All articles by Verdict Staff
Verdict Staff
Samsung Securities goes live with Fidessa’s Asian trading platform
Samsung Securities Company, one of the leading investment banks in Korea, has successfully gone live with Fidessa’s fully managed and hosted Asian trading platform for its newly established Asian investment banking operations in Hong Kong.
Private-investment banking a hit in India
The private-investment banking model has emerged as the vehicle of choice for private banks in India. Some of the fastest-growing players are reporting as much as 60 percent of new business is coming from investment and corporate bank referrals. William Cain reports.
News Digest
StanChart to sponsor Liverpool FC…, Wegelin family office business opens…, Jersey gets green light…, Gorman to become Morgan Stanley CEO…, SG canvasses clients with arts interest…, Adam & Co hooks up to new web platform…
News Digest
SEGMENTATIONStanChart expands Priority BankingStandard Chartered, in addition to setting a target to recruit 100 relationship managers in its private banking business, has targeted an 850-strong addition to its mass affluent Priority Banking service.The bank plans to add the new relationship managers over the next 12-18 months, with 430 to be hired in Greater China and 120 in Singapore.StanCharts plan comes after a relaunch of the service, aimed at people with $100,000 in investable assets
Samsung Securities aims for pan-Asia presence
Samsung Securities is looking to increase its footprint to Hong Kong, China, Taiwan, Singapore and India by taking advantage of the shrinking operations of US and European brokers in Asia, reported Livemint.com.
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News Digest
STRATEGYKARVY sets up Indian wealth ventureKARVY, a top-five Indian stockbroker with around 60 million customers, has set up a wealth management unit targeting high net worth individuals It is aiming to leverage its network of 575 offices, including retail stockbroking branches in India, to clients with more than INR2.5 million ($52,000), more generally considered the affluent segment.We strongly believe there is lack of high-quality advice in this segment, said C Parthasarathy, chairman of KARVY Group.After having worked hard and taken risk to create wealth, the Indian HNWI investor expects a minimum return at acceptable risk levels irrespective of market conditions.Over the years, KARVY has graduated from pure product selling to concept and advice-based selling We acknowledge that offering advice to HNW customers requires deep understanding of the nuances of the financial markets in India as well as dynamics of global markets.The service will initially be offered in Indias main wealth centres: Mumbai, Delhi, Hyderabad, Bangalore, Chennai, Kolkata, Pune and Goa.Hrishikesh Parandekar is CEO of the new business
Morgan Stanley appoins peivate wealth advisor in Mumbai
Morgan Stanley (NYSE:MS) has appointed Sandeep Jain as the Firm’s Private Wealth Management (PWM) division as a Private Wealth Advisor in Mumbai. Mr. Jain joins the Firm from Ambit Capital where he was the Director and Head of Private Client Group.
News Briefs
STRATEGYBarclays looks to grow in AsiaBarclays Wealth has focused its search for potential acquisitions, saying it has a preference for expansion in Asia, according to CEO Thomas L Kalaris.The business confirmed itself as a global wealth player last year with the $250 million acquisition of Lehman Brothers Private Investment Management business, part of the failed investment banks capital markets operations.Kalaris first indicated his willingness for Barclays Wealth to be a consolidator in December 2008 in an interview with Private Banker International (see PBI 243) REGULATIONBrazil private banks shutteredPrivate banks in Brazil have been closing representative offices under pressure from the countrys central bank.According to a Reuters report, the move came after Federal Police probes on tax evasion, illegal money transfer and racketeering, which had led to arrests at Credit Suisse, UBS and AIG Private Bank.Reuters claimed UBS, AIG Private Bank, Merrill Lynch, Credit Suisse and its Clariden Leu subsidiary all closed representative offices in the country
News Digest
STRATEGYSwiss Cantonal bank sets up in GermanySt Gallen Kantonalbank is offering private banking services in Germany becoming the first of Switzerlands Cantonal banks to start a subsidiary abroad.The branch is located in Munich and will offer investment advice and asset management services to clients in the country.The bank will also offer services to independent asset mangers, foundations and family offices through platforms mainly provided by its parent company.The bank said it wanted an onshore private banking presence in Germany because it expected assets to be repatriated by its older German clients as wealth transfer occurs to the next generation.It will not offer mortgage or financing operations The new business, St Gallen Kantonalbank Deutschland, is a 100 percent subsidiary of SGKB, the private banking boutique operation of the Swiss bank.It is to be headed by Hans Juergen Rwekamp, a former UBS banker with 20 years of banking experience in Germany.Last month, Vontobel created a new German unit, headquartered in Munich, saying it aimed to become the leading Swiss private bank in Germany STRATEGYJulius Baer buys in ItalyJulius Baer has bought Alpha SIM, a Milan-based independent asset manager with around 400 million ($560 million) under management, subject to regulatory approval.The business, which specialises in portfolio management and advisory services for high net worth individuals, will merge with Baers onshore private client business in the same city, Julius Baer SIM.Stefano Canossa remains head of Julius Baer SIM
Morgan Stanley PWM hires team to expand coverage of Latin American markets
Morgan Stanley Private Wealth Management, a division of Morgan Stanley Smith Barney LLC, announced today that it has hired a team of six investment professionals to serve ultra high net worth and institutional clients in Florida and the Latin American Markets.