The best box -- as far as we can remember after copious cups of Carlsberg -- was a tough call this year, as several investment banks once again got into the rugby spirit and decked out themed box-areas for their clients to hang out in and enjoy the Cathay Pacific/Credit Suisse Hong Kong Sevens 2010.
After last year's sober affair, when banks were terrified to be seen partying after they had taken government bail-out money, it felt good to get, well, drunk again. The revelry had resumed, not just in the south stands where the ubiquitous pink wigged-women reign, but also in the corporate boxes.
For sure, things were far more subdued than a decade ago and some banks known for their elaborate costumes and accessories in years past, such as Citi, J.P. Morgan and ABN AMRO (now merged into RBS) had done away with themes altogether, preferring Spartan box decorations such as a few rugby photos (so they couldn't get accused of wasting money), and relying on DJs and the rugby on the pitch below to provide the client entertainment. There also weren't as many bouncy balls thrown about the stadium and the streakers kept their clothes on, but the beer was flowing in all the boxes -- whether they had a theme or not.
Deutsche Bank was not going to pass on the opportunity for a good party though and its medieval castle-themed box was one of the hardest to get into on Saturday, with a surly bouncer mumbling that it was chock-o-block and please queue to the left. It was worth the wait however. The blue-and-white-jester hats got everyone into the right spirit and, together with the rubber foam swords, became instant favourites with the kids. There was also a very convincing, but lonesome knight in full armour wandering about. Apparently the four other bankers that were supposed to sweat it out with him had their costumes nicked from the box on Friday after stripping them off during -- or after (who could remember?) the long lunch. As excuses go, that's grade-A.
CLSA, our winner last year, (not only because they were one of the few firms that felt comfortable to party on, as they had borrowed no money, but also because its Bondi Beach theme was both a celebration of their then newly opened Australia office and good fun) kept up the momentum again this year. Their "Pimp my Sevens" theme, a take-off on the expression "Pimp my Ride" was marvellously cheesy. It enabled the wives and girlfriends to show off in tight, white-T-shirts, which of course none of the men minded. The box was decked out like a garage, with one wall papered to look like a workbench area. Classic bumper stickers decorated another wall, with lines such as: "Beer is now cheaper than gas....drink, don't drive"; "Horn broke. Watch for finger"; and in the spirit of the game "Rugby. No helmets. No pads. Just balls". Hopping tunes, cheetah-skin seats on the inside of the box, silver "bling" necklaces, and white fedoras kept the party on.
UBS's box was strictly off limits to everyone but invited clients or those who had a UBS contact inside who could vouch for them -- a sharp contrast to previous years when this was typically known as the top party box on the east side of the stadium. The policy change was in response to clients who thought the box was typically too full to squeeze into and who were unhappy about never being able to get a seat to watch the rugby. The smaller -- but supposedly more important -- crowd also made it possible for visitors to take notice of the Hong Kong rugby team memorabilia, including several trophies, around the box, showing off the fact that UBS is the official sponsor of the local team.
Goldman Sachs's box, on the other hand, appeared to be for its old-time bankers and new recruits. The Harvard Club feel -- Bambi on one wall, trophies on the other -- gave off a faux hunt club, or Ivy League den look. The aura was: we hire from exclusive schools, we want to make our bankers feel like they are back home in Connecticut. It hardly felt like the living room of their Asian clients, so the "for the clients" argument simply doesn't fly.
Conversely, Credit Suisse always gets it right. Their Friday night party, the culmination of their week-long Asian Investment Conference, brings together the city's journalists and the firm's bankers. It's a fabulous chance to ask bankers questions that built up during the week, and more importantly, to do so while sipping white wine.
But now for the selection of the best box. The runner-up award must go to Macquarie. A fine effort, especially since it was the bank's first year as a box host at the Hong Kong Sevens. The bank tried to woo FinanceAsia from the get-go...with a roo. Early in the week, complimentary tickets for Friday night (thank you) were sent to us attached to a three-foot blow-up kangaroo. Matilda (yes, we've named her) sits in the office and has become a pet to everyone who walks by.
Matilda was, of course, part of the Outback theme. The Crocodile Dundee-decked out doorman let you into a box filled with kangaroo blow-up dolls, koala bear clip-on toys, and sturdy outback hats. The Tim Tams were a nice break from most banks' outlay of cold skewers of meat, tasteless tofu burgers and egg tarts. The spirit in the box was classic; filled with bankers and clients who looked as comfortable as if they were at a backyard barbecue. It was the perfect feel for an Australian bank.
Ah, but there's the catch. Macquarie spends all year telling us it's an international bank. And then it comes out with an Aussie branding at the Sevens, This definitely did not feel consistent. In fact, it felt wrong. (Yes, we did hear your argument that your sponsorship of the Canadian team is a sign that you're international. But if throughout the year you're going to downplay your Aussie-ness then don't hold it against us if we're actually listening.)
And so the winner is Morgan Stanley, an outlier in the best box bouts of years gone by. Its box was kitted out like a gym locker room, complete with benches, a row of lockers, painted showers on another wall and a sauna area (the kitchen). The invitations came with a locker key -- shaped in a branded rugby T-shirt -- and when the clients arrived at the box, they used their keys in the lockers to find a goodie bag filled with more branded stuff: a rugby shirt, a towel and a baseball cap. But the real clever thing was that the clients could then store their own belongings in the locker for the rest of the weekend so that didn't have to mind them as they drank. Smart thinking. Indeed, some clients told us the locker was a stroke of genius -- even if they went for a drink in one of the other bank boxes, the fact that their "kit" was kept in the locker in the Morgan Stanley box kept them coming back again and again.
before the invasion of the crowds
On Sunday the box had a family feel, with mums and kids as well as the usual red-faced, drunken blokes. A member of the FinanceAsia team said it reminded him of his young nephews in England preparing for their games on Sunday mornings.
The locker room also came with legendary players. Australia's David Campese, the All Blacks' Sean Fitzpatrick, and Welsh stars Gareth Edwards, considered and voted by peers as the best player ever, and Jonathan Davies, the last of the great Welsh fly-halfs, were all on hand for several hours to meet-and-greet clients. They no doubt box-hopped too, but the firm retained them to wow its customers.
So, not only did Morgan Stanley dream up a good theme, it was rugby-related and client-focused. And the bank used the opportunity to entertain a veritable who's who of clients over the course of the weekend. Seen on Saturday, when Stephen Roach himself presided over the locker room, were a bunch of fixed-income heavy-hitters. And both days saw equities draw a list of names which must have had some of their competitors green with envy. Given that no one truly believes we're out of the dark woods of economic doom, keeping an eye on the folks who pay your bills is smart.
So, how did a firm that never really had the most rockin' box get it right this year? The bankers made a good call; we're good at banking, let's leave the party throwing to our events team. Glad the penny finally dropped, guys. Do it again next year.
And on the pitch? The Cup went to Samoa after an exciting final where the Pacific islanders came from 0-14 down to beat New Zealand 24-21. The win would have a come as a surprise to the majority of FinanceAsia readers who voted in last week's poll where we asked who you thought would triumph at this year's Sevens. Only 13% of the respondents voted for Samoa, suggesting it was the least likely to win among the five teams that we gave you to choose from. By comparison, 21% had New Zealand at the top of the podium, 19% voted for Fiji and 16% for Australia.
But the hands-down favourite to win was England, with 29% of the votes, even though the team was only fifth in the overall world-series standings going into the weekend. Clearly England has won here enough times to warrant the confidence of our readers, but it is perhaps not too far-fetched to assume there was also a bit of hope and wishful thinking going into the voting.
Otherwise, the highlight of the afternoon was Hong Kong's win over Russia to ensure the first ever Hong Kong Sevens Shield stayed in the territory. So what if the Shield was made up of the teams that didn't qualify for the bowl -- Hong Kong finally got a chance to play in front of a full stadium crowd on Sunday afternoon and the roar when it secured the 19-17 win in the final couldn't have been any louder if the match had been for the Cup itself. Congrats boys!
Photos by AFP and Morgan Stanley.
