Two teams consisting of SMU students responded to the HSBC Private Banking Challenge 2020 and brought home the champion and second runner-up titles recently. Both teams included students from the School of Accountancy (SOA), School of Economics (SOE), School of Information Systems (SIS) and Lee Kong Chian School of Business (LKCSB).

Held from August to September this year, the HSBC Private Banking Challenge provides undergraduates in Singapore a unique opportunity to experience what it is like to be a relationship Manager in Private Banking.  Participants were required to put their theoretical knowledge and analytical skills to use in a team competition environment.  Open to all undergraduates in Singapore who could form their own inter-university teams consisting of four members, the competition tested the calibre of participants through real life case-studies.

167 teams competed in the challenge, which included two intensive case rounds under extremely tight time constraints.  Four teams were selected to battle it out in the final round, where they demonstrated their wealth management asset allocation concepts to senior leaders in private banking over virtual presentations. Finalist teams received mentor insights through a sharing session with HSBC.

Benz Capital emerged as the overall champions, winning $2,000 worth of Takashimaya shopping vouchers while Fortitude Partners took home $1,000 worth of Takashimaya vouchers, as the second runners-up. 

Benz Capital members included Long Xin Yi (Y3, SOE & LKCSB), Tan Li Guan (Y2, SOE & LKCSB), Kim Chang Heon (Y3, SIS) and Goh Chou Xuan (NUS student).  Fortitude Partners consisted of Celine Poh Hui Min (Y3, SOE), Kwak Wanjin (Y3, LKCSB), Lim Yi Jie Philip (Y3, LKCSB) and Andrei Sim Wei Ming (Y3, SOA).

Long Xin Yi, leader of Benz Capital said “For most of us, it was the first time joining a private banking case challenge. It was a steep learning curve coupled with the time constraint. Nevertheless, we managed to put forth our greatest strength as a team. Together, we learnt to fill in the gaps and encouraged one another through the rounds of competitions. Coming in first was a pleasant surprise for all of us given that we came into the competition with no prior experience. Individual talent may get us far but it was our teamwork that emerged us champions.”

Kwak Wanjin, leader of Fortitude Partners said “ Without any prior experience in Private Banking and Asset Management, there was a significant learning curve in understanding how to evaluate and assess the various asset classes, and how to effectively design a portfolio given unique client needs. We divided our efforts across the asset classes and came back together when there were hurdles. We were delighted to be placed as second runners-up, as it was our first exposure to Private Banking. We hope to develop ourselves further by continuing to seek these exciting events in the future.”