All articles by Ilya Timofeyev
Ilya Timofeyev
Bank Sarasin completes Lucerne opening
The new branch, which is managed by UBSs former head of central Switzerland Markus Koch, fits in with the banks long-term growth strategy to expand in the region, a province that has enormous potential, according to Eric Sarasin, head of private banking.
Pricing politics
The Middle Easts Arab Spring, the European debt crisis, and the fallout from Japans earthquake have reinforced how geo-political and country risks are a crucial part of private banks risk matrix. Ilya Timofeyev investigates what impact recent global events have had on banks geo-political risk advice.
Mirabaud names new senior partner and first female
Geneva-based private bank Mirabaud has named Yves Mirabaud as senior partner effective from 31 December 2011 and named Camille Vial as a new partner, effective from 1 January 2012. Mirabaud, currently managing partner and a member of the executive Committee will take over Thierry Fauchier-Magnan, who retires from the managing partner position at the end of the year. Fauchier-Magnans daughter Vial, who currently serves as head of portfolio management for private clients, will become the first woman to become a partner at Mirabaud.
Bonds and cash are back in the game: BofA
Investors have reduced their exposure to equities and commodities in favour of cash and bonds, the June survey of fund managers by Bank of America Merrill Lynch revealed. According to the survey, the net percentage of overweight equities in investors portfolios fell to 27% from 41% in May, with Europe leading the way. The proportion of fund managers, who ranked eurozone equities as underweight, rose to a net 15% from 1%
SGPB Hambros completes Baring buy-out
SGPB Hambros has completed the acquisition of the private client investment management business of Baring Asset Management in London and Guernsey five months after it announced the buy-out. The deal took effect on 31 May, with the transfer of the Barings private client team to SGPB Hambros, the UK-based private banking subsidiary of Societe Generale. SGPB Hambros said the move added to its existing investment business and indicates the banks commitment to continue to grow its activities in the UK and in the Channel Islands.
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India UHNW households to triple by 2016
The total wealth of Indian ultra high net worth (UHNW) households is forecast to increase by 422% to reach INR235trn ($5.26trn) in 2015-16 from estimated INR45trn in 2010-11. CRISIL Researchs Top of the Pyramid study said that there are no validated estimates of the number of UHNW households in India. However the Kotak Wealth sponsored study estimated there were about 62,000 UHNW households in 2010-11 with a minimum net worth of INR250m
Family businesses lack succession plans: PwC
Seven out of ten family-run businesses do not have any procedures for resolving business conflicts between family members and almost half have no formal succession plans. PwCs Family Business Survey 201011 found 47% of family companies, especially smaller businesses, have no succession plan; while only 66% of firms with a succession plan expect at least one family member to take over the top job. The findings suggest there are good opportunities for private banks and wealth managers to advise clients on the transfer of wealth from family businesses between different generations.
Singapore next offshore renminbi centre: CITIC
Chinas CITIC Bank predicts Singapore is poised to become the second offshore renminbi centre after Hong Kong. Following Hong Kong and Macau, the second phase of renminbi internationalisation is likely to happen in the Association of Southeast Asian Nations (ASEAN) region, according to Liao Qun, chief economist strategist at CITICs China Banking Group. Writing in RMB Internationalisation In Asia, Qun said Singapore is Chinas largest trade partner and largest investor as well as investment destination in ASEAN
Private banks slow on mobile app tech take-up
Only half (50%) of the worlds 30 major private banks and wealth managers offer mobile applications (apps) to their clients and only one-in-ten providers have services specifically designed for mobile technology MyPrivateBankings survey of mobile apps availability matched research by PBI last year that found only limited take up of mobile app technology. The findings come as mobile phones and tablet computers are rapidly growing as an online interface for banking and wealth management clients, particularly among younger high net worth individuals.
UBS stops discounted services to UHNW
The Swiss private banking giant had provided severely discounted services to its UHNW clients to stem the mass outflow of client assets during the financial crisis. In the past three years, UBS saw the withdrawal of CHF195.1bn Swiss ($228.6bn) in UHNW clients funds driven by $50bn of write downs in mortgage-linked investment products and its wrangle with US authorities over the tax details of 4,450 UBS customers who were US citizens.