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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The world’s population of high net worth individuals (HNWIs) grew 17.1% to 10.0 million in 2009, returning to levels last seen in 2007 despite the contraction in world gross domestic product (GDP).
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Outsourcing has become a vital issue for independent financial advisers (IFAs) and an ever-growing source of revenue for discretionary wealth managers.
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Singapore and Malaysia led a recovery of global wealth to pre-crisis levels as the number of millionaires grew by about 14 percent last year, the Boston Consulting Group said.
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Morgan Stanley plans to take on about 100 private bankers in Asia by the end of 2010. The drive will be lead by Nick Chan – its former Indonesian private bank boss – who has been promoted to the newly-created post of head of talent management for private wealth management in Asia.
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In what is shaping up to be a record year for sales of wealth management firms, advisers looking for the best possible deal need to look at their business as if they were a buyer.
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Merrill Lynch Wealth Management, which oversees $2.2 trillion, is holding onto its euro- denominated assets, betting this year’s 15 percent slide in the common currency will boost exports.
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Insurer Axa has made no secret of its plans to focus on its wealth management business and exit the mature UK life assurance market.
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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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On 16 February 2010, the Board of Directors of BNP Paribas , in a meeting chaired by Michel Pébereau, examined the Group’s results for the fourth quarter 2009, and approved the accounts for the 2009 fiscal year.
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