Quintet Private Bank announced on 6 July that it has signed a memorandum of understanding with BlackRock. Under this agreement, the banking group will have access to a wider range of investment tools, products and solutions developed by the American asset manager. “This will extend Quintet’s investment capabilities… while retaining full control of all its investment decision-making,” the bank said in a press release. The tools will thus reinforce, not replace, existing ones.
“BlackRock will provide advice on Quintet’s asset-allocation strategy, reflecting the specific investment objectives designed by Quintet to meet the needs of its clients,” the bank said. Without abandoning its open architecture approach, Quintet will have access to an extended range of BlackRock-branded products and will benefit from the asset manager’s support in selecting and monitoring third-party managers. “Quintet will therefore be able to provide its clients with access to a broader universe of investment opportunities.”
Quintet will also have access to Aladdin, BlackRock’s risk management technology platform, which will be deployed to support the risk management and reporting process for Quintet’s discretionary funds and solutions.
A building block in the overhaul of Quintet’s global strategy
, group CEO of Quintet, said he was delighted with the agreement. “Our decision to partner with BlackRock will support our ability to remain on the front foot of product and portfolio innovation. That, in turn, will help us serve our clients even better--with increased reach, efficiency and flexibility--as we continually strive to deliver robust client outcomes.”
The agreement with BlackRock, which expands the bank’s investment capabilities, is part of the redesign of the bank’s overall strategy. This overhaul is designed to generate additional economies of scale, reduce organisational complexity and strengthen collaboration to serve customers. This overhaul was announced last February. Further measures will be announced up to 2024.
The final agreement will be signed in the third quarter of 2023.
This article in French in Paperjam. It has been translated and edited for Delano.