How Societe Generale Private Banking serves diverse needs of the region's emerging elite ?
Indonesia HNWIs Require Specialized Investment Portfolios
Indonesia has the largest and one of the most promising economies in Southeast Asia, which grew by 6.5% in 2011—the strongest performance since 1996.
The trend is expected to continue with robust domestic demand due to a growing middle-income group.
The region has largely avoided the repercussions of the global financial crisis and ongoing debt woes. But Indonesia’s high-net worth individuals (HNWIs) must still navigate volatile markets while protecting their family fortunes.
This demographic seeks solutions from bankers who understand and respect their unique needs, domestically and internationally.
Benedikt Maissen, managing director and head of Southeast Asia & International at Societe Generale Private Banking in Singapore, has spent over 30 years working in the private banking industry, 25 of which have been in Asia.
Today, he leads a team of 24 bankers who serve clients in Indonesia, Malaysia, Brunei, Thailand, Singapore, The Philippines as well as international HNWIs.
“What fascinates me the most about this business is that you cannot generalize it. Everybody has unique needs and they are in different stages in their lives,”says Maissen. “Therefore it’s important to create bespoke solutions for each and every client.” He adds that Societe Generale is well versed at tailoring specific skill sets to client needs.
“It is important that we’re able to provide a platform where we work closely as a team with a diverse talent pool and bring in product specialists if and when appropriate,” Maissen says.
A banker has to listen and to be patient. We have to understand what the client wants, work as a team and come up with a solution.
The number of HNWIs in Asia-Pacific rose 1.6% to 3.37 million in 2011, surpassing North America for the firsttime, according to a 2012 world wealth report issued by Cap Gemini and RBCWealth Management. There were more than 37,400 HNWIs in Indonesia, with a combined wealth of $241billion as of last year.
“In Indonesia, there’s significant economic growth and our clients have been growing and rebuilding their wealth since the end of the Asian financial crisis in 1999,” Maissen says.
According to WealthInsight, the total number of HNWI’s increased by two-thirds between 2007 and 2011, HNW wealth almost doubled in this time – well above the growth rates for both China (41%) and India (32%), albe it from a lower base level.
As signs of a global economic recovery start to trickle in, investors are testing the waters of more risky assets.
Societe Generale being a global leader in structured products is well positioned to develop strategies according to their customers’ needs and risk appetite. But what’s critically important, Maissen says, is the banker-client relationship.
“Sincerity and integrity is the key for any successful relationship,” he says.
“Nobody has a crystal ball, but I always emphasize the importance of capital preservation by investing in good quality investments.“We have good clients and we treasure them,” Maissen says.
“We are here to stay, to grow and make a positive difference in the world of wealth management.”