The 10 Influential Leaders in Wealth and Asset Management, 2024

VOL-09 | ISSUE-02 | 2024 The

In wealth management, In wealth management, In wealth management, true leadership means prioritizing true leadership means prioritizing true leadership means prioritizing the long-term success and well-being the long-term success and well-being the long-term success and well-being of your clients over short-term gains. of your clients over short-term gains. of your clients over short-term gains.

Wealth and Asset Catalysts he wealth and asset management industry continues to be shaped by visionary leaders redefining the standards of excellence. Through their innovative approaches and strategic foresight, these T leaders are steering the industry toward new horizons, blending traditional practices with cutting- edge advancements. Today’s influential figures in wealth and asset management are distinguished not just by their financial acumen but also by their ability to adapt to shifting market conditions and client expectations. They integrate advanced technologies with personalized service, enhancing client experiences and investment outcomes. Their leadership is marked by a solid commitment to transparency, ensuring that clients are well-informed and confident in their investment decisions. In an era where clients demand more from their financial advisors, these leaders are setting benchmarks in delivering customized solutions that address individual needs and goals. They are leveraging data analytics and artificial intelligence to offer deeper insights and more precise strategies, transforming how wealth management services are delivered and experienced. Their emphasis on sustainability and ethical investing reflects a broader shift toward responsible investment practices. By prioritizing environmental, social, and governance (ESG) factors, they cater to a growing demand for socially responsible investments and set new industry standards. As we move through 2024, it is clear that the influence of these leaders will continue to drive significant advancements in wealth and asset management. Their innovative approaches and dedication to excellence are reshaping the industry, ensuring that it remains responsive to the evolving needs of clients and the broader financial ecosystem. Editor’s Editor’s Preston Bannister N o t e N o t e

C o 08 Mark S v t e Thomas o r Empowering Investors through Tailored Financial Solutions r y P r o f i l e s Hillary Su 14 Building Strong Client Relationships in Finance Vipul Bhushan 22 Driving Innovationa for Shaping Modern Banking A r t i c l e s Diversification Strategies Maximizing Returns While Minimizing Risk 18 From Traditional to Digital 26 The Evolution of Wealth Management

Featuring Company Brief As the Head of Stewardship and Deputy Head of Sustainable Editor-in-Chief Deepshikha Singh La Française Investment Research at La Française, Deepshikha oversees the Head of Stewardship www.la-francaise.com Merry D'Souza integration of ESG criteria into the investment process. At InvesTAO, Hillary's leadership in the UK operations of this Managing Editor Executive Editor Assistant Editors Hillary Su InvesTAO placement agent revolves around cross-border fundraising Preston Bannister Jenny Fernandes Lusy Jameson Director and Head www.investao.co.uk between Europe and Asia with a focus on sustainable assets in of UK both public and private markets. Art & Design Director Associate Designer Visualizer As a visionary leader, Juergen is deeply committed to Juergen Blumberg Goldman Sachs revolutionizing the ETF landscape. The last two decades he Chief Operating Officer David King Rosy Scott Angela Ruskin www.goldmansachs.com spent spearheading transformative initiatives at some of the EMEA, ETF world’s foremost financial institutions. Accelerator Senior Sales Managers Business Development Manager Mark is Chief Strategy Officer at abrdn, a global investment Mark Thomas Bruno Alves, Jack McDowell Ryan Brown abrdn company that helps clients and customers plan, save and invest Chief Strategy Officer www.abrdn.com for the future. Marketing Manager Sales Executives James M. Max Floyd Paul Karger Paul co-founded TwinFocus in 2006. Headquartered in Boston TwinFocus Co-founder and with offices in London, TwinFocus advises family office clients www.twinfocus.com Managing Director on over $8 billion in assets globally. Technical Head Business Development Executives Jacob Smile Simon, Tom Shin is an experienced Strategy Lead, focusing in consulting operations and client relations for both Fortune 500 and local YCP Solidiance Shin Aung conglomerates with more than 8 years in consulting and www.ycpsolidiance.com Director advisory roles. Technical Specialist Digital Marketing Manager Dominique T. Irvin Wilson As Head of Research, Sir John Royden uses his MBA from Sir John Royden JM Finn London Business School and CFA qualification to cover global Head of Fixed Income www.jmfinn.com and UK equities, fixed income and macro for JM Finn’s 110 Research Research Analyst investment managers. SME-SMO Executive Frank Adams Steve Rodrigues Vipul assists his HNW clients across Europe and the Middle Vipul Bhushan Neue Privat Bank AG (NPB) East by providing them with tailored solutions and advice on Managing Director www.npb-bank.ch investments, estate planning, trusts, various structures, Database Management Technology Consultant Circulation Manager insurance solutions and philanthropy. Stella Andrew David Stokes Robert Brown Xiaolin is a distinguished and forward-thinking leader with an Xiaolin Chen KraneShares exceptional track record in steering global financial institutions sales@insightssuccess.com Board Director www.kraneshares.com towards unprecedented growth. September, 2024 Yesim is a Senior investment executive with 20 years of Yesim Tokat-Acikel experience in running and building out investment management Principal Asset Management Managing Director, capabilities, including strategy research, investment process www.principalam.com Follow us on : www.facebook.com/insightssuccess/ www.twitter.com/insightssuccess Portfolio Management design, portfolio management, and business development. We are also available on : Copyright © 2024 Insights Success, All rights reserved. The content and images used in this magazine should not be reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without prior permission from Insights Success. Reprint rights remain solely with Insights Success.

COVER STORY Mark Thomas Empowering Investors through Tailored Financial Solutions Mark’s interest in the wealth and asset management industry was sparked by a combination of personal and professional experiences.

he wealth and asset management industry has long His interest in the complexity of the Asset and Wealth been a cornerstone of global finance, offering a Management industry led him to join boutique consultancy T wide array of services that cater to the investment Alpha FMC, where he worked with a wide range of Asset needs of individuals and institutions. This sector is Managers to help them improve their businesses. His characterized by its intricate nature, constantly evolving experience and expertise in strategy eventually led him to with market trends, regulatory changes, and technological his current role at abrdn. advancements. As the industry navigates through challenges such as margin compression, the shift to passive From Academia to Industry investments, and high operational costs, it continues to seek innovative solutions to enhance efficiency and deliver Mark’s interest in the wealth and asset management superior client outcomes. The integration of artificial industry was sparked by a combination of personal and intelligence and data analytics is poised to revolutionize this professional experiences. While studying at the university, sector further, driving more informed and strategic he found himself drawn to financial modules and enjoyed decision-making processes. dabbling in light-touch investing on the side. However, it was through his consulting work and MBA that his passion Mark Thomas, the Chief Strategy Officer, epitomizes the for the business side of the industry truly blossomed. expertise and strategic foresight necessary to thrive in this complex industry. His journey began with an internship at He was fascinated by the challenge of creating and Orn Capital, followed by significant roles at Accenture and sustaining a successful business within the complex world Alpha FMC, where he honed his skills in client service, of Asset and Wealth Management. Over the years, his analysis, and strategic consulting. Mark’s academic career has evolved as he has gained experience and background and professional experiences fueled his passion expertise in various aspects of the industry. for asset and wealth management, driving his career progression and establishing him as a thought leader adept Decision-Making Amid Uncertainty in Finance at tackling multifaceted challenges and nurturing stakeholder alignment. Alongside some luck, a strong interestin the industry, and plenty of mentorship along the way, Mark’s curiosity to Currently, Mark leads strategic initiatives at abrdn, a tackle complex problems and put in the work to find company renowned for its commitment to client service and solutions has been key. He thoroughly enjoys problem- innovative investment solutions. Under his guidance, abrdn solving, and that’s key to delivering results. He loves to employs advanced technologies and a client-centric work with people and communicate ideas and analysis to Navigating the Shift to Passive Investments approach to empower investors and deliver tailored align diverse stakeholders. Additionally, he can make financial solutions. By maintaining a forward-thinking decisions based on a combination of facts,experience and According to Mark, the following strategies are essential perspective and adapting to industry shifts, abrdn continues intuition, even when dealing with uncertainty. for addressing the most significant challenges currently to set benchmarks in the asset management sector, ensuring facing the wealth and asset management industry: that it meets the evolving complex needs of its diverse Balancing Analytics and People Skills in Finance Mark focuses as best clientele while upholding a high standard of excellence and Ÿ Margin compression in active management: The integrity. Mark focuses as best as he can on numbers, data, and facts; solution tends to be to move more into Private Assets, as he can on numbers, these are his critical sources for decision-making. Long but this is not the only solution. Another solution can Let’s explore Mark’s journey in the complex world of meetings can be turned into quick ones when the facts are simply be to focus on areas of strength and scale or data, and facts; these wealth and asset management: produced, so he always tries to understand the truths that where one can foreseeably sustain good margins. are his critical sources are available to him when considering problems and Ÿ The continued shift to passives: A trend likely to Strategic Evolution in the Financial Sector important decisions. continue, especially as AI begins to get more widely for decision-making. applied to Passive or semi-passive investing. The Mark’s professional journey began with an internship at a On the flip side of this analytical work is the people aspect, solution can again be to look at where Passives will small hedge fund called Orn Capital in 2007, where he and so understanding who he needs to work with or struggle to replicate—the more specialist end of gained experience in operations and marketing. After convince, the skills he needs to harness, and their specific investments across asset classes, which is a strength of completing his university degree in business, he joined styles and perspectives are critical to developing and abrdn. Accenture, where he honed basic consulting skills, focused securing the right outcomes for the business. Ÿ High-cost bases across businesses: Businesses must on analysis, client service, and delivery. look to technology to help drive costs down. The industry has been slow-moving in this regard, but we

In terms of asset class-specific trends, the focus for many regulatory developments and can quickly adjust their active managers is on developing capabilities where growth businesses to reflect what is required by the regulator. is in-flight and expected. In Equities, these are primarily Maintaining a dialogue with the regulator is equally helpful Tech, Healthcare, and green energy. to ensure that the business is well understood. Private Markets continue to showcase strong growth Guiding Principles for Aspiring Professionals prospects due to higher margins and other larger themes, such as the transition to green energy. In multi-asset, we see Mark’s advice to aspiring professionals looking to pursue a continued demand in Model Porftolio Solutions, which are career in wealth and asset management is, “Perception proving particularly important as the Financial investing becomes a reality—always make a good impression and become ever more democratised. In Fixed Income, Mark become known for reliably delivering high-quality work. Be sees an opportunity for active manager in high yield and proactive and deliver everything you agree to to a high Emerging Market Debt. standard. Simply put, make sure you stand out for high quality.” Staying Abreast of Regulatory Developments “Read and be curious; do your best to understand the For Mark, it’s all about establishing a strong risk industry, its participants, and its challenges, and readily ask management culture across the firm. Everyone in the questions. It is an industry full of jargon and complexity organization has a crucial role to play in this, supported by that many people find challenging to simplify.” skilled risk and compliance teams. It is these teams who establish and run robust processes at all levels, deliver Mark believes that there are no stupid questions, so if you training, and know how to handle risks. don’t understand something, don’t stay quiet! Mark believes that there are no This enables the whole organization to identify, manage, stupid questions, so if you don’t and mitigate risks and issues as and when they arise. It’s understand something, don’t stay critical that organizations stay abreast of the latest quiet. are starting to see some progress, particularly through the service and relationship management. It will continue to application of AI deliver this by having strong, dedicated teams and technology to deliver a tailored client experience, and The Future of Client Service with Data Insights partnering with clients to ensure that it delivers against their objectives. Abrdn’s goal is always to make its clients better In his view, what will come as little surprise is that Gen AI investors. and technology supporting automation will fundamentally change the industry. This will impact organizations across The Role of Sustainability in Investment Strategies their value chain and disrupt the traditional ways of doing things. For adoption to take hold, it will require openness to He believes it’s a fascinating time for the industry, which is solutions and a cultural willingness to change from Mark’s being buffeted by macroeconomics, geopolitical tensions, a perspective. year of widespread impactful elections, and central bank policies. The US continues to show resilient growth, while The focus will turn to rapid and tailored product APAC and other EM markets continue to hold long-term development, exceptional client service supported by data growth potential due to favorable demographics and insights, and automated data-driven investment processes technology adoption. that lead to outperformance. European and APAC investors continue to favor Excellence in Client Service sustainability, which has become a polarizing view in the US. All of which is to say, Mark believes that one needs to Abrdn prides itself on client service and receives a lot of align tactical and strategic business exposures in line with positive feedback on the quality and care that goes into its these ongoing and anticipated developments.

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Diversification Strategies Maximizing Returns While Minimizing Risk nvesting is fundamentally about balancing the pursuit of high returns with the need to manage and minimize risk. I Diversification, a core principle of investment strategy, plays a crucial role in achieving this balance. By spreading investments across various asset classes, sectors, and geographic regions, investors aim to reduce the impact of any single asset’s poor performance on their overall portfolio. Further, we explore the concept of diversification, its benefits, key strategies for implementation, and practical tips for maximizing returns while minimizing risk. The Concept of Diversification Diversification is the practice of allocating investments among different financial instruments, asset classes, and other categories to reduce the overall risk of the portfolio. The underlying idea is that different assets react differently to economic events, market conditions, and geopolitical developments. By holding a variety of investments, the negative performance of some assets can be offset by the positive performance of others. This approach helps to smooth out the volatility and potential downturns in the value of an investment portfolio. The Benefits of Diversification Risk Reduction: Diversification helps to mitigate risk by ensuring that poor performance in one investment does not severely impact the overall portfolio. Different assets often have varying levels of risk and return, and their performance can be uncorrelated. When some investments underperform, others may still perform well, thereby reducing the overall risk. Stability of Returns: A diversified portfolio tends to experience less volatility and more stable returns compared to a concentrated one. This stability is particularly important for investors who are risk- averse or those approaching retirement, as it provides a more predictable income stream and protects against significant losses. Enhanced Investment Opportunities: Diversification allows investors to explore various growth opportunities across different September 2024 | 18 | www.insightssuccess.com September 2024 | 19 | www.insightssuccess.com

sectors, regions, and asset classes. By not focusing on a and consumer goods—helps to manage sector-specific risks. single investment type or market, investors can tap into Different sectors react differently to economic cycles and diverse sources of return and potentially capitalize on market trends. emerging trends and opportunities. Technology: Known for high growth potential but also high Reduced Correlation: One of the key aspects of volatility. Diversifying within technology can include diversification is investing in assets with low or negative investing in software, hardware, and tech services. correlation. When assets are not closely correlated, they tend to move independently of one another. This reduces Healthcare: Typically more stable, as healthcare demand is the likelihood that all investments will experience less sensitive to economic fluctuations. This sector includes simultaneous declines, thus mitigating overall portfolio risk. pharmaceuticals, biotechnology, and healthcare services. Choose Key Diversification Strategies Finance: Encompasses banks, insurance companies, and investment firms. This sector can benefit from rising interest To effectively implement diversification, investors should rates and economic growth. Excellent consider several key strategies: Geographic Diversification Choose Asset Class Diversification Investing across various geographic regions—such as Insights. Spreading investments across different asset classes—such developed markets (e.g., U.S., Europe) and emerging as equities, bonds, real estate, and commodities—helps to markets (e.g., China, India)—can protect against country- specific risks and provide exposure to global growth balance risk and return. Each asset class has unique characteristics and behaves differently under various market opportunities. Economic conditions, regulatory conditions. environments, and currency fluctuations can impact different regions differently. Equities (Stocks): Stocks offer the potential for high returns through capital appreciation and dividends but come with Developed Markets: These markets offer stability and established economic structures but may have slower higher volatility. Diversifying within equities by investing in different sectors and companies can further spread risk. growth compared to emerging markets. Emerging Markets: These markets can offer higher growth Bonds (Fixed-Income Securities): Bonds provide regular interest payments and are generally less volatile than potential but come with higher risk and volatility. They may stocks. Including government bonds, corporate bonds, and benefit from rapid economic development and demographic trends. municipal bonds can add stability to a portfolio. Real Estate: Real estate investments, including residential, Conclusion commercial, and REITs (Real Estate Investment Trusts), offer income through rents and potential appreciation. They Diversification is a fundamental strategy for maximizing often have a low correlation with traditional asset classes returns while minimizing risk. By spreading investments across different asset classes, sectors, and geographic like stocks and bonds. regions, investors can reduce the impact of any single Commodities: Investing in commodities like gold, oil, and asset’s poor performance on their overall portfolio. Implementing effective diversification involves agricultural products can provide a hedge against inflation and market volatility. Commodities often move understanding risk tolerance, building a balanced portfolio, independently of stocks and bonds, adding another layer of and regularly reviewing and adjusting investments. Diversification provides a crucial foundation for achieving diversification. long-term financial success and stability in a dynamic Sector Diversification investment landscape. Within an asset class such as equities, diversifying across different sectors—such as technology, healthcare, finance, September 2024 | 20 | www.insightssuccess.com

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From Traditional to Digital The Evolution of Wealth Management ealth management has undergone a profound transformation over the past few decades. Once dominated by personal W relationships and face-to-face interactions, the field has evolved significantly, driven by technological advancements and changing client expectations. Further, we explore the evolution of wealth management from its traditional roots to its current digital state, highlighting key developments, emerging trends, and the future trajectory of this dynamic industry. Traditional Wealth Management In its traditional form, wealth management was characterized by a highly personalized approach. High-net-worth individuals (HNWIs) and affluent clients typically relied on a dedicated financial advisor or wealth manager, often from prestigious financial institutions. These advisors provided bespoke services, including investment management, estate planning, tax optimization, and financial planning, tailored to the specific needs and goals of their clients. The traditional model emphasized face-to-face meetings, where advisors built deep, personal relationships with their clients. This personal connection allowed advisors to understand clients' financial aspirations, risk tolerance, and life goals in detail. Recommendations were based on these insights, combined with the advisor’s expertise and access to proprietary investment products and services. However, this model had its limitations. The high costs associated with personalized advice and the limited scalability of such services meant that they were accessible primarily to the wealthy elite. Moreover, the process was often slow and cumbersome, relying on manual record- keeping and traditional communication methods. The Advent of Digital Wealth Management The digital revolution brought transformative changes to the wealth management industry. The introduction of online platforms, financial technology (FinTech) innovations, and data analytics began to reshape how wealth management services were delivered. This shift was marked by several key developments: September 2024 | 26 | www.insightssuccess.com September 2024 | 27 | www.insightssuccess.com

Leadership in asset management Robo-Advisors: One of the most significant innovations in Transparency: Clients can track their investments, review is about guiding others through digital wealth management is the rise of robo-advisors. performance reports, and access real-time data, providing a These automated platforms use algorithms and data higher level of transparency compared to traditional uncertainty, making informed decisions, analytics to provide investment advice and portfolio methods. management services at a fraction of the cost of traditional and maintaining a clear focus on advisory services. Robo-advisors democratized access to Accessibility: Digital tools have made wealth management wealth management, allowing individuals with lower services more accessible to a broader audience, including strategic goals. investment thresholds to benefit from professional-grade those who may not have met the high minimum investment financial planning. requirements of traditional advisory services. Online Platforms and Mobile Apps: The proliferation of Cost Efficiency: The automation and scalability of digital online platforms and mobile apps has made it easier for platforms have reduced the cost of financial services, investors to manage their portfolios, execute trades, and making them more affordable for a wider range of access financial information. These digital tools offer investors. convenience, real-time updates, and a wide range of investment options, enabling investors to take a more active Convenience: Online platforms and mobile apps allow role in managing their wealth. clients to manage their investments from anywhere, at any time, without the need for face-to-face meetings. Big Data and Analytics: The use of big data and advanced analytics has revolutionized investment strategies. Financial Challenges and Considerations institutions and advisors can now analyze vast amounts of data to identify trends, assess risk, and develop more While digital wealth management offers numerous accurate forecasts. This data-driven approach enhances advantages, it also presents certain challenges. These decision-making and allows for more personalized include: investment strategies. Security and Privacy: As digital platforms handle sensitive Artificial Intelligence (AI): AI technologies have further financial information, ensuring data security and privacy is advanced digital wealth management by enabling more paramount. Cybersecurity threats and data breaches are sophisticated financial modeling, predictive analytics, and ongoing concerns that require robust protection measures. automation. AI-powered tools can analyze market conditions, optimize asset allocation, and provide Conclusion personalized investment recommendations with greater precision. The evolution of wealth management from traditional to digital has transformed how financial services are delivered Blockchain and Cryptocurrency: The emergence of and accessed. While traditional methods emphasize blockchain technology and cryptocurrencies has introduced personal relationships and bespoke advice, digital new opportunities and challenges for wealth management. innovations have introduced efficiency, accessibility, and Blockchain offers enhanced security and transparency for cost-effectiveness. As technology continues to advance, the financial transactions, while cryptocurrencies provide industry will likely see further integration of digital tools alternative investment avenues. Wealth managers are with personalized service, creating a more dynamic and increasingly incorporating these technologies into their inclusive wealth management landscape. Understanding these changes and adapting to the evolving environment service offerings. will be key for both investors and financial professionals as The Changing Client Expectations they navigate the future of wealth management. The shift from traditional to digital wealth management has been driven in part by changing client expectations. Modern investors demand greater transparency, accessibility, and control over their financial decisions. Digital platforms cater to these demands by offering: September 2024 | 28 | www.insightssuccess.com

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The 10 Influential Leaders in Wealth and Asset Management, 2024

The 10 Influential Leaders in Wealth and Asset Management, 2024

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