26 May 2010
Convergent Wealth Advisors is hoping to grow its business in New York with an executive shuffle and stronger ties with its parent company, City National Bank. Ken Handy, a veteran director now at Convergent’s ultra-high net worth division in its Rockville, Maryland, headquarters, will move to New York next month to head the firm’s New York office, this publication has learned . After closing offices in Philadelphia and Atlanta earlier this year, Convergent is now focusing on growing business in its New York, Los Angeles and Washington, DC-area offices.
20 April 2010
Wealth managers who have worked with ultra-high net worth clients and have executive leadership experience are in high demand, say executive search firms.
1 February 2010
Here is some bad news for Bessemer Trust’s competitors: the multi-family office market leader with $55 billion in assets under management is working hard on stepping up its game this year, starting with its sales process. “One of our initiatives is to ramp up new client growth from four or five per cent per year to six or seven per cent,” said Rob Elliott, senior managing director of the New York-based firm, which was founded 103 years ago to manage money for the family of Henry Phipps, Andrew Carnegie’s business partner . Key to the plan is Eric Gies, co-head of the northeast region, who joined the firm last spring and is overseeing the “professionalization of the sales process” at Bessemer, Mr Elliott said.
27 January 2010
Organic growth in net asset flows is the primary objective this year of Atlantic Trust, the firm says, while adding that selective hiring will be key to making to making it happen, said New York-based president and chief operating officer Eric Propper.
26 January 2010
The breakaway broker is alive and well, according to Charles Schwab. The San Francisco-based financial services company said yesterday that it supported a record 172 new advisory teams last year who either started or joined an independent firm, a 40 per cent increase from last year . Nearly half of those new teams that chose to turn independent with Schwab joined an existing firm.
12 January 2010
Rockefeller & Co., the venerable multi-family office, has been seeking a new chief executive to fill the void left by the tragic death of Jim McDonald in September. The selection process is now well underway – but which skills and qualities will the new CEO need, and what will be their mandate for taking the firm forward?
4 January 2010
Consolidation in the family office space, more due diligence by wealthy families, more outsourcing and a burgeoning opportunity for estate and tax planning will be top of mind issues for the wealth management business in 2010, industry executives say.
22 December 2009
Multifamily offices will be at the center of deal-making activity next year, and while financial advisory firms will also attract plenty of attention, negotiations are expected to be more difficult, industry executives say. “There is a perception that the kind of open architecture and asset diversification provided by multifamily offices are very important to ultra high net worth investors,” said Steven Levitt, managing partner for Park Sutton Advisors, a New York-based investment banking firm . “A number of banks and wealth management firms are recognizing that they have to have this kind of offering.
8 December 2009
Pitcairn, the Jenkintown, Pa. -based multifamily office, which has approximately $2 . 8 billion in assets under management, will open up a New York office in February.
18 November 2009
The turmoil of the past year in the wealth management business has resulted in a bad case of advisor fatigue, top industry executives said at a roundtable event in New York yesterday hosted by Knightsbridge Advisors, an executive search and research firm. “I think the biggest challenge facing the industry is exhaustion,” said a senior wealth management executive for a large bank just completing a merger . “We have a lot to do to repair relations with our teams, especially advisors and wealth managers who have been through all these changes.
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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