Socit Gnrale Private Banking (SGPB)has signed an agreement with RIT Capital Partners to sell its 37% minority stake in Rockefeller Financial Services While Socit Gnrale refused to comment on the sale price, a bankspokeswoman confirmed that it has signed asaleagreement with RIT Capital Partners,chaired by Lord(Jacob) Rothschild. The deal is expected to close by the end of September, subject to regulatory approval
This is an important step for RBS wealth division as it complements their existing banking and investment service offerings as a part of a comprehensive wealth management proposition, the bank said in a statement. The service will be available to clients in multiple jurisdictions in India, and irrespective of where their estates may be located, the bank added
High net worth individuals wealth is forecast to rise 9% annually in Hong Kong to $1.2trn by 2015, swelled by markets in China and India With the second highest density of high net worth individuals (HNWI) in the world, Hong Kong has faced challenges in recent years as cautious HNWIs look for the best opportunities and diversified investments for sustainable income.
La Mondiale Europartner (LME) has unveiled a UK wealth management service offering a RDR-ready, highly tax efficient and internationally-portable investment portfolios for high and ultra-high net worth individuals.
The UKs upper tribunal has upheld a Financial Services Authority (FSA) decision to fine former UBS advisers Sachin Karpe and Laila Karan and ban them from performing any regulated financial services role.
The London Court of Appeal has dismissed a $300m damages claim brought against HSBCs UK private bank by a Zimbabwean client relating to suspected money laundering transactions. Zimbabwean businessman, Jayesh Shah and his wife, Shaleetha Mahabeer, claimed $300m damages against HSBC arising from its delay in executing transactions during September 2006 and February 2007. Shah and his Shaleetha argued at that as a consequence of HSBCs decision, they had been stigmatized in Zimbabwe for money laundering and suspected of criminal activity.
In 2011, the Swiss bank saw CHF1.5bn ($1.6bn) in net asset outflows at its private banking unit compared to CHF3bn of net new money inflows in 2010 Meanwhile, the bank changed its shareholder structure in 2011 to set up a new holding company, Crdit Agricole Private Banking