The third annual Rising Stars in European Wealth Management Survey, Financial News’s pick of the top 40 wealth managers under the age of 40, shows what a dramatic upheaval the industry underwent in 2009. Only a few on last year’s list continued their ascent. There are 35 new names, reflecting the changes wrought by the recession on an industry that many consider lethargic.
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RBC Wealth Management has hired two high-net-worth financial consultants from UBS Financial Services with more than $500 million in combined assets under management for its Portland, Ore., office.
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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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Morgan Stanley plans to increase the number of private bankers in India by 50 percent within a year, Amitava Neogi, executive director at Morgan Stanley’s Indian wealth management unit, said in an interview yesterday.
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Chicago-based PrivateBancorp Inc. has put its private-banking chief, Kristine Garrett, in charge of all of its wealth-management and private banking operations.
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Part-nationalised Royal Bank of Scotland plans to cut up to 500 jobs over three years in its UK wealth management business after a major overhaul in technology as the bank pushes ahead with its turnaround plan.
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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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RBC Wealth Management has hired Tracy Maeter, previously head of investors at HSBC in London, to serve as its British head of investment.
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UBS AG, Switzerland’s largest bank, will award bonuses to veteran financial advisers in the lender’s Americas wealth-management unit as it tries to retain brokers, according to a financial recruiter.
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Citgroup Inc. continued to fill management positions within Citi Private Bank, naming Richard Cookson as chief investment officer and Alex Godwin as global head of asset allocation.
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