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a fifth-generation owner of the bank, and
Private banks may operate in the his two brothers run the bank’s Geneva
outfit.
shadow of big guns but are thriving He said: “Clients want to know how to
transfer their wealth to the next genera-
tion. We have been doing it all this while.
BY MAGDALEN NG for clients to co-invest alongside the fami- It is not an easy task. A lot of wealth is di-
ly. lapidated across generations.”
THEY tend to fly below the radar but bou- “This co-investment opportunity is on- The bank, established in 1844, has
tique private banks have quietly estab- ly available to LGT’s clients,” adds Mr been in Singapore since February, and is
lished a significant presence in Singapore Joye. well under way to meet its target asset un-
over the past 15 years while proudly main- Private banks are owned by a partner- der management of $1 billion by next
taining their most cherished asset – their ship whose members are fully liable for year’s end.
independence. the balance sheet, says Mr Claude Haber- Lombard Odier’s Mr Wee added that
Being answerable to a few owners who er, chief executive at Pictet Wealth Man- being a private bank that is not tied to an
are putting their own reputations and agement. investment arm means it was not obliged
wealth on the line in- Pictet & Cie, which to flog investment packages.
stead of thousands of is the third-largest “Our bankers are rewarded based on
v Swiss private bank, is the performance of their client’s portfoli-
shareholders and the
whims of stock markets now owned by eight in- os rather than on selling products. Since
gives these smaller fry OFFERING THE BEST dividuals. It has been we choose our products from many differ-
enviable freedom. here since 1996 and ent providers, we can offer our clients the
Mr Dominique Joye, “Our bankers are has a headcount of best,” he said.
chief executive of LGT about 70. “It also means that we can take out
Bank Singapore, told
rewarded based on “This means that our funds from the banks if a problem
The Straits Times: “We the performance of the owners are fully in- arises. We can call them to say that we
service our clients out their client’s portfolios vested in managing cli- want our money out instead of having it
of our core competence ent’s money well, be- tied down.”
and deliver wealth man- rather than on selling cause their own money LGT’s Mr Joye added: “We are offer-
agement and wealth products. Since we is at stake,” he said. ing investment solutions, not products.
planning solutions.” Mr Richard Wee, We are not exposed to dynamics you see
LGT is typical of the choose our products chief executive of the in banks that are listed, and we can focus
Growing
kind of boutique bank from many different Singapore branch of on building a sustainable business.”
thriving here in the shad- Lombard Odier, a Mr Haberer noted that being independ-
ow of the big guns like providers, we can Swiss bank that has ent does not mean small. Pictet & Cie is
UBS and Credit Suisse. offer our clients the been in town since
2008, echoes this view.
the 11th-largest bank in the world and has
It has been in Asia more than US$400 billion in client assets
for 25 years, managing
best.” He said that through under management. “We have the size
strong
about US$95 billion Mr Wee (below) the many economic cy- and breadth of the products that a big
(S$122.7 billion), which cles, the owners actual- bank can offer, but we are totally special-
constitutes about 10 per ly dipped into their ised on private banking,” he said.
cent of the firm’s as- pockets to pay staff All three banks say they want a slice of
sets. and tide over the bank in times of need. the Asian wealth pie but will stick to a
The Singapore operations “The owners are now sev- long-term strategy and not grow for the
privately
started in 2001 and has dou- enth-generation, they have been sake of growing.
bled its headcount to about around and seen economic cycles The banks have a strong client base
through,” he adds. from the region, especially Indonesia and
110 staff over the past five
Lombard Odier has a team of China. Among their customers are also
years or so. close to 30 in Singapore and man-
The Liechtenstein royal fam- wealthy Europeans and Americans who
ages about US$3 billion. wish to diversify the geographical loca-
ily also uses LGT as its family Bordier & Cie, a relative new- tions where their monies are placed.
office and has invested comer to the Singapore pri- Pictet’s Mr Haberer said: “We have
roughly US$3.4 billion vate bank scene, is an ex- grown in Singapore in a discreet, and
in its global diversi- ample of that.
fied “Princely Portfo- Managing director CONTINUED
lio” which is open Mr Evrard Bordier is ON PAGE B19
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