All articles by Dan Bone
Q3: Credit Suisse AuM tops $1trn, pre-tax slips
Credit Suisses private banking division posted assets under management (AuM) of CHF1.02trn ($1.09trn) in the third quarter the first time AuM has exceeded CHF1.0trn since 2007
Report says wealthy ignore succession planning
A failure to communicate within families will be responsible for the loss of 90% of family fortunes within the next three generations, according to a new report.
Citi Q3 revenues up 4%, 8% year-on-year
Citi Private Bank revenues went up by 4%, or $20m, from the second quarter of 2012 to $590m.
Q3: JPMorgan Chase posts rise in PB revenues
Net revenues at JPMorgans private banking division increased 5% in the third quarter of 2012 to $1.4bn on a year-on-year basis.
Barclays picks Fievet to head UK wealth
The change will see David Semaya’s role as head of UK and Ireland taken over by Emmanuel Fievet. According to a Barclays spokesperson, Semaya will lead an initiative to establish a centre of excellence for asset management at the private bank through an evaluation of existing expertise.
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FSA warns firms against ‘working around’ commission ban
The Financial Services Authority (FSA) has written to the CEOs of 24 product provider and advisory firms warning them not to use distribution agreements and cross-subsidies to ‘work around’ the Retail Distribution Review (RDR) commission ban. The FSA also said that it would take “robust action” if there is sufficient evidence of the rules being circumvented, although it was not seeking a total ban on arrangements made between providers and advisers.
FSA warns firms against working around commission ban
The Financial Services Authority (FSA) has written to the CEOs of 24 product provider and advisory firms warning them not to use distribution agreements and cross-subsidies to ‘work around’ the Retail Distribution Review (RDR) commission ban.
Lloyds to ditch financial advisers ahead of RDR
Lloyds Banking Group (LBG) has confirmed that from November it will cease to offer its investment advice service for customers who hold less than £100,000 ($162,000) in savings and investments, a company spokesman told PBI LBG said that customers with over £100,000 of investible assets will be referred to the groups private banking service, which will offer tailored fee paying investment advice.
Credit Suisse considering AM & PB unit merger
Switzerlands second largest bank Credit Suisse has declined to comment on market rumours it is to merge its asset management unit with its private and investment banking divisions. The move has parallels with Deutsche Bank which combined its existing asset management and private wealth management divisions into a new business unit, Asset and Wealth Management, in June.
EFG Financial Products to list on SIX in Q4
Swiss private bank EFG International will go ahead with its planned initial public offering of its structured products business in Switzerland in the fourth quarter, subject to market conditions. The move will see EFG International reduce its stake in Zurich-based EFG Financial Products Holdings, which will be listed on the SIX Swiss Exchange, from 57% to no less than 20%. EFG said it hoped the overhaul will renew its focus on private banking and strengthen its core 1 capital, objectives outlined in the banks business review in October last year