All articles by Verdict Staff
Verdict Staff
The rising stars
China, Russia and India are poised to overtake some of the worlds most advanced countries.The number of countries with more than one million dollar-millionaires will increase from seven to 12 in 2017 predicts a new Household Wealth Index, developed by Barclays Wealth and the Economist Intelligence Unit (EIU) to track how the global distribution of household wealth will change over the next 10 years.The index is claimed to be the first forward forecast of its kind predicting the future spread of wealth across 50 countries.By 2017 the number of high net worth households in excess of $1 million in the top ten wealthiest countries will almost double to 62.8 million compared to just 34.5 million in 2007
News Digest
Citibank seven charged in client data hijacking case… La Caixa wins Morgan Stanley wealth business… Bank Sarasin sets up in Frankfurt… RBC entering Indian wealth sector…
News Digest
MLP withdraws from the UK and Spain…Pictet launches German onshore private bank…ING sets up UK private banking operation…StanChart targets wealthy Australians…Citi opens first trust operation in Asia…ICBC goes it alone in private banking…
News Digest
SG Private Banking sets up fiduciary services division…Merrill Lynch sues banking family…Macquarie enters Singapore wealth arena…BoComm turns to private banking…Luxembourg resolute on secrecy issues…GLOBALSG Private Banking sets up fiduciary services divisionSG Private Banking has created a global wealth planning and fiduciary services division as part of its continued push to strengthen its worldwide presence.The division will provide services from eight main locations: London, Paris, Geneva, Singapore, Luxembourg, Jersey, Guernsey and the Bahamas, supporting SG Private Bankings client relationship managers and assisting in the structuring of clients assets A total of 230 specialists across 12 locations will make up the new unit.The service will report to SG Private Bankings commercial and international marketing department in Paris, which was itself set up in January 2008 in an effort to streamline international communication strategies.London-based Olivier Gougeon will head the wealth and fiduciary division at both SG Private Banking and the SG Hambros Bank subsidiary, supported by Luxembourg-based Claudio Bacceli, Singapore-based Luke Peng and France-based Jean-Marie Turquais.USMerrill Lynch sues banking familyMerrill Lynch is suing three members of the Nasser banking family, claiming their high-risk trading, which included short selling of put options on Bear Stearns, cost Merrill more than $78 million.The brokerage alleges that Ezequiel Nasser, his uncle Albert and son Raymond subsequently refused to settle their losses despite previously claiming to have a net worth of $200 million.The Nassers, claims Merrill, used offshore funds based in the Virgin Islands to defraud the firm
News Digest
Spain: Santander sets up UK wealth heavyweight… Latin America: Sabadell buys BBVA Latino private banking… Middle East: Sarasin sets up subsidiary in Bahrain…
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News Digest
The venture, called Aviva Investors, will unite the various asset management businesses Aviva owns internationally, including Morley in the UK, Hibernian Investment Managers in Ireland and Portfolio Partners in Australia.Aviva Investors is about capitalising on the strength of being part of the worlds fifth-largest insurance group, Aviva said.UKLifetime award for SG Hambros manWarwick Newbury, the chairman of SG Hambros Bank, the UK arm of SG Private Banking, has received a lifetime achievement award from Private Asset Management (PAM), the UK wealth researchers.Warwick Newbury has spent over 40 years in UK wealth management, initially at Coutts where he was responsible for establishing its international division and latterly at SG Hambros, where he spent over ten years as chief executive, PAM declared
People Digest
France: BNP Paribas appoints new wealth head… US: Morgan Stanley hires from Fidelity… Spain: Santander private banker is promoted…
News Digest
Barclays Wealth sets hiring spree… Butterfield sets up London wealth management business… French banks move into Canadian wealth…Swiss Life acquiring German adviser AWD…
News digest
France: UBS bolsters French network…Turkey: Julius Baer looks to Turkey, Eastern Europe…Taiwan: Foreign private banks get warning…India: Coutts appoints Davies to oversee Indian ABN integration…The Netherlands: Dresdner makes fresh Benelux acquisitions…DubaiDIFC pushes to become Single Family Office hubThe Dubai International Finance Centre (DIFC) has introduced new regulation designed to facilitate the creation of more Single Family Offices (SFOs) in the region.Originally announced in June, the changes came into effect on 2 September with a view to attracting some of the $1 trillion in assets thought to be held by family businesses in the Middle East
Rockefeller: finding opportunity in the financial crisis
James McDonald, president and CEO of Rockefeller & Co, the US-based wealth management firm, believes fragmentation in the ultra high net worth market will give his business the chance to develop into a large boutique structure through acquisitions.