Private Banking Recommendations in Singapore (all advise welcomed)

[SQTalked]

Dear colleagues,

It is time I trade up from Priority, Premier, Treasures and Citi G. Assuming if all of you have not spent everything on PPS, any advise on Private Banking in Singapore is welcomed.

As a non S'pore residents, advise from non residents is specially welcomed!!

Julius Baer? UBS? SC Private? SG? BNP Paribas?

Meanwhile, may I wish everyone a profitable year ahead.

SQTalked.

[SQTalked]

In case anyone ask why I didn't consider HSBC Private, they ask for US$3m but can't promise 15% return. I told them to p*ss off and don't call back.

[Guy Betsy]

If you're as wealthy as you seem to boast, then you really do not need to ask such questions here when the banks will be out looking for you!

[SQTalked]

Sorry GB for you to feel that way.

There is a reason I fly C/J only once a year as I mostly pay for my own ticket. I am 4th generation entrepreneur, hence I'm careful with my spending and investment.

Like many Indonesians, we sock (park) monies in SG for rainy days (think Bahrain). Best I don't mention what I steer or wear each morning to aggrieve you further.

In conclusion, apologies to anyone who may be offended by this post. For the record, i do earn an honest living. But, if anyone have any strong recommendation for Private Banking, do post or PM me.

Cheers.

[Michael]

Unfortunately, I don't have any experience in Singapore so what I am writing below may not be applicable to where you reside presently but still here is my opinion (from a European perspective).

SG and BNP I wouldn't consider - I don't think they have any traditions in private banking. UBS and JB, on the other hand, being Swiss by establishment, have private banking as a core business. The former has suffered a huge blow following the tax evasion accusations in the USA and I think they still haven't managed to earn back client trust and regain credibility, they also lost a lot of clients and assets to their home competitor Credit Suisse and are still to attract these back. Of those that you have mentioned I would therefore opt out for Julius Baer - they don't have the 'disadvantage' of being too big or claim to be a universal bank but instead concentrate on what they do best - private banking the way only the Swiss can do it. Finally, you don't mention it and unfortunately they don't seem to be present in Singapore (though they are in Hong Kong), but another possibility, and a good one, would actually be Brown Brothers Harriman.

Once again though, a disclaimer - this is not an advice, I have no experience with private banking in Singapore and therefore I may well be actually misleading you. Do your research of what local banks are offering you and wisely choose the one that best fits your long-term goals and objectives.

[SINFJ]

In case anyone ask why I didn't consider HSBC Private, they ask for US$3m but can't promise 15% return. I told them to p*ss off and don't call back.

If you are looking at this level of returns, won't an asset manager suit you better rather than parking the sum under some low risk instrument traded by the bank?

It seems weird that for such a big portfolio with an equally aggresive outlook, it doesn't seem like you are quite willing to embark on some risk taking.

[SQTalked]

Thanks For sharing chaps (and ladies). I'm obviously a novice, hence am all ears. It is interesting that no one from Indo has chipped in ther two pence.

Mike, does BBH offer any irrisitible perks or deal clincher? i.e. BNP will fly you to Spore F1, box seat, hotel and all...

Sinfj, would you be a banker by any chance? Is 15% aggressive? I have heard people made more than that just trading AUD last year. Any major difference between the function of Asset Manager and what Private Banker does? Any AM firms to recommend?

Cheerio.

[SINFJ]

Thanks For sharing chaps (and ladies). I'm obviously a novice, hence am all ears. It is interesting that no one from Indo has chipped in ther two pence.

Mike, does BBH offer any irrisitible perks or deal clincher? i.e. BNP will fly you to Spore F1, box seat, hotel and all...

Sinfj, would you be a banker by any chance? Is 15% aggressive? I have heard people made more than that just trading AUD last year. Any major difference between the function of Asset Manager and what Private Banker does? Any AM firms to recommend?

Cheerio.

Hi there

I do not come from a finance background but have come from non-banking role in a financial institution in my last job.

You mentioned a rather impressive risk penetration but are constricting yourself to a restricted range of investment avenue. I don't mean to be offensive but just wanted to pan out alternatives you might consider when doing your due dilligence.

With a quantum as you mentioned, I would not be surprised if private bankers or asset managers start approaching you. Afterall, such is good news to folks in this line, and there will definitely be folks who pass the word around.

the AUD spike came as a result of a few reasons but these are better left for another day, since we are not in a financial talk here.

I am bounded by a non-disclosure clause in my exit contract but google is your best friend. The same places you find banks are likely you find asset managers as welll.

Hope that helps

[milehighj]

Ok, I'll give my 2 cents...

In case anyone ask why I didn't consider HSBC Private, they ask for US$3m but can't promise 15% return. I told them to p*ss off and don't call back.

Per your statement above, you told the one bank which gave you a half-honest answer to "p*ss off and don't call back".

... does BBH offer any irrisitible perks or deal clincher? i.e. BNP will fly you to Spore F1, box seat, hotel and all...

Per this statement above, you are the perfect private banking sucker customer (aside for coming across as a right royal PITA), in it for the perceived freebies and to have your a*se kissed - for which the PBs will proceed to charge you for in multiples of fees (some of which you will never be able to trace - hint: do NOT buy structured products)...

[MAN Flyer]

Ok, I'll give my 2 cents...

I was wondering when you would chime in.

[Gunners]

The great thing about doing banking in Singpaore is that we can prepare our financial reports for Singapore corporate affairs and do our business in Australian dollars. We do one simple conversion at end of each financial year to convert our accounts into $S for IRAS purposes

We bank with ANZ and Westpac in Singapore and only maintain an AUD account.

In the past we found HSBC expensive in completing AUD transactions and reverted back to Australian banks in Singapore.

Does anyone know if IRAS allows the receipt of tax payments by credit card?

[9V-JKL]

Does anyone know if IRAS allows the receipt of tax payments by credit card?

It was possible in the past but no longer

[Gunners]

Oh well at least the ATO is trailing credit card payments.

[lee_apromise]

Oh well at least the ATO is trailing credit card payments.

But with additional surcharge of around 1.5% depending on what kind of credit cards one uses, will it be worth it?

[lingua101]

Dear colleagues,

It is time I trade up from Priority, Premier, Treasures and Citi G. Assuming if all of you have not spent everything on PPS, any advise on Private Banking in Singapore is welcomed.

As a non S'pore residents, advise from non residents is specially welcomed!!

Julius Baer? UBS? SC Private? SG? BNP Paribas?

Meanwhile, may I wish everyone a profitable year ahead.

SQTalked.

You may want to consider Credit Suisee Private Banking only requires US$500,000. They have dedicated Indonesian desk as they have many Indonesian client. (I assume you are Indonesian). If you want more boutique type, you can go to Claridien Leu, but you need US$1mil. They have some Private Banker running around in Jakarta