Row 1 - Latest/Event/Ad/Surveys/Ad
Row 1 - Latest/Event/Ad/Surveys/Ad
LATEST
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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.
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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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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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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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