HSBC Private Bank, part of UK-listed HSBC that recently announced it was basing some of its top management in Asia in a heightened focus on the region, has been named outstanding global private bank in a major awards ceremony in Singapore.

The wealth management arm of HSBC picked up the award at the Private Banker International 19^th annual awards event in the city-state’s Fullerton Hotel.

Standard Chartered Private Bank picked up the award for outstanding private bank in Asia. Peter Flavel, global head of the private banking arm of Standard Chartered, was able to pick up the honour on behalf of his colleagues despite being in crutches after undergoing knee surgery.

Other “outstanding private bank” awards went to firms in the following regional and sectoral categories: Sarasin (Europe); RBC Wealth Management (North America); Itau Unibanco (Latin America); Emirates NBD (Middle East); Credit Suisse (UHNW clients), CIMB Private Bank (affluent Asia); Julius Baer (customer relations skills); Barclays Wealth (innovation of products and services).

Poignantly, in the wake of the recent death of James McDonald, president and chief executive of multifamily office Rockefeller & Co, SG Private Banking and Rockefeller picked up the award for outstanding wealth management for family office services. In the course of collecting the award, Daniel Truchi, chief executive of SG Private Banking, gave an emotional speech honouring the business achievements of the late Mr McDonald.

Mr Truchi also received the award for outstanding global private banker. The “most exciting new wealth management model” award was given to Religare Macquarie Private Wealth, while the “outstanding private banker Asia Pacific” award went to Marcel Kreis, head of Credit Suisse’s private bank in the Asia-Pacific region. And Peter Flavel rounded out a memorable evening for Standard Chartered by collecting the editor’s special award.

Among the details that helped drive the decision to grant HSBC its award, PBI said, was the fact that it has climbed into the top five of the PBI's Global Private Banking Index, which was published in August and is based on assets under management information given in half-yearly results.

The awards were granted against a backdrop of dramatic changes in the wealth management landscape. For example, Morgan Stanley-Smith Barney, a joint venture formed by the investment bank's 51 per cent stake in Citigroup's Smith Barney business, has become the world's third largest wealth manager. Citi Private Bank, meanwhile, has fallen to sixth, the PBI said.

The PBI index shows that Bank of America/Merrill Lynch is the world’s largest private bank by size of assets, with $1.824 trillion, followed by UBS, at $1.526 trillion, Morgan Stanley-Smith Barney at $1.42 trilliion, and Credit Suisse at $656 billion.

In last year’s awards, the award for outstanding global private bank went to Credit Suisse, and in 2007, to Merrill Lynch, to UBS in 2006 and to the same bank in 2005.