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The Wealth Management Industry ­ Asia Pacific

Sample entries of wealth management companies from within Asia Pacific

Published in the UK by Highworth Research Ltd Durham House, 1 Amity Grove London, SW20 0LQ Tel. +44 (0) 20 8946 5910 www.highworthresearch.com

© Highworth Research Ltd 2010 All rights reserved

Disclaimer This publication is a creative work fully protected by all applicable copyright laws. No part of this work covered by the copyright herein may be reproduced or used in any form or by any means without the prior permission of the publisher. Every effort has been made to ensure the accuracy of the information presented in this publication; however should any errors exist which are brought to the attention of the publisher, they will be fully corrected in the next printed version of the publication, as well as in the online version. The publisher has not accepted any payment for the listings in this publication, and publication of a descriptive profile of any institution in this work does not in any way imply endorsement or recommendation on the part of the publisher.

Industry ­ Asia for the Sample ProfilesPacific Wealth Management

Sample Profiles for the Wealth Management Industry ­ Asia Pacific

Australia

Myer Family Office Ltd

MAIN ADDRESS

Mr Peter Hodgson, Group Chief Executive Officer, The Myer Family Company Pty Ltd Ms Janine Ferguson, Chief Financial Officer, The Myer family Company Pty Ltd

MANAGEMENT NAMES AND JOB TITLES

Level 18, 8 Exhibition Street, Melbourne, Victoria, VIC 3000, Australia Tel: +61 3 9207 3000; Fax: +60 3 9207 3001 Email: [email protected] Web: www.mfo.com.au

PARENT COMPANY

The Myer Family Company Pty Ltd

PRINCIPAL ADDITIONAL OFFICES

Myer Family Office Ltd, Level 30, 20 Bond Street, Sydney, New South Wales, NSW 2000, Australia Email: [email protected] Web: www.mfo.com.au

DIRECTORS' NAMES AND JOB TITLES

Mr Charles Clark, Chairman Mr Graham Reeve, Managing Director Mr Rupert Myer AM, Chairman, The Myer Family Company Pty Ltd Mr Sidney Myer, Director, The Myer Family Company Pty Ltd Mr John Paterson, Director

Mr Matthew Browning, Head of Investment Mr Keith Drewery, Head of Family Wealth Management, Sydney Mrs Alison Foenander, Senior Client Adviser Mr Michael Smolders, Head of Family Wealth Management, Melbourne Mr Jason Swan, Senior Client Adviser Mr Peter Winneke, Head of Philanthropic Services Ms Nancy Catanzariti, Client Adviser Mr Miles Collins, Manager, Investment Research & Advisory Mr Tim Evans, Manager, Investment Reporting & Unit Pricing Mr Peter Fairchild, Manager, Legal & Compliance Mr Dale Sanftl, Client Adviser Ms Farren Williams, Investment Adviser

MINIMUM ASSET VALUE REQUIRED PER CLIENT

$30 million

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SAMPLE PROFILES FOR THE WEALTH MANAGEMENT INDUSTRY ­ ASIA PACIFIC

FEES CHARGED

Investment Advice 0.5% pa of funds under advice. This includes advice on financial products. Custody and Investment Reporting 0.3% p.a. up to $1 million of funds under custody, 0.15% p.a. from $1 million up to $5 million, 0.05% from $5 million to $50 million and thereafter by negotiation. The minimum fee is $200. MF Cash Management Fund 0.9% p.a. of the total value of funds on deposit calculated daily and paid monthly. MFO is also entitled to recover certain out-of pocket expenses totalling approximately 0.05% pa. Accounting, Taxation, Estate Planning and Generational Change Between $150 and $650 per hour, depending upon the charge out rate of the staff involved.

ANALYSIS OF BUSINESS

selection and management, portfolio administration, tax planning and accounting, cash flow planning, estate and inheritance planning, philanthropy, and banking, with all services supported through regular reporting. Sales revenue for the Myer Family Office in 2009 was $9.035 million (2008: $8.311 million), with 2009 profits of $0.431 million. However the P & L account had accumulated losses of $856 million. Remuneration to management rose to $3.93 million from $2.39 million in 2008. The firm employs 62 staff. The Myer Family Office accounts for 2009 do not yet include the proceeds of $2.4 billion from the float of the Myer department store. Current assets under management of the Myer family Office are estimated by Highworth Research to be in excess of $1.5 billion.

SUMMARY FINANCIAL STATEMENT

The Myer Family Office Ltd was incorporated in June 1986 and is an unlisted public company which is 75% owned by the Myer Family and 25% by the Maple-Brown Family. As a multi-family office, the firm provides a variety of investment and family wealth services to ultra high net-worth individuals, families, companies, trusts, charities and foundations. The firm made the transition from a single to a multi-family office in 1999. Currently the Myer family Office has over 50 UHNW families as clients. The minimum level of assets required to become a client is $30 million. The Myer Family Office invests on behalf of members of the Myer family as well as non-family members; however the Myer Family Company is an entity used solely by members of the Myer family. Comprehensive family wealth management services cover investment

Pretax profit: Assets under management:

YEAR FOUNDED

2009 ($ million) 0.432 1,500

2008 ($ million) 0.289

1986

SERVICES OFFERED

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Asset protection ­ Family Office Services; Estate Planning; Philanthropy Services; Trusts; Tax Planning; Foundations; Pensions; Insurance Products Banking Services ­ Card Services; Credit Products; Current Accounts; Deposits Investment management ­ Advisory Management; Asset Allocation Strategies; Discretionary Management; Bonds; Commodities; Derivatives; Hedge Funds; Real Estate; Structured Products; Private Equity; Mutual Funds; Equities; Fixed Income Funds

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HONG KONG S.A.R.

Hong Kong S.A.R.

Bank of East Asia, Ltd

MAIN ADDRESS

Private Banking Department, 8/F, 10 Des Voeux Road Central, Hong Kong, Hong Kong S.A.R. Tel: +85 2 3608 0360; Fax: +85 2 3608 6119 Email: [email protected] Web: www.hkbea.com

PARENT COMPANY

Mr Man-kou Tan, Independent Non-Executive Director Mr Kenneth Lo, Independent Non-Executive Director Mr Eric Li, Non-Executive Director Mr Stephen Charles Li, Non-Executive Director Mr Koon-ean Kuok, Independent Non-Executive Director Mr William Doo, Independent Non-Executive Director

MANAGEMENT NAMES AND JOB TITLES

The Bank of East Asia, Ltd

SUBSIDIARIES AND ASSOCIATED COMPANIES RELATED TO PRIVATE BANKING

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BEA Union Investment Management Ltd.

PRINCIPAL ADDITIONAL OFFICES

The Bank of East Asia (China), Ltd, 12/F, Bank Mansion of Shanghai, 168 Yin Cheng Road Central, Pudong New Area, Shanghai, 200 120, China Fax: +86 21 3866 3966 Web: www.hkbea.com

DIRECTORS' NAMES AND JOB TITLES

Mr Brian Li Man-bun, General Manager & Head of Wealth Management Division Mr Clarence Yeung, Head of Structured Products, Wealth Management Division Ms Grace Chow, Head of Private Banking Mr Cartier Lam, Executive Vice President Mr Adrian Li Man-Kin, Deputy Chief Executive Mr Samson Li Kai-Cheong, Deputy Chief Executive & Chief Investment Officer Mr Han-shing Tong, Deputy Chief Executive & Chief Operating Officer

HIGH NET WORTH CLIENTS FROM

$1,000,000

ANALYSIS OF BUSINESS

Sir David Li, Chairman and Chief Executive Dr. Fook-wo Li, Non-Executive Director Mr Chung-hin Wong, Indedpendent Non-Executive Director Dr. Shau-kee Lee, Independent Non-Executive Director Dr. Allan Wong, Independent Non-Executive Director Mr Aubrey Li, Non-Executive Director Prof. Arthur Li, Non-Executive Director Mr Joseph Pang, Executive Director and Deputy Chief Executive Dr. William Mong, Non-Executive Director Mr Winston Lo, Independent Non-Executive Director Dr. Kay-peng Khoo, Non-Executive Director Mr Thomas Kwok, Independent Non-Executive Director Mr Richard Li, Non-Executive Director

The Bank of East Asia (BEA) was incorporated in Hong Kong in 1918, and provides retail and commercial banking services to clients in Hong Kong, Greater China, Singapore, Malaysia, Canada, the British Virgin Islands, the UK, and the USA. It is the largest independent local bank in Hong Kong with total consolidated assets of HK$434 billion (USD 56 billion) as of the end of December 2009. It has one of the largest banking networks in Hong Kong with over 130 branches and SupremeGold Centres. Its presence in China is also extensive, with over 70 outlets throughout the country. Including the international offices, BEA has a workforce of over 9,800. The company delivers its retail and wholesale banking services through the following divisions: Personal Banking,

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SAMPLE PROFILES FOR THE WEALTH MANAGEMENT INDUSTRY ­ ASIA PACIFIC

Corporate Banking, Wealth Management, Investment Banking, China, International. Within the wealth management division, a private banking subdivision offers investment services, trust and fiduciary services, and the option of forming local or offshore private investment companies. In addition, linked deposits, bancassurance, portfolio management, and retail bonds & IPO services are also available within the wealth management division. Investment management services are provided by the subsidiary company, BEA Union Investment Management Ltd, which provides investment advisory services and portfolio management including allocations to fixed income, equities, structured products, treasury products, and currencies. Credit services are available to private banking clients, including the provision of multi-currency loans. The figures in the Summary Financial Statement are for The Bank of East Asia, Ltd as a whole rather than the private banking division. However this division grew net profit by 33% in 2009 and assets under management by 24%, while the number of new accounts grew by 15%. The majority of clients come from the Greater China region. The bank intends to expand the private banking operation in 2010 to meet demand.

SUMMARY FINANCIAL STATEMENT

Discretionary Management; Bonds; Capital Protection Products; Commodities; Derivatives; Real Estate; Structured Products; New Issues/IPOs; Private Equity; Mutual Funds; Equities; Foreign Exchange; Fixed Income Funds

EFG International (Asia)

MAIN ADDRESS

EFG Bank (Hong Kong), 41st Floor, Two Exchange Square, 8 Connaught Place, Central, Hong Kong, Hong Kong S.A.R. Tel: +85 2 2298 3000; Fax: +85 2 2298 3300 Web: www.efginternational.com

PARENT COMPANY

EFG Bank European Financial Group

SUBSIDIARIES AND ASSOCIATED COMPANIES RELATED TO PRIVATE BANKING

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EFG Trust (HK) Ltd. EFG Securities Investment Consulting Co. Ltd

PRINCIPAL ADDITIONAL OFFICES

EFG Trust (HK) Ltd, 28/F Tesbury Centre, 28 Queen's Road East, Wan Chai, Hong Kong, People's Republic of China Fax: +85 2 3583 3300 Web: www.efginternational.com EFG Bank (Singapore), 1 Raffles Place, #42 OUB Centre, Singapore, 048 616, Singapore Fax: +65 6438 1108 Web: www.efginternational.com EFG Bank (Indonesia), Wisma 46 Kota BNI, Suite 31, 31st Floor, Jalan Jend. Sudirman Kav 1, Jakarta, 10220, Indonesia Fax: +6221 579 00303 Web: www.efginternational.com EFG Bank (Philippines), EFG Bank Philippines Representative Office, Ayala Avenue Corner Paseo de Roxas Avenue, Metro Manila, Philippines Web: www.efginternational.com

Pretax profit: Total assets: 1918

2009 2008 (HKD million) (HKD million) 432,638 415,104 434,082 415,254

YEAR FOUNDED

SERVICES OFFERED

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Asset protection ­ Estate Planning; Trusts; Tax Planning; Insurance Products Banking Services ­ Card Services; Credit Products; Current Accounts; Deposits; Mortgages Investment management ­ Advisory Management; Asset Allocation Strategies;

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HONG KONG S.A.R.

EFG (Taiwan), EFG Securities Investment Consulting Co Ltd, Suite A-1, 14th Floor, Hung Tai Center, No. 168 Tun Hwa North Road, Taipei, Taiwan Fax: +886 2 2718 1280 Web: www.efginternational.com

DIRECTORS' NAMES AND JOB TITLES

Mr Robert Chiu, Chief Executive Officer, Asia Mr Albert Chiu, Deputy Chief Executive Officer Mr Ching Yap Chin, Senior Vice President Ms Nancy Choi, Senior Vice President Ms Susan Cua, Senior Vice President Mr Yi Feng, Senior Vice President Mr Jean Pierre Cuoni, Co-Founder and Chairman

MANAGEMENT NAMES AND JOB TITLES

Mr Michael Palin, Senior Vice President, EFG Bank Hong Kong

HIGH NET WORTH CLIENTS FROM

$2,000,000

NUMBER OF RELATIONSHIP MANAGERS

160

ANALYSIS OF BUSINESS

EFG Group is an international banking group headquartered in Geneva. EFG Bank European Financial Group is the ultimate parent, and it supervises the EFG Group regarding strategic issues, risk management, control environment, and internal control systems, financial reporting, and Swiss regulatory requirements. EFG Group is organised into two subdivisions: EFG International and Eurobank EFG. Eurobank EFG offers a variety of banking services in Greece and countries in Central and South-Eastern Europe. EFG International is the global private banking and asset management group operating from its headquarters in Zurich. EFG International acts as the holding company for its subsidiary EFG Bank, and among its other subsidiaries are EFG

Eurofinanciere d'Investissement SAM, EFG Investment SA, and EFG International Corp. EFG Bank is the Swiss private banking subsidiary of the EFG International, and it has a network spanning Europe, the Middle East, Asia Pacific and Latin America. In Asia, EFG International has a network offering a range of banking, investment and wealth management services in Hong Kong, Singapore, Jakarta, Manila, and Taipei. EFG International has completed the acquisition of Stratcap Securities India (SSI). The transaction was closed on 2 September 2008 following the granting of regulatory approval. Going forward, the intention is to adopt the name EFG Wealth Management India Private Limited. Mumbai-based SSI offers a range of financial services to a private and institutional client base in India, encompassing mutual funds, fixed income and equities. At the time the acquisition was announced, it had 24 employees, including four Client Relationship Officers (CROs), and clients' assets of CHF 700 million. In 2009 EFG obtained a licence to open an office in Shanghai. The summary financial statement below relates to EFG International globally.

SUMMARY FINANCIAL STATEMENT

Pretax profit: Total assets: Assets under management: 1995

2009 2008 (CHF million) (CHF million) 77,109.6 77,221.4 20,650.6 18,894.6 87,700.6 77,200.6

YEAR FOUNDED

SERVICES OFFERED

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Asset protection ­ Family Office Services; Estate Planning; Philanthropy Services; Trusts; Tax Planning; Foundations; Pensions; Insurance Products Banking Services ­ Card Services; Credit Products; Current Accounts; Deposits; Mortgages

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SAMPLE PROFILES FOR THE WEALTH MANAGEMENT INDUSTRY ­ ASIA PACIFIC

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Investment management ­ Advisory Management; Asset Allocation Strategies; Discretionary Management; Bonds; Capital Protection Products; Commodities; Derivatives; Hedge Funds; Real Estate; Structured Products; Private Equity; Offshore Funds; Mutual Funds; Equities; Fixed Income Funds

Singapore

Bank Julius Baer, Singapore

MAIN ADDRESS

1 George Street, #21-02, Singapore, 049145, Singapore Tel: +65 6827 1999; Fax: +65 6827 1995 Web: www.juliusbaer.com

PARENT COMPANY

Julius Baer Holding Ltd

PRINCIPAL ADDITIONAL OFFICES

Bank Julius Baer & Co Ltd (Hong Kong), Hong Kong Representative Office, 18/F Two Exchange Square, 8 Connaught Place, Hong Kong, Hong Kong S.A.R. Fax: +85 2 2899 4789 Web: www.juliusbaer.com

MANAGEMENT NAMES AND JOB TITLES

Mr Kenneth Ho, Head of Products & Investment Solutions, Asia Pacific Mr Wilfried Kofmehl, Relationship Manager, Key Clients Mr Mateos Atamyan, Head Asian EAM Mr Gian Paolo Bardelli, Manager, Private Banking International Mr Michael De Santiesteban, Team Head and Managing Director of Marketing Dr. Markus Kobler, Asia Chief Operating Officer Dr. V Anantha-Nageswaran, Chief Investment Officer Mr Thio (Henry) Tjia Hin, Senior Relationship Manager Ms Cindy Tang, Senior Relationship Manager Mr Thomas Meier, Chief Executive Officer, Asia Middle East and Eastern Europe Region Mr Lawrence Lua, Managing Director & Senior Adviser Mr Ian Pollock, Chief Operating Officer, North Asia Mr Lee Boon Keng, Co-Head of Investment Solutions Group Ms Frances Lee, Relationship Manager

© Copyright Highworth Research 2010 6

SINGAPORE

Mr Heinz Puth, Deputy CEO, Singapore Mr David Lim, Chief Executive Officer, Private Banking, SEA Mr Vincent Lim, Private Banking Team Head, SE Asia Ms Evelyn Yeo, Head of Investment Advisory Services

MINIMUM ASSET VALUE REQUIRED PER CLIENT

Assets under management:

YEAR FOUNDED

153,600

129,000

1890

SERVICES OFFERED

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$2 million

HIGH NET WORTH CLIENTS FROM

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$2,000,000

ANALYSIS OF BUSINESS

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The Julius Baer Group is the third largest private banking group in Switzerland and the largest "pure-play" private bank in that country. Besides its headquarters in Zurich the bank has 39 0ther offices worldwide, including Frankfurt, Milan, Dubai, Grand Cayman, New York, Singapore and Hong Kong. A host of private banking services are available to wealthy clients including investment manageemnt, estate planning, tax advice, financial planning, and family office services. Private clients also have access to any of Julius Baer's 70 in-house investment funds and structured financial products. Assets under management at the Julius Baer Group grew by CHF 25 billion in 2009, providing a strong recovery from the low of CHF 129 billion at end 2008 and almost back to the high point of CHF 159 billion reached in 2007. The Asia region played a prominent part in this increase. By the end of April 2010, assets under management had grown again to CHF 175 billion for the Group.

SUMMARY FINANCIAL STATEMENT

Asset protection ­ Family Office Services; Estate Planning; Trusts; Tax Planning; Foundations; Pensions Banking Services ­ Card Services; Credit Products; Current Accounts; Deposits; Mortgages Investment management ­ Advisory Management; Asset Allocation Strategies; Discretionary Management; Bonds; Capital Protection Products; Derivatives; Hedge Funds; Structured Products; New Issues/IPOs; Offshore Funds; Equities; Fixed Income Funds

BSI Bank Ltd (Asia)

MAIN ADDRESS

BSI Bank Ltd (Singapore), #32-01 Suntec Tower One, Singapore, 038 987, Singapore Tel: +65 6424 8350; Fax: +65 6334 1955 Web: www.sg.bsibank.com

PARENT COMPANY

Assicurazioni Generali S.p.A

SUBSIDIARIES AND ASSOCIATED COMPANIES RELATED TO PRIVATE BANKING

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BSI Generali Asia Ltd.

PRINCIPAL ADDITIONAL OFFICES

BSI Generali Asia Ltd, 3502, Two Exchange Square, 8 Connaught Place, Central, Hong Kong, Hong Kong S.A.R. Fax: +85 2 2810 0176 Web: www.ch.bsibank.com

MANAGEMENT NAMES AND JOB TITLES

Pretax profit: Total assets:

2009 2008 (CHF million) (CHF million) 42,560 42,541 42,729 42,676

Mr Hanspeter Brunner, Chief Executive, Private Banking Asia Mr Nicola Battalora, Chief Executive, Singapore

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SAMPLE PROFILES FOR THE WEALTH MANAGEMENT INDUSTRY ­ ASIA PACIFIC

Mr Frank Fondacaro, Deputy Chief Executive, Singapore Mr Raj Sriram, Head of Private Banking, S.E. Asia Mr Gary Tucker, Chief Operating Officer Mr Ashwin Jayaram, Director & Team Head Mr Ravi Manot, Senior Private Banker Mr Shayak Bhattacharya, Private Banker Mr Mark Basham, Managing Director, Asia Pacific, BSI Group Mr Alwi Hafiz, Managing Director, ASEAN, BSI Group Mr Puneesh Nayar, Director & Team Head, Private Banking Mr Derrick Tan, North Asia Private Banking Mr Tushar Shekhawat, Private Banker

HIGH NET WORTH CLIENTS FROM

$2,000,000

ANALYSIS OF BUSINESS

BSI is aiming for strong growth in the Asian region in the medium term, having increased headcount from 38 to 180 in the second half of 2009, notably by recruiting a large block of private banking professionals from RBS Coutts' Singapore operation. Growth in client assets is planned from the current CHF 3 billion in Asia to CHF 10 billion in 5 years' time. Currently BSI has assets under management for the global bank bank of CHF 78.1 billion, level pegging with CHF 78.2 billion in 2008. Profits for BSI's global operation in 2009 were CHF 273.2 million, up from CHF 177.6 million in 2008. The figure for assets under management in the summary financial statement below is for BSI Group in the Asia region alone at December 31,2009.

SUMMARY FINANCIAL STATEMENT

The Banca della Svizzera Italiana was established in 1873 in Lugano. Since its beginnings in the South of Switzerland, the bank has developed its presence in Switzerland and abroad with offices in London, Paris, Milan, Hong Kong, Singapore and Monaco. In 1991, the Societa Banco Svizzera became the main shareholder of BSI, and then in 1998 Assicurazioni Generali SpA, a major global insurance company took over as the sole shareholder. Now called BSI SA, the bank's core business is asset management for institutional and private clients. BSI Bank (Singapore) Ltd and BSI Generali Asia Ltd are both wholly-owned subsidiaries of BSI SA. BSI Generali Asia is based in Hong Kong and provides portfolio management services as well as serving as an investment manager for the BSI Group's regional funds. BSI Bank (Singapore) focuses mainly on wealth management.

2009 (CHF million) Assets under management:

YEAR FOUNDED

2008 (CHF)

3,000

1873

SERVICES OFFERED

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Asset protection ­ Estate Planning; Tax Planning; Pensions; Insurance Products Banking Services ­ Card Services; Credit Products; Current Accounts; Deposits; Mortgages Investment management ­ Advisory Management; Asset Allocation Strategies; Discretionary Management; Bonds; Capital Protection Products; Commodities; Derivatives; Hedge Funds; Real Estate; Structured Products; Private Equity; Mutual Funds; Equities; Fixed Income Funds Other Services ­ Art Advisory.

© Copyright Highworth Research 2010 8

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