All articles by PBI Editorial
PBI Editorial
Credit Suisse shuts offshore US client unit
Credit Suisse has closed Credit Suisse Private Advisers (CSPA), the Switzerland-based unit that serves American clients outside the US. The units 10 Switzerland-based relationship managers (RMs) and support staff, who managed about $2.25bn assets under management, are likely to be re-absorbed into Credit Suisse.
Deutsche reviews asset management unit structure
Deutsche Bank is to conduct a strategic review of its global asset management division outside its core markets in Germany, Europe and Asia. The German bank said the strategic review is focused on how recent regulatory changes and associated costs and changes in the competitive landscape impact the business and its growth prospects. PBI understands Deutsche private wealth management (PWM) unit, part of the banks private clients and asset management (PCAM) division, is not part of the review.
Comment: Europe’s ‘scattergun’ financial transaction tax
There has been much UK media and parliamentary coverage on the proposed Financial Transaction Tax (FTT) since the European Commission (EC) published its proposal on 28th September 2011. Most of the coverage has rightly focussed on the potential negative impact on European GDP
Barclays aims to double AuM in Greater China
Barclays Wealth claims interest in its private investment banking services has increased four fold among its Greater China clients. The UK-based bank said its Asia-Pacific strategy will continue to focus on Greater China as it seeks to more than double its assets under management in the sub-region in the next three years. Barclays Wealth said it is to set up a Greater China desk based out of Singapore to better meet the needs of clients from Greater China.
UBS confirms wealth management-centred strategy
UBSs refocused strategy will centre on strengthening its wealth management businesses in core markets and radically reducing the risk-weighted asset base of its investment bank to best serve high net worth clients. At UBSs investor day, newly appointed group chief executive Sergio Ermotti said the Swiss giant will grow and expand its wealth management franchise. We will continue to invest in products and geographies where we see opportunities to grow, particularly in our wealth management businesses, he said.
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Julius Baer confirms 150 job cuts, AuM stable
The Swiss private bank made no mention of the possible acquisition of Rabobank- owned Bank Sarasin. The Swiss private bank said about CHF30m of the savings will come from job cuts, although it did not say which divisions would be affected
Indo-Swiss agreement aims to banish bank secrecy
An information-sharing agreement between India and Switzerland that recently became effective aims to help tackle the problem of black money as Swiss financial institutions can now be requested to disclose the banking and tax-related details for Indian customers In spite of these comments, Swiss ambassador to India Philippe Welti was quick to clarify that the privacy of individuals must be maintained when deciding on data sharing.
Clariden Leu next to pass on tax details to IRS
Credit Suisse-owned Clariden Leu has been forced to follow its parents lead and pass on account details of US clients to the Swiss Federal Tax Administration after an official request from the US Internal Revenue Services (IRS).
IRS squeeze Swiss for Credit Suisse US clients
Credit Suisse has passed US client account details to the Swiss Federal Tax Administration after an official request from the US Internal Revenue Services (IRS). The request comes as part of an industry-wide IRS investigation into cross-border private banking services provided to US citizens at Credit Suisse and up to 11 other Swiss banks.
RBS managed assets slump 13% in Q3
RBSs wealth division reported a 13% slump in assets under management (AuM) with operating profit falling 4% to £71m ($114m) in a difficult third quarter of 2011. The UK-based bank said adverse market movements contributed to £3.2bn ofAuM loss, dragging total managed assets below £30bn in the third quarter. There were also net new business outflows of £1.2bn over the three month period as clients became cautious, particularly toward equities.