All articles by PBI Editorial
PBI Editorial
Investec takes control of Rensburg Sheppards
Listed South African banking group Investec has agreed to take full control of private client investment management and stockbroking subsidiary Rensburg Sheppards.
Rothschild plans Hong Kong branch as profits drop 32%
Rothschild Private Banks 2009 group profits dropped almost 32% on its 2008 figure, in what the bank said was extremely tough economic context it described as an annus horribilis.
Industry veteran takes on SocGen ASEAN role
Benedikt Maissen took over as Socit Gnrale Private Banking Association of South East Asian Nations (ASEAN) head and managing director from 22 March 2010.
BNY Mellon 1Q net inflows drop, Evercore builds
Bank of New York Mellon asset and wealth management fees have increased 13% year-over-year to $696m for the first quarter of 2010 The bank reported $16bn of net long-term asset inflows in the first quarter of 2010, a 5% drop from the fourth quarter of 2009. Elsewhere, Evercore Partners investment management business reported $5bn of assets under management (AUM) at the quarter end, up 10% from the fourth quarter of 2009.
BoA net income up $497m, Citi revenue drops
Bank of America (BoA) Merrill Lynchs global wealth and investment management net income rose to $497m for the first quarter of 2010, driven mainly by higher investment and brokerage activity. Total BoA net client assets, defined as AuM, client brokerage assets, other assets in custody and client deposits was $2.18trn at 31 March 2010, an increase of $196bn from 31 March last year.
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Merrill Lynch names Swiss bank replacement
Patrick Ramsey is to take over as general manager and chief executive of Merrill Lynch (ML) Bank (Suisse). Ramsey replaces Serge Robin, who left earlier this year to join the Geneva bank Gonet & Cie. ML said one of Ramseys key roles will be to deepen the relationship between its Swiss bank and financial advisers globally.
ANZ closes RBS Taiwan private bank purchase
Australian bank ANZ has bought ABN AMROs private banking business in Taiwan, as part of a wider purchase of Royal Bank of Scotlands (RBS) retail, wealth, commercial and institutional bank. The private banking arm was previously joined to the retail, wealth, commercial and institutional businesses, prior to the sale of ABN AMRO to a consortium including RBS in 2007, and remains closely connected, sharing systems and technology. The private bank acquisition gives ANZ a private banking team based in Taipei, Taichung and Kaohsiung to develop its private banking business in Greater China.
UNHW investors in “trust crisis” with advisers
The global financial crisis has caused a trust crisis between ultra high net worth (UHNW) individuals and their investment advisers, driving clients to take a more hands-on role and seeking greater transparency over their financial and philanthropic affairs, according to a new report commissioned by Socit Gnrale Private Banking The research, The new world of wealth, carried out by the Economist Intelligence Unit, confirmed that UHNW individuals had moved from choosing complex investment products, such as hedge funds and derivatives, to products which were simpler, more transparent and offered more liquidity.
JP Morgan private bank Q1 revenue up 20%
JP Morgan Chases private bank unit reported a 2010 first quarter revenue increase of 20% from the first quarter of 2009 to $698m while its private wealth management arm increased 10% to $343m over the same period.
Standard Chartered names North East Asia hires
Standard Chartered Private Bank has recruited three senior bankers as part of efforts to sustain double-digit growth in its North East Asia business. Lionel Kwok begins as head of investment advisory for North East Asia from this month Trevor Mak joins as head of relationship management for Hong Kong and Stella Kong starts as head of relationship management for China.