Independent Wealth Management Forum 2019

We were delighted to host our annual event in Hong Kong for the Independent Wealth Management Community. More than 300 CEOs, COOs, Independent Asset managers and other senior practitioners attended – from a mix of local and international Private Banks, Retail Banks, Insurance Companies, Independent Firms & Family Offices, Asset Management Companies, and IFAs.

Below for your interest and reference are links to various content we captured from the day. Please click on the orange headlines – and do send any comments or feedback to [email protected].

Content Highlights

Video Highlights
Video Highlights Summary PDF
Exclusive Insights
Testimonials
I Love Wealth Management
Photos
Event summary
Panel discussions
Presentations & Workshops
Videos

Post-Event Report

You might also like to view the full Post-Event Report – which is a consolidated summary, including photos of speakers & delegates, the attendee profiles & some delegate feedback, polling results, and more.

Event Summary

Asia - the fast-rising tide of economic might and private wealth combined
Hubbis is delighted to have hosted our 3rd annual event in Hong Kong for the Independent Wealth Management Community on October 22. 

Video Highlights - Videos

We asked leading industry experts - what are the opportunities and challenges for the year ahead? View the combined video highlights, or click on the links to view the individual videos.

Full Video Highlights
Video Highlights Summary PDF
I Love Wealth Management
Testimonials

Jessica Cutrera, Founding Partner, Capital Company
Kenneth Ho, Managing Partner & Founder, Carret Private Investments
Harmen Overdijk, Founding Partner, Capital Company
Tariq Dennison, Investment Advisor, GFM Asset Management
Philipp Piaz, Partner, Finaport
Keith Wong, Chief Executive Officer, Winland Wealth Management
Howard Bilton, Chairman, Sovereign Group
Tim George, Partner, Withers
John Ashwood, Managing Director, ZEDRA
Peter Golovsky, Managing Director, Global Head of Fiduciary Services and Head of Asia, Cone Marshall
James Russell, Managing Director, Hong Kong, Equiom Group
Damian Hitchen, CEO Singapore, Swissquote
Chris Ryan, Chief Executive Officer, Axial Partners
David Schmid, Global Head of Investment & Banking Solutions, Leonteq Securities
Gary Dugan, Chief Executive Officer, Purple Asset Management
Aleksey Mironenko, Partner & Chief Distribution Officer, Premia Partners
Suresh Singh, Managing Director, Head of Funds Distribution - Asia, Principal Global Investors
Joshua Rotbart, Managing Partner, J. Rotbart & Co.
Joe Alim, Director for Greater China, Cult Wines
David Wills, Managing Director, Kenetic

Exclusive Insights  ​​​

We asked leading industry experts for their exclusive and incisive insights. Click on the links to view the individual videos:

Exclusive Insights PDF

Jessica Cutrera, Founding Partner, Capital Company
What does the Independent Asset Management industry in Hong Kong look like today and what’s the outlook for the industry given recent challenges?

Kenneth Ho, Managing Partner & Founder, Carret Private Investments
In comparison to ten years ago: What has changed? What has not changed in this industry?

Harmen Overdijk, Founding Partner, Capital Company
Delivering investment products and advice to clients – How can you differentiate yourself?

Tariq Dennison, Investment Advisor, GFM Asset Management
Independent wealth management in Hong Kong – still relevant?
How Independent is Independent?

Philipp Piaz, Partner, Finaport
Are you seeing more Independent Asset Managers opening an office in Singapore?

Keith Wong, Chief Executive Officer, Winland Wealth Management
What expectations do clients have from you today?

Howard Bilton, Chairman, Sovereign Group
Is the turmoil a gamechanger in the Hong Kong vs. Singapore debate? Will it have different impacts on fiduciary services providers (trustees, etc.) relative to asset management services?
What is the key driver today for structures in Asia?
Are the more exotic jurisdictions, such as those in the Caribbean, still able to compete?

Tim George, Partner, Withers
Are clients seeking to make their structures simpler or more complex? Why?
Why is Asia witnessing a proliferation of single-family offices (SFOs)?

John Ashwood, Managing Director, ZEDRA
Are clients ‘stress testing’ existing trust structures with a particular focus on protecting against external risk: political instability, divorce, bankruptcy, etc?
What motivates a client today to have a ‘structure’ in an IFC? Succession planning? Diversification? Asset protection? Privacy?

Peter Golovsky, Managing Director, Global Head of Fiduciary Services and Head of Asia, Cone Marshall
What new structures are in favour, and how are clients simplifying their existing structures?
What are the most important factors in selecting an IFC? Are your Asian clients sufficiently inquisitive about the quality integrity of the IFCs they use?

James Russell, Managing Director, Hong Kong, Equiom Group
Are clients too dependent on complicated structures? Too dependent on BVI structures? What are the options they should consider?
In which jurisdictions do Asia’s wealthy prefer to house their structures? Why?

Damian Hitchen, CEO Singapore, Swissquote
What are your requirements for your partners?
What are Independent Asset Managers’ requirements from their ‘custody platform’?

Chris Ryan, Chief Executive Officer, Axial Partners
What is an SMA?

David Schmid, Global Head of Investment & Banking Solutions, Leonteq Securities
How can Independent Asset Managers differentiate themselves?
What has Leonteq got in Asia today? What are Leonteq’s priorities for the year ahead?

Gary Dugan, Chief Executive Officer, Purple Asset Management
What’s the future of Discretionary and Advisory Portfolio Management?

Aleksey Mironenko, Partner & Chief Distribution Officer, Premia Partners
What interesting and relevant investment solutions have you developed for this community?
Are high net worth clients increasing their engagement of ETFs?

Suresh Singh, Managing Director, Head of Funds Distribution - Asia, Principal Global Investors
What are the main investment themes and the products that will be the most relevant in 2020?

Joshua Rotbart, Managing Partner, J. Rotbart & Co.
Is gold an interesting asset class today?
What’s its role in a client portfolio?

Joe Alim, Director for Greater China, Cult Wines
How can high net worth clients invest in wine?
What are the likely returns and benefits of investing in wine?

David Wills, Managing Director, Kenetic
What does the Independent Asset Management industry in Hong Kong look like today and what’s the outlook for the industry given recent challenges?
What does Kenetic do?
How should investors think about crypto currency today? How can they access that opportunity?

Event Content - Panel discussions

We held 4 interactive panel discussions throughout the day – which involved senior industry practitioners who we invited to participate and share their thoughts. We have also incorporated into the summaries below the briefing notes which speakers sent to us in advance of the event. Plus, we have included the results of audience polling as well as questions we received from delegates. Click on each headline to view the PDFs.

Independent Wealth Management in Hong Kong: Where are We Today?
Panellists reassured delegates that Hong Kong remains a respected powerhouse in the wealth and financial industries, although the recent political and social unrest there have shaken - but not broken - some confidence. Meanwhile, Singapore’s wealth management prowess and reputation are growing apace, but not yet eclipsing Hong Kong’s history and merits. High-net-worth investors in Asia have a keen appetite for honest, personalised, bespoke wealth management advice, which delivers solutions catering to their needs and their risk appetite. Panel members were in agreement that retrocessions are outdated, almost distasteful, and confirmed the trend that the wealth management industry in Asia is migrating its model towards advisory and discretionary fees, which is seen as a challenging, but certainly positive move. A core difficulty facing the industry is the recruitment of high-quality advisers, as many see the private banks as safe-havens; panellists suggested it might simply be a case of dangling the biggest carrot to entice them away, although some believe they must offer them a wider range of motivations.

Panel Members
Chi Man Kwan, Chief Executive Officer & Founder, Raffles Family Office
Jessica Cutrera, Founding Partner, Capital Company
Salomon Wettstein, Managing Director & Partner, Synpulse
Kenneth Ho, Managing Partner & Founder, Carret Private Investments
Philipp Piaz, Partner, Finaport
Tariq Dennison, Investment Advisor, GFM Asset Management

The Art of Differentiation in Delivering Investment Solutions to Asia’s HNWIs
To differentiate themselves from the private banks, independent and external wealth management firms need to emphasise their unique, personalised approach to their clients and to investment selection and advisory. A panel of experts gathered at the Hubbis Independent Wealth Management Forum to discuss the independent mode, including debating the evolution of fee models, compliance and the role of RegTech, custody solutions, selection, delivery and maintenance solutions and the role of digital, and the required and evolving balance between transactional, discretionary and advisory revenues.

Panel members
Gary Dugan, Chief Executive Officer, Purple Asset Management
Keith Wong, Chief Executive Officer, Winland Wealth Management
Vincent Au, Managing Director, Head of Investments, ALPS Advisory
Harmen Overdijk, Partner, Capital Company
Tom Curtis, Investment Consultant, Principal, Mercer
Damian Hitchen, CEO Singapore, Swissquote

Trends in Wealth Structuring and Legacy Planning in Asia
Set against the ongoing troubles in Hong Kong, which means major implications for wealthy families there, a panel of experts assembled for a timely discussion on estate and succession planning in Hong Kong and more broadly across the wider landscape of Asia, as wealth expands apace and as the older generations are beginning to pass literally trillions of dollars of wealth to the second and third generations. Are clients 'stress testing' existing trust structures with a particular focus on protecting against external risk, for example political instability, divorce, bankruptcy? Are clients seeking to make their structures simpler or more complex? Which jurisdictions do they favour? Are they well-prepared for wealth transition? These and other key questions were pondered in this lively, insightful discussion.

Panel members
Clifford Ng, Partner (Hong Kong), Zhong Lun Law Firm
James Russell, Managing Director, Hong Kong, Equiom Group
Jeffrey Lee, Partner, Charles Russell Speechlys
Tim George, Partner, Withers
John Ashwood, Managing Director, ZEDRA
Kevin Lee, Partner, Stephenson Harwood
Howard Bilton, Chairman, Sovereign Group
Peter Golovsky, Managing Director, Global Head of Fiduciary Services and Head of Asia, Cone Marshall

Identifying and Delivering the Right Investment Solutions for Asia’s HNWIs
Where do Asia’s HNWIs put their money today, and how should they be allocating their portfolios to position themselves for the right balance of risk and reward? A panel of independent wealth management experts pondered these issues at the Hubbis Independent Wealth Management Forum in Hong Kong.

Panel members
Aleksey Mironenko, Partner & Chief Distribution Officer, Premia Partners
Joe Alim, Director for Greater China, Cult Wines
Tony Wong, Head of Intermediary Sales, CSOP Asset Management
Joshua Rotbart, Managing Partner, J. Rotbart & Co.
David Wills, Managing Director, Kenetic
Robert Petty, Co-Founder Clearwater Funds, Co-CEO and Co-CIO Fiera Capital (Asia), Clearwater Funds
Suresh Singh, Managing Director, Head of Funds Distribution - Asia, Principal Global Investors

Event Content - Presentations & Workshops

Below are summaries of the Presentations and Wealth TALKS delivered at the event. These were 10-minute slots hosted either by senior industry practitioners who we invited to speak (Wealth TALKS), or by some of our event partners (Presentations). Also listed with each summary are links to the presentation slides (where these are made available by speakers). Click on each headline to view the web versions of these – from which you can also access the 1-page PDFs.

Swissquote – Committed to Build its Asia, Relationships from New Regional HQ in Singapore
Damian Hitchen, CEO for the Middle East & Asia at digital platform provider Swissquote, spoke with Michael Stanhope, Hubbis founder and CEO, to explain to the audience at the Independent Wealth Management Forum in Hong Kong, to highlight why from Swissquote’s new regional headquarters in Singapore, the firm is partnering with large and small financial institutions, and wealth management firms, especially external asset managers, to offer them B2B solutions that significantly upscale their capabilities, their client service and therefore their revenue stream opportunities, and all at a cost-effective pricing template.

The Impact of Technology on the Re-Alignment of the Banking Landscape
Damian Hitchen, the Singapore-based Asia CEO for Swissquote, presented a fascinating Workshop at the Independent Wealth Management Forum in Hong Kong to articulate how independent, external asset management firms and wealth management advisers can evolve to survive and thrive in the rapidly changing global financial landscape. Working with the Swissquote global trading and custody platform, many such independent firms can significantly enhance their capabilities and offer their clients literally a world of product and trading opportunities, all at a sensible entry and ongoing cost basis.
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Boutique Private Bank Bordier & Cie. Expands Pioneers New Partnerships in Asia
Evrard Bordier, Singapore CEO and Managing Partner of Swiss private bank Bordier & Cie, knows that as a boutique, independent firm, the bank must be fleet of foot and entrepreneurial, in order to adapt and be successful within a global private banking landscape of dramatic change. He offered his personal and corporate insights to delegates at the Hubbis Independent Wealth Management Forum, highlighting the immense and growing onshore wealth management opportunities in Asia and advising delegates on how they can best grasp the opportunities that lie ahead.
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Fiera Capital Corp’s Bokor-Ingram Turns the Spotlight on the Frontier Markets
Dominic Bokor-Ingram is Joint Lead Portfolio Manager for the Magna New Frontier Fund, which is under the Canadian investment management group, Fiera Capital Corporation, which currently boasts over USD120 billion funds under management globally. He told delegates at the Hubbis Independent Wealth Management Forum why Asian investors should seriously consider buying exposure in the world’s frontier markets as part of any well-constructed portfolio.
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Introducing Life Settlements – An Alternative Non-Correlated Asset Class
Brad Thompson, President of Fidelity Settlements, gave a fascinating presentation to delegates at the Hubbis Independent Wealth Management Forum to highlight the value of US life settlements, an asset class that he explained is non-correlated to the equity or bond markets. The purchase of life settlements, he reported, can be viewed as a zero-coupon bond with a projected maturity and that typically offers annual returns between 5% and 10%. The underlying asset is well-regulated in the US. A tertiary, or “re-sale” market also offering liquidity has also developed, should the investors want to cash out before maturity.  

Managed Accounts and the Evolution of Wealth Management in Asia
Segregated managed accounts (SMAs) are tailored, transparent investment vehicles for individual wealth clients. The market is now worth well over USD5 trillion in the US alone, but Asian investors are only beginning to understand their advantages. Chris Ryan, Chief Executive Officer of Axial Partners, offered delegates at the Hubbis Independent Wealth Management Forum background on SMAs and explained how, in a world where mutual funds are of less and less interest to HNWIs, Asian investors are warming to the advantage SMAs offer in support their private wealth management objectives.
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The EFG Asset Management ‘Wealthy Nations’ Approach to Fixed Income
Bonny Tse, Director of Sales & Distribution for Asia at EFG Asset Management, took the floor for a fascinating presentation at the Independent Wealth Management Forum to give her insights into anomalies smart investors can exploit by being benchmark agnostic and buying into the fixed income only of the countries around the globe with the strongest balance sheets. Yield is only one part of lending, so offering credit to a net lender for a slightly lower than benchmark yield, she argued, is far better than obtaining a marginally higher yield and then worrying if a net borrower can repay.
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Generating Alpha in the Expanding Universe of Asian Fixed Income
Dhiraj Bajaj, Head of Asian fixed income at Lombard Odier considers Asian credit as a new asset class within the global fixed income market. He explained to delegates at the Hubbis Independent Wealth Management Forum how selectivity is essential and why adopting the correct, long-term strategies are essential to achieve the appropriate balance between risk and reward.

Investing During the US-China Trade Conflict
Throughout 2019 the markets have been buffeted by the trade wars between China and the US. While many investors are inclined to de-risk and wait it out, recent market performance has shown that remaining uninvested has its costs too. Instead, Hong Kong investment manager Premia Partners believes a more appropriate strategy is to identify the equity winners regardless, minimise correlations, and buy into truly risk-free assets as a hedge for any doomsday scenario. David Lai, Premia Partner & Co-Chief Investment Officer, and Aleksey Mironenko, Partner & Chief Distribution Officer, paired up for a fascinating Workshop at the Hubbis Independent Wealth Management Forum.
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Henley & Partners Reviews Globalisation 4.0 – Migration Trends
Elvis Liu Cheng, Client Advisor at investment migration advisory firm Henley & Partners, gave an introductory presentation to delegates at the Hubbis Independent Wealth Management Forum to cover migration trends for the globalisation 4.0. He briefly explained the appeals of global investment migration, explaining why and how increasing numbers of Asia’s wealthy are taking up alternative citizenship and residence options around the globe, and briefly mentioning some of the major programmes that his firm proposes.
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Popular Residence and Citizenship Programmes for Asia’s HNWIs
Sharon Chan, Client Advisor at investment migration consultancy Henley & Partners gave delegates at the Hubbis Independent Wealth Management Forum a thorough and very detailed Workshop on the world of investment migration, cataloguing Henley’s recommended citizenship and residence by investment options around the world, and explaining the many advantages for Asia’s HNWIs and their families.
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