Row 1 - Latest/Event/Ad/Surveys/Ad
Row 1 - Latest/Event/Ad/Surveys/Ad
LATEST
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Senior Indonesian officials have floated the idea of transforming the island paradise into a private-wealth hub to rival Hong Kong and Singapore. Jakarta certainly needs to do something to ensure that more of the wealth created onshore stays onshore.
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India’s wealth-management sector is growing fast, with new advisory firms constantly springing up. This is catnip to private equity firms keen to invest in the best growth-oriented private banks. But who will win this race and who will fall short?
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Diego De Giorgi’s arrival at Standard Chartered has coincided with important changes at the bank. He talks to Euromoney about the transition from investment banker to chief financial officer, and how the firm can further leverage its advantages amid growing profitability and geopolitical risk.
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CEO Leandro Miranda tells Euromoney that the firm will use recently granted CVM license and secured deal mandates to raise equity.
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John Mathews, head of UHNW Americas for UBS in New York, tells Euromoney why the US’s private banking model is so successful, why the Swiss firm is really in the life counselling business, and explains why it has targeted US ultra-high net worth clients.
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Naz Vahid is to leave Citi after nearly four decades as one of the US bank’s most effective and innovative wealth managers.
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The UK government wants to invigorate the UK stock market and sell its stake in NatWest. The bank’s private banking arm wants to boost its investment almost anywhere else.
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Exactly one year ago, San Francisco-based First Republic Bank was sold by regulators amid a US regional banking crisis. Citizens Financial Group, which had seen the sale as a chance to turbocharge its private banking ambitions, lost out to JPMorgan. But far from being the end of the story, that failed bid was just the beginning. Within weeks the bank had announced First Republic’s Susan deTray as the head of its new private bank, a unit that is now at the heart of a fast-growing wealth franchise.
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Recently rebranded and expanded, Wealth at Work is Citi’s most dynamic generator of wealth revenues. Its leader, Naz Vahid, sits down in New York with Euromoney to explain her vision for its future.
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Morgan Stanley’s wealth business went from 2.5 million client relationships to 18 million over the course of a couple of years. Now, a quartet of steely US regulators is looking at how the division manages potentially risky clients. Given its rapid pace of growth, this is perhaps less of a surprise than it initially appears.
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After a decade of restructuring, EFG International ramped up hiring last year – above all from Credit Suisse. Chief executive Giorgio Pradelli talks about the firm’s scope to lead a wave of Swiss-bank consolidation, while doubling down on new wealth from the Middle East and Asia.
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Credit Suisse’s domestic bank was arguably the failed group’s best and strongest division. One year after the rescue, UBS is not the only one trying to feast on its domestic wealth-management and corporate-banking leftovers. Other Swiss and international players also hope to benefit from the longer-term fallout in Switzerland. Will the rush to pick up the remnants of the fallen champion pay off?
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Global money is flooding into India to profit from high-performing stocks, a booming economy, and the ease of investing via Gift City, a growing financial hub in Gujarat. Local wealth is flowing the other way, notably to Dubai. It’s a gold mine for private banks, and the process has only just begun.
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Norwegian wealth manager Formue has been growing revenues and assets since opening in 2000. It has done this by financially educating people who never gave much thought to wealth planning and by getting people to like it.
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The UBS chief investment office’s sustainable and impact investing strategist wants to avoid measurement for the sake of measurement, but responding to client demand for more data while ensuring its readability remains a challenge.
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The newest ESG trend in retail banking might be a niche offering for now, but all banks will have to take it seriously someday.
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One of the first edicts handed down by Citi’s wealth head is to tell all private bankers to track and record client calls. It has ruffled feathers at the US lender, but if it transforms the unit into the powerhouse CEO Jane Fraser wants it to be, then so be it.
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Bankers in the Middle East are intensifying their focus on succession planning as the first wave of intergenerational wealth transfer looms.
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Brazil’s banks have been talking a good game about capturing the outperformance of smaller, privately held companies in the country. Now a new banking advisory firm – packed with senior bankers – has made this segment its entire business strategy.
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BR Partners grew steadily up until its successful IPO in 2021. However, tougher markets since that float have led to a period of relative consolidation. Will 2024 see a resumption of chief executive Ricardo Lacerda’s ambitious empire building?
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Andy Sieg is back again from Merrill Lynch, and has big plans for Citi’s new global wealth franchise.
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The great and the good have assembled again for the Global Financial Leaders investment summit in Hong Kong.
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Private banking clients have begun exploring alternative asset allocation strategies in Brazil. Euromoney talks to the founders of a startup that is tapping into this demand with a strategy focused on special situations.
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Continuity is likely to be the theme as incoming leader inherits a well-performing franchise, but competition in wealth management and the markets businesses, as well as a still-lacklustre environment for investment banking, will be among Pick’s challenges.
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Citi’s sale of its China consumer wealth portfolio to HSBC for $3.6 billion is a nuanced tale of two banks with increasingly different strategies. As HSBC tilts ever more toward Asia, Citi proves ever more inclined to see all financial services through a global prism.
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Bidding $2.5 billion for the bulk of Credit Suisse’s sub-Saharan Africa ultra-high net-worth private bank book 18 months ago has been a ‘game changer’ for Barclays in the region, the UK bank’s Africa market head Amol Prabhu tells Euromoney.
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The relaxation of visa rules has turbocharged the recent flow of wealth into Dubai. The nature of these flows can, however, make them a mixed opportunity for the UAE’s private bankers.
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Private foundations were once the preserve of a narrow group of the monied elite. Today, they are the fastest-growing source of private-sector philanthropy in the US and across the developed world.
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BlackRock joins Allfunds initiative to distribute new variants of private equity and credit funds to wealthy individuals.
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A Citi survey of family offices finds some unsurprising things to say about the worries of the wealthy – inflation, interest rates and geopolitics – but discovers a shocking lack of preparation for succession planning.
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Private bankers are eyeing PE and venture capital investments as digital platforms emerge in Brazil, but personal advisory remains critical.
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Goldman Sachs is losing a key executive in the very business it is relying on to turn the firm's fortunes around.
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Wealth management had a tough 2022. Assets under management fell across the board, undermined by global uncertainty. But one region is not struggling. More wealth than ever is being formed in the Middle East, and more of it than ever is staying there. Private banks are hiring as fast as they can and expanding their repertoire in Shariah-compliant asset classes.
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The German lender has named Claudio de Sanctis as its new head of private bank and created a single, unified division – part of longstanding plans to generate more income from the business by rooting out inefficiencies and tapping into new global income streams.
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All private banks are different: in how they project their brand, build business, serve clients and generate fees. But they all seem to have two things in common. They love lending to rich people with big art collections and chatting about ocean preservation.
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UBS’s acquisition of Credit Suisse will further reduce the number of large international private banks in Brazil. Julius Baer has been quick to take advantage of this.
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UBS will face pressure to spin off Credit Suisse’s Swiss bank and may yet lose more private-banking assets. Coping with this will make managing down illiquid and hard-to-value markets positions look easy.
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The French bank joins HSBC, DBS and others in setting up a full-service wealth management offering in the stable southeast Asian country, with all transactions booked in nearby Singapore.
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With the advent of its strategic alliance with Japan’s Mizuho Financial, Lombard Odier now has wealth management tie-ups in seven Asia countries, with the promise of more to come.
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The echoes of 2014 have been loud in Brazil’s private banking industry over the past 12 months. A precipitous fall in interest rates – followed by a meteoric rise – has left the market completely the same but also very different.
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Pure-play Swiss private bank Julius Baer has had to reconfigure its business model for the 2020s. Chief executive Philipp Rickenbacher talks to Euromoney about why scale and nurturing talent are key to the long-term success of a firm that does just one thing and one thing well: serving wealthy private clients.
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Citi’s Wealth at Work, which delivers wealth services to white-collar professionals in sectors from law and asset management to private equity, is less than two years old. Its founder and global head Naz Vahid talks to Euromoney about the concept and where the division can go from here.
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Private banks that fled India in the 2010s are returning in force. Those that never left are frantically hiring. With a fast-growing economy creating a lot of new wealth across every sector, India is once again the toast of wealth managers.
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A few years ago, some big banks didn’t have a chief investment officer. Today, CIOs oversee a vast network of experts churning out reports, podcasts and webinars to help corporates plan ahead and families grow their wealth. How is all this content created? And how much does it all cost?
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Will the fall of Credit Suisse be a seismic moment for private banking? Probably not – the reality is that wealthy clients need their financial advisers too much. Wealth is flighty for sure, but it usually alights nearby at a more stable lender.
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Droit helps traders decide in milliseconds if deals comply with the ever-changing rules and aims to do the same for wealth managers.
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The COO of Deutsche Bank’s International Private Bank, Sandra Wirfs, tells Euromoney how it has been able not just to slash costs but also to make its wealth management business more cost-efficient than the core bank.
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Four years ago, Christian Sewing set out to give the German bank new direction. His plan, based on income-rich services like private banking, continues to surprise and succeed. Euromoney caught up with the head of International Private Bank, Claudio de Sanctis, to discuss last year’s financials and his plans in Asia and the Middle East.
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While the bank plans to spin off its troubled investment bank, the new worry is whether and how soon it can repair the wealth management business.
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A decade ago, the bank opted to go long on more durable sources of income – notably wealth management. Its standout 2022 financials are a clear sign of the benefits of long-term planning.
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The southern Chinese city has set out ambitious plans to become one of the world’s top wealth-management centres. With one of China’s largest onshore pools of private wealth, there is everything to play for.
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The region’s advantage is likely to be short-lived and could fade by 2024, according to JPMorgan's private bank head.
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The bank is focusing on organic growth by acquiring retail clients and launching a private bank.
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Euromoney meets Damian Payiatakis, Barclays Private Bank’s head of sustainable and impact investing, to talk about how quiet private wealth has been so far at the UN Climate Change Conference.
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The German bank’s strong third-quarter earnings are a partial result of forming a new international private bank division two years ago, honing it and continuing to invest in the strategy.
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Three-quarters of a century ago, the state of Israel didn’t exist. Today, it is a leader in technologies ranging from plant-based meat to cybersecurity. Huge sums of new wealth are being created by ambitious entrepreneurs, much of it recycled into new ideas by risk-taking investors.
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In February, HSBC’s head of global private banking China, Jackie Mau, set out ambitious plans for the mainland. He’s proving as good as his word: the UK lender has opened two new, full-service wealth management offices in Hangzhou and Chengdu, with more to follow in 2023 and 2024.
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An extraordinary series of data protection failures at Morgan Stanley’s wealth management business has seen the SEC fine the company $35 million.
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When the founders of Belgian digital disruptor Abbove held a meeting with 120 wealthy families, all had the same tale of woe, unable to grasp the complexity of their money and getting little help from their private bankers. Abbove set out to create a platform to let them do just that.
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Raffael Gasser is a hybrid: part Zurich wealth manager, part Silicon Valley disruptor. He was tasked with crunching data to serve ‘classic’ PB customers who sit just below the ultra-wealthy segment and are often, curiously, overlooked. Here is how he got on.
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Wealth managers are keen to engage with clients on biodiversity, but concerns over liquidity and access pose challenges to retail and private clients.
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Altrata’s report is a fascinating study of the world’s billionaires and finds the 1% now has its own 1%.
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By hiring two private bankers from outside the industry to power its Asia family-office business, Citi offers further proof that its peers should take its ambitious regional wealth management plans seriously.
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By making Valentin Valderrabano COO of Citi Global Wealth, the US bank demonstrates its willingness to think outside the box when promoting from within.
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Eric Cardozo, co-founding partner, COO and CFO of Brazilian private banking boutique WHG, talks to Euromoney about quitting a mainstream firm in 2020 and why more private bankers in the country seem to be following suit.
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BNP Paribas’s top private banker talks to Euromoney about his love of Brittany’s rough seas, the power of ESG, and digital’s ability to transform and improve every step of the client journey.
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The UK bank’s new fund aims to deliver metaverse-themed investment opportunities to wealthy clients in Hong Kong and Singapore.
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What practical steps do banks have to take when a client falls foul of a sanction list?
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The ‘Subject matter expert for fine art lending’ has the kind of job everyone wants: appraising art and helping the wealthy borrow against a private collection. But he tells Euromoney that it involves a great deal of time observing, listening and figuring out what the client wants.
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Covid has been a tough time for junior private bankers. Instead of learning on the job, most have been stuck at home. The best banks have mentor systems and training programmes, but nothing can replace real face time with seniors and building trust with clients over a glass of wine.
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HSBC’s head of global private banking in China, Jackie Mau, explains the lender’s onshore ambitions, the future of Wealth Connect, plans for new offices and how and why China differs from other private wealth markets.
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The next decade will be one of exceptional value creation in the birthplace of private banking. European entrepreneurs are handing the reins of mid-sized Mittelstand firms to the next generation, while others sell out to global investors and venture capital firms.
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Ravi Raju has hired some seasoned names and is extending the bank’s reach into south Asia and the Middle East.
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A quiet battle is under way in private banking to hire trusted, super-talented and increasingly well-paid relationship managers. It is tricky and expensive, and it’s pushing salaries ever higher. As the power and prestige of wealth management grows, finding and keeping talent is one of the most important challenges that all banks face.
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Citi’s global head of private banking Ida Liu sits down with Euromoney to discuss her journey to the top of the industry, the value of wellbeing and the importance of eliminating friction from client engagement.
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A city packed with private banks is quietly serving the needs of a large and wealthy part of northern Germany, yet it remains generally unnoticed as a wealth management powerhouse.
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Trading update does little to answer concerns around underlying performance and a slowdown in wealth management.
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The Swiss firm’s decision to sell specialist Zurich-based wealth manager Wergen & Partner is the latest in a series of M&A deals. Expect more activity as private banks expand into new markets, or exit non-core markets to focus resources and invest in technology.
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The Morgan Stanley veteran is a sound pick, but is an old-school investment banker the right person to run the world’s largest wealth manager?
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A new report by Campden Wealth and Raffles Family Office finds that family offices based in Asia are richer, more ambitious and more positive about the future than those anywhere else. That seems unlikely to change any time soon.
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Citi has announced a raft of EMEA region hires across Citi Global Wealth, launched in January. It’s a sign the new division is coming together.
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Andrew Cohen, executive chairman of JPMorgan Private Bank, talks to Euromoney about the war for talent, why diversity and inclusion have never mattered more, and what markets the private bank has in its sights.
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António Horta-Osório shifts more capital away from investment banking and into wealth management, while the executive team sells his risk management overhaul as a growth story.
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A new study shows a high level of restlessness among high net-worth clients: they are tired of being immobile and are considering moving their families
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Adewale Ogunleye was rich and already retired from American Football when he learned what a basis point was. He’s now head of a new UBS wealth segment called Athletes & Entertainers that helps sports icons and singers plan their financial future.
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After a year of testing, China announced the rollout of a ground-breaking wealth management scheme that binds Hong Kong with Guangdong province. It should prove a boon to Hong Kong banks and mainland investors – and to Hong Kong itself.
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High net-worth individuals once eschewed cryptocurrencies. When Covid hit, many learned to embrace them. They see the danger of endless QE and the returns to be generated in the world of decentralized finance.
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The London-based MFO is barely a year old, but in just two months McFaddens has formed alliances in the UAE and now with CIIC, a privately owned Chinese group. It is another sign of how fast this area of high-end private wealth is growing up.
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By trumpeting a decision to relocate its private banking team to a pricier Hong Kong locale, Haitong International comes across as desperate for a headline. Then again, if it leads to a shinier future, it could be a prophetic moment for the big Shanghai institution.
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The French lender’s wealth management university, introduced in 2017, is central to its ability to train private bankers to reach out and serve the high-net-worth clients the bank cannot afford to lose.
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As football fans enjoy an action-packed European Championship, JPMorgan is advancing its project to dominate global sport financing.
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Private equity-backed McFaddens is just one of the growing number of firms building on its brand as a multi-family office.
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What worries the wealthy most? It is a question that provides answers the rest of us would be wise to heed.
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Non-resident Indians are a powerful force in wealth management from New York to Singapore. But as the pandemic devastates the subcontinent, this vast diaspora is reassessing its priorities.
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The US bank’s decision to hire 2,300 new staff across its Asia wealth franchise, including 1,000 in Hong Kong alone, underlines the strength of the region and CEO Jane Fraser’s clear push in private banking.
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The implosion of Bill Hwang’s Archegos Capital Management focused attention on family offices, a fast-growing, lightly regulated and ill-defined investor group. Greater oversight is surely inevitable, as is the evolution of the sector away from small, standalone entities into truly global multi-family wealth managers.
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With Greensill and Archegos, António Horta-Osório has more on his plate than a medieval King. But Credit Suisse’s new chair could do something that would placate doubters and please investors: pivot firmly to Asia.
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In retreating from onshore private banking in south Asia’s largest market, Citi is following the money, as it seeks to serve the rising number of Indian families fast transferring personal wealth overseas to bigger and more stable markets they know and trust.
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The implosion of Archegos has ripped away the veneer of conservatism and safety that the family office has long enjoyed. It has also emphasized the lack of clarity about what the industry is and its lack of oversight.
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The Japanese bank has spent big money to hire a wealth management team, but spiralling costs and a lack of name recognition in key markets leave many asking: how realistic are its ambitions?
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Francesco de Ferrari gave up a plum private banking job at Credit Suisse to take over troubled AMP. It was always a tough ask. Personnel mis-steps did not help, but in the end there was not going to be much of a business left for him to run.
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Buying a 10% stake in China Merchants Bank’s wealth management arm for $415 million gives JPMorgan greater access to China’s vast private wealth market. It is a deal that benefits both parties, and underscores JPMorgan’s quiet but concerted success story in Asia’s largest economy.
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Outwardly different, Singapore and Dubai have transformed themselves into international wealth management hubs, overseen by clear-minded regulators. They are now starting to compete for business with Europe’s far older private wealth centres.
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Liquidity events rather than asset migration drive market share gains.
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Recent reports by UBS and consultancy Bain set out to explain who China’s high net-worth individuals are, what kind of private banking services they want and how local and global lenders can best serve them.
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In creating a single wealth management platform, called Citi Global Wealth, the US bank is recognizing its shortcomings and planning for the future.
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The pacts will normalise relations between Israel and the UAE, but it aims to do much more. The potential for regional détente and investment across real estate, energy and technology is great.
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Wealth managers profited from the volatility of 2020. With the same beneficial gyrations unlikely in 2021, Victor Matarranz, global head of Santander Wealth Management and Insurance at Banco Santander, says the hard work starts now.
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Macquarie’s Waddell & Reed deal wouldn’t make sense for most of the world, but it does for Australia’s Shemara Wikramanayake.
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It is the time of year when global banks publish their wealth reports. This year they make for compelling reading. Euromoney takes the best of these reports and examines the outlook for 2021.
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China’s asset management industry barely existed 20 years ago. By 2030 it will be the world’s second largest. There are myriad ways for foreign firms to get it right – or horribly wrong. Here are Euromoney’s precepts for a better chance of winning – and avoiding failure.
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Private banking is a business based on personal relationships and trust – and it’s hard to truly connect with someone on Zoom. So long as the pandemic persists, this presents a substantial challenge to wealth managers, who can only grow their businesses by bonding with wealthy clients and winning new mandates.
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The closing debate in Euromoney’s global private banking and wealth management virtual event focused on the issues all relationship managers face today, from hiring talent and meeting new clients online, to transparency and compliance, to the need to make portfolios more diverse and sustainable.
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Private banking and wealth management might sometimes look like the last hold-out against fintech disruption. But experts say talk of competition between technology and the human touch is misplaced: the opportunities for partnership are vast.
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Demand for investments with a positive social or environmental impact is increasing. For portfolio managers this means navigating a complex world of terminologies, data and reporting
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The BRICS economies, which between them represent 40% of the world population and 32% of its GDP, are a powerful force for the private banking industry as their economic engines drive wealth creation. But they are all distinct markets with their own unique opportunities and challenges.
Private Banking Awards 2023: Winners Announced
See all the winners of the inaugural Private Banking Awards
Row 2 - Long Reads
Row 3 - Awards
Row 3 - Awards
Awards
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The Swiss bank stands apart from its peers. It helped its clients profit, both in the serene waters of 2019 and in the wake left by Covid-19 as it spread across the world in 2020
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“I think this crisis has shown why being with a firm focused on wealth management as a primary business and having a global perspective matters to clients,” says Tom Naratil, co-chief executive of UBS global wealth management (GWM) and president of UBS Americas.
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Our review period was a difficult one for private banking operations in the region, as it was worldwide: the fourth quarter wiped out huge chunks of revenues and assets for some international and local players, and it was a year that required sound individual advice for clients.
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For the second year running Credit Suisse is Latin America’s best bank for wealth management, this year bolstered by the completion of a three-year turnaround across the whole bank.
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This year Lombard Odier is western Europe’s best bank for wealth management. It has $262 billion in client assets, making it a medium-sized player, yet it succeeds in having the feel of a boutique wealth manager thanks to its structure.
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With a new strategy of regionalization, integration and innovation, Credit Suisse’s wealth management business has set itself apart from its peers and brought the ethos of Swiss personalized service to an international platform.
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Sponsored by Societe Generale Private Banking
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Sponsored by Societe Generale Private Banking
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Sponsored by Societe Generale Private Banking