All articles by PBI Editorial
PBI Editorial
Wealth managers not transparent on performance, fees
Only 10% of the worlds top 40 wealth managers publish performance data for their discretionary accounts and only 22% offer specific public information about their fees. Research from MyPrivateBanking found that, in comparison to mutual funds, which are required to be transparent on a range of performance measures, there is very little public disclosure on the discretionary accounts by private banks and wealth managers.
German sale underlines LGT emerging market focus
LGT Group has put its 7-office German private banking business up for sale following its failed bid to buy BHF Bank last month. An LGT spokesperson said the Liechtenstein bank had come to the conclusion that it could not achieve the targets for its private banking business in Germany without an acquisition
Chinese regulator to release new wealth rules
Chinas banking regulator is expected to publish new draft rules on many aspects of the wealth management industry from cross-selling to training requirements within the next month. Speaking at PBIs Hong Kong Forum last week, Armstrong Chen, deputy director at the supervisory rules and regulations department of the China Banking Regulatory Commission (CBRC), said the proposed rules were designed to help the wealth management market develop healthily, especially around investment product sales. The new rules will help give foreign banks greater clarity about the sales of wealth management products into the onshore wealth market in China
Bedrock launches family office platform
Independent wealth adviser Bedrock is to launch a family office platform providing logistical support to high net worth (HNW) families. The private investment office, with offices in London and Geneva, will help HNW clients identify and work with specialists to co-ordinate non-investment related family needs. Bedrocks offering is similar to many wealth advisory firms, including US firm Wealthtouch which provides consolidated reporting across all asset classes, custodians and currencies for ultra high net worth clients.
Julius Baer AuM up 2% since year end
Julius Baers assets under management (AuM) have increased by 2% to CHF173bn ($195.3bn) in the four months to the end of April. But compared on a like for like basis, AuMs declined by 1.1%, or 2bn, from the corresponding period a year ago.
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Barclays Aquilina moves to UBS
In line with its target to grow client assets from emerging markets, Swiss private bank UBS has announced the appointment of a new vice chairman for its wealth management business in emerging markets. Aquilina is expected to commence his new position in mid-May and will be based in Zurich, reporting to Paul Raphael, head of global emerging markets at UBSs wealth management unit.
Crédit Agricole Q1 AuM up 2.5% YOY
Crdit Agricole has recorded a 2.5% year on year increase in assets under management (AuM) at its asset management, insurance and private banking business unit in the first quarter to 11.1bn ($15.8bn)
UOB launches new wealth management scheme
United United Overseas Bank (UOB) has fine-tuned its wealth management service and is now offering Privilege Reserve, a new scheme, for high net worth (HNW) individuals with investable assets of more than $2m
Standard Chartered Private launches key client solutions unit
Standard Chartered Private Bank has linked its private banking and wholesale banking divisions to create a Key Client Solution unit. The Key Client Solutions unit is directed at the private banks clients with $25m or more in investible assets and bridges the private and wholesale banking divisions to offer personalised solutions by considering clients broad business and wealth management requirements.
RBS operating profit drops, healthy AuM rise
Operating profit in the first three months of the year at RBSs wealth businesses was down 8% to £80m ($131m) compared to the last quarter of 2010