Just a few days before the start of a new online platform for external asset managers by Credit Suisse, Bank Vontobel is launching an own tool for this target group.
The Swiss banking sector is on the move. The more then 3'000 independent asset managers (or «External Asset Managers», EAM) play an important role in these developments.
Due to the many regulatory and structural changes, which they have to face, many of them must go through a process of re-orientation, at least in terms of their business model, which in return means a great opportunity for banks, which offer new services for EAMs – especially in the online sector.
Similar to Facebook
Given this background, Credit Suisse (CS) has created a certain curiosity already weeks ago, when it announced to offer a new online-platform for external asset managers, which was said to be highly innovative. «Credit Suisse will launch a multidimensional solution for external asset managers, which is new in its form», Daniel Renner, head of the global external asset managers department, told finews.ch.
The concept apparently aims to link EAMs in a way, which is similar to Facebook, to connect them with experts and also to provide investment research data, information on markets and ideas for investment through this communication platform.
Highly practical
As news by finews.ch have revealed, the Zurich based bank Vontobel now steps in. The institution has launched a comparable online tool already these days under the name Vontobel EAMNet. Brian Fischer (picture), head of Vontobel EAM, has confirmed this news for finews.ch.
The tool might not be as exclusive as the project by CS, but it is highly practical and aims to reply to the daily needs of independent asset managers. Actually, it is a platform, on which users must log in and which boasts all constantly updated research services of the bank Vontobel.
Access with only one click
All of the investment products (structured products, funds, obligations, shares) are listed systematically and can be accessed with only one click. Vontobel offers EAM clients all important documents, form sheets, information and guidelines through a third channel. Among others, a form sheet, which independent asset managers can use to close their clients accounts with other banks, is provided.
Basically, the new Vontobel EAMNet, combines the seven online tools of the bank, which have been provided so far: E-Banking, Deritrade, Derinet, Research, Fundnet, B2B-Data supply and the Allocare Portfolio Management System. The solution is relatively user friendly, as finews.ch found out and it should have been designed with an investment limited to less than one million Francs.
Increasingly profitable business
The platform, which has been developed over the last six months, obviously constituted an important step for Vontobel to become more established in the increasingly profitable EAM-business, as it is discussed on in the sector. The department with its roughly 25 members under Brian Fischer's guidance, is now managing more than 5 billion Francs of approximately 250 independent asset managers.
The sector of independent (or external) asset managers includes – depending on counting methods – between 2'200 and 3'600 enterprises, which manage approximately 600 billion Francs of clients' assets. According to newest information, the Verband Schweizerischer Vermoegensverwalter (VSV) counts almost 1'000 members.
Pionier in that area
Besides the EAM platform by CS, which has already been announced, other banks offer similar tools, too. The bank Lombard Odier from Geneva, which has already offered its system E-Merging in spring 2009, is considered to be a pioneer in that area.
E-Merging currently has 773 EAMs from 39 countries connected, which manage 265 billion Francs in total. Additionally, also «supplier firms» like lawyers' offices, HR agents for top positions, IT-businesses, trustees, finance planners, asset managers and family offices are linked with the network so that the platform can truly be considered a «financial community» as the head of E-Merging, Olivier Collombin explained to finews.ch.
Further steps
Regular after work activities in Geneva, Lausanne, Zurich and Lugano make sure that E-Merging does not only work in a virtual environment. It is also planned to offer an E-Shop with country manuals on the platform for EAMs soon.
