All articles by PBI Editorial
PBI Editorial
SocGen advisory board to lead ?150bn AuM push
Socit Gnrale Private Bank has set up a new executive committee as part of its two-stage growth strategy, Ambition 2015, aimed at almost doubling assets under management to 150bn in the next five years. Socit Gnrale Private Banks global chief executive Daniel Truchi will lead the six member supervisory committee that will direct the private banks strategy and global development A spokesman for the bank confirmed Truchis role would remain unchanged with the advisory board adding more structure support to the global chief.
Berenberg sets up UK arm, eyes £500m AuM
Germanbank Berenberg has officially launched a UK private banking operation, almost a year after it told PBI its plans for a 10-man UK team At the time, Brodtmann said the new UK business had an assets under management (AuM) target of £500m ($799m) within three years, gathering client assets at a rate of £200m a year.
Sachs pulls pin on Facebook offer to US clients
Goldman Sachs is to exclude wealthy US investors from its $450m Facebook private placement deal after questions were raised about its compliance with US securities regulations. The deal, which originally intended to give US and offshore high net worth clients access to stakes in the social networking site, will now only be offered to clients outside the US. The bank cited the media furore following the deals announcement earlier this month as part of the reason it had cancelled the initiative
Unleashing the power of the Coutts brand
Three months into the job and Rory Tapner, the new chief executive of RBSs Wealth division, is setting in place a grand plan for his operation PBI speaks to Tapner about how this calls for Coutts & Co to become a true global wealth brand that can compete head on with the very best in the business. A head-to-toe dissection of the sprawling parts of the RBS wealth management operation is being surgically undertaken by Rory Tapner, the former UBS Asia-Pacific head, after he joined as the RBS Wealth divisions chief executive late last year.
Selling the family office to Asia
The high percentage of first-generation wealth creators in Asia-Pacific needing to transfer their legacy has heightened awareness of family office services in the region But Paul Golden finds attracting wealthy Asian families to the concept takes a careful mix of expertise, location and overcoming cultural barriers.
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Down your game’ and back to basics
As the impacts of the Retail Distribution Review throws light on how UK clients are charged, several attendees think external partnerships or network models could be the future mould for trusted advisers. John Evans, editor-at-large, PBI: There are two threats or challenges to the industry transparency regarding the offshore proposition and the way that private banks have to up their game in terms of sophistication, trust and client servicing being rock solid
Private banks should survive tax accords
Further evidence has emerged that Swiss private banking should surmount the outflow of client money from its new round of tax agreements Now treaties with Germany and the UK have been signed, we look at how the clean up of untaxed money in secret accounts could impact assets in Switzerland. Tens of billions of Swiss francs of client assets are expected to be impacted by renegotiated double-tax treaties between Switzerland and almost a dozen European countries
HNW: Britain puts out the welcome mat
Britain will ease the way for wealthy foreigners and entrepreneurs to come to the country to set up home, according to what private bankers call an important new policy outlined by the UK coalition government.
Legal: Leverage plays haunt private banks
A string of court cases worldwide, ranging from disputes about margin calls to one of the first hearings in the Dubai International Financial Centre, throws light on how speculative investments became. Highly-leveraged investments, which clients entered through their private banks during the boom years up to 2008, are coming back to haunt their financial advisers, in the form of a steady stream of multi-million dollar lawsuits around the world.
Senior moves – November
Catch up on the senior leadership changes from across the industry