Vontobel is not a household name in Asian private banking, but the Swiss company is quietly turning a profit in the region. Vontobel's man in Hong Kong speaks to finews.com-TV.
No one would mistake Zurich-based Vontobel for a heavyweight among private banks in Asia. But unlike many foreign competitors seeking the Asian rush, the Swiss bank is profitable with its Hong Kong-based offering.
That is partly thanks to former long-time Société Générale private banker Alex Fung, who in 2014 was poached to be Vontobel's chief executive for wealth management in Asia-Pacific.
«After three years, we’re well on track and by 2020 we will indeed double our assets under management,» Fung told finews.com-TV in an interview (above).
Zurich Booking
Fung didn't disclose how much in assets Vontobel currently manages in the region, but the bank's Asian assets are likely to be in the single digits. Not enough to move the needle, but nevertheless profitable for some time now.
The Swiss bank's approach is to book all assets in Zurich, not locally, saving on platform and overhead.
«This makes us lean and mean,» said Fung, a private banker with more than 20 years' experience who began his career as a bond trader at CIBC, one of Canada's big five banks.
No «Writing Tickets»
The absence of a booking platform isn't just easy on spending, Fung argues: it also allows private bankers to concentrate on clients instead of supporting their overhead.
«Because of this model we can genuinely advise clients on the trusted advisory side instead of doing transactions, writing tickets and pushing products,» he said.
Read finews.com's full interview with Vontobel Asia private bank head Alex Fung in coming days
