Leading private banks have all announced major new hiring initiatives in Asia, now the sizzling hotspot for wealth management clients. Asia is creating private wealth at a stellar rate yet any setback, like a plunge in trading volumes, could leave players dangerously exposed to over-manned and over-paid client desks. Big global private banks are out-doing each other when it comes to which of them have the most macho expansion plans for Asia…(read more)
Socit Gnrales Singapore private bank and two of its executives are being sued in Singapore by a former client who alleged more than $8m was wiped from his account as a result of poor currency investments.It is understood Chan Leong Cheng is suing the Singapore office and executives in an effort to recover about $7.9m. A Socit Gnrale Private Banking (SGPB) spokesperson said the bank acknowledged the writ filed in Singapore on 12 October by one of its clients.
JP Morgans private banking division posted revenue of $1.2bn for the third quarter of 2010, up 9% from the prior year Assets under management (AuM) at the private bank rose 4% to $276bn in the third quarter…(read more)