Private Asset Management | The pipeline to the affluent
March 11, 2010

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  • AIG Acquires Rehmann   03/11/2010  

    AIG broker-dealer division Royal Alliance Associates has acquired Rehmann Financial.

  • Quilter Expands In Dublin   03/11/2010  

    Quilter, the boutique investment manager which became owned by a joint venture between Citigroup and Morgan Stanley, has tapped a regional sales manager for its growing Dublin team.

  • J.P. Morgan To Expand Outside U.S.   03/11/2010  

    JP Morgan’s private bank is looking to reduce its focus on the United States.

  • HSBC Client Data Stolen   03/11/2010  

    A former information-technology staffer at HSBC’s Swiss private-banking arm stole data on 24,000 accounts.

  • Heartland Financial Exec To Retire   03/10/2010  

    Paul Peckosh, who has served in various trust and wealth management capacities for 35 years for Heartland Financial, will retire in April.

  • French Wealth Shops Plots Swiss Branch   03/10/2010  

    Lazard Frères Gestion, the French wealth manager, plans to open a wealth management office in Switzerland.

  • Towergate Financial Names Director   03/10/2010  

    Towergate Financial has tapped Steve Petrie as a director in the private client business.

  • HSBC Brings On Investment Advisors   03/10/2010  

    HSBC Private Bank has appointed Anna Blomqvist and Mark Winterburn as investment advisors.

  • Third Financial Launches Wealth Workstation   03/09/2010  

    Third Financial Software, a provider of wealth management technology solutions, has launched tercero wealth management platform.

  • Wealthy Europeans Shun U.S. Managers   03/09/2010  

    U.S banks might dominate the list of top wealth managers in the world in terms of assets under management, but, for the most part, they haven’t been able to duplicate their size in Europe.

  • Merrill Hires From UBS   03/09/2010  

    Bank of America Merrill Lynch Wealth Management has hired Arnaud Lambillon from UBS to cover resident non-domiciled U.K. clients and U.K. citizens based in Zurich.

  • Citi Taps Barclays Bankers   03/09/2010  

    Citi Private Bank has snagged Mark Connally and Michael Smith from Barclays Wealth to head regional offices.

  • PNC WM Appoints Director   03/08/2010  

    PNC Wealth Management has appointed Gail Horvath the new managing director for Northeastern Pennsylvania.

  • Julius Baer Names Asia Private Banking Head   03/08/2010  

    Julius Baer has named David Lim as its private banking head for Southeast Asia.

  • WSFS Names Trust Exec   03/08/2010  

    WSFS Financial has named Janis Julian as senior v.p. for its trust and wealth management division.

  • Private Bank Clients Stick To Cash   03/08/2010  

    Credit Suisse’s Swiss private banking head Rolf Boegli said that wealthy clients still hold a considerable portion of their assets in cash or cash products.

  • Belgian Private Bank Sees Strong Growth   03/05/2010  

    Bank Delen, one of Belgium’s biggest private banks, saw its assets under management rise by 21% to €13.2 billion in 2009.

  • Wells Fargo Chief To Grow Wealth Unit   03/05/2010  

    David Carroll, a Wells Fargo senior executive v.p. overseeing wealth management, has a long-term goal of adding 10,000 additional advisers to its wealth management unit over time.

  • Macquarie Head Moves To International Role   03/05/2010  

    Neil Roderick, head of Macquarie Adviser Services, has taken on a new role as Macquarie Banking and Financial Services group’s coo.

  • Rothschild To Double Private Banking Unit   03/05/2010  

    Rothschild plans to at least double the size of its British private banking arm.

  • Deutsche Banks To Target Indian Expats   03/04/2010  

    Deutsche Bank plans to double the assets it manages for wealthy Indians living overseas to $10 billion in three years.

  • MSSB Loses Top Exec   03/04/2010  

    Philip Fett has left Morgan Stanley Smith Barney to join J.P. Morgan.

  • RBC Wealth Posts Profits   03/04/2010  

    RBC Wealth Management reported net income of $213 million for the quarter that ended Jan. 31, up $88 million from a year earlier.

  • Private Bank Atlas Makes European Push   03/04/2010  

    U.S.-based private bank Atlas One has named a senior fixed income banker Brian Lazell to run its new London-based office.

  • UBS Names German Wealth Head   03/03/2010  

    UBS named Axel Hoerger head of wealth management in Germany, replacing Stephan Zimmermann.

  • Credit Suisse Names Investments Head   03/03/2010  

    Credit Suisse has named Werner Schlossmacher as director and head of investment solutions for Southeast Asia and Australasia for its private banking division.

  • RBS Coutts Relocates London Exec   03/03/2010  

    RBS Coutts Bank, the private banking unit of Royal Bank of Scotland, has relocated Nick Cringle, its global co-chief investment officer, from London to Hong Kong.

  • Standard Chartered Sees Strong Client Growth   03/03/2010  

    Standard Chartered Private Bank’s assets under management grew by 12% globally in the 12 months to December.

  • Sarasin Posts Profit   03/02/2010  

    Private bank Sarasin has seen a 6% rise in full-year profit.

  • Morgan Stanley Hires For Middle East   03/02/2010  

    Morgan Stanley’s Private Wealth Management division has hired an executive director to strengthen team in the Middle East.

  • Wealth Exec To Pay $1.4M To Settle Case   03/02/2010  

    A former executive of Appleton, Wis., investment firm Wealth Management LLC has agreed to pay $1.4 million to settle civil accusations of misleading clients and accepting undisclosed kickbacks.

  • BMO Private Banking Profits Soar   03/02/2010  

    BMO Financial Group said fiscal first-quarter profit jumped almost three times from the same period last year.

  • Swiss Wealth Manager To Unveil Fund Of Funds   03/01/2010  

    Geneva-based wealth and asset manager, Bedrock Group, is poised to launch a multi- strategy fund of hedge funds with commitments worth $50 million.

  • HSBC Profits Slide   03/01/2010  

    Pre-tax profits at HSBC Private Bank slid over a fifth last year to $1.1 billion.

  • Merrill’s Swiss Bank Chief Departs Firm   03/01/2010  

    Serge Robin, the former head of Merrill Lynch in Switzerland, has left to join Geneva partnership bank, Gonet & Cie.

  • ADCB, Schroder Bank Form Alliance   03/01/2010  

    Abu Dhabi Commercial Bank (ADCB) and Schroeder Bank have formed an alliance to offer private banking services in Switzerland.

  • Kirkland Wealth Manager Vanishes   02/26/2010  

    Rhonda Breard, founder of Breard Associates and Wealth Management in Kirkland, Wash., hasn’t been seen since Feb. 10 when she abruptly shuttered her office.

  • Schroders To Open Private Banking In Singapore   02/26/2010  

    Schroders has applied for a banking license in Singapore to expand its private banking business to Asia from Europe.

  • Krawcheck To Combine BofA Online Brokers   02/26/2010  

    Bank of America is combining its online brokerage with Merrill Lynch’s web offerings.

  • UBS Boosts Rewards For Bankers In Asia   02/26/2010  

    UBS has increased the maximum bonus private bankers in Hong Kong and Singapore can earn this year.

  • Merrill Promotes Exec To CIO   02/25/2010  

    Bank of America Merrill Lynch has named veteran portfolio strategist, Bill O’Neill, to cio of wealth management in Europe, Middle East and Africa.

  • Rothschild Hires Team In U.K.   02/25/2010  

    Rothschild has hired a team of three from Morgan Stanley to bolster its U.K. private banking and trust business.

  • Citi Private Bank Launches Property Funds   02/25/2010  

    Citi Private Bank and conglomerate China Resources Group have launched two real estate funds.

  • RBS Wealth Division Sees Profit   02/25/2010  

    The Royal Bank of Scotland’s wealth division, which includes private banking, stood at £453 million in 2009 before impairment losses, up from £354 million in 2008.

  • GenSpring Names Phoenix Family Office Exec   02/24/2010  

    GenSpring Family Offices has promoted Christina Burroughs to president of the firm’s Phoenix family office.

  • German Private Bank Profits Soar   02/24/2010  

    Hamburg-based Berenberg Bank has recorded a net profit of €65.1 million in 2009, up 38% from the previous year.

  • HSBC Names Head For Greater China   02/24/2010  

    HSBC Private Bank has appointed Desmond Liu, the current head of the firm’s Chinese operations, to the newly-created post of head of Greater China.

  • Wilmington To Expand In Southeast   02/24/2010  

    Wilmington Trust is looking to expand by adding more high-net-worth advisers in the Southeast and targeting customers of its commercial bank for new business.

  • Jacobus Wealth Names CIO   02/23/2010  

    Jacobus Wealth Management has named Dale Fritz as executive v.p. and cio.

  • Top UBS Team Joins RBC   02/23/2010  

    RBC Wealth Management has tapped Thomas Brockley to join its Albany, N.Y., branch.

  • UBS Snags Merrill Exec   02/23/2010  

    Rosemary Berkery, former general counsel at Merrill Lynch, will join UBS Wealth Management Americas as vice chairman.

  • Emirates NBD Launches Private Banking In Abu Dhabi   02/23/2010  

    Emirates NBD has opened its first private banking center in Abu Dhabi.

  • Bank Of Singapore Plots Growth   02/22/2010  

    Bank of Singapore, the private banking arm of OCBC, plans to double client assets in three years.

  • Top Merrill Team Likely To Join Schroders   02/22/2010  

    A team of four private bankers from Merrill Lynch’s private client discretionary management team are poised to join Schroders Private Banking.

  • Barclays Wealth Taps EMEA Head   02/22/2010  

    Barclays Wealth has hired Henry Fischel-Bock as head of London for the international private bank in Europe, Middle East and Africa.

  • Veriloquent Wealth Offers Distressed Debt Services   02/22/2010  

    Veriloquent Wealth Advisors is now offering distressed debt services for high-net-worth investors interested in investing in non-performing note pools.

  • Taiwanese Firm To Hire 100 Wealth Managers   02/19/2010  

    Taiwan’s Chinatrust Financial Holding is planning to hire at least 100 wealth management specialists this year.

  • J.P. Morgan Expands Middle East Ops   02/19/2010  

    J.P. Morgan has launched a new office in Abu Dhabi to provide private banking to wealthy clients.

  • Wealth Manager Claims Stake In German Family Office   02/19/2010  

    Swiss wealth manager Helvetia Wealth has announced the acquisition of a strategic stake in Dahl & Partner Vermögensverwaltung, the German family office.

  • BofA Makes Senior Appointments   02/19/2010  

    Bank of America has named Kunal Kamlani managing director and head of Global Investment Solutions for its Global Wealth and Investment Management (GWIM) division.



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