The 2010 guide to

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Published in conjunction with:
Banif Banca Pricada
Bank Delen
Bank Gutmann
Bank of China
Bank of Cyprus
BNP Paribas
SEB
Santander Private Banking
SG Private Banking
UBS
Private Banking and
Wealth Management
03.09.2010 14:01 PDF_QUADRI_300dpi_txvecto
Vienna-based Bank Gutmann:
Private banking from
entrepreneur to entrepreneur
With its unique approach of providing partner-led services to wealthy private clients for more than
30 years, an international team of experts, and a strong, client-driven system of values, Vienna-based
Bank Gutmann is one of the top names in private banking in Europe
Focussed on asset management and investment advice for foreign
and domestic high-net-worth individuals and institutional inves-
tors, Vienna-based Bank Gutmann is a leading private bank in
German-speaking countries, operating also in Central, Eastern and
South-eastern Europe as well as in selected overseas markets. A
strong international private banking team works closely with an
international pool of advisers, including lawyers, tax advisers and
business consultants. Bank Gutmann currently manages total assets
of approximately 12 billion euros for high- and very high-net-worth
clients, trusts and foundations, and institutional investors.
Owner-managed bank with tradition
Founded in 1922 by the Gutmann family, one of Central Europes
most inuential industrial dynasties with a long tradition of en-
trepreneurship as owners of leading industrial enterprises in the
Austro-Hungarian Empire, Bank Gutmann today is one of the few
truly independent and privately owned private banks in the region.
Since 1959, the Kahane family has been the majority shareholder
of Bank Gutmann AG. Twenty per cent of the share capital is held
by 10 senior managers of the bank. The consistent involvement of
these working partners in the day-to-day running of the business
is one of the banks key distinguishing features: Gutmann clients
are served by the banks owners personally from entrepreneur to
entrepreneur. They make their clients affairs their own business, for
which they assume long-term responsibility. This Gutmann partner-
ship concept ensures independent and speedy decision-making
processes as well as the special personal commitment of the banks
owners, based on discretion and trust.
At home in Central and Eastern Europe
Not only its historic roots but also Viennas geographical proximity
to the Central and Eastern European markets explain why Bank Gut-
mann has been working successfully with high-net-worth investors
and entrepreneurs in this region for more than a decade. In addi-
tion to serving customers in German-speaking countries, the bank
focuses on customers from Hungary and Romania (where Gutmann
has its own investment advisory entities), from the CIS countries, the
Czech and Slovak Republics and Bulgaria.
Apart from offering asset management, Bank Gutmann has success-
fully added private equity funds of funds to its portfolio of activities.
Gutmann not only invests in private equity funds itself but also
helps its customers to participate in attractive investments. Ilinca
von Derenthall, member of the board of management and head of
international private banking: Our clients benet from the close
relations with the international private equity community that
we have built over many years: we have access to extraordinary
investment projects and are pleased to share this access with en-
trepreneurial clients, who would not be able to get involved in such
projects without our assistance.
Gutmann is also a sought-after partner for entrepreneurs who have
sold their companies to private equity investors and now wish to
invest the proceeds in the best possible way. The Gutmann team is
assisted by a network of international and local best-of-breed advis-
ers, among them law rms, tax advisers and business consultants.
Through its many years in the business, Bank Gutmann has
developed not only a strong bond with the region but also a deep
understanding of the needs of investors from these markets. Thanks
to its geographical location and very favourable legal and scal
conditions, Vienna is an excellent platform for serving international
high-net-worth investors.
Individual one-stop asset management
Bank Gutmann offers personal, efcient and discrete customer
service. Solid, customized solutions, security and capital preservation
that is, the clients long-term interests are top priorities. Gordian
F. Gudenus, deputy head of international private banking and a
The Banks partnership concept ensures personal
commitment and continuity in customer service service
Bank Gutmann CEO Frank W. Lippitt on ...
... an owner-managed bank and personal
responsibility:
Private banking needs much sensitivity and discretion. Bank
Gutmann is an owner-managed bank. Therefore, our business model
is strongly inuenced by our partners and their values. Gutmann
partners are entrepreneurs who are committed to both the clients
and the bank. This means long-term planning rather than decisions
driven by quarterly results and a high degree of employee loyalty.
Each and every client may trust that one of the partners will feel
personally responsible for their affairs and will apply special safety
standards in managing investment risks.
... Bank Gutmanns special services in Central
and Eastern Europe:
Being located in Vienna, we are naturally positioned to provide
services in the region of Central and Eastern Europe, which is right at
our doorstep. Clients from these countries greatly benet from being
served by a Vienna-based bank that is rmly embedded in western
banking culture and geographically close to its clients. Bank Gutmann
is organised along multicultural lines, which means that we address
clients in their native languages, sharing with them our profound
knowledge of East European markets. We have operating investment
advisory ofces in Budapest and Bucharest. Early next year, an ofce
will be established in Prague.
... reliability and
trust:
At Gutmann, we are special-
ists for wealth management,
to which we devote our
undivided attention, handling
all matters with care and
precision. In serving our clients,
we pursue a very personal
approach, with a staff of 200
experienced ofcers attending
to 1,500 clients. Spending time
with the client and building
trust make all the difference.
The basis of this trust is reli-
ability. That clients may rely on Gutmann is particularly evident at times
of crises. By concentrating consistently on our clients needs and follow-
ing our business model we successfully mastered the years of 2008 and
2009. This very personal approach in providing our services has ena-
bled us to compete successfully against the best international private
banks. External experts such as the international nancial magazine
Euromoney and the renowned German publication Fuchsbriefe have
consistently awarded us top ranks among asset managers in German-
speaking countries.
Frank W. Lippitt, CEO,
Bank Gutmann
Gutmann partner, explains: We offer attractive services to high-net-
worth individuals, entrepreneurs and their families. As the leading
Austrian private bank with a strong international focus we offer our
customers tailor-made cross-generational personal asset manage-
ment. Thanks to the independence of the banks owners, our recom-
mendations are always objective and not inuenced by the interests
of international nancial groups.
For Bank Gutmann, private banking is more than simply the optimal
management of individual portfolios. The starting point for tailor-
made investment management is a careful analysis of each custom-
ers current needs and plans for the future. Our customers can avail
themselves of the services of a strong international private banking
team that is thoroughly acquainted with the markets and operates in
16 languages, is Gudenuss concise description of Bank Gutmanns
multi-cultural competence.
Core competence of portfolio management
Gutmann is also closely involved in nancial studies and research.
Partnering with the Vienna University of Economics and Business
(WU), Bank Gutmann operates the WU Gutmann Centre for Portfolio
Management created in 2001. Academic advisory board members
over the years included not only numerous professors of notable
international universities but also Nobel Prize laureate William Sharpe,
inventor of the world-famous Sharpe ratio.
In portfolio management, Gutmann works closely with independent
research partners, the WU Gutmann Centre for Portfolio Management
and the worlds leading securities experts.
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Modern wealth management with tradition and vision in
the heart of Vienna
For further information please contact:
Bank Gutmann Aktiengesellschaft
Gordian F. Gudenus, Partner
Schwarzenbergplatz 16, 1010 Vienna, Austria
Phone: +43-1-502 20-290
Email: gordian.gudenus@gutmann.at
www.gutmann.at
SEB Private Banking:
entrepreneurship at the heart
SEB Private Bankings customers live and breathe their business and consider it integral to their
private wealth. So does SEB
For SEB, banking has always been closely linked to entrepreneurship.
In 1856, Andr Oscar Wallenberg founded Swedens rst private bank
and effectively became the countrys rst venture capitalist. Wallen-
berg shaped modern banking in Sweden by nancing the countrys
entrepreneurs. When those individuals and families became successful
creating small well-run companies or iconic rms such as Ericsson or
ABB in the process SEB helped them manage their wealth efciently.
That tradition of stewardship of wealth and close links between busi-
ness and personal wealth continues to the present day at SEB Private
Banking. For SEB, the division between what we can help clients
accomplish in their business and how we help them manage their per-
sonal wealth is a false one, says Gerth Svensson, global head of private
banking at SEB. Our clients consider their business as integral to their
overall wealth and so do we.
To that end, the advisory and capital markets credentials of SEB are
as important to private banking clients as the numerous accolades
achieved by the banks wealth management division (see box). En-
trepreneurs choose to work with us for their private banking needs
because they appreciate that, for example, SEB has around 50% of the
Nordic M&A, says Svensson.
Potential private banking customers also recognize the importance
of SEBs leadership in the Swedish SME market, the largest in the
Nordic region. Similarly, they understand the signicance of SEBs
distinguished track record of innovation for SME companies SEB
introduced the rst internet banking for SMEs anywhere in the world,
for example.
A fully integrated approach
SEBs customers live and breathe their business and consequently
entrepreneurship is at the heart of everything the bank does, accord-
ing to Svensson. Within private banking, SEB operates a dedicated
entrepreneur team, which comprises a variety of experts with vast
experience in structuring, tax advice, nancing and SMEs. A clients
private banking relationship is the key mechanism for delivery of these
services. Our SME adviser is included in the private banking team so
that we can fully service that individual, adds Svensson.
Equally, SEB Private Banking offers a full range of more traditional
private banking services, including family ofce services such as tailor-
made investment policies for the family or succession planning. Indeed,
SEBs legal capabilities and family ofce services are a key differentia-
tor for SEB it has more tax and family lawyers than any other private
bank in the Nordic region and can offer almost every service in-house.
Where it is necessary to work with third parties for specialist require-
ments to form a company in Luxembourg, for example SEB has a
powerful network of established partnerships to call on.
As clients often consider their business and their personal nance to be
a single pot of funds (although from a tax and accounting perspec-
tive that is not the case), SEB recently made a signicant investment
to deliver an improved reporting capability that aggregates corporate
and personal wealth. While facilitating an overriding view of an indi-
viduals wealth, the reporting system also allows easy administration of
personal and company tax affairs.
SEB is perfectly sized to achieve the effective integration of personal
and business advice and nancial and legal services that its customers
demand. We are not so big that we cant easily communicate between
the various teams within the bank to ensure that clients get expert
advice, says Svensson. Equally, we are not so small that we dont have
the scale and resources to full our clients requirements.
SEB Private Banking investment programmes
SEB has developed a tool-box to show how an individual asset al-
location strategy can be tailored according to clients age, needs, risk
prole, cash-ow situation, target return and other factors.
Last year, SEB launched three modern investment programmes with
different risk proles and time horizons that can be tailored around
the individuals proles. The programmes cover a wide range of as-
set classes equities, xed income, foreign exchange, private equity,
real estate, commodities and alternative investments such as hedge
funds and are combined to limit correlation to the equity market.
The three strategies cater for objectives ranging from wealth
preservation to aggressive growth all are built on the concept
of identifying new sources of return rather than just following the
interest or equity market.
By performing in-depth analysis on asset classes and understanding
clients objectives it is possible to combine a wealth preservation
goal, for example, that previously entailed investment in deposits
and other low-yielding instruments, with a moderate rate of return
while not increasing risk. The goal for the strategies with more risk
is an equity-like return over a ve-year investment period but with
signicantly lower expected volatility.
The programmes also use a structured process for manager selec-
tion and evaluation and currently about 3/4 of the assets invested in
the programme are externally managed. The programs embrace the
concept of open architecture.
For further information, please contact
SEB Private Banking
Tel: + 8 454 60 30
www.sebgroup.com/privatebanking
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Wealth structuring
Wealth structuring is perhaps the most important service provided to
entrepreneurs by SEB Private Banking. The tax and legal implications
of residing in the Nordics are signicant. While it is over-simplistic and
inaccurate simply to label the Nordics, for example, as a high-tax region, it
is nevertheless vital to structure Nordic citizens business operations and
personal wealth effectively.
The tax implications of a company sale, an IPO, the sale or purchase of
property or the establishment of a holding company structure are neces-
sarily critical to entrepreneurs,says Svensson. Similarly, how individuals
manage their nancial assets, where they are domiciled and how they are
managed can have huge tax and legal implications for their wealth and
ability to transfer money to the next generation.
The key to effective wealth structuring at SEB Private Bank is the combina-
tion of domestic and international knowledge. SEBs 11-territory interna-
tional private banking network which is dictated primarily by meeting
the needs of Nordic citizens in the locations in which they do business and
choose to live and retire enables the bank to achieve the tax and legal
goals of its clients.
At the same time, SEBs long heritage ensures that it understands the
cultural issues associated with the Nordics and its citizens. Indeed, its deep
cultural understanding of the Nordic region built up over 154 years
gives the bank the ability to anticipate change. The banks local knowledge
puts it in a better position than any international bank to understand the
implications of the ever-changing tax environment. Most importantly, it
allows SEB to be proactive in positioning clients for all eventualities.
Working with the next generation
SEB Private Banking is about building long-term relationships and being
a custodian of wealth for the next generation. Perhaps more than other
types of clients, entrepreneurs who have perhaps exited their business
and realized signicant wealth recognize the importance of preparing
the next generation to understand, manage and enjoy wealth. As a trusted
partner, SEB Private Banking is proud to help clients with this task.
The bank operates multi-day training courses for the next generation
that provide an overview of modern portfolio theory and instruction on
manager selection and evaluation. Given the turbulent market environ-
ment of recent years, demand for courses has increased markedly,says
Svensson. Moreover, many former students of the courses have enjoyed
the experience so much that they continue to meet once a quarter to
discuss practice and theory relating to managing wealth.
One important aspect of SEB Private Bankings next generation training
course one of the few such courses offered in the Nordic region is phil-
anthropic education. As a bank, SEB understands the social commitments
that their clients have to the local community or to philantropic ventures
and has a strong tradition within for example foundation and trust
management. Often if an entrepreneur has made an exit they will want to
give something back to society and we help them do that as effectively as
possible,says Svensson.
SEB now works with a not-for-prot organization to provide structure and
support for charitable giving. Through a series of discussions, SEB helps
clients establish exactly what they want to achieve with their philanthropy,
what nancial and personal commitment they can realistically make and
how they can judge the effectiveness of their charitable giving. Should
a suitable charity or organization not exist to full the requirements of
clients, SEB and its strategic partner provide guidance on establishing and
monitoring foundations or charities.
5
Awards and accolades
Private Banking best in Sweden 2009, 2010
Euromoney
Best Mergers & Acquisition House in the Nordic & Baltic region, 2009
Euromoney
No. 1 Equity House in the Nordic region, 2010
- Prospera
Best custodian - in all Nordic & Baltic countries, 2009
- Global Custodian
Best Bank in Sweden for small business enterprises, 2008, 2009
Privata Affrer
Best Bank in Sweden, 2009
Euromoney and Global Finance
Best Real Estate Bank in the Nordic & Baltic Region, 2009
- Euromoney
Gerth Svensson, global head of private banking
Bank of China where
knowing your client counts
With their awareness of market risk and the importance of asset allocation increased by the global
nancial crisis, high-net-worth investors are more willing than ever to seek the advice and services
provided by private banks. Bank of China is ready to help
How has the environment for private banking
services in China changed in recent years? How
are clients needs evolving?
In recent years, Chinas strong economic performance has driven an
expansion of the domestic capital market, and given rise to an increasing
number of high-net-worth clients. To serve them, around 20 domestic and
international banks have opened private banking businesses in mainland
China in the past two years, while domestic securities companies, trust
companies and private equity rms are increasingly attempting to service
them too. This has intensied competition, but has improved customer
service and expanded the private banking industry as a whole.
Despite the enormous capacity of the market, penetration by existing
private banking services is still quite low. However, this is likely to change:
high-net-worth clients, inuenced by the global nancial crisis, are now
keenly aware of market risk and the importance of asset allocation, and
are more willing to accept professional investment advice and services
provided by private banks.
With their growing investment experience, middle and high-end investors
- and private banking clients in particular - have an increasingly vigorous
appetite for nancial products. They are not only looking for balance sheet
products, but also a broad range of non-nancial products and value-
added services.
They show several characteristics: they expect to receive professional
investment advisory services that will ensure their assets dont depreciate;
they prefer low-risk investments with stable returns and high liquid-
ity, particularly xed income products; they prefer Chinese banks and
domestic investments, and have a cautious attitude towards foreign banks
after seeing the high risk of offshore markets during the nancial crisis;
and they are condent in Chinas domestic market, underpinned by the
outstanding performance of the economy.
What has Bank of China done to meet those
needs?
Our private banking products include conventional retail banking prod-
ucts, general wealth management and investment products, customer-
tailored products, comprehensive credit lines, and professional advisory
services that have expanded into a comprehensive platform of services. To
serve our clients better, we have established a committee for private bank-
ing product assessment, and we provide custody service for all products
recommended to clients to ensure the operation of third-party manage-
ment is monitored across our products and services. We are therefore able
to respond to the needs of third-party management agencies and the
operational styles of external managers to protect all our clients interests.
In addition, we have established detailed know your client and risk match
ow systems. Know your client focuses on collecting and understand-
ing customers personal information and risk proles; risk match ow
evaluates and monitors customers risk tolerance. Different approval
systems, and different ways of managing client accounts, are applied
when building relationships with clients according to that risk tolerance.
Our private banking principles set out that when they are dealing with
sales of products with a mismatch risk, authorized approvers should make
their decisions on an individual basis, rigorously controlling the number
of clients and overall transaction volume to prevent losses caused by
concentrated risk. Where there is a risk of a severe mismatch, approvers are
authorized to reject clients purchase requests even if the client insists on
purchasing and abandons their rights of recourse.
How did the global nancial crisis affect private
banking client sentiment in China?
Deepening macroeconomic control and uctuations in the nancial
markets caused by the global nancial crisis have led to a transforma-
tion in the wealth structure of Chinas wealthy individuals, and also to
raised awareness of nancial investments.
Although most high-net-worth clients in China suffered comparatively
small losses in the nancial crisis, they have realized the importance of
risk-control mechanisms and have begun to emphasize the idea of pursu-
ing return while controlling risk. These changes have made the private
banking concept - maintaining and increasing value more acceptable
to clients. Additionally, the focus of clients has switched from products
and returns to a proper allocation of assets, and a willingness to diversify
investments so as to mitigate risk.
These trends have generated a huge emerging need for private banking
services. Chinas wealthy expect professional banks to act as reliable
information resources, and are now more likely to accept nancial advice
offered by banks. This change in client attitudes has brought a crucial op-
portunity to the private banking industry in China.
What sorts of products are proving most popular
now? How do you provide them through
manufacturing internally or open architecture?
Fixed income products are now the most popular products in the
marketplace. Private investments in securities funds and private equity
investments are also in favour.
Leveraging our own research, and cooperating with other nancial insti-
tutions such as securities companies and fund management companies,
our private banking department has gradually established a resource
database of investment products and launched a range of competitive
products tailored to our private banking clients. In addition to asset man-
agement, insurance and trust services, we offer personalized investment
advisory services covering areas such as art, antiques and real estate. We
augment these with value-added offerings such as airport VIP transfers,
and medical, education, travel and entertainment services. By integrat-
ing the BOC groups resources, we are able to offer specialized advice on
taxation, real estate, overseas nancial services and cross-border nancial
consultation.
Some of our products are designed internally, and others are sourced
from third-party institutions. Our future product development will focus
on our banking wealth management products, supplemented by third-
party products on an open product platform.
Do Chinese private banking clients show much
appetite for overseas investment?
Although most Chinese private banking clients assets are now held on-
shore, they are increasingly attentive to offshore investment markets.
With global economic integration, private banking clients have begun to
seek to deploy their assets globally to access higher returns. It is extremely
risky for high-end investors to concentrate their assets in domestic securi-
ties and housing, so offshore investments can help diversify risk. Clients
need to discuss offshore investment products and the complexities of
the international market with their private banks, to gain the necessary
knowledge for effective decisions.
At present, China Banking Regulatory Commission only allows commer-
cial banks to invest in offshore stocks and structured products, but not
commercially derived products and hedge funds. There are also many
limitations on stock investment. It is therefore difcult for private banking
clients in China to deploy assets globally. However, BOC has been granted
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For further information, please contact
Jing Ting
Headquarter, Bank of China
Tel: 86-10-66594476
Email: ls_jingting@bank-of-china.com
QDII business accreditation, which allows us to offer our clients quality
offshore investment services.
How does Bank of China expect the private
banking industry to evolve in future and how will
Bank of China evolve with it?
We believe that Chinas private banking industry will experience the fol-
lowing changes:
Firstly, the industry will be able to provide comprehensive wealth man-
agement services tailored to different client needs, with more detailed
classication of different clients. Clients can be grouped by nancial
participation, by their career, their source of income, lifestyle, region and
complexity of needs, for example; each can be given different tailored
products and services.
At BOC, for example, we group clients with assets worth more than RMB8
million as private banking clients, and will probably sub-divide them
into high-net-worth and super-high-net-worth clients, providing more
specialized services accordingly.
Secondly, the private banking sector will develop as high-net-worth
clients contribute more to the overall protability of commercial banks.
At BOC, we are accelerating the development and promotion of products
exclusive to our private banking clients.
Service channels will become further diversied. Self-service banking,
internet banking, telephone and mobile banking will become major
channels for client service. The comprehensive platform for wealth
management will also be technically upgraded and equipped with more
advanced and powerful system support, such as client data consolidation,
intra-group connectivity, and technical support for clients. At BOC, we are
increasing our efforts in channel development, especially internet and
telephone VIP banking services, while also leveraging our retail business
to provide better client resources in private banking.
Risk management will strengthen. For this to happen, private banks must
implement stricter evaluation of their clients sources of income, while
conducting more detailed research on nancial markets and products.
In this way, consultation between private bankers and their clients will
yield better results. At the same time, private banks will focus more on
occupational ethics.
Finally, we will promote our brand positioning of private and internation-
albased on professional, reliable and high-end accreditation. Using our
overseas channels and platforms, we will establish the most international
Chinese private bank.
A trusted nance director
Javier Marin, General Manager of Santander Private Banking describes the banks philosophy: taking
care of clients nances to free them to do what they enjoy most
What is Santander Private Bankings strategy?
Santander Group set up the Santander Private Banking Global Division
in September 2007 to reinforce its business growth within the global
private banking market. This growth relies on four major pillars: a client
approach model that has succeeded in Spain; a team composed of the
best professionals in the market; a wide range of products and services;
and advanced technology capable of managing the relationship be-
tween the bank and the client.
Santander Private Bankings goal is to promote business growth in Grupo
Santanders private banking segment globally and become a key player
within the sector. To accomplish this, we have 2,500 professionals and
140 branches in markets characterized by a high potential in the private
banking business, such as Argentina, the Bahamas, Brazil, Chile, Colombia,
Italy, Jersey, Mexico, Portugal, Spain, Switzerland, the UK and US.
Leveraging on the groups local presence, we strive to achieve a market
share similar to that of our retail banking operations.
For private banking clients, our strategy seeks to be the equivalent of a
nance director for a company: someone the rms owners trust to look
after the cash ow, carry out a good investment of its balance sheet; main-
tain a suitable nancial structure and provide the most efcient corporate
structure from both tax and corporate governance points of view.
What is the client approach model?
Private banking clients want to spend their time on what they enjoy most.
Our philosophy is to free our clients of the time it takes them to take care
of their nances.
If we become a clients nancial director we will have earned their trust
to cover every matter that derives from their nances. Thus, clients will
delegate to us and be able to free extra time for their other priorities.
This is easier said than done. It requires experts in dealing with clients, with
extensive knowledge and supported by teams of specialists in multiple dis-
ciplines. It takes procedures and processes to select and combine the best
products on the market; the tools needed to make every precise calcula-
tions in real time to monitor the protability, risk, liquidity, taxation and the
adequacy of portfolios to the clients goals. In summary, many elements are
focused exclusively on client satisfaction and the quality of delivery.
Why is Santander Private Banking a better option
than other private banks?
There are several reasons, which can be summarized by:We are Santander.
This has many implications. On one hand, we are in countries in which
the group has a strong local presence. This translates into strong market
knowledge, the possibility of offering the client and his company a geo-
graphical network that allows us to offer the banks support in the most
remote corners of the world.
On the other hand, Santanders experience in various private banking
markets has served to create the global division. This allows all the units
in the division to share four key elements:
A team of professionals with the same service philosophy, training and
a common professional development plan that allows them to share
best practices efciently.
A business model with proven success based on the quality of client-
focused service that puts the interests of the client before those of the
bank.
A process of selection and design of products and services that lever-
ages local knowledge and global purchasing power.
A business intelligence based on common procedures and technology
developed to serve the client better.
Above all, our clients have the solvency of one of the most powerful
nancial groups in the world:
A primarily commercial bank that allows for a recurrence of revenues.
Geographically diversifed: combining mature markets such as Spain,
the UK or the US with others of high growth potential such as Brazil,
Chile or Mexico.
Among the top fve in the world by proft.
Core capital of 8.8% and a BIS ratio of 14%, without ever having re-
ceived any state aid.
The international bank with the largest number of shareholders and
branches in the world.
Only Santander Private Banking can offer all of this.
For further information, please contact
Ciudad Grupo Santander
Avda de Cantabria s/n
Divisin Banca Privada Global
Edicio Arrecife 1 planta
28660 - Boadilla del Monte (Madrid) - Espaa
Javier Ferrer Navarro
P: (+34) 91 520 84 80
Email: comunicacionbpg@gruposantander.com
For further information, please contact
Banco Banif
Paseo de la Castellana n 53
28046 Madrid (Espaa)
www.banif.es
Javier Ferrer Navarro
Director de Comunicacin
P: (0034) 91 520 84 80
Email: fjferrer@banif.es
What is Banifs position within Spanish private
banking?
Banif is the leader within the Spanish private banking market due to its
experience, number of professionals, number of branches, client bal-
ances and performance.
We have a unique business model within the Spanish market that has
allowed client resources to reach the value of 32,150 million. Our service
philosophy has allowed us to reafrm clients trust in our company and,
thanks to this, we have been able to outdistance our competition. Thus, I
hope to strengthen further the leadership of Banif in the Spanish private
banking market.
What do clients demand in an uncertain
environment?
The nancial crisis that we are still facing has generated uncertainty
among Spanish investors since all investment alternatives, from xed
income to equity, forex, commodities or the real estate market, are suffer-
ing from high volatility. This has led to greater demand for advice, more
bank proximity to clients, and a higher quality and quantity of informa-
tion that could have an impact on client wealth.
Banif clients have not declined to take advantage of investment oppor-
tunities and continue to demand a differentiated and exclusive service
tailored to their nancial needs, from the simplest to the most complex.
Combining this demand with the client objective of wealth preservation,
we have introduced some innovations in our offering, which affect port-
folio management services, asset advisory service and offer investment
products with a capital preservation scheme.
Regardless of the constant updates in the range of products and
services, the true client demand is quality of service, dedication and the
constant review of their goals and needs by trained professionals.
How has Banif adapted its service model to the
current market movements?
At Banif we have always tried to anticipate market trends for the benet
of our clients. Thus, new services and products have been launched and
new procedures have been implemented to ensure better contact with
clients. In addition, tools have been implemented to tailor the informa-
tion clients receive to the frequency and content they prefer.
We have developed our technological platform to provide continuous
monitoring of risk levels, liquidity and our clients portfolio concentra-
tions, needs and expectations.
From an investment strategy viewpoint, we have taken a more conserva-
tive bias, prioritizing capital preservation rather than more aggressive
strategies. From our point of view, this is our clients priority although, for
our more aggressive client proles we also provide strategies that take
advantage of the opportunities that volatility offers.
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Steering a course through
uncertain markets
Banifs CEO, Jose Manuel Maceda explains how the bank has adapted to clients changing needs in
the wake of the nancial crisis
Banif clients have not declined to take advantage of investment
opportunities and continue to demand a differentiated and exclusive service
tailored to their nancial needs, from the simplest to the most complex
Banifs CEO, Jose Manuel Maceda
UBS: pooling resources to
offer the best
Integration is a driving force behind UBSs strategy. The banks rm conviction is that for a wealth
manager truly to offer the comprehensive and highly personalized nancial services that its
customers seek, it has to give them access to the whole range of expertise which its worldwide
wealth management, asset management and investment banking operations have on tap. The
integrated approach to portfolio management brings particularly tangible benets for extremely
wealthy clients.
Todays wealthy clients break the mould of traditional private banking.
They can be individuals or entire families, entrepreneurs and in many cases
global citizens with residences in a number of countries around the world.
Their needs are correspondingly complex, and serving them in the way
they want and deserve presents considerable challenges. Only a handful
of international banks have the size, expertise and global reach to offer
this clientele a truly comprehensive service covering all their private and
business requirements.
UBS is one of those banks. It takes pains to mobilize all the many and
varied capabilities available in its worldwide pool to offer tailor-made solu-
tions for this increasingly complex, individual and global clientele.
Why integration is becoming increasingly relevant
for the UHNW sector
Really understanding what motivates a wealthy client, recognizing his or
her particular aspirations and needs and coming up with the right solu-
tions for their individual situations is only possible if a wealth manager
cultivates and develops a close, strong relationship with that client. UBS
is well aware that ultra-high-net-worth (UHNW) clients typically want a
single point of entry to their bank and a single client adviser who remains
with them for the long term. This is why the rm deploys dedicated, long-
term advisers for UHNW clients. UBS client advisers provide a highly indi-
vidual and personalized service and can open the door to all the resources
that the organization has available. Among the services offered to UHNW
clients are wealth structuring, strategic asset allocation, risk management
strategies, global custody, lending solutions, research, trading and execu-
tion and escrow.
Wealthy clients can typically benet most from the very broad range
of products and services offered by a universal bank like UBS. Many are,
for example, entrepreneurs who have business as well as private wealth
management needs. To cater to the needs of this increasingly important
client group, UBS set up the Corporate Advisory Group (CAG). CAG offers
a broad range of services fully dedicated to entrepreneurs and privately
owned companies from across UBS. Its worldwide team of around 50
experienced corporate nance specialists works very closely at local level
with the banks investment banking arm. CAG makes it possible to serve
clients with their own companies from a specically corporate perspective,
enhancing the client experience by providing in-depth understanding
of private company owners requirements and offering them tailor-made
advice and solutions which address their specic needs.
A new approach to product and service delivery
Increased client benets are also the reason why UBS ramped up its focus
on integrated product and service delivery at the start of this year. A new
Investment Products & Services (IPS) unit was created that spans both
the wealth management and investment banking businesses. It breaks
down traditional in-house barriers and institutionalizes cross-divisional
collaboration on a global scale. Not only do clients benet from having
one single point of contact in the bank, they and their advisers also gain
access to the entire range of UBS products and services via IPS, regard-
less of their location. The unit also specializes in bundling products and
services from across all business divisions to provide comprehensive solu-
tions to clients with complex needs. The integrated approach embodied
in IPS has particular benets for UHNW clients, and a dedicated IPS UHNW
consulting team has been operational since earlier this year to ensure that
this client segment receives precisely the advisory and execution services
which it needs.
Joe Stadler, head of UBSs Global UHNW team, says that the traditional
boundaries separating his banks various businesses are being broken
down to serve this sort of client properly: We are making the borderline
between private banking and investment banking increasingly uid,
and this can be a real boon, especially for private clients with extensive
corporate interests. We can, for instance, now offer them direct access to
UBS is well aware that ultra-high-net-worth clients typically want a single
point of entry to their bank and a single client adviser who remains with them
for the long term
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11 11
our investment banking trading platform and also structure credit transac-
tions with dimensions which really belong in investment banking territory
and would previously have gone beyond the capabilities of a traditional
private banking operation.
Focus on families and knowledge-sharing
The integrated approach also works for wealthy families and family ofces,
which benet from the dedicated service that UBSs Family Governance
& Family Ofce Advisory team offers. This team assists clients in establish-
ing formalized family ofce governance systems, such as management
structures and investment processes and guidelines. It can also offer sup-
port in setting up investment advisory boards and/or infrastructure tools
including reporting platforms, monitoring tools, solutions for efcient
management of joint family assets, asset servicing, safekeeping and execu-
tion tools.
While UBS successfully partners many families in managing the whole
gamut of their nancial affairs, its commitment to family relationships
and cross-generational succession does not stop there. The bank also
understands the importance of preparing the younger generation for the
responsibility that comes with managing wealth. This was the idea behind
the highly popular Young Successors programme, which is designed to de-
velop and expand the nancial and business know-how of young people
preparing to play a more active role in their families nancial affairs. In July
this year, around 50 participants had the opportunity to attend an inten-
sive two-week programme of knowledge transfer and peer networking at
the most recent Young Successors event in Zurich.
But the UBS client education offering includes more. Other courses exist to
suit the whole family, and many parents are so inspired by their childrens
experiences with Young Successors that they attend the more general
client-focused UBS Dialogue Series as a result. For professionals working in
family ofces, UBS also offers family ofce roundtables and summits. These
are an excellent platform for discussing the latest trends and issues among
peers.
Philanthropy and SRI: underpinned by the
integrated approach
The subject of philanthropic and socially responsible investments (SRI)
is attracting the interest of an increasing number of wealthy individuals
and families. To offer this growing group a comprehensive service in this
eld, UBS recently launched a new Philanthropy & Values-Based Investing
unit, a single, global team of 30 experts offering a one-stop approach to
all aspects of philanthropy, charitable giving and values-based investing.
The units offering consists of three main pillars: philanthropy advisory,
values-based investing and the in-house Optimus Foundation, a charitable
organization that gives clients the opportunity to make donations to
existing philanthropic projects. It harnesses the various philanthropy-
relevant resources within the bank under one roof, making it possible to
provide clients with a higher quality of service and execution, and to offer
comprehensive and customized advisory and solutions for all the stages in
their philanthropy lifecycle.
Since 1997 UBS has also offered investment vehicles specially designed
for the growing number of clients who want their investments to take
account of environmental, social or ethical criteria. Its socially responsi-
ble investment offering is very diverse and includes products managed
according to environmental, social and governance (ESG) criteria and
theme-based approaches. The ESG offering includes an all-cap SRI Global
Equity strategy, which was among the rst of its kind. The theme-based
approach focuses on innovative companies providing solutions to the
challenges of climate change, water scarcity and demographic change.
UBS offers a range of products focusing on each individual theme and
the agship UBS (Lux) Equity Fund Global Innovators, which spans all
three themes.
11
UBSs vision
UBSs vision is to be the bank of choice for wealthy individuals, striv-
ing for quality advice, service, execution and performance. Its goals
are to strengthen its position as a leading global wealth manage-
ment business and to be a leading, client-focused investment bank.
Through its wealth management business, UBS offers sophisticated
products and services to ultra-high-net-worth (UHNW) clients with
investable assets of more than Sfr50 million; high-net-worth (HNW)
clients with investable assets of Sfr2 million to Sfr50 million; and
core afuent (CA) clients with investable assets of Sfr250,000 to Sfr2
million. It is recognized as one of the leading banks for HNW and
UHNW clients around the world.
For further information, please contact
UBS AG
Postfach
8098 Zurich
Switzerland
Tel. +41-44-234 11 11
UBS AG
1 Curzon Street
London W1J 5UB
United Kingdom
Tel. +44-20-7567 5757
UBS ofces in Hong Kong
(top row) Ren Havaux, Arnaud van Doosselaere, Paul De
Winter (center row) Filips De Ferm, Thierry Maertens de
Noordhout, Bernard Woronoff, (in the front) Jacques Delen
Jacques Delen: banking
without stress
Bank Delens consistent dedication to both its conservative philosophy and best-of-class client
relations resulted in yet another record inow in 2009, and the rst half of 2010, and a fourth
consecutive Euromoney Award for Best Private Bank in Belgium
For Bank Delen, both in terms of inows and returns, 2009 matched the
record-breaking years 2007 and 2008. Based on half-year inows and re-
sults, 2010 promises to improve signicantly on these record levels. The
recipe underpinning Bank Delens successful track record has remained
basically unchanged. The banks high net worth clients choose Delen
for its prudence and its personal service.
Tailored service
Ask CEO Jacques Delen what it takes to be a successful private bank for
clients, and hed probably mention client relations rst. If Bank Delen
has been able to grow steadily over the past seven decades, it has large-
ly owed this success to its reputation for providing a service tailored
to individuals needs and requirements, inspiring a gradual expansion
of its customer base. In this respect, think global, act local has clearly
been Delens advice: As a genuine Benelux-anchored player, Bank Delen
stands very close to its clientele. A personal private banker identies
exact needs and works out the best way to achieve nancial goals, on a
one-to-one basis. In addition, we make a difference by offering a clear
view on all aspects of wealth management. That too is essential. Our
family business advisors offer specialist advice based on their thorough
practical experience with the regulatory framework of family and inher-
itance laws, taking into account regional legislative differences.
With the expertise the group has acquired over the decades, Bank
Delen knows the best way to advise customers without creating
unrealistic expectations, as was the experience of Moneytalks mystery
shopper. Indeed, we are a conservative bank and our main goal is to
preserve the capital of our clients. We dont invest in structured prod-
ucts or hedge funds as we cannot control the risk of these investments
on a continuous basis and cannot guarantee liquidity to our clients. For
the same reasons, investments in third-party funds are limited, as we
prefer to control investments ourselves.
Dynamic prudence
However, the quality that sets Bank Delen apart from its nearest com-
petitors, within and outside Belgium, could be categorized as dynamic
prudence. Competition in the Belgian private banking market is erce.
Says Jacques Delen: Taking a long-term view and being prudent
but dynamic, are key values of our organization. Our clients know we
wont change our mind with every new idea that comes along. From a
corporate point of view our dedicated focus on capital preservation has
made us a welcome haven for funds in recent troubled times, as a result
boosting inows, which beautifully kept pace throughout 2009 and in
2010.
Old Europe lost some of the values it gradually implanted in the econ-
omy over the past decades, Delen believes, especially the quality of
human contact. We might just try to provide a modest contribution to
curbing this trend and restoring some of the historical balance between
the economys key players. Bank Delen, for its part, could never uphold
its service level of competence, commitment and humanity, were it not
for the competence, commitment and humanity of its people.
Organic growth
Bank Delens approach of prudence and tailored, personal service has
stood the test of time since the bank was set up by Andr Delen in
1936. To this date its organic expansion is essentially being built around
its blossoming and ourishing clientele base, supplemented with delib-
erate doses of growth through acquisitions and partnerships, the most
signicant being Delens merger in 1992 with investment company
Ackermans & van Haaren.
Looking to 2011 and beyond, Bank Delen will not stray from its reward-
ing tradition of organic expansion based on a conservative but dynamic
investment philosophy, Furthermore, our model could also be imple-
mented in other national markets, where it could achieve comparable
efciency levels.
For further information, please contact
Jan Van Rijswijcklaan 184
B-2020 Antwerpen, Belgium
Tel: +32 (0)3 244 55 66
Fax: +32 (0)3 216 04 91
Email: info@delen.be
www.delen.be
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BOC_PB_Euromoney286x210_FA3.pdf 1 02/09/2010 12:22
TO PRESERVE AND PROTECT YOUR WEALTH
A relationship based on trust grows day by day, generation by generation.
We make a long-term commitment to our clients, creating personal solutions
which evolve with their needs. All over the world, our experts are there to assist our
clients in preserving and protecting their wealth. Fabrice Corre, Private Banker.
www.privatebanking.societegenerale.com
WE STAND BY YOU
FROM ONE GENERATION TO THE NEXT.
Fabrice Corre
Societe Generale
Private Banking
We stand by you
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in Western Europe and the Middle
East for Equity Derivatives
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Products in France, Gibraltar, Greece,
Luxembourg, the UK and the UAE
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in Western Europe and the Middle
East for Structured Products
SGPBP42_PAT_EUROMONEY_210X286.indd 1 22/01/10 12:18:40