- July 21, 2009 - Expect More Wealth Management M&A - Ex-Julius Baer Investment Head
The wealth management industry will consolidate next year and seek to offer better protection to clients’ capital in the wake of the financial crisis, said Beat Wittmann, chief executive officer of Dynapartners, a Swiss investment firm, according to Bloomberg.
Mr Wittman was, until last November, Julius Baer’s head of investment products. He founded Zurich-based wealth manager Dynapartners in June.
- July 16, 2009 - Barclays Considering Sale Of Private Equity Business - Report
Barclays, which has already sold off its asset management arm to US-based BlackRock, is now considering the sale of its private equity business and will meet investment partners this week to discuss the issue, Reuters said, citing people familiar with the matter.
Barclays Private Equity is a mid-market investor that has invested in over 350 businesses since its formation in 1979. A sale of the business has been rumoured since last year, including a possible management buyout where Barclays would retain a stake, the news service said.
- July 15, 2009 - Goldman Sachs Beats Forecasts, Cheers Markets
Goldman Sachs has reported a net profit of $3. 44 billion for the second quarter, up from $2. 1 billion on 30 May last year, a figure that surpassed market expectations, and net evenue was $13.
- July 14, 2009 - Julius Baer's Family Services MD In Singapore Leaves
Geoffroy Dedieu, managing director of family services at Julius Baer in Singapore, has left the company, WealthBriefing can exclusively report.
Mr Dedieu joined from Fortis in 2006 where he had been for three years. WealthBriefing understands that Mr Dedieu is moving to London to set up a family office.
- July 10, 2009 - HSBC CEO Warns Guaranteed Bonuses Could "Disrupt" Banking Industry - Report
The chief executive of HSBC, Michael Geoghegan, has warned against a return to guaranteed staff bonuses, warning that such remuneration could “disrupt” the banking industry, the Wall Street Journal reports.
According to the publication, Mr Geoghegan told the attendants of the Euromoney Awards that the banking industry must learn the lessons of last year’s financial meltdown and be wary of returning to boom-time habits.
The extent to which bonus systems may have encouraged inappropriate risk-taking by financial services professionals, and therefore contributed to the financia.
- July 8, 2009 - London-Based Investment Firm Rebrands Following Merger
Following the completion of the merger of London-based ACP Partners and South Africa's TriAlpha Investment Advisors the newly combined entity will now be known asACPI Investments.
ACPI offers internal asset management across fixed income, equity, asset allocation and funds of hedge funds. The firm said in a statement that it hopes to bridge the gap between traditional investment banks and family office firms.
- July 7, 2009 - Goldman Sachs May Lose Millions From Software Theft - Court Hearing
Goldman Sachs, the Wall Street banking and wealth management firm, may lose its investment in a proprietary trading code and millions of dollars from increased competition if software allegedly stolen by a former employee gets into the wrong hands, a prosecutor said, according to media reports.
Sergey Aleynikov, an ex-Goldman Sachs computer programmer, was arrested 3 July after arriving at Liberty International Airport in Newark, New Jersey, US officials were reported to have said.
Mr Aleynikov, who has dual American and Russian citizenship, is charged in a criminal compla.
- July 6, 2009 - UBS Dethroned From Top Spot As Wealth Manager Rankings Shift
Private banks’ profit margins were squeezed hard by the market turmoil last year and assets under management fell by almost 16 per cent, while UBS has lost its top spot as the world's largest wealth management business, according to an annual survey of the industry by consultants Scorpio Partnership.
While the sector has not been battered as severely as investment banking, wealth management has not escaped the impact of double-digit percentage falls in global stock markets, a stampede for low-margin, safe-haven cash at the expense of equities, the worst-ever performance for hedge fu. .
- July 3, 2009 - Executive Moves - June 2009
North America
Eaton Vance Investment Counsel, a division of Eaton Vance Management, has appointed Antoinette Russell to the post of vice president, Family Office Services. She previously was senior client advisor and director of SCS Financial.
GenSpring Family Offices, a US wealth manager for ultra-high net worth families, has appointed Bruce Paulson as a director with responsibility for leading the firm’s Midwest expansion from Minneapolis.
- July 3, 2009 - Bankers' Bonuses Set To Rise At Goldman Sachs
Goldman Sachs, the US investment bank and wealth management firm, is on track to pay staff more than it did in 2007, itself a record year, according to media reports.
The Wall Street firm has recently repaid its $10 billion in public funds from the US Treasury, which frees it from restrictions set on pay by the US administration. Goldman Sachs is due to produce a total compensation pot of $20 billion this year, according to analysis carried out by the Wall Street Journal.
