4 May 2012
New York-based Brown Brothers Harriman appointed Jamie Cann as a vice president and relationship manager within its Charlotte, NC wealth management office. Cann will be responsible for managing investment portfolios and advising clients on investment-related matters, the firm said . He will report directly to Rand Ayer, managing director and head of the Charlotte office.
19 April 2012
Sallie Krawcheck, one of the most high-profile women in wealth management and the former president of Bank of America’s global wealth unit, has joined Gold Bullion International’s advisory board with immediate effect. Krawcheck left the world’s biggest wealth manager last year as part of a management layer removal by BofA chief executive Brian Moynihan, the firm said at the time . One of the relatively small numbers of high-flying women in the traditionally male-dominated wealth management industry, Krawcheck had been in the post since August 2009, having previously been CEO of global wealth management at Citigroup.
5 February 2012
UBS has appointed two women for nomination to election to its board of directors, replacing two other members, in the latest management overhaul announced by the embattled Swiss bank. Beatrice Weder di Mauro and Isabelle Romy are to be nominated for election to the board of the Zurich-based lender at the annual general meeting on 3 May 2012 . They replace Bruno Gehrig and Kaspar Villiger, who will not stand for reelection.
31 January 2012
UBS Wealth Management Americas recruited eight groups, as well as a string of individual financial advisors, bolstering nine of its offices nationwide and marking its second hiring spree of the month. The Baldwin, Naples and Associates group, the Reckinger Loynes Group, the Sage Group, the PKC Financial Group and the Ohmstede-Sheridan Financial Group joined the firm’s CA, UT, LA, and TX offices respectively . In addition, the firm hired Marc Hagger and Ricardo Lima for its Dallas office, Bruce Smith for the GA office and John Meldrum for its MI base.
13 January 2012
Gregory Fleming, president of Morgan Stanley Smith Barney and Morgan Stanley Investment Management, has been elected as a large firm governor on the board of the Financial Industry Regulatory Authority. Fleming replaces Sallie Krawcheck, who left her role as president of global wealth and investment management at Bank of America last September as part of a restructuring at the firm . FINRA has a 22-person board of governors, with 11 seats held by public governors and 10 by industry governors, and one seat filled by the organization’s chief executive.
23 December 2011
The past 12 months have been dramatic as wealth management firms have battled to deal with a difficult economic environment. Several of the biggest names in the industry have resigned or been ousted from their jobs . Others have moved into leadership roles.
19 October 2011
Net income from Global Wealth and Investment Management at Bank of America was $347 million for the three months ended 30 September, 29 per cent more than for the same period last year, as the bank returned to the black. In the previous quarter, the bank’s wealth and investment division logged net income of $506 million . This means that the unit has logged net income of almost $1.
13 October 2011
Bank of America Merrill Lynch has named its head of international wealth management, Dan Cummings, the firm's former head of global equity capital markets. The position is a newly created one . The role also comprises that of head of global equity sales, effective immediately.
7 October 2011
First Foundation Bank, the Irvine, CA-based investment and wealth planning firm, appointed Stuart Bailey as vice president and private banker. Bailey most recently served as regional president for Sunrise Bank in Palm Desert, CA . Manulife Asset Management named Jacqui Allard as president of its Canadian operations.
22 September 2011
Bank of America, which announced the departure of the group’s wealth management boss Sallie Krawcheck a fortnight ago, has announced more changes to the wealth management business in the US, reports said, citing an internal memo. The bank confirmed the details to Family Wealth Report . In related news, BofA had its debt ratings downgraded yesterday, along with Wells Fargo & Co and Citigroup, by Moody’s, due to the fact the agency believes the US government would be less likely to prop up these financial institutions, if necessary.
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