- July 19, 2010 - Mixed Wealth Results For BofA Merrill Lynch, Citigroup
Second-quarter results from Bank of America Merrill Lynch and Citigroup showed these US titans enjoyed slightly varying fortunes in private banking and wealth management, with BofA taking a slight dent from the sale of a business unit, while Citi's private bank logged an uptick in performance. (For Citigroup figures, scroll down the page).
The global wealth and investment management arm of Bank of America Merrill Lynch said that net income fell by $40 million to $356 million from a year earlier, driven by the tax-related effects of the sale of the former Columbia Management long-ter.
- July 15, 2010 - BofA Merrill Lynch Sheds Senior Director In EMEA Wealth Team
Bank of America Merrill Lynch has made one of its senior European managers redundant as a result of a restructuring to its wealth management operations, this publication has learned.
Jean-Marie Deluermoz, who was appointed in 2007 to be director of emerging European markets within the EMEA wealth management team, has been made redundant. The firm has decided to change its reporting lines, rendering the executive's role unnecessary, this publication understands.
- July 14, 2010 - Investor Outlook Worsens - BofA/Merrill Lynch Fund Poll
Investors became more gloomy about the economic outlook in July, with a net 12 per cent of fund managers predicting a global downturn over the coming 12 months, compared with a net 24 per cent forecasting an improving global economy in June, according to the latest Bank of America Merrill Lynch Fund Manager Survey.
The outlook on profits also worsened, with a net 4 per cent of managers surveyed expecting corporate profits to fall in the coming year – the first negative outlook in more than a year. Profit margins are also expected to tighten, although only by a net 1 per cent of res.
- July 8, 2010 - Wealth Management Assets Rise, Concerns About Margins, Efficiency - Scorpio
Assets under management of the world’s wealth management industry rose by 17 per cent to $16. 5 trillion in 2010 from a year ago, but the industry has become far less efficient and margins are under pressure, according to a new survey of almost 230 institutions tracked by Scorpio Partnership.
Its Key Performance Indicator of profitability has dropped by a median of 35 per cent from its level in 2009.
- July 7, 2010 - UBP Asset Management Appoints New CEO
Geneva-based private bank Union Bancaire Privée has appointed Larry Morgenthal as chief executive of UBP Asset Management, its US-based fund of funds business, and chief investment officer of alternatives.
Morgenthal was formerly CIO and later CEO of Ivy Asset Management, a wholly-owned subsidiary of the Bank of New York Mellon, and has also held senior positions at Bank of America Alternative Investment Group. In his new role he is charged with spearheading a drive in activity at UBP Asset Management’s fund of hedge funds platform.
- July 7, 2010 - BofA/Merrill Lynch Hires Ex-UBS Man As New Chief Risk Officer For EMEA
Bank of America Merrill Lynch has appointed David Oman as chief risk officer for Europe, the Middle East and Africa, starting from the beginning of October. He will be based in London and report to Marisa Harney, head of International Risk Strategy Development.
Additionally, Oman will oversee counterparty risk and will report to Bruce Thompson, CRO at Bank of America, in this capacity.
- July 2, 2010 - Morgan Stanley May Hire Total Of 500 Private Bankers To Boost Lending
Morgan Stanley, the owner of a brokerage that has already hired 100 private bankers, may take this number to 500 by the end of 2011 to offer more products such as jumbo mortgages and structured loans to clients, Bloomberg reports, citing an unnamed source.
The firm is building a private bank to squeeze more revenue from clients and encourage them to hold deposits at the company, the report said. Morgan Stanley has become the world’s biggest brokerage of its kind through its Smith Barney joint venture with Citigroup, creating Morgan Stanley Smith Barney more than a year ago.
- July 2, 2010 - Executive Moves - June 2010
United Kingdom
UK-based Close Asset Management continued its expansionary moves with the appointment of a new business development manager for the northern region, who is to focus on Manchester, Leeds and Sheffield in particular. Edward Sale joins from IFA Network, Standard Financial.
Ariadne Capital, a London-based investment and advisory network, brought in six new investor members from some of the world’s most prominent businesses.
- June 9, 2010 - Bank Of America Hires Technology Luminary From Morgan Stanley
Bank of America has named George Sherman as its new chief technology officer for global banking and markets and global commercial banking, a role in which he will be responsible for strategy, architecture, design and build, operations, product management and project delivery of the technology infrastructure supporting the businesses.
Sherman latterly worked at Morgan Stanley, where he was director, chief technology officer of the bank’s Americas enterprise infrastructure organization. He also served as the global head of the bank's enterprise telecommunications, entitlements solutio.
- June 8, 2010 - UBS In US To Hire More Mortgage Advisors For HNW Clients
UBS Wealth Management Americas will hire more mortgage consultants for its branch offices as it expands its offerings to high net worth clients, according to Reuters, which quoted a senior executive at the Swiss bank.
The firm plans to hire 30 to 35 mortgage consultants, Rosemary Berkery, vice chairman of UBS Wealth Management Americas and chairman of UBS Bank USA, was quoted as saying. Now, the group employs six mortgage consultants.
