- October 19, 2007 - BoNY Mellon Reports Strong Wealth Management Q3 Figures
Total fees increased 10 per cent at the wealth management division of newly-merged Bank of New York Mellon.
This was driven by organic growth, a 43 per cent increase in new business revenue from the third quarter of 2006 and improved market performance says the bank.
Total client assets of $170 billion increased 14 per cent compared year-on-year and 5 per cent (unannualized) sequentially, driven by new business, improved markets and net long-term flows of assets under management of $1 billion in the third quarter.
- October 12, 2007 - Barclays Wealth Streamlines UK Back Office Operations
Barclays Wealth is to close its wealth management call centre in Peterborough with the loss of 392 jobs following a 12-month review into its operations process.
A spokeswoman for Barclays Wealth told the Peterborough Today newspaper that 200 back office roles in Peterborough would be relocated to Glasgow, where the business has been growing its administration hub for some years.
A further 150 jobs are to be axed as Barclays Wealth outsources its fund administration to the Bank of New York Mellon, in Essex and Liverpool.
- October 12, 2007 - BoNY-Mellon & Citi Acquisitive but Consolidation Could Lead to Fragmentation
Heads of BoNY Mellon Wealth Management and Citigroup’s high net worth client business both indicated they intend to acquire wealth management businesses in the US, at an industry conference in Boston.
Bank of New York Mellon Corp Private Bank chief executive officer David Lamere seemed closer to an acquisition than his rivals at the Reuters Wealth Management Summit.
Mr Lamere said he is talking to several possible prospects, according to Reuters.
- October 12, 2007 - Bank of America Hires Seven for US Trust
Bank of America has announced seven new appointments to its newly enlarged private wealth management unit, created after the $3. 3 billion acquisition of US Trust in November.
The firm has hired Stephen Grimm from Bank of New York Mellon to serve as portfolio manager.
- October 11, 2007 - Citi, JPM Join Hiring Spree
Citigroup's private banking arm plans to hire as many as 100 new bankers in the next 18 months and JPMorgan Private Bank expects to increase the number of its US bankers by about 10 per cent annually over the next few years as competition rises in the $100 trillion wealth management industry.
Citi 's private banking arm, which serves clients with assets of at least $25 million, currently has about 200 bankers but Richard Ditizio, head of the bank's High Net Worth unit in North America, told the Reuters Wealth Management Summit in Boston that that number will grow to somewhere between 275 to. .
- October 4, 2007 - BoNY Mellon Rebrands
The Bank of New York Mellon launched its logo, as well as a branding and advertising campaign, this week – about three months after Mellon was merged into The Bank of New York.
The new arrow-tip logo was created by Lippincott, a New York-based branding and marketing firm. The gold, silver and bronze colours represent excellence in investment management and servicing.
- October 1, 2007 - Executive Moves September 2007
UK
Warwick Newbury is retiring as chief executive officer of SG Hambros, the UK arm of SG Private Banking from 1 October and will become chairman of the board, replacing the retiring Nicholas Assheton.
Eric Barnett, currently group head of Private Banking will become chief executive officer, and Jean-Pierre Flais, currently group chief financial and operating officer will become deputy CEO.
Eric Barnett joined Hambros Bank in 1986 then moved to the Guernsey office in 1996 as deputy managing director and head of Private Banking, continuing in this role following Société Générale’s ac.
- September 19, 2007 - US Bank Announces Record $4 Billion QDII Launch in China
BoNY Mellon Asset Management and China Southern Fund Management have raised $4 billion in a qualified domestic institutional investor strategy launched in China last week.
The QDII strategy, which allows Chinese investors to place assets in foreign investment strategies, received $8 billion in total subscriptions from Chinese investors, but the companies capped it at $4 billion.
BoNY Mellon Asset Management is the sub-advisor for the China Southern QDII strategy.
- September 14, 2007 - Northern Trust Adds to Global Quantitative Management Team
Northern Trust Global Investments, the multi-asset class investment management business of Northern Trust, has expanded its global quantitative management team with the addition of three portfolio managers and one investment strategist.
Mark Sodergren will be a senior portfolio manager and researcher in the quantitative active team, responsible for research and implementation of several quantitative equity strategies, based in Chicago. He joins from Barclays Global Investors where he was a portfolio manager focused on active US large cap strategies.
- September 10, 2007 - Executive Moves August 2007
UK
UK broker and investment manager Brewin Dolphin has appointed Angela Knight, former Economic Secretary to the UK Treasury, as a non-executive board director.
She is currently the chief executive of the British Bankers Association and a trust member of the Port of London Authority.
Edinburgh-based asset manager Martin Currie has hired eight investment managers.
