A private bank, or an authorized institution/SFC-licensed corporation with a dedicated unit(s) that maintains a personalized relationship with private banking customers*, and provides personalized banking services, dealing, advisory and/or portfolio management services to these customers is considered a PWM institution for the purpose of ECF.
PWM institutions include, but are not limited to, member institutions of PWMA.
Nonetheless, for PWM client-facing work experience at a non-PWMA member institution to be recognized for the purpose of ECF, substantiation has to be provided to demonstrate that the institution (or a unit of the institution) is or was dedicated to serve private banking customers during the period of experience.
* A “private banking customer” refers to a customer who maintains a personalized relationship with the PWM institution and receives personalized banking services, dealing, advisory or asset / portfolio management services from the PWM institution, and has:
a) at least USD3 million or its equivalent in any other currency in investable assets; or
b) at least USD1 million or its equivalent in any other currency in investable assets under the PWM institution’s management.
Investable assets comprise securities, deposits and certificates of deposits. The amount may be calculated on a relationship basis covering (i) individual accounts; (ii) joint accounts with associates; and (iii) personal investment companies wholly-owned by the individual or jointly owned with associates. Associate means the spouse or any child of that individual.