GOOD COVERAGE WINS NRI TROPHY & ME COMMENDATION
Emirates NBD’s (ENBD) Global South Asian Business (GSAB) comprises 14 relationship managers (RMs) and three investment advisors working on a dual coverage model in the UAE and globally via private baking (PB) offshore centers. It extends to East Africa, with two further team members, making it the biggest team in the middle-eastern (ME) region. GSAB, also known as Non-Resident Indians (NRIs) in the industry, represent 30% of the PB client base. It’s obvious why ENBD won the Outstanding NRI/ Global Indians Offering at the virtual PBI Global Wealth Awards 2021 with their good coverage, backed up by a HC: Highly Commended trophy for Outstanding Private Bank: Middle East.
ENBD PB has a highly qualified Chief Investment Office (CIO) team, which combines asset allocation, single asset class strategy, and selection of recommended securities, as well as open-architecture funds and a structured products platform. They help middle-eastern clients and NRIs based there. The CIO allocation framework was redesigned a couple of years ago to include state-of- the-art risk models that better analyze backdrop, valuation, and behavioral finance. Three profiles have been developed to preserve capital over respectively 3, 5, and 7 years, while providing the best risk-adjusted return over this horizon. Last year’s return for these timeframes was respectively +11.1%, +12.2% and +13.5% despite the ongoing Covid-19 situation. Indeed, the Tactical Asset Allocation Committee significantly cut equities in February 2020 only to buy them back at a 25% lower price towards the end of March after the initial pandemic crash, proving the team knows how to maximize value. Other bank-wide Covid-19 responses included:
Enhanced digitalization: and remote client service.
Virtual events: investment seminars, digital podcasts & regular e-publications were introduced in 2020 to provide support and market guidance to Private Banking and GSAB customers during Covid-19, and indeed beyond.
Work from home (WFH): policies and IT support. RMs used Skype and other digital platforms to stay in touch. Appropriate training is always given to ensure soft service-oriented development, alongside technical market knowledge support. This is reflected in ENBD’s average Net Promoter Score (NPS) of 59 in 2020 for the GSAB team, which is considered an excellent result in the customer satisfaction and ‘likely to recommend’ measurement.
ENBD overall got NPS 55 last year, helping it obtain its middle-eastern commendation, alongside its globe-spanning services and strong regional presence.
In regard to products, the Emirates Signature Funds of Funds was unveiled last year. The three multi-asset funds based on the global asset allocation process and fund selection capabilities of the CIO team – allied to the long-term profiles mentioned previously – mean investors get a choice of cost-effective and market leading products with global exposure and appropriate robustness. By September 2020, the funds had already gathered more than US$250 million in assets and delivered returns.
Trust and Wealth Structuring needs, aided by a team in Jersey, UK, offer a number of services, including:
succession planning,
trusts,
& liquidity planning, to ensure the next generation is equipped to manage their personal wealth.
The South Asian demographic is the largest expatriate population in the UAE, representing 60% of the total. They are served by PB offices in:
Dubai and Abu Dhabi, UAE;
Saudi Arabian branches in Riyadh, Jeddah and Khobar;
Mumbai, India office;
& offices in Singapore, and in the UK via London and the aforementioned Jersey for trusts.
Execution Desks at the Dubai headquarters and in Singapore provide access to listed capital markets and over-the-counter (OTC) instruments globally. Singapore also facilitates the rollout of new investment products and provides the GSAB unit with a booking center for jumbo life insurance policies, premium financing & structured products. Additionally, Singapore is used primarily for geographical diversification of our Asian markets offering; and as part of the bank’s strategy to deepen its coverage in South Asia. The branch in Mumbai, India, helps this as well. It also offers customers India-based products across high yielding deposits and transfers for those wanting to return home.
Looking to the future, the RM and advisory teams at the wider bank have been trained by Candriam Academy for sustainable and responsible investing, which is an increasing focus moving forward. ENBD is further formalizing its approach to this evolving sustainable and green arena as the Environmental, Social, and Governance (ESG) agenda grows in importance.