All articles by PBI Editorial
PBI Editorial
Northern Trust opens China branch
Northern Trust has had a representative office in Beijing since 2005, but has been present in China since 1999 when it began a co-operation with the Bank of Communications The bank said that since 2007, it has grown its staff in the Asia-Pacific region to more than 2,000 employees at its offices in Beijing, Hong Kong, Singapore, Tokyo, Melbourne and Bangalore.
HSBC targets golf wealth
HSBC Private Bank has sealed a partnership with the golf division of sports marketing agency IMG Worldwide that allows the bank to pitch its wealth management services to IMGs athletes
RDR and cost control to test banks
A PBI round table on challenges to the UK private banking industry held in London brought together members of the wealth management community from a variety of perspectives The dramatic challenges to private banking business models in developed markets may not be as acute in 2011 as in the past few years but the industry remains in fundamental transition
Offshore banking: the transparent age
Offshore banking centres have been high-profile targets for regulation and governments eager to get a bigger tax take to feed their expanding deficits Transparency has risen to the top of the priority list for wealth managers, as has how to best serve Cross Border Declared clients. Nicholas Moody, editor, PBI: Has the global push on tax transparency, created a fundamental shift or readjustment in offshore banking?
Emirates NBD opens Singapore HNW hub
Dubai-headquartered Emirates NBD has opened its first Asia-Pacific branch in Singapore to provide private banking services targeting Middle Eastern and Asian high net worth individuals (HNWI). The strategic move will allow Middle Eastern HNW to base part of their offshore assets in South-East Asia. The bank also wants to encourage Asian HNWIs to increase their investments in Middle Eastern and North African (MENA) markets
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UBS faces $2bn suit for Madoff involvement
UBS is being sued for $2bn for directing and overlooking client investments in feeder funds linked to convicted fraudster Bernard Madoffs investment advisory unit, Bernard L Irving Picard, acting as trustee for Madoff investors, is suing UBS in the US for its involvement with feeder fund Luxalpha, part of Madoffs Ponzi scheme.
Credit Suisse’s new money inflow worth $7.3bn
Credit Suisse recorded CHF7.3bn ($7.3bn) of net new money inflows into its Swiss wealth management business in the nine months to the end of September. The wealth management segment made up 60% of Credit Suisses total net income in Switzerland for the nine months to September, equivalent to CHF3.8bn.
CIMB hints at Cambodian move
Malaysian bank CIMB has being granted a licence to fully operate a 100% owned subsidiary in Cambodia, providing retail banking products and services However CIMB told PBI it could not comment on when it would be able to offer private banking services in Cambodia CIMB faces strong competition from well established banks in Cambodia with an estimated 22 banks competing in the countrys private banking sector, including Standard Chartered, Credit Agricole and Maybank.
Swiss franc strength a double-edged sword
The soaring Swiss franc, up 9% against the US dollar in the past year, is proving to be a double-edged sword for Swiss private banking New money inflows flooding into the Swiss franc are being attracted by the safety of the Alpine currency
People: Senior Moves, November
International private banking senior banker moves in November.