All articles by Ilya Timofeyev
Ilya Timofeyev
US wealth giants post mixed Q2 results
Second quarter net income at Bank of America Global Wealth and Investment Management (BofA) reached $506m as at 30 June, representing a 5% quarter-on-quarter decline from $533m since 31 March 2010. The firm said that the year-on-year growth was achieved due to higher net interest income as a result of deposit growth, higher fee-based income and lower credit costs.
Senior partners lead James Hambro Partners MBO
Five senior partners of London-based private client wealth manager James Hambro & Partners (JH&P) have acquired a majority stake in the business. The firms chief executive Andy Steel said the acquisition by the management and investment team highlights the desire to remain independent.
UK govt pressure fails to budge RDR deadline
The UK Financial Services Authority said it will consider proposed recommendations to delay the implementation of the Retail Distribution Review (RDR) but it remains committed to its original January 2013 deadline. The statement comes after a UK Treasury Select Committee (TSC) report recommended the watchdog delay implementing RDR until 2014 in order to ensure that all the industry practitioners were up to date with their qualifications.
US regulators push FATCA start back to 2014
US regulators are to delay the implementation of the controversial Foreign Account Tax Compliance Act (FATCA) until the beginning of 2014 The US Treasury Department and the Internal Revenue Service (IRS) unveiled plans to gradually introduce the requirements of FATCA from the beginning of 2013
Wealth industry ‘stuck in neutral’: Scorpio
The global wealth management industry is stagnating as net new money drops and cost-income ratios climb, consultancy Scorpio Partnership has warned. Scorpios Global Private Banking Benchmark 2011 report said the industry is stuck in neutral as inflows of net new money dropped 18.8% year-on-year at the same time as cost-income ratios averaged 79.76%. The findings echo research from Boston Consulting Group, PwC and Capgemini that point to continued margin pressure driven by higher operating costs, pricing and increasing client demands.
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Russian HNW lack long-term wealth plans: UBS
Nine out of ten Russian entrepreneurs have no succession plans in place for their business, UBS research has found. According to the study, Russia’s Wealth Creators, Russia’s serial entrepreneurs are actively involved in their business and place greater emphasis on creating wealth through their operating businesses rather than wealth management.
Kleinwort Benson eyes up BHF buy
According to internal documents seen by PBI, the intention to buy BHF comes as a part of Kleinworts strategy to broaden both its size and geographic footprint in Europe beyond its current presence in the UK, Ireland and the Channel Islands.
BNY Mellon acquires Talon Asset Management
BNY Mellon Wealth Managemet has acquired the wealth management business of Chicago-headquartered Talon Asset Management. The acquisition is part of BNY Mellons ambition to strengthen its wealth management service offerings, said BNY Mellon Wealth Management chief executive Lawrence Hughes. The acquisition of Talon Asset Management adds more than $800m to BNY Mellons existing $1.2tr assets under management (AuM).
Berenberg adds Richard Brass to UK team
The UK private banking business of Germany’s Berenberg Bank has appointed former Schroders Private Bank client director Richard Brass to its UK team. Brass will be in charge of developing Berenberg’s links within the UK private wealth market and will also be in charge of developing the Entrepreneur’s Office, the firms UK advisory service, as well as Berenberg UK’s family office offering Consilisto.
JP Morgan starts UK HNW business, hires in Asia
JP Morgan has launched a private wealth management (PWM) business in the UK in a bid to cater to the growing number of high net worth (HNW) clients in the region. The UK HNW units launch is part of JP Morgans wider strategy to push into the private wealth market, focusing on clients in the $5m to $30m range.