All articles by PBI Editorial
PBI Editorial
Getting out of Swiss banks?
A number of foreign banks operating in Switzerland are being sold or merged as the rationale for owning a bank in the Alpine nation is increasingly questioned Greater regulation and pressure on offshore banking is making a Swiss banking operation a luxury for many players now it is so tough to hide client money.
Half of HSBC AuM could come from Asia by 2015 – Meares
HSBC Private Bank has said that up to half of its assets under management (AuM) could come from Asia over the next five years, an increase from the current level of 30%. HSBC Private Banking global chief executive Chris Meares said that Asias huge IPO growth in the past year was driving economic wealth creation meaning wealth management operations in the region could amount to half of the banks business.
Gap between active and passive returns set to grow – Merrill Lynch
The head of Merrill Lynchs EMEA portfolio management division, Simon Miles, predicted the differentiation between active and passive wealth managers will increase in 2011 as the investment space returns to a more normal investment climate Now, because things are starting to settle down, the ability of managers to identify a good company versus a bad company is going to start to emerge,” Miles said.
New kids on the block: The latest wealth management entrants
Aiming to gain a foothold through value-for-money private banking, the newcomers all have the same basic message: too many of the big established players have turned into expensive sales outlets for product pushing. Germanys Berenberg Bank, the former chairman of Adam & Co and Pavilion Investment House may have very different origins but all three have signaled plans to break into the UK market, exploiting what they regard as deep flaws in much of the present private clients business.
SG Hambros to buy Barings private client unit
Socit Gnrale Private Bank (SGPB) Hambros is to acquire the private client investment management business of UK wealth manager Barings Asset Management. A SGPB spokesman confirmed that the bank has signed an agreement to buy the UK wealth manager SGPB and Barings said they would not make any further comments on the transaction until an official announcement, which is expected to be early next week.
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Deutsche full year AuM up 70%, costs rising
Deutsche Banks private wealth management (PWM) arm posted a 70% rise in invested assets for the 12 months to December 2010 but negative new money inflows and rising costincome ratios may be cause for concern. Invested assets – the most commonly used figure for assets under management (AuM) at Deutsche stood at 323m, which include Sal Oppenheim assets following the purchase of the 1bn firm in March 2010. But PWM net new money was flat in the fourth quarter, posting an -88% drop from the third quarter of 2010 and no material gains in the year to December compared to year before.
Nordea’s 4Q AuM up 23%, continues 2009 gains
Nordeas Nordic private banking division posted a 25% jump in assets under management (AuM) in the 12 months to December 2010, continuing its strong AuM gains in 2009. Nordeas Nordic and International private banking AuM increased by 23% to 67.3bn this quarter, when compared to the fourth quarter of 2009. The leading Nordic private bank emerged relatively unscathed from the post-crisis asset purge with these 2010 AuM gains coming on top of 29% growth in 2009.
RBC leadership re-jig reinforces emerging markets push
RBC Wealth Management has launched an emerging markets division and split the banks global operations into four regions, part of a re-jigged leadership structure The emerging markets unit, which has branched off from the banks wealth management umbrella headed by deputy chairman Mike Lagopoulos, will focus on new high net worth clients in Asia, EMEA and Latin America. Singapore-based, Barend Janssens, who formerly ran the Asian region for ABN Amro and subsequently Fortis, the RBC wealth management subsidiary, will drive this emerging markets push
Wealth confidence up 21% among Asian HNW
Wealth confidence across Asia is above the global average, with stronger investor attitudes and a focus on higher money goals for 2011 within the high net worth (HNW) segment Scorpios inaugural 2011 Future Priority report found a majority (81%) of the 1800 Asian millionaires sampled said they would make money in the next 12 months 10% higher than the global average and 21% up on the past 12 months.
Former Adams head to launch new UK private bank
The former chairman of RBSs Adam & Co, Ray Entwistle, is founding a new UK private bank planned for launch in July 2012. SCOBAN the banks holding company has been formed and registered but the banks trading name still under active consideration, Entwistle said.