In a first since the onset of the pandemic, The Asset hosted an in-person gala dinner at the Four Seasons hotel in Hong Kong for Asia’s top-rated insurance companies, private banks, wealth managers, and investment solutions and index providers to celebrate this year’s The Asset Triple A Awards for Private Capital.
In another first, to showcase the institutions outside of Hong Kong that were unable to attend due to Covid-19 restrictions, the awards dinner was telecast live to a global audience on TheAsset.com. Institutions from China, India, Indonesia, Philippines, Singapore, and Taiwan joined via a video broadcast during which top executives acknowledged the awards they had received, and thanked their clients and teams that successfully completed what has been a difficult year.
Notwithstanding the complexities brought on by the ongoing health crisis, institutions joining this year’s ceremony reported healthy growth in the top line and in total assets under management. Many of these organizations shared their digital transformation journeys that enabled ultra-high-net-worth, high-net-worth and wealthy clients to not just pivot their portfolios to new investments but identify opportunities in sustainable investing.
In his welcome remarks at the event, Daniel Yu, editor-in-chief of The Asset, shared his view that both digital technology and sustainable investing will underpin the world of private capital in the coming years. “Technologies such as digitization, artificial intelligence, cloud, big data, and so on are increasingly part of how institutions serve clients and how clients are looking for differentiated investment outcomes.”
With COP26 in Glasgow this year, attention is also focused on sustainable investing. “There is a rising expectation to recognize, if not integrate, ESG considerations in business,” Yu notes. “This health crisis is a stark reminder that we all live on one planet and of the need to re-examine the way we define value and what is considered valuable.”
While no one can predict when this Covid crisis will come to an end, “in the face of accelerating climate and social changes, however, the convergence of how we value and what our values are will be what shapes our post-Covid future,” Yu shares.
BNP Paribas Wealth Management
Among the big winners recognized at the dinner was BNP Paribas Wealth Management, which took home ten awards, including Triple A Best Private Bank for Philanthropy, Triple A Best ESG Private Bank, and Triple A Best Private Bank, Hong Kong.
Citi Private Bank
Citi scoops the awards for Triple A Best Private Bank, Asia, and Triple A Best NexGen Private Bank, Asia. While, JPMorgan Private Bank repeats as Triple A Best Private Bank for Ultra-High-Net-Worth Individuals, Asia, for a third consecutive year.
JPMorgan Private Bank
Ping An Insurance Group is the Triple A Insurance Company of the Year, ESG, for China, while HSBC Life wins as Triple A Insurance Company of the Year, Life, and ESG in Hong Kong. HSBC Life also takes home the Best Financial Inclusion Initiative Award.
Among investment solutions providers, Credit Suisse is recognized as this year’s Triple A Best Bank for Investment Solutions, Asia, and Triple A Best Bank for Investment Solutions, Equity, Asia. Société Générale picked up the award as Triple A Best Bank for Investment Solutions, Multi-Asset, Rates, Credits, Asia.
Photo highlights from the awards dinner can be viewed here.