For more information contact: emailus@marcusevans.com An interview with Philippe Legrand, Chief Executive Officer of the Multi Family Office, London and Capital Asia Limited and a speaker at the marcus evans Private Wealth Management APAC Summit 2013, discusses the changing landscape of private wealth management in the region and what high net worth individuals are looking for in Asia. Join the 2014 Summit along with leading regional family offices and wealth advisors and international fund managers and consultants an intimate environment for a focused discussion of key new drivers shaping wealth preservation and investment strategy. For more information contact: emailus@marcusevans.com

1. Interview with: Philippe Legrand,
Chief Executive Officer of the Multi
Family Office, London and Capital
Asia Limited.
The global financial crisis highlighted the
benefits for independent and unbiased
financial and investment advice in Asia,
according to Philippe Legrand, Chief
Executive Officer, London and Capital
Asia Limited. The way banks in the
region reacted to the crisis, minimising
their exposure to other institutions and
as a consequence minimising their
product offerings, means that today’s
wealthy clients cannot always be certain
that they are getting the best available
advice and/or solution. Nor do they
always find the answer they are looking
for within their existing bank. The ability
to now work with advisors, independent
from the banks themselves, thus
provides a new alternative for Asian
investors, he explains.
A speaker at the marcus evans
Private Wealth Management APAC
Summit 2013, in Macao, Asia Pacific,
28 - 30 October, Legrand discusses the
changing landscape of private wealth
management in the region.
What is missing in the private
wealth management industry in
Asia?
First, we have to assess two
timeframes: before the global financial
crisis and after it. On average, Asian
high net worth individuals have four
private banks and one consumer bank
servicing their private needs. Before the
crisis, they enjoyed one-to-one
relationships with each of their banks
solely talking of the assets the client
held within that institution. There was
no perceived need for overview, and
risk management of the correlation
between the client’s different accounts
or asset classes.
After the crisis, the investors realised
the correlation risk they had been
exposed to and hence grew the need for
such a consolidated overview for
efficiency of overall asset allocation and
risk management purposes.
As for the banks, they reacted to the
crisis by drastically reducing their own
counterparty risk towards other financial
institutions. As such, they reduced the
depth of the open architecture model
they had offered before, thus affecting
the available choice to clients.
Finally Asian clients, being business
owners and first generation wealth
creators, often have needs that require
both private and corporate solutions.
Although banks sometime cater to both
if the size of the deal is right, the teams
are different and the coordination and
trust remain topics for the client.
How did the move away from open
architecture of banks impact
investors?
Irrespective of the level of open
architecture that each bank may
provide, the selection is not unlimited.
Yet when sourcing a solution to answer
the particular needs of a client, the
issue always remains: what is the best
solution for the client and who, amongst
the providers, offers the best
performing solution.
Clients want to have the security of
knowing their wealth is in the custody of
large financial institutions of their
choosing; but since they do not have
unlimited access within each bank, they
also want to ensure that the solution
provided to them in the form of advice,
truly reflects an independent “best of
breed” approach.
Hence the emergence of the concept of
Multi Family Offices that caters to
independently advising the clients on
the best solution for them. And then
finding it for them irrespective of the
provider.
What are the key characteristics of
the independent advice business
model? How do manager selection
and risk management differ?
A typical private banking account offers
three main components bundled up into
one: custody of liquid assets, advice in
managing these assets and execution of
trades related to these assets.
The concept of Multi Family Office is to
unbundle them and freely choose each
provider for these components.
With this model, the client chooses the
custodian but we provide the advice
(and overall relationship management)
through a limited power of attorney on
the account, with which we use the
custodian and execution platform of the
bank (although we can also execute
outside the bank itself).
Since clients have more than one
custodian bank, we provide a one-stop
solution team, independent from the
bank itself but fully regulated by the
same regulatory authorities
What future does this model hold in
Asia?
There is a huge potential. All high net
worth individuals have one trend in
common: they all lack time and they
need someone they trust to manage
their accumulated nest egg.
The concept of independency and one-
stop financial solutions that are offered
within Multi Family Offices is relatively
new in Asia but has a proven and
successful track record in Europe and
North America.
Asia has a limited number of players for
the moment, but the segment of clients
attracted by such services is
continuously growing, not to mention
the number of private bankers who now
have an option for a career outside the
banks.
Independent
financial
advice is
relatively
new in Asia
The Future of Wealth Management in Asia

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The Summit includes presentations on wealth preservation, wealth structuring,
sustainable long-term investment strategy and strengthening the family office
model.
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