All articles by Verdict Staff
Verdict Staff
Wilmington goes for a song
As many as a dozen foreign banks, including Bank of Montreal and Toronto Dominion, took a long look at Wilmington Trust. It was eventually acquired by another domestic US player, M&T Bank, at what was described by Wall Street analysts as a bargain price of about $350m in stock a reflection of Wilmingtons steadily mounting losses.
Emerging markets feed SocGen appetite
Socit Gnrale has set itself an ambitious target to double private banking assets and hit 150bn by 2015. Nicholas Moody talks to Daniel Truchi, its global private banking chief executive, about growing up fast and where 70bn new client assets are coming from.If Socit Gnrales private bank were human, it would now be entering its teenage years. Established in 1997, the wealth management arm of the French-based bank is starting to change. Like most thirteen-year-olds, it is about to undergo a growth spurt making it bigger, stronger and potentially more troublesome.
Commonwealth Bank launches Commonwealth Private Office
Commonwealth Bank has launched Commonwealth Private Office to provide strategic investment advice for ultra high net worth (UHNW) clients.
Rothschild appoints new CEO of Global Trust business
Rothschild Private Banking & Trust has appointed Stefan Liniger as the new CEO of its Global Trust business and as member of the executive board, succeeding David McLellan.
Samsung Securities Co. appoints new head of Asia research
Samsung Securities Co. has appointed Viktor Shvets as new head its Asia research as it tries to strengthen regional research.
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Appetite builds for sports wealth management
London & Capital is to relaunch its sports wealth management service as wealth managers hone in on sportspeople due to rapid salary growth in recent decades. According to some estimates published as part of a special PBI sport management feature, salaries of sportspeople have grown at a compound rate of 8% a year for the past 40 years making it a fast-growing and virtually recession-proof segment.
2010 PBI Global Wealth Awards: Celebrating champions
Nominations are now being accepted for the 2010 PBI Global Wealth Awards Considered to be the most prestigious accolades in the wealth industry for excellence and best practice, winners are due to be announced this October. The awards are particularly relevant this year as the wealth industry adapts to a new investment climate fundamentally altered by the impact of the global financial crisis.
Swiss banking secrecy is not over: Mirabaud
Sixth-generation founder of one of Switzerlands oldest private banks, Yves Mirabaud, tellsMaryrose Fison why banking secrecy is not dead in the countrys private banking industry andMirabaud is centred on consolidating its foothold after its recent expansions. It may boast the worlds largest offshore banking centre, but rule changes forcing Swiss banks to pass on information about foreign clients suspected of tax evasion, may seriously impact the way Switzerland does business in the future.
Raising the bar in philanthropy services
Senior private bankers, lawyers and philanthropy professionals are joining forces to speed the development of the market for philanthropic advice Wealth management professionals from Barclays Wealth, Coutts, Hoare & Co, HSBC, JP Morgan and Sand Aire have been named on a high-level UK steering group for delivering philanthropy services.
UBS appoints CEO for UBS Switzerland
UBS has appointed Lukas Gähwiler the CEO of UBS Switzerland and the co-CEO of Wealth Management & Swiss Bank. In these roles, he will also become a member of the Group Executive Board. Lukas Gähwiler will take on his function on 1 April 2010. He succeeds Franco Morra, who will support him in the transition period.