A Year of Success: PWM’s Global Private Banking Awards 2018

Last night, Professional Wealth Management magazine (PWM), known for its industry expertise, multi-platform analysis, and citizenship by investment index (the CBI Index), hosted the 10th Global Private Banking Awards 2018. The magazine’s attainment of this ten year milestone cements its success this year, which started with the second release of the CBI Index.

Every year, PWM’s Private Banking Awards attracts global attention as the most significant award ceremony in the industry, and this year was no different. On Wednesday 7th November, private banks from all corners of the world gathered in Mayfair, London to celebrate the success of the sector and compete for the top prizes.

Attendees included American blue-chips JP Morgan Private Bank and Citibank, European heavyweights Société Générale and Barclays Private Bank, Asian players DBS Bank and KEB Hana Bank, Middle Eastern Ahli United Bank, African Investec, and many more. The categories reflected the continuing development of the industry, with awards for the best Private Bank for Diversity, for UHNW Clients, and for Succession Planning, and national and regional achievement.

As would be expected, American banks did well. JP Morgan achieved Best Private Bank for UHNW Clients, Northern Trust was the Best Private Bank for Family Offices, and Citibank stole the crown of Best Global Private Bank from Swiss rival UBS Global Wealth Management.

European and Asian contenders also excelled: HSBC won the titles in Hong Kong and the United Kingdom; Credit Suisse in Qatar, Russia, and Central and Eastern Europe; ICBC in China; and KEB Hana Bank in Korea. Ahli United won Best Private Bank in Bahrain and Kuwait and Investec, in South Africa. Other notable triumphs include UBS winning Best Private Bank for Entrepreneurs and Coutts and Co. being named the Best Private Bank for Philanthropic Services.

The success of the night can be attributed to PWM’s fine planning and expert knowledge of the private banking and wealth management sector. This is no surprise. PWM’s insight and expertise extends across personal financial services, encompassing asset allocation, fintech, and, as noted above, CBI. Indeed, PWM’s recent release of its CBI Index 2018 celebrates the second year of this new client offering.

The CBI Index examines and evaluates different citizenship by investment programs around the world, ranking them according to seven key pillars. This year, the Caribbean countries continued to dominate. The Commonwealth of Dominica took first place, and St Kitts and Nevis second. For both nations this was down to their effective due diligence procedures, extensive visa-free travel arrangements with other countries, and the easy and financially attractive program they offer clients.

In comparison to their European counterparts, Dominica, St Kitts and Nevis, and Grenada (which placed third) offer far superior client benefits and security measures.

PWM’s 2018 CBI Index demonstrates both the Caribbeans’ achievements and its own advancement in the growing field of CBI. With the successful second release of the Index and the tenth anniversary of its Global Private Banking Awards, it seems that 2018 is set to be one of PWM’s best years yet, and highlight its position at the top of the wealth management industry.