This website uses cookies

This website uses cookies to ensure you get the best experience. By using our website, you agree to our Privacy Policy

International In-house Counsel Journal logoInternational In-house Counsel Journal logo

Managing Legal Risks Associated with Private Banking in Asia

Abstract

The private banking industry in Asia is growing very quickly with numerous banks making significant investments (both organic and inorganic) in the region. This development is in line with the creation of wealth in Asia which is outpacing the rest of the world. This increase in wealth is creating greater demand for wealth management expertise. Asian wealth clients may not necessarily have the same characteristics nor interest in the same investment themes as clients with more established wealth in more developed markets. Private Banks are responding by increasing the size of front office teams. Firms are applying different strategies to facilitate that growth. This is all set against an evolving local regulatory environment seeking to balance global developments against country specific experiences (often driven by disparate social, economic, political and cultural factors). It is critical for in-house lawyers to understand both the socio-economic background and their firm’s strategy in formulating their approach to the legal challenges that are being created by the rapid growth of private banking in Asia. This means carefully considering the appropriate legal support model and the management of the associated legal risks.

Read Paper

Author

Jonathan Boswell
Head of Legal, Barclays Asia - Wealth, Commercial Contracts and Litigation, Barclays Bank, Singapore

Jonathan Boswell is currently Head of Legal responsible for Barclays Wealth, Commercial Contracts and Litigation in Asia and is a director of Barclays Wealth Services Ltd (Japan). Mr Boswell previously held a variety of roles within Barclays Legal in London. Prior to joining Barclays, Mr Boswell had been in private practice in New Zealand. Mr. Boswell attended law school at Victoria University of Wellington in New Zealand and is admitted as a Solicitor in New Zealand (1994) and in Engalnd and Wales (2001).

Company

Barclays Bank

Barclays is a major global financial services provider engaged in retail banking, credit cards, corporate and investment banking and wealth management with an extensive international presence in Europe, the Americas, Africa and Asia. With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs over 145,000 people. Barclays moves, lends, invests and protects money for customers and clients worldwide.

Related Papers

Mr. Mc Namara’s Legacy: Payment Cards as one of the Greatest Financial Devices of all Times
This paper intends to provide an overview of the basics around payment cards as a financial product, commonly offered by banking entities and payment service providers, which hopefully is helpful...Read more
Portrait image of Sancho Guibert
Sancho Guibert
Associate General Counsel, Citibank, Spain
ESG - General Counsels as the Watchdog, Champion or Leader?
When the Bank I work for commenced its most recent annual strategy process, I was asked by the CEO to create the strategy for the Bank in response to two...Read more
Portrait image of Richard Bryan
Richard Bryan
General Counsel, Cambridge & Counties Bank Limited, UK
There May Yet be Hope for Lawyers Exploring Relationship and Service Quality for Increased Value and as Competitive Barriers in Legal Departments
In his ominously titled book, “The End of Lawyers?” , Richard Susskind warns of the impending risk of lawyers being replaced by technology. The legal industry is being fundamentally disrupted...Read more
Portrait image of Audrey Ng
Audrey Ng
Head of Legal, South East Asia, State Street, Singapore
Why Leadership with Integrity is Crucial to Achieving Sustainable Business Practices for Corporations:<br>How the In-House Legal Function May Serve as a Driving Factor in Promoting Sustainable Value
The importance of an environmentally and socially friendly business model has risen to an all-time high. It is a direct result of significant cultural changes, which have altered, potentially forever,...Read more
Portrait image of Klemen Kreca
Klemen Kreca
Associate, Schönherr Attorneys at Law, Slovenia