Pro­vid­ing a Full Ser­vice

Un­der­stand­ing clients’ needs and de­liv­er­ing first-rate ad­vice and prod­ucts re­main BNP Paribas Wealth Man­age­ment’s top pri­or­i­ties

Hong Kong Tatler - - Tatler Focus | Bnp Paribas Wealth Management -

BNP Paribas Wealth Man­age­ment has been a lead­ing pri­vate bank in Asia for decades, and it in­tends to main­tain a strong com­mit­ment to the re­gion by lever­ag­ing the BNP Paribas Group’s ex­per­tise and strength.

“De­vel­op­ing a client-cen­tric ap­proach is at the heart of our strat­egy; we or­gan­ise our busi­ness by mar­kets, which al­lows us to bet­ter un­der­stand clients’ needs. Given the changes to the bank­ing en­vi­ron­ment, it is im­per­a­tive for us to be ever closer to our clients in or­der to pro­vide cus­tomised and value-added ser­vices,” says Mignonne Cheng, chair­man and chief ex­ec­u­tive of­fi­cer of BNP Paribas Wealth Man­age­ment Asia Pa­cific.

The group has a rich her­itage in the re­gion with a pres­ence dat­ing back more than 150 years. It set up its first of­fices in China and In­dia in 1860, and has been in Hong Kong for more than 50 years. BNP Paribas Wealth Man­age­ment is well placed to serve the ex­pand­ing num­ber of af­flu­ent fam­i­lies who are driv­ing the world’s most dy­namic re­gion.

The wealth of house­holds in Asia has in­creased at dou­bledigit rates ev­ery year since 2007, ac­cord­ing to a re­cent BCG sur­vey. The con­sul­tants project that it will rise at an 11.4 per cent com­pound an­nual growth rate un­til 2017, ac­count­ing for 80 per cent of to­tal new per­sonal wealth in the world. In­deed, the re­gion’s in­di­vid­ual and fam­ily wealth will likely sur­pass the amount of pri­vate wealth in the US within two years.

BNP Paribas Wealth Man­age­ment has al­ready achieved great suc­cess in North Asia, and it now plans to use the same ap­proach and ex­tend its reach in Southeast Asia.

How­ever, de­vel­op­ing a wealth man­age­ment busi­ness re­quires time, pa­tience and a long-term com­mit­ment to build and main­tain re­la­tion­ships with clients. It is cru­cial to iden­tify their spe­cific re­quire­ments.

“The ca­pac­ity to serve a di­ver­si­fied client base is one of our key strengths, founded on our global reach, co­or­di­nated busi­ness lines and abil­ity to pro­vide in­no­va­tive so­lu­tions,” says Cheng.

“No longer sat­is­fied with just ba­sic ex­e­cu­tion ser­vices, clients in­creas­ingly re­quire high-qual­ity, proac­tive rec­om­men­da­tions as well as prod­ucts and ser­vices ad­dress­ing all as­pects of their needs, aligned to their risk ap­petite,” she adds.

Holis­tic Ser­vice The re­la­tion­ship man­agers and prod­uct spe­cial­ists are sup­ported by best-in-class ser­vices from across the group’s busi­nesses, in­clud­ing cor­po­rate and in­sti­tu­tional bank­ing, real es­tate and de­part­ments cov­er­ing al­ter­na­tive in­vest­ments such as ru­ral land, vine­yards, forests and hol­i­day homes as well as pas­sion in­vest­ments.

Asia’s rich are characterised by a large num­ber of first­gen­er­a­tion bil­lion­aires, who are self-mo­ti­vated en­trepreneurs look­ing to grow their wealth con­cur­rently with ex­pand­ing their busi­nesses.

“As growth in the megawealth client seg­ment in Asia is be­com­ing more im­por­tant, the need to strengthen prod­ucts and ser­vice of­fer­ings to cater for this group is es­sen­tial,” says Cheng.

In the early 2000s, BNP Paribas Wealth Man­age­ment

AL­TER­NA­TIVE BIAS Ste­fan Hofer, chief in­vest­ment strate­gist, Asia at BNP Paribas Wealth Man­age­ment Asia Pa­cific

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