While that would typically worry us – nothing screams “a crash is coming” more than bankers breaking champagne bottles and frivolously spending because they can – this year’s sevens left us with a good vibe because the partying, in all of the boxes, put the client front and centre. As it should.
A stand out for us was Macquarie, who got the balance right. On Friday night, under the practiced leadership of Paul Scanlon, the aim was to party. Hard. The theme was Tropicana, and so Macquarie wheeled in a slushie-machine that pumped out daiquiris and margaritas that were dangerously sweet and had you dancing to their music pumping on the iPad. Scanlon’s aim was to ensure his box was the last one rocking, and if we could remember, we’d tell you if they were. But we may just have gone down for the count in a blur of red shirts with silly flowers on them, left curled up under the blow-up palm trees. We’re not sure.
Day two was rugby all the time, with a special focus on Canada, who the Aussie-bank sponsors, but Sunday was family day. The box was packed with bankers and clients and their wee ones, running about kicking beach balls, girls having their hair braided, and the goodie bag included a snorkel kit for kids. Dads got to watch the game in peace, while the kids played at the make-believe beach. There literally was something for everyone at Macquarie’s box.
Another firm that successfully straddled the fun-for-the-family line with an adult theme was CLSA's bunny box, which was a play on the year of the rabbit and CLSA's annual feng shui report. Spokeswoman Simone Wheeler admitted there had been a bit of a tug-of-war between the marketing folks who were keeping-it-clean and the sales boys who had some rather X-rated views on how many jokes you can make about rabbits. Both sides got their way. CLSA's blue-and-white fatigues shirts (for full metal rabbit) featured the logo “at it like rabbits”. But they also gave away plush bucktoothed bunnies, wearing CLSA t-shirts and fatigue hoodies, which were winners with the children.
And hats off to the brokerage too for not going OTT. The bar stools and neon light were recycled from last year’s theme, which rather than looking tired, proved they were sensible on their spend. If we were a client, we’d be happy to see they were going out of the way to please us and not pour money down the drain.
Citi and Bank of America Merrill Lynch also retained their keeping it low-key approach to the sevens, which has been the norm since the financial crisis. BoA Merrill’s entire look was about reinforcing the fact that it is now a corporate-cum-investment bank. It emphasised that clients across the firm were invited to the box this year unlike past years when equities clientele were in the majority. The box was suitably sober, and rather than the ubiquitous T-shirts, they chose bags and caps as giveaways because these are re-used more, which is better for the brand and reinforces the “green” angle.
As usual, Citi had two boxes with the west stand hosting mostly equities clients while the one on the east side had a mix including corporate banking and global transaction services. The décor was simply about rugby; and if it’s to win any award it would be the best place to go and place your bets, as the guests were as usual happily wagering amongst themselves on the games.
Of course, to balance the debauchery, most of the banks also had charity boxes on display for Japan, but we must give a nod to Standard Chartered who also hosted, as guests, children from Operation Breakthrough, a youth-crime-prevention initiative that Standard Chartered supports.
But to return to the themed-boxes, Goldman Sachs got back into the fun-filled spirit (after last year’s pompous blue blood library look) and supported the All Blacks. Their New Zealand theme box featured big-stuffed sheep (that were quite heavy and secured to the floor, which some rival bankers discovered when they tried to nick one) and kiwi birds. They were adorable, but a touch dangerous when the box was crowded and people were tripping over them. The bungee cord attached to the painted-on-mountain wallpaper was an amusing touch and made for a good photo-op. And kudos for extending the theme to the wines. Nice attention to detail. Goldman also wins the award for the best dessert: mini pavlovas.
Nomura's green grass flooring brought the pitch inside, which made for a sporting touch. And their red-and-black T-shirts were certainly the most striking; Nomura bankers could be spotted from afar.
UBS took box decoration to a new level, literally, by emblazoning the ceiling of its box with a golden dragon. "The spirit of the dragon" was the catch phrase and Bruce Lee was also much in evidence with Marvel comic-like cartoons on the wall, alongside rugby player cartoons and silly phrasing such as "Oof" and "pow!". The Swiss bank's box was designed to reinforce its commitment to the Hong Kong rugby team, which it has been sponsoring since 1996.
Deutsche's ice vodka bar was in keeping with the German bank's historic partying-hard Long Lunch expertise. The sexy girl at the freezer drew in the men, but was also kind to kids who just wanted to see what it was like in a walk-in freezer. A down-side to the vodka freezer, though, was that it kicked off heat in the main room, which wasn't needed when it was packed to the brim on Friday night. The blue "fur" jackets and boots were a fun marketing touch, spotted throughout the stadium, but not exactly a costume anyone is going to re-use.
And so the unanimous winner for us, once again, was Morgan Stanley, which was decked out as an old-style Chinese inn. (Who says you can’t win an award from us two years in a row?) Morgan Stanley’s box looked more like a movie-set; the marketing team got all the touches right. The nails on the wall were traditional, the sign-in scroll featured a calligraphy brush, Chinese food was served and many of the team, including the doorman, were dressed in traditional costumes. Another big draw was a masseuse offering a head-and-shoulder massage -- one fund manager told us it was the best idea he'd seen all weekend.
They also retained some of the winning elements of last year’s locker room theme. For example, once again they offered a cloakroom service, so you could dump your bags. Just like last year, this made people stick around rather than lug their loot from box to box. It was also packed with high-ranking bankers. Equities clients remained the focus but fixed income and investment banking clients also dropped by. David Russell, who heads equities for Asia and is departing shortly for the UK, was in his element, complemented ably by his successor Gokul Laroia.
On that note, we would be remiss not to mention that 2011 was the last year that Credit Suisse was a co-sponsor of the event. The old hands in Hong Kong will remember that the sevens had been sponsored by merchant bank Peregrine, but when it folded in 1998 – just six weeks before the games were set to begin in Hong Kong – Credit Suisse First Boston saved the day and became the sponsors of the event. It’s become the annual cap to Credit Suisse’s week-long Asian Investment Conference. But next year, HSBC will become the first title sponsor, and exclusive financial-services sponsor, of the International Rugby Board Sevens Series. HSBC certainly has big shoes to fill. Good luck. And see you next year!
And now for the almost-uncensored top picks from non-FinanceAsia reporters 'Darth' and his son 'Luke', who acted as stadium bodyguards and entrance enforcers for one of our door-stepping correspondents.
Best Box
Morgan Stanley's -- with the atmosphere of a 19th century Aberdeen flower girl's sampan
Best ceiling
UBS's golden dragon
Runner up: Macquarie's blue skies of Fiji
Best box for kids
CLSA's -- 'a journey down Jonathan Slone's hole', (aka Full Metal Rabbit), for the military rabbits and bunny ears.
Most tempting sheep
Goldman Sachs's sheepshagger’s box
Best gear
TIE: Macquarie's Hawaiian shirts and Nomura's red and black shirts (but an observation from Luke, nobody offered shorts to complete his outfit. Sort that out next year please!)
The 'Sodomite's Discotheque' award for chic minimalism
TIE: BoA Merrill and Citi
Nicest doormen
Macquarie Bank
