Winners rationale

Many private banks reinvented their intermediary services in 2021, attracted by the rapid growth of the number of independent asset managers (IAMs) in Asia and the profitability of serving these intermediaries.

Credit Suisse Wealth Management has long recognised the immense potential of Asia’s intermediaries segment and developed deep relationships with key IAMs in the region. The Swiss player maintained its leading position in the said year by focusing its effort and resources on serving the leading IAMs in the region with its unique institutional dual relationship model and by constantly improving its investment product offerings and digital platform capabilities.

In view of the growing demand for structuring collective investment schemes amongst IAMs and to complement the existing Private Label Fund (PLF) offering, the Credit Suisse intermediary service team initiated a partnership with Credit Suisse Investment Banking, with the CS EAM platform acting as a custodian, broker and provider of other banking services for AMCs structured by the Investment Bank. These AMCs are typically held within a Special Purpose Vehicle structure in Credit Suisse Wealth Management and allow EAMs to take advantage of the entire WM suite of products (such as equities, fixed income, funds, FX and derivatives) with simplified access, a more agile setup and a lower investment threshold than structuring a traditional Private Label Fund (PLF).

Drawing on the strength of the bank’s advanced digital platform, a new initiative was launched which aims to provide IAMs with access to an equity structured products platform. The bank is in the process of enhancing API connectivity to provide near real-time portfolio data and trading capabilities to IAMs.

The bank’s product and services development are well supported by positive client uptake: Credit Suisse achieved significant client business volume growth for Asia from 2019 to 2021 with a high number of new EAMs onboarded and a strong pipeline of prospects despite more competitors entering the segment.

The bank recorded double-digit revenue growth for EAM APAC from 2019 to 2021 and a significant uptick in net new assets (NNA) from both existing and new clients. These solid figures are the best testament from IAM partners that Credit Suisse has maintained its edge as well as its profitability in this sophisticated business segment.

Credit Suisse is Asian Private Banker’s Best Private Bank – Intermediary Services for 2021.