24 May 2013
At a time when gold prices have been in retreat, ending what had been a decade-long ascent, private bank Kleinwort Benson is cutting gold exposure and adding holdings of dollars instead. Although it has recovered slightly of late – gold fetched around $1,387 per ounce at 12 noon in London today – the price slipped in April, and is now some way from the record of $1,921 achieved in September, 2011 . “We have held gold in portfolios for a number of years on account of its defensive characteristics in times of financial stress and because its sensitivity to inflation is better than most other asset classes.
8 February 2013
Baird is planning to open a new wealth management office in the Northeast and has brought in Peter Miller from Wells Fargo to lead the effort. Miller is charged with recruiting experienced advisors in the Northeast to staff a new office there; the precise location of the new office has not been determined yet . Miller himself will be based at the firm’s St Louis office.
10 January 2013
NYSE-listed Artio Global Investors has appointed investment industry expert Christopher Wright to its board of directors. He joins the audit, compensation, nominating and corporate governance committees . Wright is chairman of Emerging Markets Alternatives, a director of Merifin Capital Group, and an advisor to Campbell Lutyens & Co and Hansa Capital LBG.
5 July 2012
Bob Diamond resigned as chief executive of Barclays in the wake of a LIBOR-rigging scandal that has rocked the financial industry. Eaton Vance Investment Counsel, a subsidiary of New York-listed Eaton Vance, appointed William Gillen as vice president of business development . Gillen will be responsible for enhancing its presence “in the marketplace and overall marketing efforts,” as well as managing select client relationships, reporting to David McCabe, president of EVIC.
3 July 2012
The deVere Group, the global independent financial advisory business, intends to open a regional office in the Cayman Islands, the first foray by the firm into the Caribbean, this publication can confirm. The office is expected to open in the third quarter of this year . Earlier this year, the deVere Group as a whole, which has more than 60,000 clients and $8 billion under management, announced that it is to launch a further 12 offices globally this year and has plans to have 100 worldwide within the next five years.
19 June 2012
deVere Group, a financial consultancy firm, has established an office in New York City and appointed Adrian Flambard to manage it. deVere, which is on a mission to launch 100 offices worldwide over the next five years, is planning to make NYC one of its most important locations, said chief executive Nigel Green . “New York has all the potential to be the top deVere office in the world.
15 June 2012
Nasdaq-listed Virtus Investment Partners, an asset management firm, is rolling out five open-end mutual funds to diversify its investment strategies. The firm said the funds have been submitted to the Securities and Exchange Commission and are expected to be introduced later this year . They are: - The Herzfeld Fund is sub-advised by Thomas Herzfeld Advisors, an investment advisory firm which specializes in closed-end fund research and investments.
24 January 2012
Morgan Stanley Smith Barney is selling its UK-based wealth management business, Quilter, for an undisclosed sum to the European private equity firm Bridgepoint, marking the second time it has disposed of this business in the past decade. Unconfirmed reports - which this publication understands were accurate - were confirmed today by MSSB in a statement . The firm declined to comment yesterday.
3 August 2011
Gibraltar Private Bank appointed Jonathan Hill as investment strategy specialist for its Coral Gables, Florida headquarters. Hill previously served as a trader analyst with the Federal Reserve Bank of New York's treasury market policy group and cross market monitoring group . Prior to that, he was a trader and junior fund manager at BAC Florida Investments in Miami and an analyst at ABN AMRO in London and New York.
21 July 2011
RBC Wealth Management has appointed former Kleinwort Benson private wealth head Martin Heale as head of Americas for its UK division. Heale will lead the team of relationship managers responsible for RBC Wealth Management UK’s US, Canadian, Latin American and Caribbean client base . He joins as a managing director based in London, reporting to Philip Harris, head of private client wealth management, RBC Wealth Management UK.
News and Features
Comment and Analysis
Zürcher Kantonalbank, the biggest Swiss cantonal bank, expects to pay a fine to US authorities as part of a deferred prosecution agreement for its alleged role in helping US citizens evade taxes, media reports said.
24 May 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