Financial Industry Regulatory banking major to offer advisory individual respondent, or expelling a institution "would impair public Authority (FINRA) arbitration panel services in stocks, bonds and mutual firm for cases involving fraud. confidence in the institution." has reportedly ordered Swiss banking funds in markets outside India. The revision has also increased The restriction on the five giant UBS to pay $200,000 to an "SCB can advise on regulated the range of the suspension for employees will be effective investor for losses incurred by its offshore securities and investment individuals, who violate FINRA's indefinitely until the dismissal of Puerto Rico closed-end bond funds. products, which are in the nature suitability rule to sell products that the criminal charges brought against Securities arbitrators held two of marketable securities issued by are not suitable to retail investors, them. UBS units liable of alleged securities a body corporate or a corporation from one year to two years. Praxis, IFM merger gets fraud, misrepresentation and other under their Investment Advisory In addition, FINRA's new guidelines regulatory nod misdeeds, according to Reuters. license under Sebi's Investment will in increase the amount of The merger of Guernsey-based The investor, Yolanda Bauza, had Advisers Regulations," the regulator monetary sanctions by indexing them Praxis Group and Jersey-based IFM claimed between $357,000 and was quoted as saying by NDTV Profit. to the Consumer Price Index (CPI). Group has secured the go-ahead $625,000 for her losses in a filing The lender stated that several The adjustment, retroactive to from regulators, which will lead to seeking compensation in 2013, the clients of the bank possess 1998, will apply across the board to the creation of an independent and report said. offshore accounts funded through the highest ends of monetary ranges owner-managed financial services Several of the Puerto Rico funds remittances done through the that FINRA sets for various types of group named Praxis IFM based in the sold by UBS were found to be highly liberalised remittance scheme or violations. Channel Islands. concentrated in the debt of the offshore derivative instrument FINRA will continue to use the CPI Following the approval, the Caribbean island's government and routes. to readjust its monetary sanction trust operations will be renamed related entities. The bank said that these clients guidelines every three years. as PraxisIFM Trust in Guernsey and Few funds lost half to nearly two- need advice on investing some of Fed bars five ex- Jersey, and as PraxisIFM Trust in thirds of their value between March these balances in offshore securities. private bankers from banking Switzerland. 2011 and October 2013. "As a client solution therefore, we sector for aiding tax evasion Guernsey-based Praxis Treasury A UBS spokesperson told Reuters: in our capacity of being Investment The US Federal Reserve has barred Services will be rebranded as "UBS is disappointed with the decision Advisors, would like to offer advisory five former private bankers and PraxisIFM Treasury Services, while to award any damages, with which we services on regulated offshore senior managers of Credit Suisse from the New Zealand and UK companies respectfully disagree." products like offshore stocks, bonds the banking sector over their role in will be rebranded as PraxisIFM Trust The arbitrators did not provided and mutual funds... This service tax evasion. and PraxisIFM Trust & Corporate reasons for their decision and denied will be a purely advisory service, The employees include Markus Services. UBS' request to remove details about consistent with the IA Regulations. Walder, Marco Parenti Adami, Malta's trust operation will the case from the public records of The client will execute trades as per Susanne Ruegg Meier, Michele eventually be renamed as PraxisIFM two UBS Puerto Rico brokers, who the banking arrangement he has Bergantino and Roger Schaerer. Trust. The names of the other were involved in advising Bauza, the offshore. The five have been indicted over operations will be unaltered. Reuters report added. "In case he has an account with defrauding the US government by PraxisIFM executive chairman Jeffrey Sonn, a lawyer who was overseas Standard Chartered Bank, helping wealthy Americans dodge Brian Morris said: "The name changes not involved in the arbitration, but there will be a separate execution federal income taxes through the for the trust companies are designed represents other investors in cases desk in the respective jurisdiction creation and maintenance of bank to bring together our corporate and against UBS, said: "The case is (outside India) that the client can accounts, which were not declared to private client offerings, which are significant because it will make UBS directly instruct to execute orders," US tax authorities. now available from an enhanced re-evaluate how they value these commented the bank. Walder supervised teams of private range of jurisdictions, under the new cases for settlement. It puts UBS FINRA induces stricter penalties bankers in Switzerland and Credit PraxisIFM group." on notice that they are at risk for against fraudulent conduct Suisse's New York representative The new group will continue to significant awards in favour of Puerto The National Adjudicatory Council office. focus on offering private client Rico investors." (NAC) of Wall Street's self-policing Adami, Meier, and Bergantino services, fund administration, StanChart gets SEBI approval body, the Financial Industry served as private bankers and offered corporate and trade services such to offer offshore investment Regulatory Authority (FINRA), has banking and investment advice to as cross-border facilitation, asset advisory services unveiled new Sanctions Guidelines US customers with undeclared Swiss finance, pensions and treasury Standard Chartered Bank has secured introducing stricter penalties against bank accounts. Schaerer, who served operations. approval from the Securities and securities brokerages and individual as the bank's senior representative It will comprise a group-wide board Exchange Board of India (SEBI) brokers who commit fraud or violate in the US, ran the New York of directors, led by Morris and CEO to provide advisory services on suitability rules. representative office. Simon Thornton.

www.privatebankerinternational.com May 2015 y 13

PBI 320.indd 13 22/05/2015 20:11:36 / Private Banker International

ANALYSIS LIQUIDITY PROFILES: ORTEGA WILSON

Liquidity profiles PBI has teamed up with sister company WealthInsight to provide monthly liquidity events that have piqued the interest of its analysts. This month, founding chairman of the Inditex fashion group, Amancio Ortega Gaona, and President and Chief Executive Officer of Varian Medical Systems Inc,Dow R Wilson

Amancio Ortega Gaona Barcelo Corporacion Empresarial S.A. (Barcelo Hote- les & Resorts), a hotel operator, has signed an agree- ment to acquire a 42.5% stake in Occidental Hoteles Management, S.L., an operator of chain of hotels, from Amancio Ortega and Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), a provider of financial and banking ser- vices. All companies involved in the transaction are based in Spain. Amancio Ortega is the founding chairman of the Inditex fashion group.The transaction is subject to approval from the competition authorities in Mexico.

Profile: Amancio Ortega Gaona (Ortega), known as Amancio Ortega, is the founder and commercial properties. He is the owner of Deportivo de La Coruna, a professional member of board of Industria de Diseño Textil S.A, a textile manufacturing and football club. He also owns Epic Residences & Hotel, a condo-hotel being constructed distribution company in Spain. in Miami, Florida. Inditex became one of the largest textile companies in the world. In 2001, it was Full Name: Mr. Amancio Ortega Gaona floated on the Bolsa de Madrid stock exchange, with a pre-IPO shareholding of Known As: Amancio Ortega 85.39%, which made Mr Ortega one of the wealthiest men in the world. Since the IPO, Gender: Male he has divested his shareholding to 59.29%. Citizenship: Spain The two investment vehicles of Mr Ortega, Pontegadea Inversiones SL and Partler are the real estate development and investment companies, through them; he owns Languages: Spanish, English commercial properties in Europe and United States. He also owns a stake in Spain- Liquidity Event: 4 May 2015, Barcelo Corporacion Empresarial S.A. has signed an based Grilse, which owns the Casas Novas equestrian center in Spain and other agreement to acquire a 42.5% stake in Occidental Hoteles Management, S.L

Dow R Wilson Profile: Wilson Dow R, President and Mr. Dow R. Wilson has been the Chief Executive Officer and Chief Executive Officer of Var- President of Varian Medical Systems, Inc. since September ian Medical Systems Inc, the US 29, 2012. Mr. Wilson served as the Chief Operating Officer based company operating in the and served as Corporate Executive Vice President of Varian pharmaceuticals and healthcare Medical Systems Inc., from October 2011 to September 2012. sector, has sold 18,760 shares, He served as a Corporate Executive Vice president of Varian representing 0.0182% stake in Medical Systems Inc., from August 2005 to October 2011. the company. Mr. Wilson served as the President of Oncology Systems and The shares were sold at a Corporate Vice President of Varian Medical Systems Inc. from price of US$93.5 each for gross January 10, 2005 to August 2005. proceeds of US$1.75 million. Wilson joined Varian in 2005, after a 19 year career with General Electric. He holds a .A. degree in English and business from Brigham Young University and an M.B.A. degree from Dartmouth''s Amos Tuck School of Business. Full Name: Mr. Dow R Wilson Known As: Dow Wilson Gender: Male Citizenship: United States of America Languages: English Liquidity Event: 17 Apr 2015, sale of 18,760 shares, representing a 0.0182% stake in Varian Medical Systems Inc.

14 y May 2015 www.privatebankerinternational.com

PBI 320.indd 14 22/05/2015 20:11:37 Private Banker International PEOPLE MOVES NEWS

People moves This month, Lord William Waldegrave of UBS Investment Bank became the chairman of trustee business at Coutts, and Himanshu Mehta, MD and head of domestic corporate group, India, at BNP Paribas, became the MD and CEO, India, for the bank. Here are the big people moves that have recently made news

■ PEOPLE MOVES

Name Moved from Moved to Old position New position

Managing director and head of Indian Hong Kong Samir Bimal BNP Paribas BNP Paribas Managing director and CEO, India markets

Managing director and head of Hong Kong Himanshu Mehta BNP Paribas BNP Paribas Managing director and CEO, India domestic corporate group, India

USA Miles Milton Hancock Hancock EVP Chief wealth management officer

USA William Stromberg T Rowe Price Group T Rowe Price Group Head of Equity Head of global equity and global research

Old Mutual Global Switzerland Dominik Issler Legg Mason Director and regional head Head of DACH distribution Investors

Allianz Global Allianz Global USA Douglas Eu Asia Pacific CEO US CEO Investors Investors

Union Bancaire Switzerland Eric Morin J. Safra Sarasin Chief executive of Singapore office Head of its Asian operations Privee

American Realty Deutsche Asset & Senior vice president in investment Director and head of investment strategy, USA Kevin White Capital Properties Wealth Management strategy & research Americas

Lord William Jersey UBS Investment Bank Coutts Vice chairman Chairman of trustee business Waldegrave

UBS Wealth UBS Wealth Head of strategic clients and USA Brian Hull Americas' Client Advisory Group head Management Management partnerships, US

Head of private banking international Managing director, member of the senior Switzerland Daniel Furtwangler Coutts EFG International and Swiss onshore management team - Continental Europe

Chief financial officer for offshore Jersey Will Thorp Standard Bank Standard Bank CEO of Offshore Group group

Member of the general management Managing director for private Michael Vlahovic Coutts EFG International committee, Russia/CIS Eastern Europe and Russia

UBS Global Asset Executive director for UK business UK Peter Cazalet JPMorgan Client and business development Management development

Weatherbys Private UK Quentin Marshall Coutts Head of Advisory, Investment Services Deputy Head of Private Banking Bank

www.privatebankerinternational.com May 2015 y 15

PBI 320.indd 15 22/05/2015 20:11:37 Private Banker International COMMENT KEITH HEDDLE, STANLEY GIBBONS

A sticky investment PRIVATE BANKER

Editor: Meghna Mukerjee t often comes as a surprise to many peo- (Universal Postal Union) survey. Stamp col- Tel: +44 (0)20 7406 6713 ple that rare stamps and coins could offer lecting was actually banned in China under Email: [email protected] a strong investment case, potentially pro- Chairman Mao as being ‘bourgeois’, but the Correspondent: John Schaffer viding both security and capital growth. country’s emerging middle class is now keen to Tel: +44 (0)20 7406 6627 [email protected] I own a piece of its heritage and it is estimated Email: In today’s digital, ‘sound-bite’ world, Delivering innovative stamps and coins are often dismissed as the that there are nearly 20m serious collectors in Asia Correspondent: Sruti Rao preserve of old men pursuing an antiquar- China. Tel: +65 6411 2189 Email: [email protected] ian hobby – but that’s like dismissing horses According to The Hurun Wealth Report ever since they were replaced by the car as the 2012, 64 per cent of Chinese millionaires Group Publisher: Ameet Phadnis mobile & online financial services primary method of transport. Back the right invest in luxury goods, with rare stamps being Tel: +44 (0)207 406 6561 Email: [email protected] horse on the right track and it can make you particularly popular. In 1989, the value of a lot of money. stamps listed in the China Market Study was Sub-editors: Kev Walsh, Nick Midgley solutions to organisations that

Rare stamps and coins can be a serious, US$550,500; in 2012 it was US$6,911,100. Subscription Enquiries: Sharon Howley alternative investment option that offers The growth in Asia, coupled with demand Tel: +44 (0)20 7406 6615 diversification and protection from the uncer- from wealth managers seeking differentiation Email: [email protected] need to provide secure access tainties of the stock market, according to a for their clients, has led to Stanley Gibbons Director of Events: Ray Giddings recently published report. creating a Cayman-domiciled rare stamp fund Tel: +44 (0) 203 096 2585 The Alternative Investment Report (AiR) for launch in Hong Kong and Singapore. The Email: [email protected] from Intelligent Partnership posits that invest- Fund, the first of its kind, contains some of Business Development Manager: Alex Aubrey ing in collectibles not only provides diversifica- the greatest philatelic (stamp) treasures ever Tel: +44 (0)20 3096 2603 [email protected] tion of assets but that in terms of growth and assembled and provides structured and com- Email: consistency, they have outperformed tradition- pelling access to this asset class. WealthInsight Account Director: Matt Dowsett To find out more about us please visit: al mainstream investments before, during and They may be ‘off radar’ but with HNWs Tel: +44 (0)20 3096 2592 Email: [email protected] since the financial crash of 2008/09. seeking alternatives for portfolio diversifica- And contrary to the belief that rare stamps tion and intra-generational wealth planning, Customer Service www.intelligentenvironments.com and coins appeal only to a diminishing band of could do worse than review an investment Tel: 020 3096 2636 or 020 3096 2622 Email: [email protected] elderly collectors, demand for ‘passion assets’ in ‘passion assets’ for a small portion of their – which includes anything that is tangible that portfolio. They offer true diversification, For more information on accessing Private Banker people take pleasure from owning - is actually their value has tended to rises with inflation International content online, or to subscribe, please soaring, particularly in Asia and the emerging and buck other market downturns, they can telephone +44 (0)20 7406 6579 or email customer. markets which are seeing a growing middle offer strong capital growth, and they are a [email protected] class. non-renewable asset – they will always be London Office The AiR looks at the pros and cons of rare and will only get rarer. Plus, you end up 5th Floor, owning little pieces of history, whether that’s Farringdon Place, investing in collectibles but concludes that 20 Farringdon Road, stamps and coins can offer the prospect of the world’s first stamp, the Penny Black from London, EC1M 3AP strong capital growth and returns as well as 1840, or a gold Roman ‘Aureus’ from the time being a potential safe haven. of Julius Caesar. Asia Office 1 Finlayson Green One reason they provide safety, is because #09-01 rare stamps and coins are driven by supply- Keith Heddle is the managing director of Stan- Singapore, 049246 demand economics and mainly underpinned ley Gibbons Tel: +65 6383 4688 Fax: +65 6383 5433 by affluent collectors. Because you can’t print Email: [email protected] any more Penny Blacks or mint ancient coins, Financial News Publishing Ltd, 2015 they remain unique and cannot be substituted. Registered in the UK No 6931627 As stamps or coins disappear from the mar- ISSN 0265-0223 ket and new collector-investors seek out the Unauthorised photocopying is illegal. The contents of this asset class, this inverted curve of supply and publication, either in whole or part, may not be reproduced, demand naturally pushes the price up higher. stored in a data retrieval system or transmitted by any form or means, electronic, mechanical, photocopying, We are an international provider of innovative mobile and online solutions for financial service This is shown by Stanley Gibbons indices, recording or otherwise, without the prior permission of which provide a snapshot of the market and the publishers. organisations. Our mission is to enable our clients always to stay close to their customers. are listed on Bloomberg Professional termi- For information on additional copies or syndicated online nals and Thomson Reuters. They show that access to this newsletter, please contact Customer Services. We do this through Interact®, our single software platform, which enables secure financial applications, over the past decade the annual growth rate of investment-grade coins has been 12.6% and engagement, transaction and servicing across all digital channels. Today these are predominantly stamps 11.3%, outperforming the FTSE 100’s focused on mobile, PCs & tablets. However Interact® can and will support other form factors, as and 4.3%. It finds that interest from China and India when they proliferate (as seen by our work to develop digital banking for the Smartwatch). has helped fuel this healthy growth. Around two-thirds of the world’s 60 million collec- We provide a ready alternative to internally developed solutions, enabling our clients with a faster tors are in the Far East according to a UPU route to market, expertise in managing the complexity of multiple devices and operating systems, and a

16 y May 2015 www.privatebankerinternational.com constantly evolving solution.

PBI 320.indd 16 22/05/2015 20:11:38 IE-Advert-Dec-2014.indd 1 16/12/2014 12:25:21 Delivering innovative mobile & online financial services solutions to organisations that need to provide secure access

To find out more about us please visit: www.intelligentenvironments.com

We are an international provider of innovative mobile and online solutions for financial service organisations. Our mission is to enable our clients always to stay close to their customers.

We do this through Interact®, our single software platform, which enables secure financial applications, engagement, transaction and servicing across all digital channels. Today these are predominantly focused on mobile, PCs & tablets. However Interact® can and will support other form factors, as and when they proliferate (as seen by our work to develop digital banking for the Smartwatch).

We provide a ready alternative to internally developed solutions, enabling our clients with a faster route to market, expertise in managing the complexity of multiple devices and operating systems, and a constantly evolving solution.

PBI 320.indd 29 22/05/2015 20:11:38 IE-Advert-Dec-2014.indd 1 16/12/2014 12:25:21 SOCIETE GENERALE PRIVATE BANKING HAMBROS

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