All articles by PBI Editorial
PBI Editorial
Singapore publishes private banking conduct code
Drafted by industry body the Private Banking Advisory Group with support from the Monetary Authority of Singapore, the code recommended private banking professionals pass a common competency assessment called the Client Advisor Competency Standards (CACS) before they provide any financial advice.
HSBC US probe signals IRS still hot on tax fraud
The US Department of Justice (DOJ) has launched legal proceedings to force HSBC to hand over tax details of wealthy US Non-Resident Indian (NRI) clients who held accounts in its Indian bank. The US Internal Revenue Service (IRS) wants to file a John Doe summons to obtain information about possible tax fraud by US clients of Indian origin with more than $100,000 in HSBC India accounts. Although the investigations are focused on HSBC clients in the affluent segment, it signals the next phase in US regulators efforts to crackdown on US residents using foreign wealth managers to hide taxable assets.
Credit Agricole HK licence highlights Asia aims
Credit Agricole (Suisse) is to open a booking centre in Hong Kong to expand its Asian private banking services after being granted a full banking licence by the Hong Kong Monetary Authority. The move will allow the European banks to expand its Asian product portfolio and deal in renminbi, tapping the growing high net worth (HNW) market in Greater China.
RBC signals push to bulk up Middle East division
Craig Somerset is to lead RBC Wealth Managements newly-established Middle East desk as a director in RBCs UK division. London-based Somerset previously worked as a private banker for Al Mal Capital in Dubai and as a relationship manager at Barclays Wealth, also in Dubai. Philip Harris, RBCs head of UK private client wealth management, said Somerset was the first in a range of senior hires RBC was making to build up its Middle East desk.
Morgan Stanley opens wealth branch in Chennai
Morgan Stanley Private Wealth Management (PWM) has opened an office in Chennai, its second in Southern India and fifth across India. The new branch will provide advisory services, products and services to high net worth individuals normally reserved for institutional clients
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London holds top private banking spot, ME drops
London retained top spot as the leading global financial centre for private banking and wealth management in 2011, as Asia-Pacific hubs pushed into the top ten of the latest Global Financial Centres Index (GFCI).
SocGen strengthens Asia-Pacific leadership
Socit Gnrale Private Banking has named Olivier Gougeon as chief executive officer for Asia Pacific to lead a newly-formed strategy committee as the bank pushes to expand its Asia-Pacific business.
Australian regulator pulls up UBS Australia on compliance issues
The Australian Securities and Investment Commission (ASIC) has reprimanded UBS Wealth Management’s Australia business (WMA) for failing to provide sufficient advice to 764 retail clients who invested in structured products. The financial regulator said UBS WMA failed to provide statements of advice to the retail clients investing in structured products between January 2006 and 31 March 2010 The bank also had failed to issue Statements of Advice to clients who invested in other financial products.
Senior moves: March 2011
Senior appointments in the private banking industry this month.
Regulators block KBL’s sale to Hinduja
European regulators have blocked the sale of KBCs private banking unit, KBL, to Hinduja Bank Luxembourg regulator, the CSSF, confirmed it was dismissing the acquisition due to criteria set out in the European law governing the financial sector