Best private bank for family offices 2018
China Minsheng Bank Private Banking
Family offices are a fairly new territory in China’s private banking sector. China Minsheng Bank is one of the first to open family offices for ultra-high net-worth clients. Its deputy general manager is Li Wen.
While continuing to expand its range of services as well as the number of clients, the bank has stood out in the domestic private banking sector for its relentless efforts to standardize management and introduce best practices in family office services.
The creation of the China Minsheng Bank Family Charter symbolises that effort. The charter defines procedures for how the bank’s wealth managers engage customers and discover their needs.
For example, it spells out seven steps on how the bank’s managers should interact with potential clients to ensure a full understanding of their concerns and needs before creating family trusts.
The charter, which is also designed to install a fire wall between the assets of families and those of family-controlled businesses to prevent conflicts of interests, has also paved the way for the healthy growth of Minsheng’s family investment funds, creating more than 20 of them for large family-controlled companies since 2014.
It also leads domestic banks in developing family trust products such as charity and insurance premium trusts.