All articles by Will Cain
Will Cain
CBA targets advisory-savvy Aussies
Will Cain speaks to the head of Commonwealth Bank of Australias new Private Office, Ralf Haase, about the countrys growing appetite for advisory services. Australias big banks are jostling to plug the gaps in their high-end advisory offerings with the Commonwealth Bank of Australia (CBA) becoming the latest to set up a high net worth (HNW) unit
Fee reforms shake-up wealth industry Down Under
Australias wealth industry is eyeing up reforms to its fee charging, similar to sweeping changes signalled in the UKs Retail Distribution Review The first verbal volleys are being fired in the debate about proposed reforms to Australias wealth management industry.
Pictet: Swiss private banking 2.0
One year ago, Swiss private banking was in the middle of a crisis
The professionalisation of family offices
Single family offices are appointing investment consultants, refreshing their teams and forming multi-family offices, trends which are all contributing to an increasing professionalisation of the sector. In particular, third-party consultants are being appointed to perform due diligence on investments, asset allocation and to provide advice on forming partnerships with other family offices This has, in part, been driven by restructuring following reduced assets under management (AuM) figures in the wake of the financial crisis, particularly because of family offices preferences for the private equity and hedge fund investments that were hit hardest by reduced liquidity.
Private Office breaks away from Heritage
Banque Heritage has been in the spotlight following the sale of its family office business to members of the banks management team, including Nick de Scossa Will Cain spoke to Carlos Esteve, CEO and founder of Banque Heritage, about the reasons behind the move. Despite the recent sale of its family office business, senior bankers at Banque Heritage remain confident its mix of private banking, asset management and merchant banking will continue to deliver, both among HNW individuals and wealthy families.
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Hinduja Group: ‘In talks on several M&A deals’
Family-run Hinduja Bank, based in Switzerland, which has been linked with KBCs private banking arm, is in discussions with several potential M&A targets, according to group CFO Ajay Hinduja. The bank, which bought Banca Commerciale Lugano last month and was recently granted a banking licence in Dubai, has emerged as a surprise contender in the ongoing consolidation of the private banking market. It is reported to have tabled a bid in excess of 2 billion for Belgium-based KBCs private bank KBL Private Bankers
Industry adopts ‘wait-and-see’ RDR policy
Three quarters of UK wealth managers believe the Financial Services Authoritys Retail Distribution Review (RDR) regulation will impact their businesses. At a roundtable organised by Scorpio Partnership, the wealth consultancy, participants from multi family offices and private banks said they were concerned about their ability to meet certain requirements of the legislation The Retail Distribution Review calls for all advisers to be trained to the equivalent of level four on the Qualifications and Curriculum Authority (QCA) scale by 2012
Genspring seeks European MFO, SFO deals
Genspring Family Offices is looking to dramatically extend its reach across Europe through acquisitions or partnerships with multi and single family offices in Switzerland, Spain, France and the UK. Santiago Ulloa, president of Genspring International, based in Miami, was in Europe last week to discuss growing the businesss overseas footprint with multi family offices and large single family offices He said the deal could involve setting up around a large single family office (SFO) business with $1 billion in assets under management (AuM)
Family office consultancy lands 100th client
Family Office Metrics, a US-based consultancy that advises single-family offices on converting to multi-family offices, has signed up its 100th client. The business, set up in 2001 by Jon Carroll, helps family offices with selecting and integrating of systems, improving operations and controls and clarifying business strategy Its recent growth is another illustration of the growing professionalisation of single family offices (SFOs) following the financial crisis
HSBC Private Bank opens Gstaad branch
HSBCs Swiss-based private bank will open a new branch in Gstaad, Switzerland, in mid-2010 part of plans to expand its onshore presence in the country. The Gstaad office will offer traditional banking services including cash management, mortgages and safe deposits and also leverage HSBCs global expertise in alternative investments and emerging markets A bank spokesman said the new branch will employ eight members of staff