All articles by Verdict Staff
Verdict Staff
News Digest
PRODUCTSCredit Suisse to make Lehman-related payoutCredit Suisse will pay CHF50 million ($45 million) to 1,700 retail investors who lost money on Lehman Brothers capital protected products, in an agreement with a Swiss consumer watchdog.Without acknowledging any legal liability, Credit Suisse agreed to partially reimburse clients who had more than 20 percent of their investments in capital products issued by Lehman, and with total assets of lower than CHF500,000 with Credit Suisse Clients are to be repaid on a sliding scale of between 50-70 percent of the nominal value of the products, with the less wealthy receiving the higher proportional payouts.The payment to the clients, represented by Swiss consumer watchdog Fdracion Romande des Consummateurs, takes Credit Suisses total payout to CHF150 million.Following the collapse of Lehman Brothers, clients have claimed they were wrongly advised to purchase products which were marketed as capital protected but subsequently declined in value STRATEGYBNP Paribas targets Asia mass affluentBNP Paribas is expanding its mass affluent wealth management business in Singapore, targeting clients with S$250,000 ($171,000).The bank is launching its Personal Investors division, currently present in five European countries, as a new department in its Singapore wealth management operations
News Briefs
STRATEGYJulius Baer splits businessesJulius Baer is to split its business into separately listed private banking and asset management operations as part of its shift towards an open architecture offering for clients.We are convinced that both entities will benefit from their sharpened focus and the absence of competing interests, said Raymond Baer, chairman of the bank.GAM, Artio Global and Julius Baer Asset Management Europe will be bundled together and spun off in an IPO as GAM Holding, subject to market conditions STRATEGYSal Opp targets Greece, SpainSal Oppenheim is expanding its teams in Greece and Spain as it returned to profitability in the first quarter of 2009.We will continue to tap the new and very interesting Greek market with a team of specialists, and aim to break into the Spanish market, said Christian Camenzind, CEO of the banks Swiss subsidiary.The Luxembourg-based bank made a net loss of CHF117 million ($105 million) for 2008, but said trading had improved early in 2009
Ritesh Jain joins Morgan Stanley Investment Management in India
Morgan Stanley (NYSE: MS) has appointed of Ritesh Jain as Head of Fixed Income for the Firm’s investment management business in India. The hire is part of Morgan Stanley Investment Management’s strategy to expand its business and range of products in India’s domestic funds market.
News Digest
Perpetual looks to partner in UK… Santander compensates Madoff investors… Cost control keeps Barclays lean…
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Coutts in Guildford appoints private banker, senior client
Coutts in Guildford today announces the appointment of Angelo Rana as Private Banker and the promotion of Julie Linnane as Senior Client Partner.
News Digest
Merrill acts after big client trading losses…HSBC reports record private banking quarter…Vontobel sets up independent wealth arm…EFG plans Asian acquisition…Retirement assets growth slows…Merrill Lynch has carried out a number of personnel changes in its international wealth management unit, removing two New York-based executives and a number of insurance and trust co-ordinators amid a lawsuit against three Latin American investors that led to a near $80 million write-down in its first-quarter financial results.
News Digest
The Isle of Man has been recognised as the leading offshore centre in a ranking of the prowess of leading financial capitals around the world, narrowly beating rivals the Channel Islands.The rankings are produced by the City of London, in its annual Global Financial Centres Index which analyses the top 50 rated financial centres worldwide It is based on questioning financial services professionals around the world.The index ranks the Isle of Man in 21st place in an overall ranking of financial centres, ahead of offshore competitors Channel Islands (23rd), Cayman Islands (24th) and Hamilton (Bermuda) in 25th place.The Isle of Man is also the highest ranked of seven new financial centres appearing for the first time, and third in the British Isles after London and Dublin.The index ranks financial centres based on external benchmarking data and current views of competitiveness.
News Digest
Credit Suisse and Baer looking to cut costs…Liechtenstein signs deal with US…Morgan Stanley seals China trust deal…French banks satisfy regional demand…Citi bankers set up shop in the UK… Credit Suisse is to cut 5,300 staff, or 11 percent of its work force, mainly in investment banking, as part of a series of measures to reduce costs by CHF2 billion ($1.66 billion).