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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Barclays bank has injected £350 million into its wealth management business as part of its ambition to quadruple the size of its business and double its number of private bankers.
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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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Venezuela’s government said Monday it is taking over management of a private bank after discovering serious financial problems. The bank’s owner condemned the takeover as political retribution against him and the critical TV station he helped found.
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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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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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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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