All articles by PBI Editorial
PBI Editorial
Citibank launches CitiGold Private Client
Citibank has launched a wealth management service aimed at high net worth (HNW) individuals with assets under management of between $1m and $10m. Launched jointly in Singapore and Hong Kong, CitiGold Private Client, aims to cater for both personal and business wealth and provides a stepping stone to the ultra HNW service provided by Citi Private Bank. According to the World Wealth Report 2009, compiled by CapGemini and Merrill Lynch, the combined wealth of Asia-Pacifics HNW individuals is estimated to grow at an annual rate of 12.8% by 2013, surpassing the global average of 8.1%.
Middle East desk for SocGen Geneva
Socit Gnrale Private Banking has opened a Middle East desk in Geneva, recruiting five private bankers dedicated exclusively to wealthy Middle Eastern clients. The department is led by former Lloyds Bank Middle East expert Christopher Urwick and includes Claude Tendon, Amr Barakat, Sandra Bavaud and Nathalie Wyss.
ABN AMRO moves Middle East private banking base to Dubai
Dutch state-owned bank ABN AMRO has moved its Middle East private banking business to the Dubai International Financial Centre (DIFC). ABN AMRO rekindled its position as a major private banking player in late 2008, after the Dutch government revived it as a Dutch financial services brand.
Evercore wealth fees up four-fold on Q109
Evercore Partners investment management business reported $5bn of assets under management (AuM) at the quarter end, up 10% from the fourth quarter of 2009.
Tan DBS move set to spark Asian rivalry
Asia-Pacific continues to be a key focus for private banks with assets under management growing at a rapid pace This month, Singapore-based DBS and Standard Chartered have both made major Asian appointments, with UBS and Merrill Lynch also naming new chief executives to lead their Swiss businesses. Significant leadership changes in Asia and Europe dominated staff moves this month, suggesting a renewed push in key positions as banks up aggressive growth strategies.
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Sleeping giants could once again become asset-gathering machines
Bank of America-Merrill (BofA-Merrill) has retained top position as the worlds largest private bank, according to PBIs 2010 global index. According to analysis of 2009 annual reports, BofA-Merrill kept its assets under management (AuM) above the $2trn mark at $2.17trn, despite dropping almost 10% The top wealth management position remains a poisoned chalice, with banks holding the top spot, up until recently dominated by UBS, dogged by large client outflows.
RBC expands advisory service in Barbados
Canadian bank RBC has opened an international investment advisory and full-service securities brokerage office in Barbados as part of the banks wealth management division. The new business allows the Barbados office to offer RBCs full suite of wealth management solutions to its clients, and adds to the growth of the firms investment platform across the Caribbean. RBC Wealth Management Americas head Michael Moodie said the enhancement of its Barbados operations matches RBCs core strategy of expanding internationally in select markets.
2010 PBI Global Wealth Awards: Celebrating champions
Nominations are now being accepted for the 2010 PBI Global Wealth Awards 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.
Ex-Coutts team to set up multi-family office
Venture capitalist Jon Moulton and Fitness First founder Michael Balfour are among a number of high-profile London financiers backing a new wealth boutique. It has been set up by ex-Coutts banker Nathalie Dauriac-Stoebe and six private banking colleagues from the RBS-owned company.
SocGen launches internal audit into Singapore anomalies
Socit Gnrale has launched an internal audit mission to investigate anomalies in an account overseen by one of its private bankers in Singapore. The audit came after it reported the irregularities to the Monetary Authority of Singapore, the city states central bank. Frances second-largest bank discovered the irregularities in February and said it had immediately informed other clients whose accounts were overseen by the private banker, understood to be a client relationship manager.