February 2014
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LATEST ARTICLES
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Klaus Diederichs has spent his entire career working at JPMorgan. When he started there in 1980, the firm was an afterthought in European investment banking.
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Offshore secret bank accounts are out and onshore wealth management is in as the world’s private banks are forced to adapt to higher costs and lower revenues. But will it lead to a homogeneous industry?
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How can private banking CIOs cement their positions as key drivers of the wealth management business? And to what extent are they able to differentiate their strategies to clients? Euromoney attempts to shine some light on these challenges by asking the chief investment officers of five of the world’s biggest wealth managers for their views on how to beat the market in 2014 and beyond. Their responses suggest that differentiation will come at the margins, at best.
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Meet the new stars of private banking: the global chief investment officers. Wealth managers know they have to provide more to clients than a safe place to deposit money and a close relationship with families and individuals. They are moving to an asset-management-based approach, and CIOs are key to the strategy. But can a house view really increase profits and win over clients?
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Private Banking and Wealth Management Survey 2014: The primacy of global heft and a strong home baseAs banks retreat from non-core markets, domestic players are left to dominate in their countries, yet global expertise is more desired than ever.
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Extended Private banking and wealth management survey results
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In the past year the country’s private bank clients have been persuaded of the need to diversify into global investments – not as a panic measure in a time of crisis but as a regular aspect of their allocations.
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Euromoney asks the CEOs of eight of Asia’s leading private banks for their thoughts on where clients in their region will invest this year.
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Private banks are in danger of losing a grip on what makes them attractive to the wealthy
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The region is seen as the growth engine for private banks, but it is not without its trials.
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After the World Islamic Economic Forum was held in a Muslim minority country – the UK – for the first time. Euromoney quizzed the envoys of rival centres on their ambitions.
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It is not the only offshore centre, but it is the biggest. As the private banking industry moves to an onshore model, what now for the country?
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The question I would want to know, were I a Euromoney reader, is: what is really going on out there? Is the world healing? Has it healed? Or indeed, has the world healed so completely that we are now about to suffer another bout of illness?
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Justin Welby, the Archbishop of Canterbury, knows a thing or two about banking, and isn’t afraid to share his views. He sat on the UK’s Committee for Banking Standards. Last year, he took on the payday lenders and called on the UK authorities to promote regional banks based outside London. But there was a time when he was a big fan of British banks. That was when he was the treasurer of Enterprise Oil, back in the 1980s.
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Lenders struggle with bad debts; Private banks form a niche
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Stock analysts have long been mocked for their fawning attitude towards bank CEOs and CFOs on earnings calls. The phrase ‘great quarter, guys’ as an opening gambit became such a cliché that most analysts eventually toned down their approach, and some – led by self-appointed scourge of Wall Street Mike Mayo – have even started showing open scepticism about the corporate bromides delivered by bank executives.
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Privatization a “great opportunity”; Credit demand remains weak
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Against this confusing backdrop, life goes on. A friend who is a senior banker in Asia reports that during a brief visit to London he arranged to meet one of his best clients, an Indian tycoon, at Claridge’s Hotel for tea. Suddenly, the wife of the tycoon jumped up and started embracing what appeared to be an elderly gentleman. "How are you?" she exclaimed. "What are you doing now? We’ve missed you."
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The hedge fund industry is coming off another year of substantial underperformance to market benchmarks in bizarrely rude health. Total assets in the industry rose to $2.01 trillion in December to set a new record total above the previous peak of $1.95 trillion in June 2008, according to data firm Eurekahedge. Other monitors put the current total as high as $2.41 trillion.
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The financial landscape is changing and certain macro themes are beginning to emerge.
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Petrobras deal shows swap advantage over dollars; Room for more quality issuers but a limited window
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Regulators and litigators have become latter-day big-game hunters. That spells trouble for the world’s biggest corporations and should encourage investors to look beyond mega-caps.
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Expected boom seems to be already priced in; Private companies’ positions still uncertain
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New funds to track both A50 and CSI300 indices; Ucits compliance opens funds to European buyers
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Mainland China leads exchange nationality ranking; Hong Kong IPOs start year to warm sentiment
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The art of conversation may not be dead quite yet, but its demise will be hastened further if one recent VC investment bears fruit. Boston-based US start-up Kensho has raised $10 million from a group of seed investors including Google Ventures in order to develop an "intelligent virtual market research assistant" for capital markets trading floors.
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New borrowing for festival costs; $22 billion due 2014, says IMF
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CEO’s endorsement big boost to the City; renminbi bond issuance globally at record levels.
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Bob Diamond heads new buyout team; Partners with Ugandan IT entrepreneur
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On a cold Monday night in the UK in January, Euromoney sat down to watch a Channel 4 programme from its Dispatches current affairs series.
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"I never thought for a minute I’d get more of an adrenalin rush from working in regulation than I did on a trading desk"
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Euromoney Country RiskStrength of economic recovery exaggerated; Necessary reforms in Brazil are lacking
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A more optimistic picture of the eurozone economy is clouded by deflationary pressures, which are especially perilous in Greece. There is no easy fix, but a cheaper euro would help.
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First global bank with onshore presence; Follows new oil payments legislation
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Vital energy reforms could provide a welcome fiscal boost.
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Limited supply boosts demand; concerns over provisions remain.
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Surveys suggest that virtual currencies look a safer bet than local stocks and property.
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Basel revisions dilute a key safeguard; bankers are celebrating.
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Big reorganization at StanChart; Bank may be takeover target
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The new chief executive of Bank of Cyprus faces challenges on a scale that perhaps dwarf those he faced when restructuring the investment bank at RBS. Compelled to deal promptly with mounting bad debts, he also has to cope with the local reputational aftermath of the bank’s EU-imposed bail-in. Will his diet of “hard work and heavy lifting” see the bank through its crisis?
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Pool of large unrated firms set to grow; Uphill battle to establish market share
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The markets didn’t quite ignore the rushed news of Deutsche Bank’s fourth-quarter 2013 €1.2 billion loss stemming from litigation charges, restructuring costs and weak performance in its fixed-income business. Sure, the shares fell 6.5%, but this came after a more than 20% rally from the middle of 2013. Investors might have contented themselves that, after stripping out all the accounting nonsense and the litigation one-offs, the underlying performance wasn’t too bad.
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Crédit Agricole attracts 900 orders; when everyone is buying, aficionados suggest time to sell.
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London and Luxembourg are at loggerheads to become Europe’s leading offshore renminbi hub – although they wouldn’t let you know it.
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Deal attracts 400 bids; deficit remains a concern.
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Central and eastern Europe is attractive for private equity houses. But they need to get their priorities right.
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Georgia’s youthful finance minister, Nodar Khaduri, is committed to an open, business-friendly economy and hopes to revive foreign direct investment. A pro-western, EU-focused approach is also a central policy plank.
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African countries’ ability to access diversified funding is becoming more important. Deepening the local-currency bond markets is essential, but is the price worth paying? And are development organizations doing enough?
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Hybrid investors are getting burned as the legacy of Moody’s change in methodology starts to hit home.