All articles by PBI Editorial
PBI Editorial
Barclays Wealth bolsters Africa team
Barclays Wealth has expanded its Africa team with the appointment of five new private bankers to its International Private Bank (IPB) EMEA. Barclays Wealth said Chris Hocking, recently appointed as head of Africa within the International Private Bank, will lead the strategic growth of the business.
UK hung parliament will not ‘paralyse economy’
The UKs hung parliament is unlikely to result in an exodus of wealthy private banking clients or paralyse the economy but plans to deal with the deficit need to be produced, according to senior UK-based private bankers.
EFG Bank picks up Commerzbank Singapore arm
EFG Bank, EFG Internationals business in Asia, is to take over Commerzbanks South East Asian team as part of ambitious plans to expand its Singapore business. Commerzbanks private wealth clients are to transfer over to EFG Bank along with chief executive Henrik Mikkelsen and its team of client relationship and service officers.
SocGen Private Bank takes net income knock
Socit Gnrale Private Bank has reported mixed results for its first quarter of 2010, with a 19% drop in net banking income counterbalanced by 1.4bn ($1.8) of net new money gains. Socit Gnrale Private Banks AuM amounted to 79.1bn in the first quarter of 2010, almost 5% higher than at 31 December 2009, helped by net inflows, positive market and currency increases.
UHNW clients returning to UBS
Swiss lender UBS reported a group pre-tax profit of CHF2.8bn ($2.6bn) for the first quarter of 2010, confirming its highest quarterly profit since the start of the financial crisis. UBS reported that its ultra high net worth segment had also increased, indicating a return of wealthy clients following strong client outflows throughout 2009. Its wealth management & Swiss bank increased pre-tax profits by 5 percent to CHF1.16bn.
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UBS re-enters Brazil market with brokerage buy
Swiss bank UBS is to re-enter the Brazilian market following its acquisition of Brazilian brokerage firm Link Investimentos for BRL195m ($113m). BTG Pactual, the bank created by former UBS executives in Brazil, is Brazils second largest private bank with BRL12.4bn of assets under management, according to PBIs latest Brazil survey.
Flavel hands over StanChart private bank reins
The founding head of Standard Chartered private bank, Peter Flavel, is to take over as global head of the banks personal banking unit from July. Flavel, a finalist for Outstanding Global Private Banker at last years Private Banker International global wealth awards, is to be replaced by fellow Australian Shayne Nelson.
Banco Sabadell to advise sports stars with IMG
BS Sports & Entertainment, a unit of Spanish bank Banco Sabadell (BS), is to provide asset management advice to top sports people and entertainers in an agreement with international agency IMG. BS Sports & Entertainment director Ferran Martnez said the agreement will enable BS to continue to grow and consolidate its private banking services for sportspeople in Spain.
Adam & Co posts £24m profit
Adam & Co, part of the private banking arm of Royal Bank of Scotland, held profits steady at £24m ($37m) last year. Pre-tax profits at Adam & Co for the year to 31 December were £24.2m, compared with £24.3m made in 2008. Managing director David Cathie said the company had proved resilient despite a difficult time for the RBS group.
Small US bank rebrands to Charter Private Bank
US regional Charter Bank will change its name to Charter Private Bank. The bank said the move is in keeping with its transition from a singularly-focused community bank to a locally-based private banking enterprise providing comprehensive financial services targeting successful individuals, families and their businesses in Washington State. Charter president and chief executive Jim Garvey said: We have always been a relationship bank but with the addition of services including our private banking suite, the bank is able to strengthen and broaden its relationship with its clients.