Independent Wealth Management Forum 201830 October I Conrad Hotel I Hong Kong

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INDEPENDENT WEALTH MANAGEMENT FORUM 2018 3

Summary

Asia - a strong platform for continued expansion of independent wealth

Hubbis is delighted to have hosted our 2nd annual event for the independent wealth management community at the Conrad Hotel in Hong Kong on October 30. With a refreshed format for the event that included four detailed Workshops as well as nine presentations and five panel discussions, the event was very well received, with delegates and speakers leaving with a strong sense of having participated both in a highly worthwhile networking event and a very informative and thought-provoking discussion forum.

The event was exclusively designed for CEOs, senior management, product gatekeepers and RM's at Independent Asset Management Firms (IAM), External Asset Managers (EAM) and Multi-Family Offices (MFO). Private bankers whose banks plan to collaborate with the independent wealth providers were also in attendance as both delegates and valued speakers.

There are numerous challenges facing the independent wealth management community in Asia. But there are also many opportunities ahead. If Asia emulates the growth trajectory witnessed in Switzerland - where by one estimated cited in the Forum there are more than 3000 independent firms - there are very exciting times ahead.

If there was one strong consensus throughout the event, it was that private wealth's continuing rapid expansion in Asia, combined with the appeal of the more individualised service offerings of the IAMs, EAMs and MFOs, will provide the strong platform for the continued expansion of the independent wealth sector throughout Asia, and specially of course via the twin regional conduits of Hong Kong and Singapore.

Another central point of agreement was that the independent community must seek third-party solutions, for example from digital platform providers or fintechs, or even the global private banks, in order to be most effective and to free yup time and resources to do what they do best, namely provide focused advice across a broad array of products and estate planning areas of importance.

There was also some agreement that differentiation will only achieve so much, while the ongoing rise of regulatory and compliance requirements will accelerate the increase of costs, driving more boutique firms to join forces. Consolidation will therefore likely be another facet of the continuing growth of the independent wealth sector in Asia. That might in turn help these businesses entice those competent, experienced private bankers away from the comfort of their corporate-brand banks and into these more entrepreneurial, individually-defined roles.

The day began with a panel discussion that we titled "The Differentiation Game: How the Independents Survive and Prosper" and closed with a panel discussion on the best products and strategies for what appears to be a new era of market volatility. In between, there was a wealth of information and perspectives that will certainly help inform these independent firms of their strategies for the future, as well as providing those seeking to partner with these firms considerably greater clarity surrounding the opportunities and the approaches they must take to win their business.

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Attendee Profile

Private Bank34%

30%

13%

10%

2%

9%

2%

EAM / IFA

Retail Bank

Insurance

Asset management

Technology

Consultants

Job role

Relationship Manager

Business Head

C - Level

Consultant

Asset Manager

Others

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1291 Group AsiaActive Investments CapitalAdexec CapitalAIAAlexandria CapitalAlpadisAmbitum CapitalArete CapitalAsia Frontier CapitalAsia Pacific RIMAsia YachtingAvenue Asset ManagementAxial PartnersBank Julius BaerBank of SingaporeBEA Private BankingBentley ReidBillion Capital PartnersBiz GlobalBlack Swan Capital EuropeBlackRockBlue Diamond Wealth ManagementBMP WealthBOC InternationalBunker GroupButterfieldCalista Capital AdvisorsCapital SolutionsCarret PrivateCarret Private CapitalCathay BankCBH AsiaCharles Russell SpeechlysChina Access Wealth ManagementChina Industrial SecuritiesChoi Hing Securities AsiaChongyang International Asset ManagementCiti Private BankCiti TrustCommerzbank

Attendees from these firms

Cone MarshallConfluence SynergyConning Asia PacificConvoy Financial ServicesCore Pacific - Yamaichi InternationalCredit SuisseCreditEase Wealth ManagementCrescent ManagementCrossinvestCSOP Asset ManagementDBS BankDeutsche BankDeyu Family OfficeDimensional Fund AdvisorsEFG Asset ManagementEFG BankEnhanced Investment ProductsEwin Asia CapitalFirst Advisory GroupFirst Names GroupFubon BankFubon Convoy Asset ManagementFWDGazprombankGenerations PartnersGFM Asset ManagementGlobal Precious MetalsGoshenGracie Point InternationalGrandtag Financial GroupGuggenheim Investment AdvisorsHamon Investment GroupHawksfordHenley & PartnersHomaer Asset ManagementHong Kong USTHP Wealth ManagementHSBC BankHuatai FinancialIndex & Cie

Indosuez Wealth ManagementInteractive BrokersInternational Planning GroupINV AdvisoryINV PartnersIPGJ. Rotbart & Co.JIAFA Capital ManagementJP Asia PartnersJP MorganJVSakk Asset ManagementJW CapitalKeneticKPMGLeonteq SecuritiesLGT BankLion PartnersLippo Investment ManagementLombard OdierLVS Wealth ManagementMajor DomusManulife Private WealthMazarin CapitalMGOMonte Carlo CapitalMorgan StanleyMSCI NatixisNeo Risk Investment AdvisorsNetGuardiansOdyssey Capital GroupOld Mutual InternationalOrd MinnettOreana Private WealthP SquaredPacific HawkPacific WestPanamasiaPegasus Fund ManagersPenjing Asset ManagementPhilippa Huckle Wealth

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Rui Asset ManagementSchroders Wealth ManagementSFCSFS Asset ManagementSG Wealth ManagementSilverhorn Investment AdvisorsSMP PartnersSpringfield InvestmentSt James Place Wealth ManagementStandard Chartered BankStandard Chartered Private BankSun Life FinancialSwiss-Asia Asset ManagementSwissquote BankSynpulse

Phoenix CapitalPhoenix Capital InternationalPremia PartnersPrivate CapitalProfidataPrudential BrokeragePublic BankPureheart Capital AsiaRaffles Family OfficeRBCRHBRhoba Financial GroupRiverwest AdvisorsRosemontRoyal China International Asset Management

SystematicEdgeTaiping SecuritiesTanrich Weatlh MangementTelligent Capital ManagementTMITop Capital DevelopmentTransamerica Life BermudaUBSUCAP Asset ManagementUnigestionVenture SmartWealth Management GroupWinland Wealth ManagementWisetorchZEDRAZhongzhi Wealth Holding Company

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Speakers

Keith WongWinland Wealth Management

David FergussonGlobal Precious Metals

Jaydee Lin Raffles Family Office

Michael OlesnickyKPMG

Tariq DennisonGFM Asset Management

Jacqueline ShekZEDRA

Tony Wong CSOP Asset Management

Damian Hitchen Swissquote

David DentonOld Mutual International

Sandro DorigoLeonteq Securities

Tobias BlandEnhanced Investment Products

Riccardo LehmannSwiss-Asia Asset Management

Urs Brutsch HP Wealth Management

Peter GolovskyCone Marshall

Nicholas Hulme Unigestion

David VarleySun Life Financial

Nigel RiversCapital Solutions

Alain GroshensSystematicEdge

Werner SchlossmacherCredit Suisse

Terry Tsang Premia Partners

Kenneth Ho Carret Private Capital

David FriedlandInteractive Brokers

Irene LeeHawksford

Anthony J. HarperAxial Parters

Jonathan TangHenley & Partners

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Jon DingleyCBH Asia

Harold KimNeo Risk Investment Advisors

Ian SossoMonte Carlo Capital

Mark BradyVenture Smart

James RussellFirst Names Group

Pierre VanrenterghemRosemont

Qishi FuHenley & Partners

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Key voting poll results The Hubbis Independent Wealth Management Forum 2018 event in Hong Kong on October 30th provided fascinating and thought-provoking discussions and talks for the assembled delegates. As usual we also polled the attendees and mined out the following nuggets.

85% of our audience expect the investment markets to be significantly more challenging in the next 12 months.

The majority of attendees believe that the conversations we have with clients around investments are too complicated.

80% believe that Private banks act in their own short term self interest and not the long term best interest of the client.

40% of attendees still want to be checked in by a person at the airport.

Half of our audience’s clients are more interested in a discretionary conversation.

75% of the audience would prefer to have a discretionary relationship with their clients.

The majority of clients still have unrealistic expectations on investment returns.

Only 50% of the attendees say they do or will invest on a robo platform

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Independent Wealth Management Forum 2019

Tuesday 22nd October, 2019