Sumitomo Mitsui Financial Group and UK banking giant Barclays said on Thursday they would jointly launch a wealth management business in Japan, targeting individuals with at least 500 million yen ($5.7 million) to invest.
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Not since the proposed changes to the taxation of UK resident non-domiciled individuals has such controversy been stoked as is the case with the proposals to change the rate of capital gains tax, says Christopher Shaw, group head of wealth planning at Societe Generale Private Banking Hambros.
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Despite, or maybe because of the world’s economic travails, Islamic finance has continued to stride ahead, as investors seek alternatives to products that have let them down in the recent past.
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The number of high net-worth individuals in the UK has grown by almost a quarter since the recession in 2008 when numbers declined significantly. The number of HNW individuals rose 23.8 per cent to 448,000 in 2009 after falling by 26 per cent in 2008 to 362,000, according to the latest World Wealth Report published by Merrill Lynch Wealth Management and consultants Capgemini.
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As more investors look to put their money to work next year, their options will include more than the usual suspects. During the financial crisis, many regional investment banks and boutiques, including Lazard Ltd. and Evercore Partners Inc., have launched U.S. wealth-management practices to diversify their revenue.
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Armed with a slew of wealth management veterans that chose to jump ship from U.S. Trust after it was acquired by Bank of America Corp., Evercore Wealth Management has nearly doubled its assets under management to $1.4 billion in the past six months, but the New York company’s top executive said that he expects to reach $5 billion in the next five years.
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Helvetia Wealth AG said Friday it manages more than 1 billion Swiss francs ($1 billion) following the purchase of two asset management firms.
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On October 1, Barclays Wealth Management (BCS) in the Americas launched eight ETF-based portfolios for clients with assets of $10 million or more. The portfolios will allow large clients to open small, diversified accounts, such as those for their grandchildren.
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Barclays Wealth jumped into the active exchange-traded fund pool this month, launching a family of eight actively managed ETFs geared toward high-net worth investors.
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A white paper from AXA Wealth says the number of investment funds on the market should shrink by a third to encourage prospective investors to the industry.
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