To find out more about wealth management in Sri Lanka we spoke with the experts at NDB Wealth Management the largest private sector asset manager in Sri Lanka.
Prabodha Samarasekera is the CEO of NDB Wealth Management and is responsible for the overall performance of the company and report to the Board and Shareholders. Prabodha has over 20 years of experience in banking and capital markets. He holds an MBA from the University of Southern California and completed his formal education and professional training in the USA, Hong Kong and Singapore providing him with excellent exposure to International Finance, Management Information Systems, Consumer Banking, Investment Analysis and Management. He has had a successful career in asset management including managing large institutional portfolios.
As a leader in wealth management in Sri Lanka what initiatives do you feel have contributed to your success?
At the time of taking over as the CEO of NDB Wealth Management, in 2009, NDB Wealth had a poor performance track record while the Assets Under Management was not significant. Moreover, company revenues were dependent on a few clients and profitability was very low.
In five years or by 2014, NDB Wealth Management is ranked as the number one fund management company in the private sector in Sri Lanka, considering many verticals, including the largest asset base under management, best in profitability, best in KYC and regulatory compliance, seamlessly integrated system from client acquisition to generating financial statements for clients, and the highest acquisition rate of clients and funds in the Mutual fund industry, in Sri Lanka.
The key initiatives undertaken which contributed to NDB Wealth’s success include:
- Setting up a high caliber team of professionals, who had a good blend of experience, qualifications and most of all passion.
- Re-engineering the complete process from the point of client contact to receiving funds, investing funds, compliance and risk, reporting.
- Improve client service by re-structuring the sales and client relationship team.
- Introducing best in class technology.
What is the investment philosophy at NDB Wealth Management?
Research Based and Value Driven, Medium to Long Term
For new clients, how does your team help clients shape a vision for their wealth?
All clients are engaged by our team of advisors who will assess their financial needs & goals and design a suitable solution for the client.
NDB Wealth management has developed its own software which will assist the advisors identify client needs such as risk, return and cash flows using a step by step process and ultimately generate a proposal. Moreover, NDB Wealth’s Private Wealth service assigns its clients a Relationship Manager who is also supported by a fund manager.
What are the benefits to clients of having a relationship manager and a fund manager?
The basic advice required by the client including research and operational assistance is provided by the relationship manager who ultimately coordinates all client activity between NDB Wealth & the client. However, when the clients require in depth information and research or asset allocation advice a fund manager is made available in order that the client requirement is fulfilled. Further, the Fund manager is responsible for the top level monitoring of the combined Private Wealth Client portfolio segment and its risk return requirements and guiding asset allocation decisions.
Can you tell us about the myeaglefunds?
Myeaglefunds are NDB Wealth’s branded series of Mutual Funds. Six funds are offered in this series encompassing Equity, Corporate Debt, Government of Sri Lanka Debt and money market.
To learn more about myeaglefunds visit www.myeaglefunds.com
What are your feelings on Corporate Social Responsibility?
NDB Bank Group takes Corporate Social Responsibility seriously and is actively involved in many initiatives.
The Bank’s sustainability goals include ethical business practices, good governance, minimizing of its carbon footprint, fostering of a sustainability culture throughout the organization and implementation of CSR initiatives that promote national economic growth and uplift the most vulnerable in society. NDB is involved in Strategic CSR, Philanthropic CSR and Environmental Responsibility. To find out more please visit: http://www.ndbbank.com/pages/english/csr/index.jsp
Read more about the future of wealth management in Sri Lanka and the growth and progress of the industry: RISING STAR OF THE FRONTIER MARKETS.