Aviva wants to be a global wealth
player…
Lifetime award for SG
Hambros man…
Close Brothers in Gibraltar
venture…
Citi sells Italian private banking
business…
StanChart sells asset management
operation…
UK
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Aviva wants to be a global wealth player
The UK’s largest insurer, Aviva, plans to create a global wealth
and asset management business with £316 billion ($626 billion) of
funds under management. 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 world’s fifth-largest insurance group,” Aviva
said.
UK
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By GlobalDataLifetime award for SG Hambros man
Warwick 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. “This is quite an
achievement given the rapid turnover of senior management in the
banking and financial services sector.”
Italy
Citi sells Italian private banking business
Credito Emiliano is buying Citibank International’s Italian private
banking business. The operations, which will be bought by Credem’s
unit Euromobiliare, comprise five branches and a €1.3 billion
($2.03 billion) portfolio of managed assets.
The transaction is expected to be completed by end-April and the
price will not be more than 3.4 percent of assets under management.
Ultra high net worth clients of Citi will not be included in the
transaction.
Gibraltar
Close Brothers in Gibraltar venture
Gibraltar’s wealthy Marrache family and UK investment banking group
Close Brothers Group have agreed a private banking joint venture in
Gibraltar to target rich clients. The two sides plan to open the
private bank this summer to service expatriates living in
Gibraltar, Spain, Portugal and potentially in North Africa.
Gibraltar is “a very compliant territory” and is no longer seen as
an offshore centre but rather an everyday financial centre, a Close
official said, denying the venture would attract tax evaders.
The venture, Close & Marrache, hopes to attract between 50 and
100 clients in its first year and up to 300 clients by the end of
the third year. It aims to manage up to $5 billion worth of assets
by the third year.
India
StanChart sells asset management operation
Standard Chartered (StanChart) is selling its Indian asset
management business to Infrastructure Development Finance Co (IDFC)
for $205 million cash, finally divesting the unit after a bid by
UBS last year lapsed. The sale includes Standard Chartered Trustee
Co Private Ltd and Standard Chartered Asset Management Co Private
Ltd.
UBS agreed to buy the businesses from StanChart, but had to abandon
the deal amid reported regulatory concerns at the Reserve Bank of
India.
IDFC, a Chennai-based private-sector infrastructure development
company, is likely to get more rapid regulatory clearance for the
deal as it is a domestic player, Mumbai bankers said. About seven
bidders had shown interest in the asset manager, which has about
$3.5 billion under management.
