All articles by PBI Editorial
PBI Editorial
ANZ adds Indonesia to private bank expansion
ANZ has acquired Royal Bank of Scotlands (RBS) former private banking business in Indonesia, part of a sweeping purchase of selected RBS businesses in the Philippines, Vietnam, Hong Kong, Taiwan and Singapore. The bank will introduce its Signature Priority Banking service in Indonesia, offering affluent retail customers a relationship manager and wealth management services
Barclays Wealth nears JV deal with Sumitomo
Barclays Wealth is understood to be close to setting up a private banking joint venture with Japanese Sumitomo Mitsui Banking Corporation (SMBC) to help cement its business in the worlds fourth largest regional wealth management industry.
Global AuM up 12%, wealth revenues drop 7%
According to Boston Consulting Groups (BCG) latest Global Wealth report, Regaining Lost Ground: Resurgent Markets and New Opportunities, client trust and wealth manager performance remained lower than before the global financial crisis.
Swiss parliament votes down US tax accord
Switzerlands lower parliament rejected a bill to allow Switzerland to fulfil a commitment to pass onto US tax authorities the names of 4,450 US client accounts that UBS is holding in Switzerland. The vote dealt a blow to UBSs efforts to clear up its tax evasion deadlock with US authorities which helped fuel an exodus of client assets and staff from its wealth management business. UBS shed CHF33.2bn (£30bn) in client assets in the 2009 fourth quarter, taking its outflows in fiscal 2009 to CHF101bn, 6.3% of 2008 year-end assets
Vontobel sets up US private client unit
Mid-tier Swiss private bank Vontobel is to target American clients with declared assets through a new US Securities and Exchange Commission-regulated unit called Vontobel Swiss Wealth Advisors.
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BNP Paribas consolidates UK wealth businesses
The eurozones largest private bank, BNP Paribas, is to combine its existing UK private banking services with Fortis Private Investment Management and Insinger de Beaufort UK to form BNP Paribas Wealth Management UK.
Islamic wealth pool grows 20%, funds stagnate
Global Islamic fund assets stagnated at $52.3bn in 2009, remaining relatively flat compared to 2008 levels when assets stood at $51.4bn, reflecting uncertainty over the potential returns from Sharia-compliant investments. According to Ernst & Youngs (EY) Islamic Funds & Investment Report, Islamic funds contribute only a fraction of the overall Islamic asset management industry estimated at $292bn.
Private banks not serving families well’
Private banks do not know how to treat family offices and some offices feel they are not getting the best level of service from private banks, according to Marcuard Family Office vice president Jonathan Guest
Coutts, Adam & Co to cut 500 back office staff
Royal Bank of Scotland (RBS) is to cut 500 staff from its UK wealth management divisions, Coutts & Co and Adam & Co, over the next three years as part of a major IT overhaul. An RBS spokesperson told PBI the bulk of reductions would come among Coutts & Co and Adam & Cos back office staff as part of a major investment in IT systems and a wealth platform, Avaloq Banking System, believed to be worth up to £100m ($145m)
Swiss report raps govt over UBS tax probe
A Swiss parliamentary committee has strongly criticised the Swiss governments handing over of UBS client data to US authorities following investigations into UBS in a key report published yesterday.