- May 10, 2010 - DBS Earnings Rise But Lag Rivals, To Add Hundreds of Relationship Managers
Singapore's DBS has recently posted a 23 per cent rise in earnings for the first quarter, underperforming rivals OCBC and UOB, which rose by 24 per cent and 71 per cent, respectively. Meanwhile, the firm announced a big expansionship of its relationship management headcount.
Net income may have been up at S$532 million ($378 million) but this was mostly hampered by a huge drop in loan margins, low global interest rates, and intense competition.
- May 6, 2010 - Executive Moves - April 2010
United Kingdom
Saffery Champness promoted Jonathan Fox, previously executive partner, to managing partner and appointed Rob Elliott as finance partner after eight years in the managing role.
Fox was previously chief executive of both a law firm (Collyer Bristow) and barristers' chambers St Philips.
Nucleus, the UK-based platform business, appointed Danby Bloch as a non-executive director, a role in which he is charged with ensuring that the interests of the business’ growing IFA community continue to be represented at the highest level.
- May 6, 2010 - Morgan Stanley Launches New FTSE Tracker
Morgan Stanley has launched a new FTSE tracker product which is designed to offer investors uncapped accelerated growth of the FTSE 100 Index.
The Morgan Stanley FTSE Tracker Plus Plan 3 also has a deceleration feature that limits investors’ exposure to one-fifth of any negative index performance over the plan’s six year term, the bank said in a statement.
“With continued uncertainty around the economic outlook, we know some investors remain nervous.
- May 5, 2010 - Quilter Continues UK Regional Hiring Spree
Quilter, the UK-based investment management subsidiary of Morgan Stanley Smith Barney, has appointed Damien Maltwood as an investment manager in its Jersey office.
In his new role Maltwood will be working alongside Tim Childe, head of Quilter’s Jersey branch, the firm said in a statement.
Maltwood was latterly a senior investment manager at SG Hambros, having earlier in his career worked at The Soditic Group, based in Jersey.
- April 28, 2010 - Analysts Cheer Lloyds' Return To Profitability, Some Jitters On UK Politics
Analysts said they were encouraged that
Lloyds Banking Group – partly nationalised by the UK government during the financial crisis – had returned to profit in the first three months of this year, but warned of continuing political risks to the UK-listed lender.
Standard & Poor’s Equity Research unit said that it had raised its earnings per share forecast on Lloyds for the 2010-2012 period, and raised its price target on the firm’s shares to 73 pence from 56p, retaining a “hold” recommendation on the stock.
“We believe the release confirms the bank being on its way to a.
- April 26, 2010 - MSSB Names Head Of International Wealth Management Products, Services
Morgan Stanley Smith Barney has appointed veteran employee Chris Van Aeken as head of International Wealth Management Products and Services, moving to London from Asia to take up the role.
In this role, Van Aeken will be responsible for defining and executing the wealth management products and services strategy in markets outside the US, including private banking, capital markets, managed investments and wealth planning.
"International wealth management represents an important growth opportunity where we are committing significant resources,” Michael Armstrong, Head of.
- April 22, 2010 - Pre-Tax Income Surges At Morgan Stanley's Wealth Management Arm
Pre-tax income from continuing operations at the wealth management arm of Morgan Stanley more than doubled in the first three months of this year to $278 million, compared with $119 million a year ago, the US firm said today. Meanwhile, the overall group swung back into the black after suffering a loss last year.
Morgan Stanley said comparisons of its latest quarterly figures with the same period a year before have been affected by the joint venture deal with Citigroup to create the Morgan Stanley Smith Barney wealth management business.
- April 19, 2010 - Morgan Stanley Upgrades RBS Forecast But Urges Caution On UK Banks
Morgan Stanley has raised its share price target on Royal Bank of Scotland – parent of Coutts, the UK private bank – to 50 pence from 40 pence, preferring this firm over rival Lloyds Banking Group.
Both Lloyds and RBS are partly owned by the UK government, which bailed them out with public funds over a year ago amid the financial crisis.
Morgan Stanley has an “equal weight” stock recommendation on RBS and Lloyds.
- April 13, 2010 - Regional Expansion Continues Apace At Quilter
Quilter has continued its regional expansion programme with the addition of Gillian Bailey, an investment manager, to its Glasgow office.
The investment firm, which is part of Morgan Stanley Smith Barney, has been aggressively ramping up its offering across the UK regions, and in recent months has launched a new office in Salisbury and appointed regional sales managers in Ireland, Scotland and Jersey, among other hires.
Bailey joins the firm from Cornelian Asset Managers in Edinburgh, where she was an associate director.
- April 13, 2010 - Credit Suisse Names New Regional UK Private Banking Head
Credit Suisse has appointed Richard Killingbeck as head of its regional UK private banking business with immediate effect. He succeeds Richard Algar who is to relocate to London to lead Credit Suisse’s private banking business focused on entrepreneurs and corporate executives in the UK.
Killingbeck was latterly chief executive of Close Brothers’ private asset management business, a role in which he oversaw the management of high net worth private clients, small pension funds and charities.
