All articles by Will Cain
Will Cain
New Sarasin fee model delivers profit hike
Bank Sarasin saw net inflows of 17.9 percent across its business in 2009 and is on track to exceed its target of CHF100 billion in assets under management later this year. Net new money for 2009 was CHF12.5 billion, taking assets under management to CHF93.7 billion The figures show pure-play private banks continue to outstrip their larger rivals UBS registered net outflows of 6.3 percent, while Credit Suisses net new money was CHF5.3 percent
Fisher denies report Towry Law incentivised advisers to ‘sell’ services
Towry Law, the UK financial planner which has championed transparency and independence in the market place, denied claims it is incentivising advisers to sell in-house investment schemes. Andrew Fisher, the CEO of the business, dismissed as nonsense a Times report claiming its contract of employment raised concerns over conflicts of interest for his advisers The business is built around charging yearly fees for advice and financial planning, rather than commission-led models that have been criticised by consumer groups and regulators.
Next 18 months key in India
Standard Chartered Private Bank is gathering client assets in India at a rate of $250 million a quarter, and aims to have $2.5billion to $3 billion by the end of 2010. Soumya Rajan, head of the private bank in India, told PBI that StanChart would hit the target by doubling its relationship managers in the country to 100 by 2012 and expanding its branch network Most of the new appointments will be made in the core wealth markets of Mumbai, Delhi and Bangalore, but new teams are also being built in Chandigarh and Hyderabad, where the bank will open offices later in the year.
EFG sets up rep office in Shanghai
China remains one of the most attractive wealth markets and is a country where all serious wealth managers need a presence Will Cain spoke to Albert Chiu, Asia CEO for EFG Bank, which recently set up a representative office in Shanghai and hopes to benefit from its open-church reputation. EFG International has set up a representative office in Shanghai, China, allowing the bank to perform research and general marketing.
Segmenting sports pros and entertainers
With sports salaries growing at a compound rate of 8 percent, and projected growth in assets under management of 30 percent at one bank, the sports and entertainment segment is appealing and potentially recession-proof Sports professionals and entertainers are known as a potentially lucrative community in wealth management because of the rapid growth in salaries in recent decades.
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600 client leads from HSBC marketing campaign
HSBC Private Banks $10 million marketing campaign with communications group WPP generated more than 600 potential customer leads from high net worth clients.
Philanthropy moves in-house
High-profile events like Make Poverty History and the tie-up between Bill Gates and Warren Buffet on charitable giving has seen a surge in interest among the wealthy in philanthropy Numerous private banks are now specialising in the area and setting up in-house teams. Will Cain reports. While philanthropy has for centuries been an important element of wealthy society, it is only in the past five years that it has started to become considered a central part of private banking strategies.
Heading a private bank: an impossible job?
The former head of BBVAs private bank has become the latest executive to leave mainstream wealth management and claim the industry cannot reconcile core conflicts of interests between employees and clients Will Cain spoke to Daniel de Fernando, now at the Spanish family office MdF Achievers. Heading a wealth management business as part of a universal bank is an impossible job, according to the former head of BBVAs private bank Daniel de Fernando.
Standard Chartered to double RMs in India
Standard Chartered Private Bank will double its relationship managers in India to 100 by 2012 and has opened a private banking office in New Delhis Connaught Place. The private bank plans to open offices in Chandigarh and Hyderabad later in the year, taking its total number of wealth management outlets to seven
Barclays CEO Varley wants bigger Wealth arm
Barclays Wealth is planning to double client facing staff numbers and upgrade its technology platform in 2010 with an investment of £350 million. Two thirds of the investment will be spent on upgrading the banks systems, with the remainder to be directed towards new hires, according to a spokesman