ubs investors day...3 a b private banking potential for the private banking industry strong growth...
TRANSCRIPT
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ab
UBS Investors’ DayPrivate BankingRudi Bogni14 December 1999
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1ab Private Banking
Contents
Section 1 Industry Trends
Section 2 Positioning
Section 3 Strategy
Section 4 Business Initiatives
Section 5 Conclusion
Appendix
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Industry Trends
SECTION 1
ab Private Banking
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3ab Private Banking
Potential for the Private Banking Industry
Strong growth forecast in HNWI wealth (USD trillion)
Source: World Wealth Report 1999, Merrill Lynch/Gemini Consulting
1986 1997 1998 2003E
AfricaEastern BlocMiddle EastLatin AmericaAsiaNorth AmericaEurope
19.121.6
7.2
32.7
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4ab Private Banking
Industry Attractiveness and Competitive Pressure
♦ Industry attractiveness— HNWI financial asset wealth forecast to grow at 9% p.a.
— low capital requirements and stable revenues
— low proprietary product differentiation
♦ Competitive pressure— Insurers AIG, Zurich, Allianz
— Stockbrokers Schwab, E*Trade
— Retail Banks Citigroup
— Consultants KPMG
— Investment Banks Merrill Lynch, Goldman Sachs
— Intermediaries Yahoo!, Financial Times
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5ab Private Banking
Changing Client Profile
♦ New wealth growing faster than inherited wealth— entrepreneurs, executives and professionals
♦ More active and less risk averse
♦ Well educated and IT-literate
♦ Global and mobile
♦ Growing demand for— superior investment performance
— innovative and sophisticated products and services
— quality up-to-date information followed up with strong advice
— increased availability and multiple access points
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6ab Private Banking
New Technologies
♦ No more proprietary information channels
— information liquidity and transparency
— comparison shopping
♦ New market mechanisms
— pull strategies outperform push strategies
— tailored assembly of specialized services
— distribution costs approaching zero
♦ Data-mining techniques
— let the clients segment themselves
— personalization and intimacy
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7ab Private Banking
Opportunities for the Private Banking Industry
♦ Advice is the key sustainable differentiating factor
♦ Life-cycle view
♦ Share-of-wallet
♦ Intimacy and customization - know your clients’ needs— frequent client interaction on multiple channels
— increased client experience
♦ Client retention and exploitation of client revenue potential— ability to sell complementary products and services
♦ Lower overall costs of delivery
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Positioning
SECTION 2
ab Private Banking
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9ab Private Banking
UBS Private Banking Profile
♦ 80 Private Banking locations worldwide
♦ 8,773 employees— professional skills, strong knowledge of culture, language skills
and customers’ traditions
♦ Close personal and long-standing client relationships
♦ CHF 642 billion assets under management
♦ Targeted client groups
♦ Structure aligned to markets
Note: Numbers as of 30 September 1999
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Strategy
SECTION 3
ab Private Banking
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11ab Private Banking
UBS - the Premier Global Private Bank
UBS Private Banking is
♦ the integrated provider of a broad portfolio of financialproducts and services…..
♦ to wealthy clients, and the financial intermediaries advisingthem…..
♦ worldwide…..
♦ covering the whole life cycle and …..
♦ through succession planning, the generational change
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12ab Private Banking
UBS Private Banking Strategy
♦ Focus on wealthy clients with individualized requirements acrossbroad product range and through entire life cycle
♦ Defend position in Swiss private banking with Swiss andinternational clients
♦ Build domestic private banking businesses outside of Switzerland
♦ Diversification of investment styles
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13ab Private Banking
Size does matter!
Integrated Wealth Management
Delivery of tailormade solutionsClient
Advisor
Individual needs
ActiveInvestment
AdvisorsCreditArt Banking
Real EstateManagement
GlobalCustody
FinancialPlanning
PortfolioManagement
TrustBusiness
CorporateFinance
Funds
EstateAdvisory
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14ab Private Banking
Private Banking with Swiss and International Clients
♦ World’s leading wealth management company
♦ Clear, market-oriented organization, that meets clients’ country- and region-specific requirements
♦ Stable revenue producer
♦ Continuous strategic developments in traditional and newmarkets such as Central Europe and Asia
♦ Further expansion in London, Monaco, Luxembourg, New Yorkand Singapore
♦ Emphasis on
— client retention
— next generation of clients
— systematic approach to new business segments
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15ab Private Banking
Domestic Private Banking outside Switzerland
♦ Global market share of UBS Private Banking is about 2%
♦ Two-thirds of global Private Banking assets are held onshore
♦ Development of onshore Private Banking markets
— tap previously inaccessible money
— tap money flowing back from offshore centers
♦ Onshore environments highly suitable for our business model
— high-tax environments conducive to providing high-value and high-price products and services
— the importance of traditional tax havens will be reduced
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16ab Private Banking
Domestic Private Banking outside Switzerland (ctd.)
♦ Integrated wealth management approach
♦ Portfolio strategies
♦ Segmentation based on client needs
— Entrepreneurs
— Professionals
— HNWI / Families
— Intermediaries / External Asset Managers
♦ Focus on large economies(e.g. UK, Germany, France, Italy, Spain, US, Japan)
♦ Opportunistic approach in smaller economies(e.g. Canada, Australia, Taiwan)
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17ab Private Banking
Key Success Factors ...
Sources: Treacy & Wieserma
Infrastructure Managementlargely PCC
Client relationship Core PB competence
Product Innovationlargely Warburg & UBS AM
BrandAdvisoryIntimacy
Confidentiality
Competence of Staff
Performance Product RangeCost, Price Delivery
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18ab Private Banking
… are aligned with our Business Model
Source: Hagel & Singer
Productinnovation
ClientRelationship
InfrastructureManagement
Early market entryallows forpremium priceand large marketshare: speed iskey
High cost of clientacquisition makesit imperative togain large share ofwallet: economiesof scope are key
Low unit costs areachieved throughhigh volume:economies ofscale are key
Economics
Employee centre;coddling thecreative “stars”
Highly serviceoriented; “clientcomes first”
Cost focused;stress onstandardization;predictability;efficiency
Culture
Competition Battle for talent;low barriers toentry; many smallplayers thrive
Battle for scope;consolidationthrough a few bigplayers; threat offragmentation(EAMs)
Battle for scale;rapidconsolidation; afew big playersdominate
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19ab Private Banking
Client Relationship Pays off over Time
♦ Acquisition costs: are 8 to 10 times higher than retention costs in service industries
♦ Revenue growth: share of wallet increases over time
♦ Cost savings: clients become more familiar with the Bank’s processes
♦ Referrals: reduces acquisition costs
♦ Price premium: less need for “order winners”
Source: Reichheld ‘96
An
nu
al C
ust
om
er P
rofi
t
0 1 2 3 4 5 6 7
Price premiumReferralsCost SavingsRevenue growthBase profitAcquisition cost
(1)
0
1
2
3
4
5
6
7
Year
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Business InitiativesSECTION 4
ab Private Banking
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21ab Private Banking
Value Enhancing Business Initiatives
♦ Style diversification, e.g. acquisition of GAM
♦ Segment specific advisory groups— Global Executives Group
— Corporate Advisory Group
— Real Estate Advisory Group
— Sports and Entertainment Advisory Group
♦ e-services in Private Banking
♦ Projects to grow our Investment Funds business: Fund Gate
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22ab Private Banking
Acquisition of Global Asset Management
♦ Global, diversified asset management group
♦ Multi-manager selection increasing availability of differentinvestment styles to Private Banking clients
♦ CHF 21 billion assets under management
♦ 500 employees
♦ 170 mutual funds and unit trusts
♦ Operations in Europe, North America, Asia and Middle East
♦ High reputation and good performance track record
♦ Acquisition expected to close by the end of Q1 2000
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23ab Private Banking
Entire wealth generating portfolio
Income generation/wealth accumulationprograms “employment relationship asset”
Personal assets Investments
Traditional PB focusValue to the client:
♦ Wealth management (financial planning, tax, estatemanagement)
♦ Tailored risk/reward patterns linked to personal objectives
♦ ESOP life cycle management including derivatives and riskmanagement
♦ Provide global reach and service
Global Executive Group
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24ab Private Banking
Co-operationwithin UBSGroup
Information
Market Information
Transactions
ExclusiveInformation
Relationship Private Banking only
The Internet as an additional information and communicationchannel - focused on the individual needs of our Private Bankingclients around the globe.
e-services in Private Banking
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25ab Private Banking
Range of Products and Services on the Web
InformationProducts, Services, News
Market informationUBS Quotes, Fund Gate
Transactions24h Banking; Tradepac; UBS Connect
Personalizedoptimus-online, AAT Extranet
Individ-ualized
communication/advice online
E
X
C
L
U
S
I
V
I
T
Y
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ab Private Banking
Fund Gate - Web Database for UBS Funds
♦ Key data
♦ Fund prices
♦ Performance data
♦ Performance charts
♦ Structures
♦ Distributions
♦ Publications
♦ Customized fund information
♦ Daily updates
♦ Historical data
♦ Tailor-made queries
26
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ConclusionSECTION 5
ab Private Banking
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28ab Private Banking
Conclusion
♦ Strength of our existing client franchise
♦ Positioned for growth in domestic and internationalPrivate Banking
♦ Clear focus on identified target segments
♦ Substantial investments to enable future growth
♦ Expansion by organic growth and by selective acquisitions
♦ UBS Private Banking is an integral part of UBS Group
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Appendix
abab Private Banking
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30ab Private Banking
Private Banking Structure
Private BankingRodolfo Bogni
Deputy: Arthur Decurtins
Inter-nationalclients
GeorgesGagnebin
DomesticClients
GeorgeFeiger
PrivateBanks
Markus Weiss
Products,Services &Logistics
ArthurDecurtins
SwissClients
Gian PietroRossetti
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31ab Private Banking
Jersey
Tokyo
Toronto
London Monaco
Madrid
Munich
Montreal
Vancouver
Los AngelesSan Francisco
Singapore
Nassau
Stamford
Miami
Sydney
Melbourne
RomeMilano
Barcelona
Luxembourg
FrankfurtHamburgBerlin
Offenbach
Duesseldorf
Panama
Grand Cayman
New York
Paris
Hong Kong
Chicago
Houston
Stuttgart
TaipeiMarbella
International Private Banking Locations
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32ab Private Banking
Schaffhausen
·Basel
· Solothurn
Zurich ·
· Geneva
Aarau · St. Gall ·
· Fribourg
Lausanne·
· Vevey
Lugano·
Locarno
· Chiasso
Lucerne ·
Chur ·
· Zug
Neuchâtel ·· Berne
· SionBrig ·· Crans
· Martigny· Verbier
· Villars
· Zermatt
· Gstaad St. Moritz
Arosa ·Davos ·
· Winterthur
·Kreuzlingen
· Wil
• Zurich Airport
• Thun
Biel ·
Swiss Private Banking Locations
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33ab Private Banking
Domestic and International Expansion
Organic
♦ Chicago (1999)
♦ Stuttgart (1999, new branch ofSMH in Germany)
♦ Rome, Bologna (1999), Milan(1996)
♦ Paris (1999)
♦ Madrid, Barcelona,Marbella (1999)
♦ UBS Trust & Banking Japan(1998)
Acquisitions
♦ Global Asset Management(subject to closing in 2000)
♦ Bank of America(Europe, Asia, 1999)
Pre-merger
♦ Schröder, Münchmeyer-Hengst(Germany, 1997)
♦ Standard Chartered (Asia 1997)
♦ Chase Manhattan (U.S.A., 1996)
♦ Potter Warburg (Australia,1995)
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34ab Private Banking
♦ Negative impacts in3Q’99 from lower levelof client activity andsubstantial expansionof domestic PB
♦ Acquisition of GAM willadd investmentopportunities
♦ Formed GlobalExecutive Group, Sportsand EntertainmentAdvisory Group andEntrepreneur AdvisoryTeams in 1999
♦ Increase in headcount‘99 mainly attributableto the expansion indomestic PB
Private Banking: Comparative Results
Notes:(1)Adjusted for pre-tax divestment gains of 1’058mn, related
operating income of CHF 268mn and operating expensesof CHF 125mn.
CHFm 9M99 9M98 1) 1998 1)
Operating Income 4,413 4,865 5,871
Operating expenses 2,390 2,209 2,736
Net profit before tax 2,023 2,656 3,135
AuM (CHFbn)discretionary (%)
64224
58725
60725
Operating income(% of avg AuM) 93bp 108bp 97bp
Cost/income ratio (%) 54 45 47
Net Profit before tax(% of avg AuM)
42bp 59bp 52bp
Headcount (#) 8,773 7,571 7,634
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35ab Private Banking
Informationhttp://www.ubs.com/e/products.html
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36ab Private Banking
Exclusive Informationhttps://www.ubs.com/e/pb/optimus.html
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37ab Private Banking
Relationshiphttps://www.ubs.com/e/pb/optimus/opticontact.html
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ab Private Banking
Fund Gate - since October 1999 on internethttp://www.ubs.com/fundgate
38