Graham Harvey
Emulating Capital Raising Best Practices
Last week I completed a presentation on capital raising in Moscow for the BankConference event on private banking. While there I heard Graham Harvey from the Scorpio Partenrship speak on wealth management and family offices. Some interesting points from his presentation:
- The financial recession really resulted in 2 levels of losses for HNW wealth managers: The 1st round was real portfolio losses, the 2nd round is reduced % of inflows and slightly lower margins, at this same time there is some inflow opportunity from other private banks and family offices
- Right now many private banks are focusing on developing a higher relationship management focus
- 75% of the top 20 banks have been associated with bailouts or capitalization efforts
- The wealth management market is large with an estimated size of $14.5T in AUM
- Best practices outside the banking industry are very valuable to banks...I see this with hedge funds and family offices.
I think point number 5 above is the most important to take away here. Graham has consulted with some of the fastest growing and largest banks in the industry and one of his top suggestions is to take lessons learned from other markets such as luxury goods or fast moving consumer goods and apply those lessons to the private banking or hedge fund industries. I think that this is an area where hedge funds could take note and pick up some new best practices in terms of marketing and capital raising. I will soon write up a whole series on how this can be done with real life practical examples.
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