All articles by PBI Editorial
PBI Editorial
Soc Gen Geneva launches Middle East desk
Societe Generale 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
UBS to post highest quarterly profit in 2 years
Swiss lender UBS expects to report a pre-tax profit of at least CHF2.5bn ($2.4bn) for the first quarter of 2010, its highest quarterly profit since the start of the financial crisis and well above analyst forecasts Net outflows could be positive in the second quarter of 2010 following a reduction in withdrawals in the first quarter to around CHF8bn for its wealth management & Swiss bank groups, representing 0.8% of assets under management The worlds second-largest wealth manager estimated its first quarter net new money outflows were CHF7bn for wealth management Americas and CHF3bn for global asset management.
DBS names Tan Su Shan as private banking head
Tan Su Shan is to take over as managing director and head of private banking at Singapore-based DBS. Tan succeeds Amy Yip, who remains as chief executive of DBS Hong Kong. The bank said Tan’s appointment underscores DBS’ commitment to growing its private banking business.
Wealth management M&A deals top $20b in Q4
Wealth management deal activity and deal values have increased significantly over the past 18 months with the most deals occurring in the medium and high net worth segments, according to new research from Scorpio Partnership. Scorpios 2010 Wealth Management Deal Tracker analysed 53 major deals across international markets between Q3 2008 and mid-Q1 2010 with total deal value amounting to $510.8bn.
Italy’s VBH takes over Intermobiliare Bank
Italian co-operative bank Vento Banca Holding is to take over private bank Intermobiliare Bank (BIM) through the merger of CoFiTo Veneto Banca Holding (VBH). BIM will first merge with CoFiTo, which controls 52% of BIM, VBH will then launch a cash bid on outstanding BIM shares at 4.25 ($5.67) per share
Subscribe to our Newsletter
Get industry leading news, data and analysis delivered to your inbox
Raising the bar in philanthropy services
Senior private bankers, lawyers and philanthropy professionals are joining forces to speed the development of the market for philanthropic advice Many private banks have an offering in this area, but opinion remains divided on the best way to provide the service. Wealth management professionals from Barclays Wealth, Coutts, Hoare & Co, HSBC, JP Morgan and Sand Aire have been named on an influential steering group for delivering philanthropy services.
NAB private bank in growth mode
Local private banks in Australia have been taking market share from their international rivals and growing through acquisition in the last two years They are still finding it hard, however, to expand organically because of the shortage of quality relationship managers in the country
Uncertainty remains on regulation
It is universally agreed that costs are likely to rise in private banking following expected changes in the regulatory environment, further squeezing margins However, there are examples of private banks holding back on investment to tackle the compliance burden because of uncertainty in some of the main areas. In almost every industry poll conducted currently, regulation and compliance come out on top as the key concerns of wealth managers.
EFG sustains onshore push with Florida office
EFG International has continued its onshore drive overseas, adding an office in Key Biscayne, Florida, to recent openings in Shanghai and Demark. Key Biscayne is the banks fourth office in the US, adding to locations in Miami, New York and Los Angeles It will be headed by Mario Fernndez , who has 20 years of financial services experience and previously provided wealth advisory services to international families.
Investors study climate change risks
Institutional investors and consultancy Mercer are joining forces to study the impact of climate change on strategic asset allocation. The report, which will be published in the final quarter of 2010, aims to encourage financial intermediaries to develop relevant tools, products and services that address changes in the investment environemnt. It aims to model the returns on asset classes in different regions across the world over the period until 2030 and 2050