Winners rationale

The inexorable rise of independent asset managers in Asia is a fact beyond debate. How market conditions contribute to their rise is a question worth exploring, although, anecdotally, IAMs in 2018 registered an increase in client numbers, in large part due to client dissatisfaction over investment performance and the advice they received from private banks amid market turmoil. No, the grass is not always greener. But the firms that can demonstrate a genuine track record of providing impartial advice and solutions will find themselves in pole position for the race to capture private assets.

Such has been the case with Crossinvest, the Singapore-based IAM that wears its independence on its sleeve. The firm has sworn off retrocessions and only distributed best-of-breed third-party products and direct assets and investments to ensure objectivity in its advice. Clearly, the model has deeply resonated with clients in the city-state, as evidenced by healthy growth across all business metrics.

This devotion to clients not only stood out to the Judging Panel but also paid off for Crossinvest, which enjoyed AUM and revenue growth last year despite broader market challenges. Over the same period, the IAM also managed to shave off an impressive 20% from its operating expenses through the introduction of state-of-the-art client and portfolio management systems. The efficiencies gained through these streamlining tools have allowed Crossinvest to allocate more resources to attracting top talent and grow its front office headcount by over 40% year-on-year.

Never one to stop innovating, Crossinvest also expanded its presence across the region last year, establishing partnerships with an Indian MFO and a Thai boutique investment bank to improve its product shelf and broaden its clients’ access to best-in-class opportunities.

Collaborations like these have allowed the firm to create mandates that grant clients access to various hard-to-reach assets. For example, Crossinvest’s ‘Pre-IPO Access’ portfolio, formed in partnership with a US and Singapore-based company, provides exposure to pre-IPO Silicon Valley companies looking to list on the SGX in the next 12-18 months. Meanwhile, its ‘Private Access’ mandate sources private assets from innovation centres around the globe to help UHNW clients build customised and diversified private equity portfolios over a two-to-three year period.

Owing to a growing and seasoned team of advisors, researchers, and investment professionals who act in accordance with the IAM’s client-centric philosophy, Crossinvest succeeded in delivering positive performance metrics when many of its competitors battled to keep their heads above water in what was a tumultuous year.

Crossinvest is Asian Private Banker’s Best Wealth Manager – Singapore for 2018.