All articles by PBI Editorial
PBI Editorial
HNW Spotlight: Thomas Flohr, VistaJet
PBI has teamed up with intelligence provider WealthInsight to provide a monthly profile of HNW figures in different parts of the world Flohr did not intend to become a private aviation tycoon and spent the majority of his business career in the financial services sector, falling into aviation partly by accident
RBS cuts 600 jobs in preparation for RDR
Royal Bank of Scotland (RBS) is to cut more than 600 jobs from its financial planning service due to the Retail Distribution Review (RDR) that is set to come into force at the end of 2012.The bank said that stricter rules on the sale of financial products to customers, due to the RDR, had an impact on how it delivers investment advice to its customers
UBP cuts 100 jobs in ABN AMRO integration
Union Bancaire Prive (UBP) has cut 100 operational and IT jobs as part of the integration of ABN AMROs Swiss private banking business. The Swiss bank bought ABN AMROs Swiss operations last August which included 11bn ($16bn) in client assets under management (AuM) and about 350 staff in Zurich, Geneva, Lugano, and Basle. The cuts are the latest signs of the pressures on the Swiss private banking sector, whose profits slumped 9% in 2011 to a total of CHF299m ($314m).
Julius Baer front runner in Merrill bid
Julius Baer has confirmed it is in discussions with Bank of America (BofA) about Merrill Lynchs international wealth management business outside the United States. The sale of BofAMerrill Lynchs global private wealth management unit has reportedly attracted the interest of Wells Fargo, Credit Suisse, Julius Baer and UBS in recent weeks.
Greater China Wealth Awards 2012
China, Hong Kong and Taiwan represent an immense pool of high net worth assets and are at the centre of increasing efforts by banks and other participants, both foreign and domestic, to grow top-flight wealth management businesses We divide these awards into two categories, the best domestic institution recognising how local players are rapidly developing their own capabilities in private banking and best foreign players, in each market
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Germany’s ultras insulated from Europe’s crisis
The eurozone crisis is bringing the countrys economic performance under the microscope, but research from WealthInsight suggests that while the lower-tier wealthy have had their confidence shaken, Germanys ultra high net worths are proving remarkably resilient The German economy has been one of the bright spots of the recent confidence crisis in the eurozone although its growth rates are nothing to shout about. The Organisation for Economic Co-operation and Development reported annual real GDP growth reached 3% in 2011, and it is set to fall back sharply this year to around 0.5% before increasing back towards 2% in 2013.
Facebook listing creates 996 millionaires
Indepth analysis reveals that this new group of UHNWIs (those worth more than $30m), known as the Facebook Elite, each have an average wealth of more than $227m. Based on an IPO price of $32 per share, WealthInsight estimates that among Facebooks past and current employees, 174 UHNWIs, 312 mid-tier millionaires ($5-30m), and a further 511 HNWIs were created in the May 18 IPO.
Facebook flotation to create 970 millionaires
Facebooks pending IPO will create 970 millionaires including 165 super rich ultra high net worth Individuals (UHNWIs), according to new research by the wealth intelligence service WealthInsight In depth analysis reveals that this new HNW group, known as the Facebook Elite UHNWIs (those worth more than $30m) will each have an average wealth of more than $225m Though the prospect of immediate and huge spending sprees is unlikely, due to restrictions on the exercise of stock options and other shares.
UBS Q1: Wealth units post big pre-tax rises
UBSs wealth divisions continued to lead a steady recovery in the first quarter with its wealth management unit reporting pre-tax profit of CHF 803 million, up 70%, and its wealth management (WM) Americas division recording a 34% pre-tax profit gain in the same period
Research: Credit Suisse claims top ‘rank of ranks’
Indepth new research into the metrics of private banks has provided some interesting comparisons of the worlds top wealth managers performances Credit Suisse comes out on top in a rank of rankings, while Bank of America saw more asset outflows from 2009 to 2011 than UBS Credit Suisse is judged to be the heavyweight world champion of the wealth management industry