- September 3, 2010 - Morgan Stanley Hires For Latin American Business
As private banks look to increase their Latin American coverage, Bank Morgan Stanley, the Swiss subsidiary of the US bank, has hired Luca Majic as an investment advisor covering Argentina, WealthBriefing has learned.
“Luca's in-depth knowledge of the Argentine market will make him an important addition to our team as we continue to grow our Latin America business,” said an internal memo seen by this publication.
Majic joins from Banco Santander Geneva, and has experience in various private markets including Argentina, the US and Switzerland.
- September 3, 2010 - HSBC Gives Sharpest Warning Yet That It May Move HQ From UK
HSBC has issued its starkest warning that UK banks will shift their headquarters from the country if a UK government advisory group proposes that large banking groups be broken up in a move to reform the financial system, the Financial Times said.
The UK government-appointed Commission on Banking is examining ideas on how to prevent a repeat of the banking crisis and one idea – already partly embraced by the US administration of Barack Obama and signed into law – is to split the risky, trading functions of banks from their deposit-taking, retail functions.
Stuart Gulliver, t.
- September 2, 2010 - Executive Moves - August 2010
North America
JP Morgan Asset Management named Michael O'Brien to the newly created role of global head of institutional client group. He reports to chief executive Mary Callahan Erdoes. Prior to this position, O Brien was head of the institutional investment management division of BlackRock.
- September 2, 2010 - HSBC Targets Global South Asian Diaspora
HSBC Private Bank’s Global South Asian Diaspora team has appointed Mrinalini Ramakrishnan as a director and investment counsellor based in London, in a bid to target the increasing number of high net worth global South Asians, whose collective wealth is estimated to be in excess of $1 trillion.
HSBC’s GSAD team comprises more than 110 client-facing staff across nine geographical locations, with regional offices in India, North America, the UK, Switzerland, the Channel Islands, Dubai, Luxembourg, South Africa, Singapore and Hong Kong.
Ramakrishnan has had a range of we.
- September 2, 2010 - New Survey Reveals Best, Worst Destinations For Expats
The UK and Europe have been revealed as among the least favourable destinations for expat finances, according to HSBC Offshore’s latest Expat Explorer survey.
The UK, Belgium, Spain, France, Germany and the Netherlands were the worst performing locations for overall wealth – with lower annual salaries, reduced levels of disposable income and fewer expats owning luxury items.
Meanwhile, the wealth gap between expats living in the East and West is widening, with expats living in the Eurozone being left behind, said Lisa Wood, head of customer propositions at HSBC Offshore.
- August 27, 2010 - Swedbank Opts Not To Sell Russian Business, Including Private Bank
Swedbank, one of Scandinavia’s largest banking groups, has decided not to sell its Russian business that includes a private banking operation, WealthBriefing can confirm.
A spokesperson for Swedbank in Russia told this publication that the firm decided not to sell its troubled subsidiary. After reassessing the situation the bank realised that if it gets rid of the Russian subsidiary, it may well face difficulties in re-entering the Russian market in the future.
- August 27, 2010 - HSBC Private Bank In Switzerland Pulls In New Money, Shrugs Off Data Theft
HSBC Private Bank in Switzerland has logged SFr4. 9 billion ($4. 8 billion) of new client money in the first half of 2010, as strong inflows from emerging markets offset the effects of a recent theft of client data and an Italian tax amnesty, according to Reuters.
- August 26, 2010 - Credit Suisse Is In The UK Regions And It's Here To Stay
Credit Suisse’s private bank in the UK already has built a regional presence in the country and there are plans to extend it further as part of a long-term strategy, one of the firm’s top executives told this publication.
The Zurich-listed bank, along with a number of its European and UK peers, such as Société Générale, Coutts and Barclays Wealth, has been developing a regional footprint in the UK, realising that there are strong business opportunities beyond London.
And this commitment will not waver even if economic conditions prove to be difficult on occasion, Richard Ki.
- August 26, 2010 - Where Big Can Be Beautiful
“True independence as a wealth manager in the eyes of clients can be a tough sell when so many investors have been hurt by the financial system” wrote our group editor, Tom Burroughes, back in May. This had arguably led to the rise of the family-office and boutiques which have been mushrooming all over London.
However, one wealth manager who appears to have got things right over the last 18 months is HSBC Private Bank, which in July won the prestigious award of ‘Best Global Wealth Manager’ from Euromoney.
- August 25, 2010 - RBC Dexia Appoints Head Of Global Fund Products
RBC Dexia Investor Services, which provides onshore and offshore custody and other services to a raft of financial institutions including wealth managers, said it has appointed David Dibben as head of global fund products, based in London.
Dibben reports to Rob Wright, global head of product amd client segments. Dibben most recently worked at HSBC Global Asset Management in London as chief operating officer of its global fund ranges.
