PBI article: Forges ahead in Europe and new digital services
This article is an extract from the magazine "PBI Global Wealth Awards Special Report 2022" that has been published for the 2022 edition of the Private Banker International Global Wealth Awards.
BNP Paribas Wealth Management (WM) develops the group’s private banking model across 19 countries, serving entrepreneurs, families offices, Ultra/High Net Worth Individuals (ultra-HNWIs) in Asia, the US and Middle-East via 6,800 employees and attaining EUR422bn (US$422.3bn) in Assets under Management (AuM) last year, up 8.4 per cent, and a rank of the number one Private Bank in the Euro Zone by AuM thanks to growth in Germany, Italy and other places in its traditional stronghold. Alongside its Francophone base, this won it the Outstanding Global Private Bank: Europe at the PBI Global Wealth Awards 2022 and Highly Commended status for Most Innovative Digital Offering thanks to its Private Assets Portal and a number of other new digital services.
BNPP WM attracted EUR2.4bn in net asset flows last year and is successfully surfing the volatility in this year’s market. As the leading private bank in the Eurozone, BNPP WM continued to accelerate in the Entrepreneurs and Large Families segment across geographies such as Germany, Italy, and the Netherlands in particular. The private Bank will pursue developments over the long term, drawing on their expertise and continuing to take advantage of the Group's diversified and integrated model so that this clientele fully benefit from synergies with CIB, Asset Management and Real Estate in particular.
Alongside a wide range of products and services in wealth planning, financial management and investments, BNP Paribas WM also offers tailor-made financing and specialised expertise in areas such as real estate , philanthropy, and forests or vineyards. The latter was evident in its annual Agrifrance report on the French rural land market last year, which focused on the issue of renewing young generations in the rural world to maintain locally-grown quality agriculture, arboriculture or viticulture in a modern world that increasingly sees that as a social, rural planning and sustainability issue – not to mention a food sovereignty and security topic since the start of the war in Ukraine.
Sustainability is a key topic, and future growth avenue for BNPP WM, so it has designed a comprehensive sustainable client journey in four steps:
Step 1 – myImpact tool: This digital solution helps identify the social and environment subjects that matter to clients, helping them define their investor and/or philanthropist goals. It’s a treasure chest of insights into sustainable development, responsible investment, and philanthropy.
Step 2 – Objectives: Clients define with their relationship manager (RM) and BNPP WM’s sustainable experts their objectives in terms of risk, return, and impact.
Step 3 – Clover rating methodology: Next, clients choose the level of sustainability they want their investments to have; on a scale of 0 to 10 clovers. This unique new rating system across all asset classes rates the sustainability of BNPP WM’s products and gives clients a holistic vision of the sustainability of their entire portfolio. Ready to use or tailor-made philanthropy solutions can be investigated.
Step 4 – Decision time: In the final step, BNPP WM proposes concrete sustainable investment solutions to match the clients’ now fully defined and investigated sustainability profile.
As part of its over-arching client experience (CX) programme, BNPP WM fully launched a Private Assets Portal worldwide in Q3 2022. The platform is dedicated to helping clients in the Private Equity (PE), real estate and private asset funds area, providing instant access to real-time information regarding the investments they have subscribed to via an electronic e-signature. A 360 degree view of portfolios with detailed geographies, strategies or currencies is available, alongside breakdowns of the performance of each fund and their consolidated portfolio.
The private bank is also strengthening its events, particularly for millennials via its ‘NextGen Experience: A FastTrack to wealth management’ seminar where participants were invited to debate with WM experts, experience digital innovations, and meet inspiring entrepreneurs to give them investment ideas.
Its post-Covid investment themes for 2022 include:
Source: Private Banker International, Private Banker International Global Wealth Awards (verdict.co.uk)