All articles by PBI Editorial
PBI Editorial
Mirabaud targets 15% AuM growth in Spain
Swiss private bank Mirabaud wants to extend its activities in Spain and grow Spanish assets under management by 15%, according to its chief executive Antonio Palma.
Citi snares former UBS MENA head
Citi Private Bank named Thierry Martin as team head and senior banker for its Gulf region with focus on the ultra high net worth markets of Kuwait and Qatar. Citi Private Bank MENA managing director Muwaffak Bibi said: The wealth market in the Gulf continues to show further dynamism, with clients and family offices growing more sophisticated and investment-savvy
Hong Kong regulator fines Julius Baer HK$3m
Swiss bank Julius Baer is to pay HK$3m ($390,000) in fines to the Hong Kong Securities and Futures Commission (HKSFC) for failing to identify wealthy clients as professional investors between October 2006 and July 2008.
BCG report puts offshore banks on notice
But increasing regulatory pressures mean banks in traditional offshore centres face major strategic challenges, according to Boston Consulting Groups annual wealth survey.
Credit Suisse confirms Shafir as asset head
Credit Suisse has confirmed Rob Shafir as chief executive of its global asset management business and said he is to dispose of his interim responsibility for the Americas region. Shafir, who is a member of the executive board of Credit Suisse Group and Credit Suisse, will now focus solely on growing its strategically important asset management business, said Hans-Ulrich Doerig, chairman of Credit Suisse Group.
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Succession planning: Futureproofing families
But as global wealth continues to grow, banks are dealing with changing succession planning demands from extending education programmes to vetting pre-nuptial agreements.
Deutsche and RBS Coutts add strategy hires
Private banks in Asia and Europe have made several key investment strategy hires over the past month, indicating the battle for talent, particularly in Asia, is on the rise following the lulls of recent years. Two of the significant investment strategy recruits are for newly created roles. Deutsche Bank Private Wealth Management (PWM) named Arnaud de Servigny as head of investment strategy and implementation
Spain latest to go after HSBC Swiss accounts
Spanish authorities have ordered the local holders of an estimated 3,000 bank accounts at HSBCs Swiss private bank to pay tax on their undeclared funds by 5 July. The demands follow an investigation by Italys financial police, Guardia di Finanza, being launched into bank data stolen from HSBCs Swiss private bank branch that revealed close to 7,000 Italian-held accounts, containing an estimated $6.9bn.
Deutsche aims to double Asian business by 2013
Deutsche Bank wants to double the size of its Asian wealth management business in the next three years as it puts the region at the centre of its global growth strategy Ravi Raju, head of Deutsche Bank Private Wealth Management (PWM) for Asia Pacific, said it had recruited a five-member Hong Kong-based team as part of the strategy to expand its wealth management business in Hong Kong and China.
Behavioural finance key for engaging HNW
Global high net worth individuals(HNWI) wealth increased almost a fifth to $39 trillion in 2009, although HNW risk appetites has been drastically reduced by the financial crisis, according to the 2010 Merrill LynchCapgemini world wealth report.