All articles by PBI Editorial
PBI Editorial
BNP Paribas 1Q inflows reach $7bn
BNP Paribas wealth management division had 4.7bn ($7bn) of client asset inflows in the first quarter of 2011 due to asset gains in domestic markets and in Asia BNP Paribas said the boost came from a good performance in Asia and gains from its partnership model introduced in 2009. The French banks partnership model matches BNP Paribas Investment Partners, its dedicated asset management business and its full range of investment management services, with private banking clients.
Julius Baer buys minority stake in Brazil’s GPS
Swiss bank Julius Baer has bought a 30% stake in Brazilian independent wealth manager GPS for an undisclosed sum. So Paulo-based GPS, which includes GPS Planejamento Financeiro and CFO Administrao de Recursos (GPS), claims to be the largest independent wealth manager in Brazil with about BRL8.5bn ($5 billion) in assets under management (AuM).
Deutsche 1Q assets dip, no update on BHF sale
Deutsche Banks asset and wealth management division reported income before income taxes of 190m ($281m) for the first quarter of 2010 although invested assets dipped slightly.
ABC and BMO launch HNW collaboration
Agricultural Bank of China (ABC) and Bank of Montreal (BMO) have launched a referral arrangement between the two banks that will provide their clients with access to cross border private banking services As part of the agreement, representatives of ABC and BMO will provide high net worth clients in China with information about overseas studies, immigration, tax planning and other cross border financial services and solutions.
Credit Suisse income dips, HNW gains boost Barclays
Credit Suisses wealth management (WM) business recorded an 8% dip in income before taxes to CHF623m ($710m) in the first three months of 2011 compared with the same quarter last year, weighed down by higher operating expenses.
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Asia passes Switzerland in UBS asset importance
UBS continues its strong recovery recording a 2% gain from its 2010 year-end results in invested assets to CHF1.49trn ($1.7trn). Net new money inflows amounted to CHF15bn as of 31 March, a dramatic turnaround from CHF15bn outflows from the first quarter results a year ago. UBSs first quarter results also showed that its Asia-Pacific wealth management (WM) business with CHF173bn in invested assets now contributes more to its invested assets portfolio than its home market in Switzerland, where invested assets totalled CHF171bn as of 31 March.
MSSB names new COO, restructures senior team
Morgan Stanley Smith Barney (MSSB) president Greg Fleming has appointed a new chief operating officer (COO) as part of a leadership restructure at the worlds second largest wealth manager. In this new role, Hack will be responsible for global risk management and oversee MSSBs technology and operations integration activities, along with overall performance of the business
Pictet latest bank targeted by Madoff trustee
Pictet & Cie is facing a $156 million claim launched by Irving Picard, the US court appointed trustee for investors defrauded in Bernard Madoffs Ponzi scheme Pictet said the suit concerned direct and indirect investments made in Madoff-related feeder funds by clients for whom Pictet & Cie acted solely as custodian
BSI AuM dips, business booms in Asia
Swiss bank BSI saw assets under management (AuM) drop 2.4% to CHF 76.2bn ($84.5bn) in 2010 but reported high-growth in its emerging markets, especially Asia. The weakening of the euro and Swiss franc contributed to the AuM fall, although net new money reached CHF5.5bn that offset outflows (CHF 1.7 billion) in the wake of the Italian tax amnesty. The bank highlighted the strong performance of its Asian operation, noting that BSI had increased its employee numbers from 50 to 280 in 18 months with the Singapore office having the largest number of employees after its Lugano headquarters.