Managing Legal Risks Associated with Private Banking in Asia

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

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.

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Singapore Management Banking & Finance March 2012 Vol. 5, No. 18, Winter 2012

Jonathan Boswell

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Jonathan Boswell is currently a Director at Barclays and is Head of Legal for the Wealth and Investment Management division of Barclays Bank Plc in Asia. Mr Boswell also has responsibility for Commercial Contracts and Litigation across the Corporate and Investment Banking division of Barclays in Asia and is a director of a Barclays subsidiary company in Japan. Mr Boswell has 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 England and Wales (2001).

Barclays Bank Plc

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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.

Singapore Management Banking & Finance March 2012 Vol. 5, No. 18, Winter 2012