StanChart to sponsor Liverpool
Standard Chartered (StanChart) has
signed a four-year $130 million sponsorship deal with English
football team Liverpool FC to build its brand presence in Asia,
Africa and the Middle East.
The club, a leading team in European
competition and its domestic league, has more than 50 percent of
its fans based in Asia, including 60 million in China, 6 million in
India and 5 million in Thailand. Last season it had more than
90,000 hours of TV coverage across the globe.
The deal is seen by the bank as a useful
marketing tool across the franchise. But it looks particularly
important to its Priority Banking business, which serves clients in
the $100,000 to $500,000 category and has been actively expanding,
notably in Greater China last month, where it announced it was
hiring 430 new staff.
Liverpool toured Singapore and Thailand in its
pre-season build-up, the success of which is believed to have
helped secure the deal with StanChart.
StanChart is now the club’s main sponsor from
July 2010 until the end of the 2013-2014 season. Its name and logo
will appear on the team’s shirt and it will have a rights package
that enables it increase brand awareness in its core geographies,
Asia, Africa and the Middle East. This will include promotions
within branches, according to a spokesman, who said it was too
early to talk about details.
Wegelin family office business
Wegelin & Co has appointed
Pascal Cettier head of its new family office services and advisory
Adrian Künzi, a managing partner at Wegelin,
told PBI in April about his plans to open the business. The unit
has now been officially launched, with Cettier, who has been with
the bank since 2001, in charge. He has experience in the bank’s
asset management and institutional clients divisions.
The family office business offers professional
asset management and advisory services to Swiss and international
single and multi family offices. The team advises on qualitative
asset management, its structuring, as well as cash and risk
This includes the use of passive instruments
including index funds, ETFs and swaps, according to a bank
“The overriding advantage of this concept is
that we ourselves do not offer family office services, but, rather,
focus on independent advisory services,” said Künzi “This way,
conflicts of interests can be avoided.”
Jersey gets green
Jersey, the UK channel island, has
been given a clean bill of health in an International Monetary Fund
(IMF) assessment on levels of banking supervision.
The report said the financial crisis had
highlighted the vulnerability of Jersey’s banks, but that financial
soundness indicators for institutions licensed on the island had
been satisfactory. It recommended setting up a dedicated bank
The review, carried out under the IMF’s
Financial Sector Assessment Programme (FSAP), showed Jersey was
classed compliant or largely compliant in 44 of the 49 categories.
That compared to 36 for the UK and 33 for Switzerland.
Michael Lagopoulos, CEO of the international
arm of RBC Wealth Management, whose business in one of the largest
operating in the jurisdiction, said the largely positive review
would provide comfort to clients.
“Our clients are extremely attracted to Jersey
for these reasons, and the IMF’s paper is a welcome affirmation of
the positive aspects of the jurisdiction,” he said.
Geoff Cooke, head of Jersey Finance, which
promotes the island as a financial centre, added: “The facts,
independently endorsed by the IMF, speak for themselves. When
compared to any other financial jurisdiction, Jersey’s finance
industry standards rank at the highest level.”
Gorman to become Morgan Stanley
James Gorman, the banker which
helped build Morgan Stanley’s wealth management business into the
third-largest global player, is to become CEO of the Wall Street
bank in 2010.
Gorman moved to Morgan Stanley in 2006 as
president and COO of its global wealth management group, and is now
being promoted from co-president to CEO, as part of a succession
plan. John Mack, the current CEO, is being made chairman. Both will
take up their new roles at the end of the year.
Gorman is credited with tripling the profit of
the bank’s wealth management business in three years and then
driving the acquisition of a majority stake in Citi’s Smith Barney
He has also headed Merrill Lynch’s US and
global private client businesses.
“James led dramatic turnarounds of major
businesses at both Merrill Lynch and Morgan Stanley, and this year
forged the world’s [third] largest wealth management business,”
said Robert Kidder, lead director of the bank’s board.
“We are confident with James Gorman as CEO and
John Mack as chairman, Morgan Stanley will continue… building our
market share across all key businesses.”
SG canvasses clients with arts
SG Private Banking has introduced an
art advisory service to its clients through a partnership with
London-based specialists 1858 Limited Art Advisory
It says there is increasing interest among
clients in building and developing art collections. A Société
Générale spokesman said the deal meant private banking clients
could receive help selecting, estimating and negotiating prices of
works of art, enabling “significantly reduced transaction
“In a rapidly evolving art market, the
expertise of 1858 Limited Art Advisory will provide SG Private
Banking’s high net worth clients with access to the best advice in
this field,” the spokesman added.
They would also receive other benefits
including: logistics management, covering shipping, restoration,
display and storage; representation at auction houses and advice on
1858 Limited Art Advisory advises clients on
art acquisition and divestment in the international marketplace and
through private sales.
Adam & Co hooks up to new
Adam & Co, the Scottish private
bank owned by RBS, has signed a deal to develop its new
transactional customer relationship web platform.
The bank, which has 9,000 high net worth
customers, is working with InterSystems Corporation on the project,
which aims to improve the ability of clients to manage their
A spokesman said the bank hoped the new web
portal will maintain Adam & Co’s competitive advantage and
enhance customer retention.
“Our high performance database software will
enable Adam & Co’s customers to manage their finances online,
whilst at the same time retaining the personal banking touch that
is the bank’s hallmark,” said Paul Rayner, sales manager for
financial services at InterSystems.
Adam & Co is part of RBS’s UK wealth
operations, which also includes Coutts & Co. The two businesses
had combined assets under management excluding deposits of £29.8
billion ($49.3 billion) at the end of June, down 14 percent in the
first six months of 2009.