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External Asset Management & Private Banking External Asset Management & Private Banking External Asset Management & Private Banking Redefining the business model in response to emerging trends, industry pressure and client demands 1 www.orbium.com External Asset Management & Private Banking This past year has been a turbulent one for External Asset Managers (EAMs) and private banks. Brexit, increasing regulations, fee pressure, sluggish growth in assets under management (AUM), and declining net new assets (NNA) and revenue margins – are all very serious threats to continued survival. Many banks are reacting in a conservative way and are playing the wait-and-watch game. They are focusing on cost-cutting until the market conditions are clear. On the other side, some banks have decided to use this period strategically for growth and revenue increase with bold decisions and investment for when the market picks up. Traditional private banks are being disrupted as an increasing number of their relationship managers leave and set up as EAMs to fill gaps in the marketplace by offering bespoke, transparent and non-transaction led services. Although this is a challenge for private banks, it is also an opportunity, as they can take advantage of this trend and position themselves as specialist EAM service providers. The coverage of the EAM segment is a sustainable revenue source and a natural extension to the development of the private banking business. Leading Swiss, American and European private banks have embraced the rise of an independent advisory segment by providing EAM desk coverage with dedicated relationship managers and cutting edge EAM IT platforms. However, regional banks are trailing in providing an equivalent EAM service and business model. It is highly unlikely that all EAMs or the private banks serving them will be successful going forward as their operating models will need to significantly evolve and change to keep pace with multiple and challenging industry trends. To help management teams of EAMs, we identify the top 10 trends that will impact and reshape their operating models. For private banks that want to provide specialised services to EAMs, we present our view of the changes and transformation needed in the current offering to meet new industry requirements. 2 www.orbium.com 10 KEY TRENDS FOR 2017 01 02 Growing AUM Consolidation and number of of private banks EAMs 04 03 Custody, Re-focus on reporting and lending books brokerage set-up 05 06 Digital driving Increasing innovation regulations 07 Partner with 08 Increasing the right price pressure custodian banks 10 09 Evolving business Fragmented model and client platforms segmentation External Asset Management & Private Banking 01 Growing AUM and number of EAMs A report from Julius Baer¹ forecast that the average AUM by 60% for Singapore and 43% combined AUM run by EAMs in Singapore and for Hong Kong. These figures have caught the Hong Kong will grow by more than 100% to attention of EAMs and custodian banks. around US$55bn by 2020. Similarly, the number of EAMs is projected to increase by 25% for 1 Independent Wealth Management Report: Asia Singapore and 50% for Hong Kong, and the EAM SET-UP Account management Legal Power o Attorne lient assets custo Avisor or iscretionar Reorting incluing manate End brokerage r art Client ees commissions etc. External Asset EAM ooeration agreement Custodian Manager erating memoranum Bank Pricing agreement & reorting EAM, IAM, FM Relationship Manager Family Offices Investment Advisor 4 www.orbium.com External Asset Management & Private Banking Target Acquirer Société Générale DBS ANZ DBS 02 ABN AMRO LGT Consolidation Coutts UBP of private banks BSI EFG *SG branch was shut down in 2016 by MAS for money Since 2014, seven foreign private banks have laundering exited Singapore. ABN AMRO is the latest to withdraw with the disposal of its Asian books. Exited Asia with Over the next three years, the combination DZ Privatbank exclusive referral of legal and administrative burdens and agreements with challenging market conditions will lead to Bank of Singapore significantly lower margins and therefore a in place heightened risk of mergers and takeover. Experienced and successful relationship Barclays Bank of Singapore managers are opting to become EAMs, viewing independence and entrepreneurship as an end game with less politics and better There will likely also be an exit of EAMs income potential. In addition, EAMs are in (wind-down or merge) to attain the critical prime position to capture clients who have size which has been rising to approximately become disenchanted and are becoming US$200m AUM therefore only larger EAMs victims of the fall out from consolidation. will continue to thrive. 5 www.orbium.com External Asset Management & Private Banking External asset managers are increasingly looking for sophisticated lending solutions for end clients to improve liquidity or take advantage of an investment opportunity. Lending solutions help establish EAMs as complete service providers and provide additional value through collateral and liquidity. EAMs are partnering with banks 03 to build customised solutions to offer Re-focus on Lombard lending and mortgage demands. lending books Strategy and partnership with the right custodian will play a key role in the way EAMs develop their lending capabilities. As banks face new regulatory requirements for minimum capital, it will be crucial to partner with banks still able and willing to offer margin lending books. To stay true to the unbiased and independent nature of the business, EAMs often build a wide broker network and multiple-custodian partnerships. As a value-add service, leading EAMs offer consolidated and customised reporting across asset classes (including 04 both bankable and non-bankable assets, e.g. Custody, private equity, real estate, arts etc), with details for custodians, countries and currencies. They reporting provide a holistic view of total assets, liabilities and exposure of a single beneficial owner or & brokerage family using white labelled and personalised set-up reports. This also allows the relationship manager to offer high-quality strategic advice and transmit the message through channels in line with the corporate identity. 6 www.orbium.com External Asset Management & Private Banking There are varying reasons to maintain broad care of best execution themselves. To custody and broker networks. achieve a better execution price, they run their own trading desk and build up The custody network a large broker network for bonds (we have seen clients with over 40 brokers). This segment will continue to grow as EAMs They slice the size they intend to onboard more clients and RM teams poached trade and allocate the clips to various from competing banks bring in more end brokers who will deliver the positions clients. Industry trends show that EAMs are to the custodian banks. The trading trying to reduce the number of custodian desk might also spread the order over banks to under 10 but experience has shown several days to ensure that the order that this is not always easy. can be absorbed without creating negative market impact. The broker network Sophisticated EAMs are developing in-house Classic EAMs: in most cases the custodian enhancements to their Portfolio Management also serves as broker i.e. if the EAM has 20 Systems (PMS). This is not often the case for custodian banks, they usually also have 20 private banks as they tend to use standard brokers (there is minimal DVP business). core banking solutions and invest regularly to ensure they have the latest features and Fund managers regulatory enhancements. - Equity: the number of brokers depends on the need for research, EAMs would, however, do well to move events, distribution, etc. This means away from in-house solutions and evaluate that the EAM may need three sources standard third-party solutions. While some big of research (e.g. for Deutsche Bank, pension funds rely on global custody set-ups Goldman Sachs, Morgan Stanley) and to consolidate assets across several custodian therefore equally allocates the flow banks, others (given the high price tag of to those brokers who – in return – will such set-ups) are taking care of consolidated ensure the EAM gets all the benefits. reporting, cash management and coordination of corporate actions themselves. The latter - Bonds: since there is less liquidity in approach requires partnering with fintech firms bond markets, EAMs generally take to get a head start in consolidation services. 7 www.orbium.com External Asset Management & Private Banking 05 Digital driving innovation Digital Clients are increasingly interested in accessing research and investment advice on their EAMs could consider collaborating with an mobile devices and want to be updated independent software provider for a PMS that about their portfolio and trades on a real-time also includes a view-only version for the end basis. Accordingly, leading private banks have client. For example, a family office that allocates already deployed – or will soon deploy – digital the wealth of their family members across banking for end clients and advisors. In terms of various custody banks (for risk diversification) maturity, most banks are offering basic digital will want to provide their beneficial owners capabilities including portfolio viewing and with a single login to view their consolidated often provide more advanced functionalities assets and exposures instead of expecting such as securities trading, dedicated EAM them to log into various stand-alone online portals and peer-to-peer advice platforms. The banking systems. EAM industry is lagging behind private banks and there is a need to recalibrate business To meet growing client needs EAMs must models to avoid threats from the proliferating work with custodian banks that have state of fintech firms that promise to provide a richer and the art digital PMS solutions that can help to more dynamic experience via mobile and tablets. differentiate in a crowded market place. 8 www.orbium.com External Asset Management & Private Banking Automated brokerage and settlement are launching robo-advisory for end clients.
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