PRIVATE BANKING /
WEALTH MANAGEMENT
BY: MAHA KHAN PHILLIPS • PROFILES BY: STUART NEWMAN
PAULA AAMLI, CFA
Title: Associate Director
I
f you think of private banks as small fi rms fi lled with
relationship managers with impeccable taste and
discretion, you’d only be half right. Th e world of
Current employer: HSBC Private Bank
private banking has moved on, and it’s gone global.
Previous employers: Prior career in the “Private banks used to have a lot of mature gentlemen
‘not-for-profi t’ sector
who would have relationships with private clients and
University: St Johns College, Oxford
invest money on their behalf. Now, most private banks
Degree: Bachelors in Modern History
have put in diff erent structures. Th ey have built
Professional qualifi cations: CFA; CeMAP;
investment teams, created model portfolios, and they
FSA Securities and Derivatives (Pre Mifi d)
have separated the client relationship management
function from the fund management function,” explains
What attracted you to this career path?
Kim Yates, director of the asset management practise at
Financial services appealed because the sector is intellectually
Principal Search, the recruitment company.
challenging and continually reinvents itself. I previously managed
projects and client relationships so private banking matched my
Th e annual World Wealth Report 2008 publish by
skill set.
Merrill Lynch Capgemini estimated that in 2007 the
value of funds managed on behalf of 9.5 million high net
What are the major challenges you face in your position?
worth individuals with over $1 million of investable
One is how best to deliver what your client needs within the
assets was $40.3 trillion, up 9% on the previous year.
constraints of systems and the markets. You are always looking
Client relationships and sales are more important in this
for the win-win solutions. Managing expectations effectively is a
business than in any other in the investment area. “Wealth
constant challenge.
management as an industry has been very sales-led. Sales
or investment advisors tend to own the clients, as opposed
Are there certain skills you would consider useful for your job?
to the fi rm. Th e individual sales person is extremely
You have to be able to analyse clients’ assets and fi nancial goals
important, and can make a diff erence, even with a
whilst taking account of their personal, work and family
relatively limited calling card,” explains Alan Higgins,
situations. Sound commercial judgement and the ability to build CFA, ASIP, executive director and head of alternatives in
and maintain rapport are both very important. the wealth management division at Morgan Stanley.
He believes that wealth management works diff erently
How do you think the role you’re in now will change over time? to other aspects of investment, in that “it’s quite
Clients want faster, easier-to-access information, but there’s an entrepreneurial. You can have a very good career just
ever-increasing risk of fraud so we will have to make considered,
covering your client. People get titles and promotions on
appropriate use of technology. In the immediate future,
the revenue they bring in, but that’s almost an
longstanding core values of private banking such as honesty,
afterthought for most people,” he explains.
integrity and respect, which are “not so sexy” but essential, will
come back to the fore.
“The decisions we apply are
Do you have advice for someone intending to pursue the same
career path?
Financial services operate in a global, integrated world – so be
long-term decisions. Sometimes
interested in everything. Also, lateral moves are benefi cial to the
whole sector. People who have worked in something completely
we don’t deal for months”
different to private banking can bring fresh perspective and add
real value.
Jonathan Evans, CFA, ASIP, Hanseatic Group
18
112-29 investment management.indd 182-29 investment management.indd 18 222/11/08 12:39:472/11/08 12:39:47
Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76  |  Page 77  |  Page 78  |  Page 79  |  Page 80  |  Page 81  |  Page 82  |  Page 83  |  Page 84  |  Page 85  |  Page 86  |  Page 87  |  Page 88  |  Page 89  |  Page 90  |  Page 91  |  Page 92  |  Page 93  |  Page 94  |  Page 95  |  Page 96  |  Page 97  |  Page 98  |  Page 99  |  Page 100