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Private Banker Focal Point www.privatebankerinternational.com Issue 370 / july 2019 PRIVATE BANKER FOCAL POINT PBI HOSTS ITS ANNUAL CONFERENCE AND AWARDS IN LONDON’S WEST END FEATURE OPINION BUSINESS PROFILE Family offices are building Options for HNWIs when How Fineco went from an new processes to measure standard lending criteria online trading platform to ESG investment success leave them stranded 1.3 million banking clients PBI July 370.indd 1 25/06/2019 17:55:51 contents this month COVER STORY NEWS 14 05 / EDITOR’S LETTER 06 / NEWS ROUND-UP 07 / AUM RANKINGS • PBI has joined forces with GlobalData to produce its second annual Global Private Wealth Managers AuM ranking 20 / PEOPLE MOVES 21 / TECH AND REGULATION 07 PBI LONDON Editor: Group Editorial Director: Head of Subscriptions: Oliver Williams Ana Gyorkos Alex Aubrey +44 (0)20 7406 6585 +44 (0)20 7406 6707 +44 (0)20 3096 2603 [email protected] [email protected] [email protected] Correspondents: Sub-editor: Director of Events: Jamie Crawley Nick Midgley Ray Giddings David Craik +44 (0)161 359 5829 +44 (0)20 3096 2585 Paul Golden [email protected] [email protected] Publishing Assistant: Asena Değirmenci +44 (0)20 7406 6592 [email protected] Customer Services: +44 (0)20 3096 2603 or +44 (0)20 3096 2636, [email protected] Financial News Publishing, 2012. Registered in the UK No 6931627. ISSN 0953-7031 Unauthorised photocopying is illegal. The contents of this publication, either in whole or part, may not be reproduced, stored in a data retrieval system or transmitted by any form or means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publishers. For more information on Verdict, visit our website at www.verdict.co.uk. As a subscriber you are automatically entitled to online access to Private Banker International. For more information, please telephone +44 (0)20 7406 6536 or email [email protected]. London office: John Carpenter House, John Carpenter Street, London, EC4Y 0AN Asia office: 1 Finlayson Green, #09-01, Singapore 049246 Tel: +65 6383 4688, Fax: +65 6383 5433 Email: [email protected] twitter: linkedin: private banker PRIVATE BANKER @bankerNews international 2 | July 2019 | Private Banker International PBI July 370.indd 2 25/06/2019 17:55:57 contents july 2018 10 18 OPINION 18 / BML Alpa Bhakta, CEO at Butterfield Mortgages, FEATURES PBI LONDON explains why 12% of HNWIs have been rejected for mortgages in the past decade, and 08 / ESG AND FAMILY 14 / CONFERENCE what options are open to buyers who do not meet standard lending criteria OFFICES PBI hosted its annual London conference Family offices are not only driving growth and awards in the West End on 13 June, with 19 / GLOBALDATA in environmental, social and governance industry leaders meeting to discuss the major investing, they are also developing bespoke trends gripping the sector. Jamie Crawley Demand for investor visas and residency-by- processes for measuring the success of these runs through the highlights investment programs is growing rapidly among investments, finds Paul Golden Indian HNWIs. Supporting investors during 16 / AWARDS the application process provides an avenue to growth, writes GlobalData 10 / CONCIERGE SERVICES The PBI London awards were announced Clients making use of private banks’ concierge on 13 June at a ceremony in London’s West services can book the hottest concert tickets End, with a mission to recognise innovation 22 and finest restaurant tables in town, but what and best practice by private banks, wealth goodies can banks expect from providing managers and vendors in the UK and Europe these luxury offerings? David Craik finds out 12 / TOKENISATION 12 It is hard for financial services to ignore the potential of blockchain technology. Jamie Crawley speaks to experts about the challenges and use cases that the industry should be aware of in the years to come 08 BUSINESS PROFILE 22 / FINECO BANK Launched 20 years ago as an online trading service, Fineco moved into banking a year and a half later, and now boasts around 1.3 million clients. Jamie Crawley speaks to head of global business Paolo di Grazia www.privatebankerinternational.com | 3 PBI July 370.indd 3 25/06/2019 17:56:02 Organized By european banking forum Digital Transformation in Retail Banking 14-15 May 2019, London The European Banking Forum will be returning for its seventeenth year in May 2019. This event will seek to uphold its reputation as a forum which is distinctively designed for leaders to meet, engage and discuss the key issues affecting the retail banking industry in Europe. The event brings together up to 200 leaders from across retail banking to discuss the biggest challenges currently facing their market, including digital transformation, changing consumer demands, the rise of Fintechs, and new technologies. Developing Omni-Channel Services to Remain Relevant in the Face of New Competition - Tammy Martin, Global Omni-Channel Director, Barclays Data as the New Gold: Exploring the Most Effective Methods of Utilising Data Analytics to Improve the Customer Experience, Increase Efficiency & Reduce Cost - Cedric Puel, Head of Data & Analytics, Retail Banking & Services, BNP Paribas Tradition vs Innovation: RBI’s transformation path in CEE - Christian Wolf, Head of Group Transformation, Raiffeisen Bank Spotlight Session: Exploring the Next step for Digital Banking: UBS’s Approach to Transforming Complex Digital Offerings - Lukasz Opoka, Head of Digital Banking Innovation and Development, UBS PBI July 370.indd 4 25/06/2019 17:56:10 editor’s letter Organized By european banking forum Digital Transformation in Retail Banking 14-15 May 2019, London The European Banking Forum will be returning for its seventeenth year in May 2019. This event will seek to uphold its reputation as a forum which is distinctively designed for leaders to meet, engage and discuss the key issues affecting the retail banking industry in Europe. what is hybrid? The event brings together up to 200 leaders from across retail banking to discuss the biggest challenges currently facing their market, including digital transformation, changing consumer demands, the rise of Fintechs, and new technologies. Oliver Williams, Editor Developing Omni-Channel Services to Remain Relevant in the Face of New Competition - Tammy Martin, Global Omni-Channel Director, Barclays Data as the New Gold: Exploring the Most Effective Methods of Utilising Data Analytics to Improve the Customer Experience, Increase Efficiency & Reduce Cost - Cedric Puel, Head of Data & Analytics, Retail Banking & Services, BNP Paribas ybrid is the way forward for wealth If it is, then the industry has been getting it repeatedly Tradition vs Innovation: RBI’s transformation path in CEE - Christian Wolf, Head of Group Transformation, Raiffeisen Bank management. So concluded the majority of wrong so far. Investec recently shut its main fintech speakers at Private Banker International’s offering, Click & Invest, which in one sense was pure Spotlight Session: Exploring the Next step for Digital Banking: UBS’s Approach to Transforming Complex Digital Offerings - Lukasz H London conference, the largest event in the PBI hybrid: a slick online platform where advisors would Opoka, Head of Digital Banking Innovation and Development, UBS calendar. personally oversee investment portfolios. Its closure The evidence for incorporating both personalisation came less than a year after UBS stopped its very similar and technology in wealth management is obvious, the Smartwealth platform. speakers argued. Some of the biggest fintech firms are In this edition of PBI, GlobalData outlines lessons that hiring human advisors on the one hand, and nearly all can be learned from Click & Invest’s closure on page 19, private banks now spend big on their technology services while Jamie Crawley rounds up all the other arguments on the other. voiced at PBI’s London event on pages 14 and 15. That, at least, the speakers could agree on. But the Whilst monitoring failures, PBI is also eager to highlight question remains: what sort of hybrid service do clients successful marriages of human and tech. That is why this want? Or rather, which aspects of a technological service week we profile Fineco, an Italian challenger that could should be combined with human advice when it comes to prove to be the Monzo of the private banking world. wealth management? There is one service provided by private banks, at least, So far there is no clear winner. Speakers referenced that can never be delivered through technology: the client examples from Uber and Amazon, both one-size-fits- perks that come with loyalty. Or can tech replace it? Read all services, while fretting over client segmentation David Craik’s feature on private banking and concierge < and changing needs. Could, then, the answer to the services on pages 10 and 11 to find out. question ‘what is hybrid?’ be the key to uniting the highly Oliver Williams fragmented world of wealth management? Editor, Private Banker International Get in touch with the editor at: [email protected] www.privatebankerinternational.com | 5 PBI July 370.indd 5 25/06/2019 17:56:18 News | Round-up round-up The biggest stories impacting the private banking and wealth management industry over the past month. Read them in full at privatebankerinternational.com TIE-UPS The partnership will give UBP access to FAMILY OFFICES Rothschild & Co.’s private equity experience and provide further opportunities for clients UBS targets Japanese wealth to invest in unlisted companies, a statement Credit Suisse creates family with Sumitomo Mitsui Trust from the Swiss bank said. office unit for rich Chinese Swiss banking group UBS and Japan’s Swiss private bank Credit Suisse has created Sumitomo Mitsui Trust have announced plans Wealth Enhancement acquires a family office services unit at its Hong Kong to launch a new wealth management joint Planning Solutions Group offices to serve rich Chinese families.
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