All articles by PBI Editorial
PBI Editorial
Credit Suisse expands India wealth product line
Credit Suisse has launched its Lombard Loan product range in India for its wealth management clients as it continues to make in-roads in the one of the worlds fastest growing economies
UK regulator probes wealthy HSBC clients
The UK tax regulator, HMRC, is understood to have sent letters to hundreds of high net worth UK investors over possible tax evasion in connection with Swiss HSBC Private Bank accounts. The HMRC confirmed letters were issued in line with the provisions of HMRC Code of Practice 9 which asks tax payers to disclose their tax irregularities.
Can UBS’s PR offensive win back clients?
UBS has bled client money in the hundreds of billions after the credit crisis, received a Swiss government rescue and grappled with a US tax evasion scandal which has unnerved its clientele
Barclays Wealth names Americas head of banking
Barclays Wealth has named David Lewis as managing director and head of banking, Americas He leads the continued build-out of the firms regional banking products and services, such as cash management, credit and debit cards, transactional banking, savings accounts and client household programs.
RBS Coutts pursues Brunner to repay bonus
RBS Coutts is suing the former head of its Asian operations, Hanspeter Brunner, for the return of an advance on his bonus after he left the UK company for BSI last year. RBS Coutts claimed in its Singapore lawsuit that Brunner should return about SGD$170,000 ($127,000) he received as a cash advance on a deferred bonus plan.
Scandal-rocked banks see client inflows resume
Private banks shaken by having the identities of their clients passed to regulators and police, are starting to repair the damage to their reputations and asset levels. One of the biggest casualties, LGT, the “house bank” of the Liechtenstein royal family, has started to attract new money again after two years of client outflows It saw inflows of CHF1.1bn ($1.1bn) of net new money from clients, chiefly from its asset management and foreign operations, including its growing Asian business, in the first six months of 2010
UBS latest to target UHNW with family office
UBS is the latest Top 10 global private bank to launch a specialist family office unit The new unit, Global Family Office Group, will partner its ultra high net worth (UHNW) arm and investment bank, taking over the business handled by its UHNW Institutional Group. The GFO will focus on its 250 largest institutional-like or professional family office clients and potential clients, which represents about 2% of UBS total UHNW client base.
RBC starts emerging markets unit in wealth rejig
RBC Wealth Management is to split out its international wealth and asset management business into two distinct units – UK and emerging markets.
Sarasin to unlock value in unconventional assets
Bank Sarasin, the Swiss private bank, has launched a service that releases the value of non-tradeable assets for high net worth individuals (HNWI) to release equity, reduce risk and enhance yield. The bank said it wants to capitalise on an underexploited universe of assets by offering investment advice and solutions for non-tradeable assets, such as real estate and private equity holdings
Rathbones warns clients of fraudulent letters
UK investment manager Rathbones has warned its clients of a scam fraudster who has reproduced the Rathbones logo to target random individuals. The fraudster sent letters requesting around £2,000 ($3,115) be transferred to what is believed to be his or her own account. None of Rathbones’ clients were targeted and the firm said it has reported the random incident to police