Citi expects to win rich clients in emerging markets at a much faster pace than in the Americas, its top private banker said, as it rebuilds itself after taking heavy hits during the credit crisis. The U.S. bank expects the share of client assets from the Americas to decline to a third in five years, as it targets super-rich clients worth at least $25 million, instead of the merely moderately wealthy.
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Evidence of recent financial-sector turmoil has showed up in Euromoney magazine’s latest Private Banking Survey.
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Barclays Wealth, the wealth management division of Barclays PLC (BARC.LN), said Monday it has appointed three new bankers from UBS AG (UBS) in senior positions, to strengthen its private banking team for South Asians.
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A large bank safe is the centrepiece of an advertising campaign by Abu Dhabi Islamic Bank’s private banking arm. The copy of the advertisement reads: “ADIB will safeguard your wealth and provide confidentiality.”
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J.P. Morgan Chase & Co’s five-year effort to stitch together a coherent mutual fund management business finally came together last year.
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UBS revealed yesterday it suffered a sharp acceleration of outflows from its once powerhouse private bank in the fourth-quarter, underlining the scale of the problems facing the Swiss banking group.
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DZ Bank AG will expand its private banking business to target more wealthy clients, Handelsblatt reported, citing an interview with board member Lars Hille.
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Troubled Swiss bank UBS, which has been battered by a U.S. tax evasion probe, is reorganizing its U.S. wealth management division in an attempt to stem outflows. The Swiss bank, the world’s second largest wealth manager, said on Friday the recently appointed heads of its wealth management unit, Robert McCann and Robert Mulholland, had outlined broad plans for a restructuring and management reshuffle.
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With increasing economic growth and controlled inflation rate, Indonesia promises a lucrative market for wealth management business, a senior official of Hong Kong Shanghai Banking Corporation Ltd. (HSBC) Indonesia said on Tuesday.
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In the struggling commercial real estate sector, the strongest REITs are now taking over the weak. Simon Property Group, the nation’s number one mall operator today offered $10 billion to buy its biggest rival, General Growth Properties.
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