Genspring on acquisition trail..
Merrill scraps family office launch…
Go deeper with GlobalData
Bank Medici looks for buyers…
MERGERS & ACQUISITIONS
Genspring on acquisition trail
Genspring, the US-based multi-family office, is expecting to
close its third acquisition in 15 months by May.
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By GlobalDataCEO Maria Elena Lagomasino told PBI the process was
similar to recent deals, where it has taken over smaller rivals
which needed capital to expand operations.
Genspring Family Offices, previously known as Asset Management
Advisors, bought California-based Cymric Family Office in December
last year and Inglin Wealth Management from Phoenix.
Lagomasino added the deal is outside Genspring’s current
footprint in the US, which consists of 15 offices in 14 states.
Genspring, through Genspring Inter-national, also has operations
in South America and Southern Europe.
FAMILY OFFICES
Merrill scraps family office launch
The launch of a family office business in the US was mooted by
Merrill Lynch prior to its acquisition by Bank of America, but is
now understood to have been scrapped.
Asked whether he knew of the plans, Mark Nixon, head of
Merrill’s family office business in Europe, said: “It has been
mooted but as far as I am aware it is not in process in European or
other countries.”
A US source said Bank of America/Merrill was taking a hard look
at areas which involved capital investment.
MERGERS & ACQUISITIONS
Bank Medici looks for buyers
Bank Medici, the Austrian private bank, is looking for buyers
following losses it made on investments with Bernard Madoff’s
alleged Ponzi scheme.
The bank, which was placed under state supervision after it sold
over $3 billion of Madoff-exposed funds to investors, has been
forced on several occasions to deny reports it was close to
folding.
Medici is being sued by clients in Austria and the US. One of
its biggest clients was Pioneer Investments, the funds arm of
Italy’s UniCredit, which had a Madoff exposure of €805 million
($1.04 billion).
The bank is 75 percent owned by Sonja Kohn and 25 percent by
UniCredit.
PEOPLE
Whitney sets up own shop
Meredith Whitney, the Oppenheimer banks analyst whose research
pre-empted the resignation of former Citigroup CEO Charles Prince,
has set up her own wealth management firm. Whitney is currently the
only employee of Meredith Whitney Advisors, but is looking to take
on more staff.
