Association of Private Bankers in Greater China Region launched the Principles of Practice - Private Wealth Management for upholding the ethical conduct and prudent practice for the industry who are serving the significant wealth holders, the families and corporations.

1. Principles of Practice -
Private Wealth Management
Eva Law
Association of Private Bankers in Greater China Region

2. Eva Law
Association of Private Bankers in Greater China is a non profit making professional group
which has been established by Eva Law, the founder and the chairman in early 2010.
Eva has served the industry for more than 16 years. During the time she has set up the
Association, she worked in the head office of Bank of Communications in China,
responsible for the strategic development and the P&L performance of private banking
and cross-border financial services. She has been with Oriental Patron, a Chinese
boutique investment banking house, through leveraging Swiss EAM private banking
platforms to serve the Ultra HNW clients in great China region. She also served Fortune
500 companies, such as Standard Chartered Bank, AXA, AIA and Pegasus Fund
Manager Limited. Eva owns wealthy of management experience, she has won the Best
Master Trust Award and Wealth Management High-Flyer Award for her served company.
Eva studies MBA and Master of Science with University of Iowa and Edinburgh Napier
University. She has awarded FLMI certificate, Bachelor of Art (Hon) and several
professional diplomas in investment banking, mergers & acquisition and asset
management professions.

3. The Association & our mission
Association of Private Bankers in Greater China Region is a professional group
in the industry. We have mission to develop and promote the Principles of
Practice to foster responsible wealth management and to protect the private
wealth owners and their beneficiaries.
In this connection, the Association has good will to advocate the following
paradigms:
● Prudent management of the private wealth management practice
● Full transparency of fees and commissions
● Full disclosure on material information that are of interests of wealth
owners and their beneficiaries
● Dedicated effort to avoid conflicts of interest
● Caution of investment not offering transparency or liquidity
● Customized solution addressing unique and in-different needs of wealth
owners and their beneficiaries

4. The Principles of Practice
The Principles of Practice are a set of best practices intended to create ethical
discipline, process and transparency in private wealth management in greater
China region. The Association encourages the members and professionals who
manage significant wealth to adopt and implement the practice following our
valued principles.
Supporting members and professionals can sign the Charter of Private Wealth
Management Practitioners to signify their conviction and buy-in to the paradigms
and the principles.
The Principles of Practice are focused on the key areas of wealth management :
● Governance
● Service Approach
● Investment Management
● Oversight and Monitoring

5. Governance
Principle 1
Practitioners should maintain financial stability. There should be a track record
of consistent growth in assets and relationships over a period of 3-5 years. The
practicing institutions should present the sustainable corporate ownership, the
prudent governance structure and the proven firm profitability.
Principle 2
Practitioners should demonstrate commitment in fulfilling the ulti-generational
needs of wealthy family. The practicing institutions should develop their mission
that reflects this commitment. Prime focus should be given in cultivating long-
term and trustful relationships, attaining diversified goals of wealth owners and
assisting in wealth and business transition.

6. Governance
Principle 3
Practitioners should employ competency and stable senior management and
staff. The senior management and the responsible officers should demonstrate
the conviction to high ethical standards and display the integrity in all the ways
of managing the private wealth management practice. The execution staffs
should carry recognized industry credentials and adequate experience in the
private wealth management field.

7. Service Approach
Principle 4
Practitioners should adopt a client-centered relationship management approach
and practice in the way that reflect this live philosophy.
Principle 5
Practitioners should adopt an integrated service delivery process. This holistic
approach to the wealth management process should consider the entirety of
the clients’ situation and their best interest. The execution should reflect this
live philosophy.

8. Service Approach
Principle 6
Practitioners should adopt a disciplined investment process. The practicing
institutions should establish the well-documented investment strategy, develop
and maintain the investment policy statements. The investment committee
should be set up for supervising and monitoring the investment.
Principle 7
Practitioners should maintain a diversified menu or platform of investment
products. The practicing institutions should get the access to a broad range of
investment product, asset management services, financing solution and
diversified asset classes.

9. Investment Management
Principle 6
Practitioners should adopt a disciplined investment process. The practicing
institutions should establish the well-documented investment strategy, develop
and maintain the investment policy statements. The investment committee
should be set up for supervising and monitoring the investment.
Principle 7
Practitioners should maintain a diversified menu or platform of investment
products. The practicing institutions should get the access to a broad range of
investment product, asset management services, financing solution and
diversified asset classes.

10. Investment Management
Principle 10
Any investment portfolio shall be designed taking into account the assets,
objectives, needs, and character of the wealth owner and/or beneficiary; and
should be monitored with those in mind; and a Foundation shall have a process
to determine whether the investment program reflects the values of its mission
and its philanthropic grant program.
Principle 11
There shall be clear, disciplined, and objective process for selecting,
monitoring, removing, and replacing investment managers, custodians, banks,
trade execution, accounting, and other professionals.

11. Investment Management
Principle 12
Any investment manager or specific fund to be used shall have a strategy and
style which can be easily understood and explained to others by the Wealth
owners and their beneficiaries or by one of the trustees, directors, or staff
members of the Trust, Foundation, or Family Office. If no one other than the
Investment Manager or the fund representative is able to explain the strategy
and style, the manager or fund shall not be used.
Principle 13
Special scrutiny and limitations should be applied to any Investment Manager
who does not offer complete transparency, or whose portfolio is not liquid. Such
investments are not prohibited, but should be limited in proportion to total
portfolio investments.

12. Investment Management
Principle 14
Custody of assets, accounting for assets, and investment management
services shall each be performed independently and separately.

13. Oversight & Monitoring
Principle 15
The wealth owners and beneficiaries, the Trustees of a Trust, or the Directors
of a Foundation shall articulate purposes, goals, expectations and risk
tolerance with respect to the Wealth; and shall be ultimately responsible for
maintaining the currency of that articulation.
Principle 16
With respect to a Family Office, a Trust, or a Foundation; the governance
structure together with various governance roles and responsibilities shall be
clearly set forth and shall include provision for the communication of those roles
and responsibilities and assurance that they are understood and accepted.

14. Oversight & Monitoring
Principle 17
Any Trust or Foundation and any Trustee or Director shall adhere to best
fiduciary practices; and there shall be established process for monitoring the
discharge of fiduciary duties by the Trust, Foundation, a Trustee, or a Director.
Principle 18
Succession shall be set out where possible and shall be considered. For the
Wealth owners and their beneficiaries, provisions shall be in existence for
disposition of assets and management of affairs from and after death or in the
event of incapacity. For the Family Office, Trust, or Foundation; provision shall
be made for succession of governance and management.

15. Oversight & Monitoring
Principle 19
Practitioners should establish a process for reviewing the governance
mechanism, the work policies and procedures. There shall be a method for
managing and monitoring internal and external resources.
Principle 20
Practitioners should maintain comprehensive financial reporting to enable
clients to understand their consolidated and latest financial position.
Principle 21
Practitioners should comply with all regulatory and financial requirements. The
practicing institutions should be able to demonstrate the evidence of
compliance with regulatory agencies and reliance on routine internal control
procedures, such as financial, security and technology audits.

16. Oversight & Monitoring
Principle 22
Practitioners should develop their robust technology platform. The practicing
should hold reliable hardware and software systems that support the complex
needs of multi-generational wealth owners and their beneficiaries.
Principle 23
Practitioners should enable full transparency of fees, commission and
expenses. Full disclosure and clear explanation must be offered to the wealth
owners and their beneficiaries prior to the execution and the disclosure should
be arranged on an on-going basis.

17. Oversight & Monitoring
Principle 24
Practitioners should maintain an equitable policy where the compensation and
fees paid to staff, directors, and governors of Family Offices, Foundations, or
Boards shall not be calculated on the basis of “investment return” of shorter
duration than five years.
Any salary, bonus, or fee must be fully disclosed as to its amount and its
calculation. Any direct or indirect payment to or for staff or governors other than
a payment designated salary, bonus, or fee (or similar designation) is
discouraged.

18. Oversight & Monitoring
Principle 25
Practitioners should maintain a staff dealing policy where the self-dealing by
staff, trustees, or directors of any Family Office, Trust, or Foundation is strictly
prohibited.
Investment portfolios of these parties shall be subject to strict disclosure rules
which ensure compliance with the prohibition against self-dealing.
Any grant or payment to any agency or company in which such a party has any
interest whatsoever should clearly reflect that interest in the deliberation
relating to that grant or payment.

19. Contact Us
www.private-bankers.net
(852) 3499 3851
(86) 147 1433 406
admin@private-bankers.net
14/F Broadway, 52-64 Lochard Road, Wanchai
Eva Law - Founder & Chairman
evalaw@private-bankers.net
Cammay Lo - Secretary General
cammaylo@private-bankers.net