Bank of America
17 June 2013
Wells Fargo Advisors has bolstered its private client group with the addition of nine advisors across seven states from Morgan Stanley, Bank of America Merrill Lynch and RBC Capital Markets. James Hunt joins the Chicago, IL, branch from Morgan Stanley and had $181 million in assets under management, on top of $425 million in assets held away from the firm . Hunt has 20 years of industry experience and reports to Chicago complex manager Kevin Ortmeyer.
13 June 2013
UBS Wealth Management Americas has launched a pilot training program for 50 prospective financial advisors, at a time when the industry is confronted by an aging workforce.
12 June 2013
Bank of Kansas City has lured three veteran wealth managers from UMB Bank, according to the Kansas City Business Journal. Bob Weber, Kevin Zimmermann and Justin Richter, who all specialize in working with clients with at least $1 million in investable assets, have all been named senior vice presidents at Bank of Kansas City’s The Private Bank . Weber was at UMB for 15 years and was a managing director of portfolio management.
11 June 2013
Deutsche Asset & Wealth Management has ruled out buying rival businesses to grow its asset base although it has a stated desire to boost assets run in a passive manner by more than half over the next 18 months, the Financial Times quoted a senior executive as saying. Reinhard Bellet, head of Deutsche’s passive fund business, said he expects rapid asset growth for the unit following its integration into Deutsche Asset & Wealth Management from the bank’s corporate and investment banking arm last year . Bellet told a press conference: “Our goal is pretty ambitious.
10 June 2013
New York-listed Kohlberg Kravis Roberts & Co, the global investment firm, hired former Central Intelligence Agency director David Petraeus as chairman of the newly-created KKR Global Institute. The firm has, in recent years, increased engagement on macroeconomic and geopolitical considerations, as well as on environmental, social and governance issues . “The KKR Global Institute will be the nexus of KKR’s focus on the investment implications of these issues,” it said.
5 June 2013
The days of creating “respectable” profit margins via arduous cost-cutting are over, Greg Fleming, who runs Morgan Stanley’s wealth and asset management business, told attendees at the annual Reuters Global Wealth Management Summit in New York. Fleming said he intends to splash $500 million on technology by the middle of next year, alongside three other business strategies, all of which will encourage growth through spending . “We are driving growth and the top line rather than primarily on the expense side of the equation,” he told Reuters.
5 June 2013
Registered investment advisors affiliated with BNY Mellon’s Pershing Advisor Solutions can now offer their high net worth clients an array of private banking services, including credit and lending solutions, without needing to refer them externally. The move is a result of an agreement forged by BNY Mellon between Pershing Advisor Solutions and its private banking business . The new arrangement between PAS and BNY Mellon Wealth Management gives RIAs a broader range of business development, relationship management, client service and technology solutions, said Mark Tibergien, chief executive of Pershing Advisor Solutions.
3 June 2013
Deutsche Asset & Wealth Management, the wealth arm of German banking giant Deutsche Bank, has appointed Vinit Sahni to expand its services for ultra high net worth clients. Sahni most recently served at Bank of America, where he was head of rates and foreign exchange sales for Europe and Asia, and global head of hedge fund and central bank sales for rates and foreign exchange . Before that, he was the co-head of fixed income sales for Goldman Sachs in Asia ex-Japan.
3 June 2013
Julius Baer has completed the legal merger of Geneva-based Merrill Lynch (Suisse) and its branches in Zurich and Dubai, in a move adding SFr11 billon in assets under management ($11. 5 billion) . The move is part of the 2012 purchase of Bank of America Merrill Lynch’s non-US wealth management business.
30 May 2013
Raymond James & Associates, the broker/dealer business of New York-listed Raymond James Financial, has brought in Edward Tills from Morgan Stanley as first vice president of investments in Rochester, NY. Tills started his career in the financial services industry in 1981 at Bank of America Merrill Lynch in Rochester . He was later affiliated with Dean Witter, Shearson Lehman, Smith Barney, Citigroup and Morgan Stanley, as the firms merged or were acquired.
News and Features
Comment and Analysis
The annual RBC Wealth Management/Capgemini World Wealth Report also showed that North America, which in 2011 had lost its top-dog status to Asia-Pacific, is now back as the place with the largest high net worth market.
18 June 2013
Here Diane Harrison, principal and owner of Panegyric Marketing, argues that the debate over fees in the hedge fund industry often focuses on the wrong topics.
20 March 2013
Here, Jimmy Chang, a senior portfolio manager and a managing director of Rockefeller & Co, discusses some issues around investing in the current environment.
4 April 2013
The period between 2008 and 2012 saw an uptick in risk reviewing business at New York’s Rothstein Kass Family Offices Group, says partner Evan Jehle.
9 April 2013
Building functionality into a family’s business affairs involves defining each person’s role but it’s never easy to think differently about family members who were children at the dinner table, but are now adults around the board table.
8 April 2013
Marc Odo, director of research at software and business intelligence firm Informa Investment Solutions, discusses why diversification failed during the credit crisis.
25 March 2013