Top Headlines in the Last 7 Days
(14th – 20th March 2016)
No. 1 NAB Private Bank drops Wealth Advice
National Australia Bank is leaving its wealth and advice services in the hands of JBWere. NAB has transferred about 65 wealth advisers from its private banking arm to JBWere as it wants to focus on the banking needs of its 18,000 high net worth customers
No. 2 Societe Generale to buy Kleinwort Benson, one of the Oldest Names in British Private Banking.
The combined company will have assets under management of 14 billion and a staff of more than 1,000.
A year ago, Kleinwort Benson looked likely to become one of the first British Private Banks to be taken over by a Chinese group.
No. 3 UBS opens Shanghai branch
UBS has announced the opening of its Shanghai branch which will focus on wealth preservation and succession planning services.
The branch is located in the Xintiandi neighbourhood, home to a community of high net worth and ultra high net worth individuals.
No. 4 Founder and Chairman of UBP has Passed Away at the Age of 86
Edgar de Picciotto, the founder and chairman of Union Bancaire Privee, one of the first bankers to advocate investment in hedge funds, passed away at the age of 86.
The bank employs 1,300 people and operates in more than 20 locations around the world, according to its website. His son, Guy de Picciotto has been the chief executive officer since 1998. Two other children sit on the board, his son Daniel de Picciotto and his daughter, Anne Rotman de Picciotto.
No. 5 DBS to buy Royal Bank of Scotland’s Indian onshore operations
DBS Group Holdings looks set to acquire Royal Bank of Scotland Group’s Indian onshore operations. This deal will see the exit of Britain’s government owned bank from India.
This transaction would include DBS acquiring the entire business, which includes the corporate loan arm, debt capital market and ten branches of RBS.
No. 6 The Top 3 Concerns of the Ultra High Net Worth
Wealth-X conducted an Attitudes Survey with Knight Frank to gain insights about the motivations and behaviours of the ultra wealthy. The survey was based on views of around 400 of the world’s leading private bankers and wealth advisors who manage assets for about 45,000 ultra high net worth (UHNW) individuals with a combined wealth of over US$500 billion.
The survey found that succession & inheritance issues, wealth taxes and global economy were the three main factors threatening wealth creation over the next ten years.
No. 7 LGT profit increased by 28% last year
Globally, the bank boosted profit by 28% to 211 million Swiss francs. The institute managed by Prince Max von Liechtenstein has also increased assets under management in Asia. The Prince has said at a press conference in Zurich that the two branches in Singapore and Hong Kong with 350 employees are managing 25 billion Swiss francs in assets (up from an estimated 22 billion a year earlier).
Credits: Financial Times, China Daily, International Business Times, The Economic Times, Bloomberg, Knight Frank