Private banks are turning their
backs on US clients in a knee-jerk reaction to regulatory pressure
being placed on UBS, according to the former head of Citi’s US
expatriate business.
James Sellon, who now heads Maseco, a
London-based wealth manager specialising in services for US
clients, alongside Joshua Matthews, says the business is taking in
“scores of millions of pounds a month” from new clients.
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Private banks are turning their
backs on US clients in a knee-jerk reaction to regulatory pressure
being placed on UBS, according to the former head of Citi’s US
expatriate business.
James Sellon, who now heads Maseco, a
London-based wealth manager specialising in services for US
clients, alongside Joshua Matthews, says the business is taking in
“scores of millions of pounds a month” from new clients.
PBI understands UBS and Credit Suisse
have been writing cheques payable to their US clients, telling them
to take their accounts elsewhere. ABN AMRO is also understood to
have closed accounts belonging to US citizens in 2008.
“Some of the banks have decided there’s too
much regulatory oversight with the United States citizens and
prefer not to go down that road, even though there’s a lot of good
US money out there,” he said.
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By GlobalData“Where you have to be careful is that a lot of
the accounts being closed are related to undeclared money. But some
banks are closing accounts that are perfectly legitimate and that’s
where our opportunity lies.”
