All articles by PBI Editorial
PBI Editorial
Wealth Management Institution’s IT Spending to Continue Growing
Despite declining forecast on world economic activity due to the Eurozone crisis, analysts at Ovum are predicting that IT spending by the global wealth management industry will reach almost $35bn by 2016, powered by heavy investment in digital channels. Between 2011 and 2016 the Asia-Pacific region will increase its IT spending by a compound annual growth rate to 8.5 percent, a forecast by Ovum
Sanlam Private Wealth acquires three firms
UK-based Sanlam Private Wealth (SPW) has acquired three advisory firms, bringing in a combined £75m in funds under advice.The firms that have been acquired are Oakdene Practice in Bristol, Parkgate Financial Solutions in Warrington and Libra Associates in Dorset The acquisitions will provide the firm with £450,000 in yearly trail income and £75m in funds under investment, in addition to the £650m Sanlam currently manages. SPWs chief executive, Nigel Speirs said the acquisitions bring the total number of acquisitions this year to seven, with more in the pipeline
CIBC buys McLean Budden private wealth unit
Canadian Imperial Bank of Commerce (CIBC) has acquired the private wealth management business of Sun Life Financial subsidiary MFS McLean Budden. The financial terms of the acquisition, which is expected to close in the fourth quarter, have not been disclosed. Currently the business manages around $1.4bn in assets for high net worth families, endowments and foundations.
NBAD launches two new investment services
Alan Durrant, the group chief investment officer and general manager of NBAD’s Asset Management Group said that the new offerings willgive investors in the United Arab Emirates the benefits of financial advisory through personalised investment strategies, allowing them the maximise exposure to global investment opportunities.
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Research: Empowering RMs in the frontline
Improving capabilities through technology and process re-engineering has become a priority for Asian wealth managers, according to the latest research and webinar from VRL Financial News The recent webinar by sister publication Banking & Payments Asia identified the shift of key investment priorities to frontline processes and technology, and provided some examples on how banks have used technology to give frontline relationship managers additional firepower. Research conducted by VRL Financial News in association with Oracle Financial Services, ensuing in the white paper Empowering Relationship Managers in the Frontline, was the basis for the webinar.
Liquidity event: The Hesley Group
This month, we feature the $117m acquisition of UK healthcare provider The Hesley Group by private equity firm Bowmark Capital, and the beneficiary of the transaction, Hesley founder Stephen Lloyd
10,000 Swiss adviser names passed to US: Lawyer
Swiss banks and regulators may have given US authorities access to the names of 10,000 employees, former employees, external asset managers and lawyers who dealt with US clients, a Swiss attorney has alleged. Douglas Hornung, a Geneva-based attorney who represents about 30 clients who are current or former employees of Credit Suisse, HSBC and Julius Baer, alleged Swiss authorities have passed on the confidential information illegally. Hornung said in media reports Julius Baer alone handed over about 2,500 names of advisers who allegedly dealt with US clients following pressure on the Swiss authorities from US regulators.
Nominations open: 2012 PBI Global Wealth Awards
Considered to be the most prestigious accolades in the wealth industry for excellence and best practice, winners are due to be announced at a gala dinner on 24 October. Growing wealth in faster growing markets has created huge opportunities for wealth managers as increasing regulation and squeezed margins apply pressure to business models across the wealth management spectrum.