All articles by PBI Editorial
PBI Editorial
Van Lanschot to cut staff by 10-15% by 2015
Dutch private bank Van Lanschot is to cut staff levels 10 to 15% over the next three years and close seven of its 28 offices in the Netherlands The redundancies are likely to come from its back office where it plans to reduce headcount in service centres by approximately 40% in 2012-2015.
UK wealth industry manages $3.3trn, says study
High net worth (HNW) private banks in the UK manage an estimated £886bn ($1.39trn), with the wealth management industry in total managing more than £2.1trn in private client assets, new research suggests. The research, conducted by consultants Scorpio Partnership, highlighted that these HNW banks employ 22,700, and mass affluent banks working as wealth managers employ about 20,000 staff. The wealth management industry was classified in the study as including UK HNW private banks, mass affluent banks, private client investment managers and independent financial advisers who manage assets for clients in excess of £100,000.
OCBC launches Bank of Singapore trade name in UK
Speaking at the launch event in London to more than 300 guests, Bank of Singapore CEO Renato de Guzman said the launch of the new trading name demonstrated the banks commitment to grow its private banking services beyond Asia.
Morgan Stanley sells Quilter to Bridgepoint
Morgan Stanley Smith Barney (MSSB) has sold its UK retail wealth management business Quilter to its management and private equity house Bridgepoint. MSSB president Greg Fleming said the sale reflected its wealth management strategy to focus on our core businesses, including the ultra high net worth (HNW) market segment in Europe, Middle East, and Africa.
HSBC sells Thai wealth management unit
HSBC has sold its retail banking and wealth management business in Thailand to Bank of Ayudhya (BAY) for $115m. In a statement, HSBC said value of the gross assets being sold was approximately THB17.5bn ($553m) at 31 December 2011.
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Eurozone break-up unlikely, not unthinkable – UBS
The eurozone is unlikely to break-up in the near future, as long as the current co-operation between Germany and France continues, research from UBS suggests. UBS wealth management research, Breaking up the eurozone: Unlikely but not unthinkable, looked at a number of themes including breaking up the currency union; currency reform and exchange rate adjustments; redenomination of financial obligations; and how a break-up would impact financial and real assets
Uncertainty dominates 2012 outlooks
Uncertainty remains a watchword for the private banking industry in 2012 as the eurozone crisis continues to cast a long shadow. PBI’s Editorial Advisory Board shares its predictions for 2012, which suggest competition will remain fierce, banks must improve how they deliver value and regulators will get personal.
Bank Sarasin charges IT worker for data theft
Bank Sarasin has given further details of its action against an ex-IT employee who stole and shared the account information of the Swiss National Bank chairmans family. Bank Sarasin filed charges against the employee for violating bank-client confidentiality and commercial secrecy which has engulfed the bank chairman in an insider trading scandal. Bank Sarasin is also directing charges against third parties for inducing the employee to violate bank-client confidentiality and for exploiting the violation of commercial secrecy. The bank said that they reserve the right to take further legal action. In particular, they said that they might take action against a Swiss weekly newspaper for erroneous reporting.
Global mass affluent report
VRLs new 90-page research report on The Global Mass Affluent explores the potential of this fast-growing segment.The report provides an overview of the business environment in key regions, such as Asia-Pacific, the US, Europe, Latin America and the Middle East. Overall, it finds that the rapid growth of the mass affluent segment has sparked retail and private banks to reprioritise their market segmentation strategies. It covers central business questions facing wealth managers, such as what are my clients needs, how to target the right audience, effective marketing strategies and who is influencing my customers opinions.
Brazil’s Safra beats Baer to buy Sarasin stake
Brazils Safra Group has bought the controlling stake in Switzerlands Bank Sarasin from Rabobank, the is fee understood to be about CHF1bn ($1.09bn). Market rumours had suggested growth-focused Swiss bank Julius Baer was a front-runner to buy the majority stake in Sarasin that gives Safra a 46% equity interest and 69% voting rights. Brazils Safra Group, which agreed to pay CHF36 for Sarasins B shares and CHF7.20 per A-registered share, runs private banking operations and Safra Wealth Management, a multi family office, in the Americas and Europe.