Kees Stoute, a 19-year veteran of the Asian private banking industry, and until recently managing director of EFG in Singapore, is the inaugural winner of the Hubbis Recognition of Excellence in Asian Wealth Management Award.
Date: Jun 1, 2012
Tags: Kees Stoute, Leadership, Talent development, Training
Kees Stoute, a 19-year veteran of the Asian private banking industry, and until recently managing director of EFG in Singapore, is the inaugural winner of the Hubbis Recognition of Excellence in Asian Wealth Management Award.
Stoute has an impressive track record which is matched by an enviable reputation among former colleagues and competitors alike – a rare thing in today’s cut-throat and fast-moving markets.
Track record
Stoute has worked in various capacities in Asian private banking, starting in November 1993 when he came to Singapore as the regional head of IT for MeesPierson. In 1996, he became the chief operating officer for the firm, and then in 2000 was given the opportunity to lead the private bank of MeesPierson in Asia.
"I have always treasured the fact that I was fortunate enough to have been in these diverse managerial roles within the industry,” he says. “Being able to take various perspectives into consideration has made it relatively easy for me to bridge the different, often conflicting, interests in the bank.”
Between 2000 and 2005, the MeesPierson business more than tripled, which Stoute said taught him a lot about the dynamics of teamwork.
Stoute has also experienced several different kinds of private banking models, starting when Fortis took over the typical, “old-fashioned” European-style boutique private banking of MeesPierson. And suddenly, as Stoute recalls, “the private bank was a small, almost irrelevant part of the entire organisation.” This resulted in a clear shift from the old-fashioned relationship business to becoming more of a distribution business.
In 2005, Fortis then acquired Dryden Wealth (previously known as Prudential Bache), of which Stoute became chairman/chief executive officer with the mandate to integrate this company into Fortis. Dryden was a typical broker, he explains, which was again totally different from what he had seen before.
In 2007, after the integration, he had the great opportunity to join EFG Bank, the publicly-listed boutique private banking firm.
"Based on these experiences,” says Stoute, “I take the view that there is room for every model, but that not every model suits everyone. Having said that, I do believe that the bigger banks, where private banking is not a core business or only represents a small percentage of the overall business volume in the organisation, are inherently more vulnerable to the risk to drift away from true client-centric private banking, thus increasing the risks – especially reputation risk – involved in doing this business.”
Defining moments
By far the greatest highlight for Stoute is the opportunity to meet what he describes as so many “inspiring and impressive people” – from colleagues to clients to peers to regulators.
A further highlight of Stoute’s career came in 2011 when he became one of the first Financial Industry Certified Professionals (Job Role VI) – a certification issued by The Institute of Banking & Finance in Singapore.
His managerial role at EFG Bank was a further highlight, he adds. “Not only because of the many great colleagues there, but EFG provided a refreshing and highly-professional working environment with a very low level of internal politics. I have learned in EFG Bank that it is possible to grow exceptionally fast whilst continuing to be profitable.”
He also says that he found it inspiring to work for a private bank where the founders are still around.
What others say about him
Albert Chiu, CEO, Asia Pacific, EFG Bank: “It is a real privilege to have worked with Kees for the last five years. His down-to-earth personality and unassuming management style makes him one of the best private banking managers in the region who I have known. Kees joined EFG Bank in 2007 and despite difficult markets and rapidly-changing regulatory environments, he managed to lead our Singapore businesses to new highs. He was instrumental in making EFG Bank the first Swiss bank in Singapore to have a building under our name and also in winning the Best Pure Play Private Bank in Asia Award voted by our clients in 2011.
"In my opinion, other than his vast experiences in many aspects of banking, Kees' successes come from his amazing ability in working with people of different levels, from very senior managers or private bankers to very junior level staff or trainees. He is also always able to tackle very difficult issues with calm and ease. He is well liked by all our colleagues in Asia and will remain as a great friend of ours for many many years.”
Tee Fong Seng, vice chairman and market area head, South-east Asia, Private Banking, Asia Pacific, Credit Suisse: “Kees has been a long-time proponent of raising the level of professionalism in the private banking industry. A strong supporter of Financial Industry Competency Standards (FICS), he leads by example and is himself an FICP. His strong endorsement of the FICS commitment and initiatives in upgrading competency standards over the years has led to EFG Bank attaining the FICS Inspire Special Mention Award at the recent IBF FICS Annual Conference – a testament to his efforts and contribution to the private banking industry in Asia.
"Having worked with Kees in the Private Banking Industry Group‘s Manpower and Competencies Sub-committee, I saw his dedication to developing talent and instilling an aspiration towards the highest professional competency and integrity standards in our profession. What we will miss is his generous sharing of ideas and active contribution to the group.”
Urs Brutsch, managing partner & founder, HP Wealth Management: “I came across Kees in the early 1990s when he played football for the Dutch team in Singapore and I played for the Swiss team. If I remember correctly, we always beat them… which is probably why he stopped playing football! So it was a great pleasure that our paths crossed again in the last few years when we often met at industry gatherings and conferences. We have been on a number of panels together. Whenever nobody wanted to take the question on the panel it was “a case for Kees”. And he always handled the questions well. His leaving Singapore is definitely a loss to the industry.”
Michael Stanhope, CEO, Hubbis: “Kees will be sadly missed by the private banking community in Asia. I've known Kees since 1996. You will rarely meet someone who is so pleasant and consistent to deal with. He is always genuinely interested in what you are doing and is keen to help in the most selfless way. I have appreciated greatly his advice and guidance with my various projects over the years - and wish him every success as he moves back to Europe.”
A new career direction
Stoute’s ambitions now include contributing to talent development. “I have just established a company, Sonam, which is focused on assessing, mentoring and training private banking professionals,” he explains. “Even though the industry is going through some difficult times, it still is and will continue to be a fascinating industry.”
After having worked for so many years in this industry in various managerial capacities, he says he feels this is a good time to use his passion and experience to help banks and private banking individuals “to bring back the fun in private banking”.
Changes needed
Stoute says he would like to see much more focus on training in the Asian private banking industry – not just training for the sake of it, but instead the true development of talent.
"It can't be true that all private banking employees of one organisation have the same training needs,” he says. “I believe that it is important to assess people before you agree on the individual's training programme.”
Further, of all the banking disciplines, Stoute says it is private banking where success depends most on mastering the soft skills.
"Focusing on soft skills is therefore not 'for softies only', a 'waste of time' nor a 'waste of money', rather it makes the difference between success and failure in private banking. That is the harsh reality,” he explains. “It is good that dedicated training organisations such as Singapore’s Wealth Management Institute and Hubbis provide the necessary material and courses to help the banks in their efforts to improve quality.”
Stouts says he would like to see the private banking industry benefit from some sort of bar – with only those who qualify in front of a panel of independent and recognised specialists able to be admitted.
"To be admitted you don't just need to demonstrate good knowledge on a broad range of topics, but you should also be required to take an oath, pledging that at all times you will endeavour to serve the best interests of your clients,” says Stoute.
Defining great private banking leaders today
According to Stoute, a great private banking leader is not a (nagging, pushing, demanding) boss, but a facilitator who understands that he or she works with professionals.
"A great leader understands the importance of quality, knows the strengths and weaknesses of his or her people, and takes a deliberate effort to further develop his/her colleagues,” he explains.
"A great leader also knows how to strike a delicate balance between developing a long-term sustainable relationship business with the short-term need to generate revenues and to be profitable,” adds Stoute. “A great leader leads by example when it comes to integrity.”
