All articles by Ilya Timofeyev
Ilya Timofeyev
Kleinwort Benson names wealth management head
UK-headquartered Kleinwort Benson has hired Stephen Rothwell to head its wealth management division. Rothwell, who previously headed business development at Schroders Private Banking, will report to chief investment officer Mouhammed Choukeir, who joined from Morgan Stanley in October. Rothwell will also work with the banks corporate advisory team in providing a range of services to entrepreneurs.
Credit Suisse cancels expansion in Taiwan
Credit Suisse is to abandon its plans to set up an onshore private banking business in Taiwan. According to an unnamed source familiar with the matter, Credit Suisse terminated its private banking launch in Taiwan and will concentrate on growing the business in Asia-Pacific through its existing operations across the region.
Ermotti confirmed as UBS chief executive
Sergio Ermotti has been confirmed as UBSs chief executive after serving in an interim capacity for the past three months. Ermotti was appointed as group interim chief executive in September after Oswald Gruebel resigned over a $2.3bn trading scandal at the banks London offices. He will be charged with restructuring the Swiss giants investment banking division to better serve its private banking arm.
Credit Suisse integrates Clariden Leu
Private banking subsidiary Clariden Leu is to be fully integrated back into Credit Suisse in a bid to save around CHF200m ($218m) annually Credit Suisse said it will reduce groups headcount by 3% over two years, in addition to the 4% it already announced in its Q3 result
Asia UHNWIs to overtake Europe by 2024
The number of high net worth individuals (UHNWIs) in Asia-Pacific is forecast to overtake Europe in 2024 and will overtake the US super rich community in 2032, new research suggests. The first annual World Ultra Wealth Report 2011 by information providers Wealth-X estimated there are 185,795 ultra rich globally holding an estimated $25trn. Asia-Pacific currently occupies third place with 42,525 UHNWIs, representing $6.2trn, with Japans having 13,000 ultra rich, Mainland China is home to 11,475 super rich and India 8,200.
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Societe Generale suffers through tough Q3
Unfavourable market conditions saw contribution to group net income and assets under management (AuM) at Societe Generale Private Banking (SGPB) decline by 9% and 3% respectively in the past three months. Contribution to group net income at SGPB reached 28m ($38m) in the third quarter, compared to 31m a quarter earlier.
FSA fines Coutts £6m for inadequate advice
Coutts is to pay the Financial Services Authority (FSA) £6.3m ($10.2m) after failing to provide adequate advice to clients about the risks associated with AIG Life bonds. An FSA investigation found that between December 2003 and September 2008 Coutts failed to adequately communicate the risks to clients associated with the Enhanced Variable Rate Fund (EVRF), the single premium life assurance bond issued by US-based insurer AIG Life.
Pre-tax income, new assets slump at BNP Paribas
Pre-tax income at BNP Paribas wealth & asset management (WAM) division fell 33% in the third quarter, while net asset inflows (NAI) at the wealth arm slumped by 72%. The banks WAM business reported EUR195m ($269m) in pre-tax income for the three months to 30 September, compared to 290m in the second quarter.
Vontobel launches onshore services in Dubai
The Swiss-headquartered Vontobel Group has launched an onshore private banking business in Dubai to target wealthy local clients and to grow its client base in the Middle East.A Vontobel spokesperson told PBI the bank, which operates an integrated business model, will provide onshore private banking services in addition to the already existing investment bank. Structured products will form a core part of Vontobels offering.
Wells Fargo reshapes UHNW service
US banking group Wells Fargo & Co has launched a new ultra high net worth (UHNW) offering, Abbot Downing, to target families with $50m or more in assets. The new service, to be launched in April 2012, combines the banks two existing UHNW businesses, Wells Fargo Family Wealth and Lowry Hill