All articles by PBI Editorial
PBI Editorial
Credit Suisse crowned global leader
Credit Suisse was named Outstanding Global Private Bank at the VRLPrivate Banker International 20th annual awards at Singapores Shangri-La Hotel More than 140 bankers from across the world attended the event to see the industrys leading lights recognised for their achievements in wealth management.
Picking winners in testing times
The past two years have tested private banks to their limits and made choosing the elite industry performers a challenging task PBI drew on the experience of a diverse judging panel with experience from across the global industry to choose this years wealth management champions.
Video exclusive: Interview with Joao Luiz Medeiros, Itaú Private Bank
PBI editor Nicholas Moody speaks to Joao Luiz Medeiros, Ita Private Bank’s International cheif executive, about winning PBI’s Outstanding Private Bank Latin America and its new Swiss entity set up to serve its growing Latin American clientele.
Video exclusive: Interview with Khalid Sattam, HSBC Private Bank
PBI editor Nicholas Moody speaks to Khalid Sattam,HSBC Private Bank’s head of its investment advisory group for theMiddle East and North Africa, about winning Outstanding Private Bank Middle East,the region’s intense competition and increasing demand for Islamic finance solutions
Non-US banks eye trust route to market
Barclays Wealth Trustees (US) will make an important contribution towards wealth planning and structuring for ultra-rich families, both in the US and abroad. The creation of Barclays Wealth Trustees (BWT) could mark the long-awaited entry of more foreign wealth managers into the US trust and fiduciary business
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UBS predicts up to CHF40bn impacted by tax pacts
UBS warned clients may withdraw up to CHF40bn ($41bn) because of renegotiated double-tax treaties between Switzerland and other European countries. Switzerland has agreed with Germany and Britain on a withholding tax on interest and income from Germans and Britons residing in the Alpine state
Private banks eye $55bn CEE affluent market
An estimated 1.4m affluent individuals across Central and Eastern Europe hold an estimated $55bn of offshore wealth, presenting good opportunities for international private banks and emerging local onshore banks. Research from Datamonitor found affluent investors, defined as those with more than $50,000 in onshore liquid assets, lacked knowledge of international financial services. The report estimated that clients in Kazakhstan, Russia and Ukraine, held a minimum of $55bn offshore in Guernsey, Jersey, the Isle of Man and Switzerland, by the end of 2009.
Hedge fund growth potential buoys Pictet
A 28 percent decline in the number of fund of hedge funds businesses since the start of the financial crisis is not a sign the industry is dying, according to bankers at Pictet & Cie. Fund of hedge fund assets under management rose by $340 million to $8.2 billion in the year to date in PAI, still beneath pre-crisis levels of over $10 billion
RBC seals ex-Fortis Hong Kong business buy-out
RBC Wealth Management has acquired Fortiss wealth management business in Hong Kong, consisting of about 16 client facing professionals and 30 support staff.
HSBC Q3 pre-tax profits up, scraps Nedbank bid
Private banking pre-tax profits at HSBCs private bank were considerably ahead in the third quarter of 2010 compared to 2009, due to the non-recurrence of significant loan impairment charges, the bank said In its latest interim statement, HSBC said its year-to-date performance was mostly in line year-on-year as it continued to attract net new money inflows, particularly from emerging markets.