All articles by PBI Editorial
PBI Editorial
Barclays Q1: pre-tax profit 30% up year-on-year
Pre-tax profit at Barclays renamed wealth and investment management unit rose 11% to £60m in the first three months of 2012, a 30% ($96m) increase on a year-on-year basis.
Deutsche Q1: PWM revenues up 10%, pre-tax up 157%
Total net revenues at Deutsche Banks private wealth management (PWM) division rose 10% in the first quarter of 2012 to 503m, although they dropped 10% on a year-on-year basis.
Ex-US Trust exec to lead Itau’s LatAm push
Ita Private Bank has underlined its desire to expand in Latin America outside of Brazil by naming Frances Aldrich Sevilla-Sacasa CEO of its international business. In 2012, our plan is to consolidate our presence in the Brazilian market but also invest significantly to increase our penetration in the Hispanic markets, following Itas internationalisation movement, Joo Medeiros, head of Ita Private Bank International and a member of PBIs editorial advisory board, told PBI in December last year.
RBC creates UHNW credit solutions role
RBC Wealth Management has created a new role to originate and structure credit for its international ultra high net worth (UHNW) client base. Michael Kay, formerly head of credit products for RBCs global trust and UK businesses, will relocate to Toronto from August to take up the role. Kay will help develop lending solutions for UHNW clients, deepening existing relationships and securing new UHNW credit mandates, RBC said.
HSBC to sell Korean and Pakistani units
HSBCs Korean wealth management business is the latest unit to be put up for sale as the worlds fifth largest private bank slims down its operations in markets where it lacks size. In a statement, HSBC said it was in talks with the state-owned Korea Development Bank, a member of the KDB Financial Group, on the possible sale of its retail banking and wealth management business in Korea.
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Metro Bank’s wealth arm off to strong start
Metro Banks (Metro) new private banking and wealth management unit has got off to a strong start, according to its chairman Anthony Thomson, although he would not disclose net new money or asset totals.
Investment banker Mazaud replaces Truchi as SocGen head
Daniel Truchi has been replaced by investment banker Jean-Franois Mazaud as global head of Socit Gnrale Private Banking (SGPB) following months of speculation. In January, PBI reported on market rumours that Truchi was to be replaced by Mazaud
German sale drives LGT’s 2011 profits down 52%
Liechtensteins LGT Group saw group profit decline 52% to CHF70m in 2011 despite net new money rising by 10% to CHF8.6bn. The profit slump was attributed to one-time write-offs of CHF50m, including hits to income from trading activities and other operating income, in connection with the sale of LGT Bank Deutschland. LGT sold its seven-office private bank to ABN AMROs German private banking subsidiary Delbrck Bethmann Maffei in September last year.
Retrenchment chill blows through UK
After virtually uninterrupted growth for much of the past decade, the UK private banking market is feeling the chill winds of retrenchment Subdued client trading volumes and pressured margins are prompting staff cutbacks and slimming of client distribution networks by a growing number of firms in the UK private clients business.
Hangzhou: the next UHNW hotspot
Chinas eastern superpower cities of Beijing and Shanghai may be where most of todays high net worth (HNW) wealth is concentrated, but new research suggests lesser-known centres like Hangzhou, Wuhan and Chongqing could be ultra HNW hotspots by 2015. Chinas rapidly expanding onshore wealth market is well documented, as are its prospects for future growth, but new research has attempted to shed light on some of the lesser known hot spots for Chinese high net worth individuals (CHNWIs). WealthInsight, a new data-backed research provider, has come up with a set of predictions of what Chinas HNW landscape will look like in 2015 which has thrown up some interesting conclusions about the key second tier cities for growth and how non-Chinese foreign banks can gain a foothold.