Constructing a complete investment management advisor from a ‘lost’ sales team
Major global private bank wanted to establish a presence in Korea. management had hired a team of private bankers but had not had time to develop the investment platform.
Only some of the many investment activities that the Bank offered worldwide were available to use in Korea due to local regulations. The lack of performance became a very high-profile issue internally within the bank.
I took the view that we needed a DOMESTIC private bank to attract the local clients. That meant developing a complete domestic investment platform – though naturally with as many international products as were allowable under Korean regulations. Everything from initiating, writing and distributing our own and the bank’s high-quality research started morning investment meetings and global market monitoring, detailed sales presentations, procedures and sales training. Met and marketed Korean clients and prospects. Sales management. Original research on the available Korean product including the Korean bond, equity and the mutual fund markets. Established manager research and selection and developed asset allocation for model portfolios and portfolio construction.
Sales soared dramatically from the low base as the team had the right product, the right sales approach, substantially upgraded professionalism and new credibility to offer the marketplace.