All articles by Eman El-shenawi
Eman El-shenawi
Arbuthnot Latham IFA discretionary push
Arbuthnot Latham is to extend its discretionary fund management offering to serve independent financial advisers (IFAs), solicitors and accountants. The launch of the service is part of the private banks push to increase its current private and corporate client base.
UniCredit AUM up 9%, cost-income healthy
UniCredits private bank logged assets under management (AUM) of 38.5bn ($54.4bn) at year-end 2010, a 9% increase compared to the year to December 2009 The European private bank unit reported a 57.5% increase in profit before tax to 63m at the end of 2010, while its cost-income ratio fell 6.4 percentage points year-on year to 68% The bank has about 250,000 private banking clients with a minimum required net worth of 500,000 in Germany, Austria and Italy and PLN1m ($350, 000) in net worth for clients in Poland
Credit Suisse on track to smash APAC NNM target
Credit Suisse is on target to shoot past its 2012 net new money inflow target of CHF35bn ($38.9bn) aiming to pull in CHF45bn in Asia-Pacific. Credit Suisse private banking chief executive officer Walter Berchtold told Bloomberg that Asia-Pacific has a lot of growth in the wealth management sector The Swiss private bank added CHF18.5bn of wealth assets in the region since June 2009, bringing the total to CHF78.5 in 2010, according to media reports
Is MENA still in the money?
In the wake of the revolutionary uprisings in the Middle East and North Africa (MENA), private banking in the region remains on edge. Eman El-shenawi assesses MENAs future role as a global private banking hub, shifting client trends and its ongoing wealth creation opportunities
Goldman Sachs to buy India’s Benchmark AM
Goldman Sachs asset management arm is to acquire Indias Benchmark Asset Management Company, a provider of exchange-traded funds, in a move to continue the banks strategic expansion in the country. Goldman Sachs Asset Management already has a team of eight based in Mumbai, headed by Prashant Khemka, which provides research for offshore funds including Indian equities and BRIC equities
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LGT AuM down 3%, BHF buy on track
Liechtensteins LGT Group logged a 3% decline in assets under management at year-end 2010 to CHF86.1bn ($95.7bn), a result of negative currency impacts.The wealth and asset management group noted that earnings were held back by low interest rates and the strength of the Swiss franc against the euro and US dollar which also led a 42% decline in net interest income.
Indian lender UBI seeks wealth unit partner
Union Bank of India (UBI) is reportedly considering potential partners for its wealth management business which it plans to launch in 2012. The state-run bank already has an insurance joint venture with Star Union Dia-ichi Life Insurance Co and formed a mutual fund tie-up with KBC last year.
Forbes MENA billionaire list tip of iceberg
Middle East North Africa (MENA) private banking observerssay Forbes annual billionaires list significantly underestimates the number and wealth of billionaires in the region. Forbes listed a total of 26 billionaires with wealth amounting to $108bn from the Middle East North Africa (MENA) this year in its annual list of billionaires.
Credit Agricole, Sarasin AuM up more than 10%
Credit Agricoles private banking division posted a 12% year-on-year increase in AuM to 128.2bn ($176.4bn) at year-end 2010 The bank said that 55% of the private banking arms AuM is abroad, with continued expansion in high growth regions, primarily Asia and Latin America. The French banks net new inflows totalled 7.2bn in 2010, including 1.5bn in the fourth quarter.
Swiss bankers charged in US tax evasion probe
US authorities have charged four bankers with conspiring to help US clients evade paying US taxes by hiding money in secret Swiss accounts. The US Justice Department (DOJ) and the Internal Revenue Service named the four bankers as Marco Parenti Adami, Emanuel Agustoni, Michele Bergantino and Roger Schaerer. The US Department of Justice did not confirm which bank the four worked for but said it was an international bank with its headquarters in Zurich