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Credit Suisse wins Outstanding Global Private Bank award
Credit Suisse wins Outstanding Global Private Bank award
Credit Suisse was awarded two major international industry accolades as "Outstanding Global Private Bank" and "Outstanding Business and Entrepreneurs Private Bank" at the 18th Private Banker International Wealth Management Summit held in Singapore.In addition, Credit Suisse was also selected as a finalist in the award categories of "Outstanding Private Bank - Europe", "Outstanding Global Private Banker" and "Outstanding Young Private Banker". Mr Walter Berchtold, Chief Executive Officer of Private Banking for Credit Suisse commented, "At Credit Suisse, we are extremely honored to receive this recognition of our Private Banking franchise. In the midst of such unprecedented and exceptionally challenging environment for our industry, this is a strong vote of confidence for the success of our growth strategy, the dedication of our employees, our firm commitment to focus on our clients and deliver to them the integrated bank solutions from across all our businesses for their personal and corporate needs. The strong continuous inflow of net new assets of CHF 40 billion we received in the first nine months of this year underscores the strength of our franchise and the trust placed in us by our clients worldwide." "Our Private Banking business has demonstrated strong resilience and achieved good results in these challenging times. Consistent with Credit Suisse's strategy, we will continue to invest in and grow our Private Banking franchise which I am convinced will be even stronger when we come out of this environment. Most importantly, now more than ever, we will continue to stay close to our clients, restore confidence and lend solid support to our employees."Commenting on the awards, John Evans, managing editor of Private Banker International and lead judge for the awards said, "Credit Suisse has had to take hits from the credit crisis, but unlike its rivals in Switzerland and elsewhere, it has escaped the worst of the mauling and is undergoing rapid expansion of its wealth management capabilities. Credit Suisse has been exceptionally well placed to be among the favored homes for client funds as the credit crisis unfolds.""The 'Outstanding Business and Entrepreneur Private Bank' award is for the institution that is able to most professionally harness its capabilities to meet the disparate business, private investment and estate planning needs of its clients. Credit Suisse's One-Bank integration of private and investment banking is steadily gaining momentum, and so this year the bank takes the award. It is reporting steadily more impressive revenues across the group from referrals between business units."The Wealth Management Awards are based on inviting nominations from the worldwide readership of Private Banker International. Form the short list, winning institutions are chosen by PBI's Advisory Board which is made up of independent industry experts. The awards aim to benchmark best practices and best business models in the quickly evolving wealth businesses in Asia and worldwide. The Private Banker International Wealth Management Summit 2008, held in Singapore from November 6 to 7, is organized by the global wealth journal Private Banker International (PBI), part of VRL Knowledge Bank.
Threadneedle ranks top performing fund manager in HK
Threadneedle, a leading European asset manager, has been ranked top performing fund manager in Hong Kong according to Global Investor Magazine, which uses Morningstar ratings.James Campion, Head of Asia Distribution for Threadneedle, based in Hong Kong, said, “This ranking is testimony to the quality of Threadneedle’s fund managers and the range of products we have to offer investors in this market with an average of 3.6 stars over the 31 Threadneedle funds rated by Morningstar.”He continued, “These are challenging times for investors all over the world and we are determined to continue to develop our product range to meet their needs and aim to deliver good performance in any market condition.”Threadneedle expanded into Asia this year to serve its global clients better. It opened its first regional office in Hong Kong in May 2008, followed by an office in Singapore in October 2008. The Singapore office is led by Sue-Wei Wong, who relocated from Threadneedle’s London head office and is responsible for business development relationship in the region. Threadneedle’s range of 34 equity and fixed income mutual funds and eight hedge funds are authorised as restricted schemes in Singapore. Threadneedle has US$98 billion of assets under management globally, as at 30 September 2008. Threadneedle can only deal with professional or institutional investors in Hong Kong and Singapore respectively in accordance with local legislation.
Fortis merges Asian equities and China investment centres
Fortis Investments is merging its Asian Equities and Greater China investment centres into one single, autonomous unit as it recognizes the strategic importance of the Asia ex-Japan region and Asian equities as an asset class for investors. This streamlining ensures that clients gain the maximum possible benefit from a centralised research platform. It also reflects Fortis' view that stock picking across sector rather than country lines should continue to gain in importance as a driver of excess returns. For the Greater China region, the addition of regional sector analysts will enhance the research capability greatly. Patrick Ho, head of Asian equities, will lead the combined investment centre, assisted by Desmond Tjiang as deputy head and CIO for Asia ex-Japan portfolios and Mandy Chan as CIO for Greater China funds. Their team will be one of the most comprehensive buy-side resources in the region running Asia ex-Japan portfolios today. Because of the change in investment approach, Ronald Chan is stepping down as CIO for Asia ex-Japan portfolios.
F&C and Hua Xia signs MOA on Chinese joint venture
F&C Asset Management has signed a Memorandum of Understanding with Hua Xia Bank agreeing in principle to form a joint venture fund management company in China. The move is a key milestone in F&C’s strategy of building a presence in Asia following the opening of its first office in the region, in Hong Kong, earlier this year.Hua Xia Bank is one of the twelve nationwide joint stock commercial banks in China and has seen strong growth since its incorporation in 1992. Hua Xia became the fifth listed bank in China in 2003 when it floated on the Shanghai Stock Exchange in 2003. Hua Xia now has 294 outlets in 31 cities, with a footprint covering 19 of the 22 Provinces in China. It employs around 10,000 people and has a global network of 464 correspondent banks.Alvin Chua, F&C’s Head of Distribution and Business Development for Asia, commented: “We are very excited about the prospect of establishing a joint venture fund management company in China with one of the premier banks as our partner. Hua Xia is a highly respected and successful bank and the proposed joint venture company will give us a foothold in a vast and fast growth market with 1.3 billion potential customers. As China continues to experience strong economic growth, we see excellent opportunities to help provide high quality investment products for both retail and institutional Chinese investors.”
