All articles by PBI Editorial
PBI Editorial
Think-tank questions private equity returns
Overall private equity returns over the past 30 years have been disappointing and raise questions about investors sophistication when choosing to invest in leveraged buy-outs, according to a report published by London economic think-tank Centre for the study of Financial Innovation. The report, Private Equity, Public Loss, by former Morgan Stanley managing director Peter Morris, called into question whether private equity firms deserve to charge high fees and urged more transparency around private equity performance.
Deutsche bolsters North Asia capability
Deutsche Bank Private Wealth Management is making a strong hiring push as it expands its key Hong Kong and China markets, adding fuel to claims that competition for staff in Asia is heating up
Raft of Asia hires signals Barclays’ growth push
Barclays Wealth have named new market heads for Singapore, Malaysia, Indonesia as well as six additional senior bankers, signalling its concerted push into Asias key markets. Soh Chye Guan joins Barclays Wealth as head of Singapore and Malaysia Prior to joining Barclays Wealth, Soh was senior market leader for Malaysia, and head of senior client partner team at HSBC Private Bank in Singapore since 2009.
Rothschild Private Bank creates professional advisers team
Rothschild Private Banking has established a dedicated business development team to liaise with professional advisers led by Richard Jennings and Nick Barran. Head of Rothschild UK private banking Gary Powell said the move was prompted by the desire to give professional advisers a clear and direct line of contact with its business.
COMMENT: Emerging EU wealth not under threat
PBI: What impact is eurozone financial uncertainty having on wealth management in European Union (EU) emerging markets? Most of the wealthy clients in emerging EU countries suffered moderately in the crisis compared to mature capital markets
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Nordic leader deepens Eastern hold
MaryRose Fison talks to its new private banking head, Niklas Ekvall, about his Polish expansion plans and the increasingly fierce Nordic wealth management market. Nordea Group, the largest bank in the Nordic region with roots that trace back to the early nineteenth century, may have diverse parentage, but this has helped it emerge as one of the strongest-performing private banks post-crisis.
Operating margins drop 19% for asset managers
Average assets under management (AuM) and the economics of asset managers deteriorated for the second consecutive year in 2009, although predicted profit margins could return to 35% in 2010, according to Boston Consulting Group research. The report, In Search of Stable Growth: Global Asset Management 2010, matched existing research suggesting wealth and asset managers have to refocus their business models by cutting costs and focusing on client service.
Global custody: Pictet’s icing on the cake
Pictet may have started out as a small Geneva-based private bank, but its role in providing global custody services to institutional and private clients since the mid-1980s has challenged this perception Its head of global custody Richard Humes explains its mix of asset management and custody.
PBI Global Wealth Awards: Nominations closing
The nomination deadline for the 2010 PBI Global Wealth Awards has been extended to 31 July, but time is running out Considered to be the most prestigious accolades in the wealth industry for excellence and best practice, winners are due to be announced this October. The awards are particularly relevant this year as the wealth industry adapts to a new investment climate fundamentally altered by the impact of the global financial crisis.
Barclays eyes Japanese HNWI with SMBC deal
Barclays Wealth has broken into the Japanese wealth management market following the completion of a joint venture (JV) deal with Sumitomo Mitsui Banking Corporation (SMBC) and Nikko Cordial Securities. A Barclays Wealth spokesman said the joint venture would leverage its investment expertise, knowledge of behavioural finance and range of products to assist SMBC tap into its Japanese client base