Boozy lunches no more: 8 int’l executives reveal how they woo clients
ENTERTAINING clients has always been part of the world of finance. But it’s no longer just about wining and dining. In an era of healthier lifestyles and tighter industry budgets, the boundaries of where to go and what to do have shifted. The legend of the boozy dinner sealed-with-a-deal may live on, but the reality is often quite different.
Bloomberg asked bankers, fund managers and executives from Singapore, Hong Kong, Sydney, Mumbai, and Tokyo to reveal their go-to places for client meetings. If you’re on a business trip in Asia these days, don’t expect a traditional dinner. You might find yourself relaxing over a healthy breakfast, bonding over a cookery class or blind- tasting wine. Here’s what our interviewees said:
ANYONE FOR TENNIS?
Who? Sean Taylor, chief investment officer for Asia Pacific at Deutsche Asset Management, Hong Kong
I like variety. Sometimes I take them to Hong Kong Yacht Club — something different to see more of Hong Kong. If they’re outside clients I like to take them to the south side, places like Limewood in Repulse Bay. It’s by the beach, you see a different area of Hong Kong, it’s good light food, very informal, very relaxed. That’s the nice thing about Hong Kong. When we have clients visiting from abroad we want to give the best overview we can of the region. They love it.
The difference over the last few years? The entertainment budgets are a lot lower because of MiFID and because of how the markets have been doing. But I also think people want a different type of entertainment. It’s not so formal, they want more casual. In the old days, there was a lot of culture that you have to entertain. I think now people just want ideas, they really want to learn.
I like playing tennis with clients. If you’re playing sport, that’s the best way to really get to know them.
COOKING UP A DEAL
Who? Xen Gladstone, head of sales, trading and execution at CLSA, Hong Kong
If you’re lucky enough to have access to some of the private members’ clubs in Hong Kong, they tend to be much more affordable than a lot of the expensive restaurants for a similar quality of food. Hong Kong Club and China Club are still popular venues. Clients often like to try something new, so when there’s a new restaurant open, they’re keen to check it out. But they’re increasingly mindful of what’s spent.
The days of excess seem a long time ago. I’m not sure whether it’s either a younger demographic of clients coming through or the fact that we’re all aging together and people are more health conscious. At our forum for the last couple of years we’ve had a bus-load or two of people coming out to run Bowen Road or trail run in the morning.
One of the costs we can most easily tackle is looking to try to reduce our travel and entertainment budget. So people are being more prudent, more targeted with dollars, and just generally aiming at a sensible and acceptable portion of the wine list.
We try to do stuff that’s interesting for our clients, so we have a premium product called CLSA University with interesting speakers. There are events on parenting, cooking, diamonds, etcetera.
Getting together and going to do some cooking lessons or wine-tasting or something like that, it’s not necessarily related to finance but it improves relationships and communication skills and builds trust. And trust is sacrosanct in our business.
LOCAL CUISINE
Who? Corrine Png, CEO at Crucial Perspective, Singapore
Clients and corporates prefer to eat at restaurants which have a upscale, sophisticated yet understated and quiet setting so they can concentrate on the content of the discussions and not be distracted by loud music. As we usually meet over lunch and everyone has a busy schedule, meeting at or near the financial district is also important so we can all rush back to work.
Chinese, Japanese and European cuisine tend to be the more popular choices. These include China Club on top of Capital Tower, Jade at The Fullerton Hotel, Jaan at Swissotel, Keyaki at Pan Pacific Hotel, and the Tower Club at Republic Plaza.
Some overseas- based clients and corporates who visit Singapore are also curious about our local cuisine and I would host them at the National Kitchen at the National Gallery and True Blue beside the Peranakan Museum, which serve fantastic Peranakan food. For overseas clients who are more adventurous, I have even brought them to the famous Ng Ah Sio Bak Kut Teh at Rangoon Road.
The range of wine-and-dine places in Singapore has expanded significantly and we are spoiled for choice in terms of the type of cuisine and ambience. However, entertainment budgets have also shrunk due to challenges in the financial industry as margins are squeezed and due to tighter regulations.
GETTING OLDER
Who? Mark Matthews, Managing Director and Head of Asia Research at Bank Julius Baer & Co., Singapore
The Singapore Cricket Club is lovely because the food’s not expensive and