US Bank
Ascent Capital Hires Private Wealth Vet For New Regional Office
24 April 2012
Minneapolis, MN-based US Bank has appointed Brian Vowinkel as regional managing director for Ascent Private Capital Management, the bank’s wealth management unit which caters for clients with at least $25 million in assets. Additionally, the bank said it is due to open an office in Seattle, WA within the next few months . Vowinkel’s main task is to drive growth within the new office while leading an initial team of seven professionals, responsible for assisting ultra high net worth clients with investment management, private banking, wealth impact planning and financial administration.
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Interview: JP Morgan Taps Into Complex Needs Of EMEA's Family Office Sector
11 April 2012
In the sometimes bewildering world of banking services, even big-hitter investment players value having a single “point person” at a bank to deal with, points out JP Morgan, the US giant that recently rolled out a solution group for family offices. A family office may have had to deal with a number of different bank staff to handle complex needs but a simpler initial approach makes more sense, Samy Dwek, who leads the JP Morgan Family Office Solutions team, told this publication in a recent interview . “We give family office chief executives and [chief investment officers] a single ‘point person’ to deal across all the lines of business at JP Morgan,” Dwek said.
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Private Banking Hire At West Coast Bank
11 April 2012
California-based First Foundation Bank has hired a new private banker in the shape of Nathan Raizman. Raizman, who has assumed the title of vice president, has a private banking background at US Bank and First Western Trust Bank . In his new role, he is responsible for generating real estate loans, business loans, and obtaining bank and investment deposits for new and existing clients.
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The Private Client Reserve Adds To Palm Beach Team
10 April 2012
The Private Client Reserve of US Bank, which targets HNW clients with more than $1 million in investable assets, has appointed Joel Yudenfreund and Sandra Fleming to its Palm Beach, FL office, according to Palm Beach Daily News. Yudenfreund is an attorney with a number of years’ experience in the investment industry, having formerly worked at US Trust and Citi Private Bank, the report says . He joins as a wealth management strategist.
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The UHNW Market: "Soft-Side" Services Now A "Must-Have"
9 April 2012
For wealth management firms targeting ultra high net worth clients, not providing non-financial fiduciary “soft-side” services is no longer an option. An “enhanced” family office model will be de rigueur for firms competing in the extremely competitive UHNW market, according to a recently released Optima Group white paper on the family office market.
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JP Morgan Shuts Vatican Bank Account In Italy
20 March 2012
JP Morgan is shutting the Vatican bank's account with an Italian branch of the US bank due to concerns about a lack of transparency at the Holy See's financial institution, according to media reports. The decision by the US bank will hurt the headquarters of the Roman Catholic Church in its ability to be ranked in a “white list” of jurisdictions regarded as complying with standards outlawing tax evasion . The move has come a few weeks after the US State Department listed the Vatican as being potentially vulnerable to money laundering, highlighting the scale of concerns about alleged activities in the tiny jurisdiction.
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MF Global Trustee Requests $685 Million In Distribution Payments
16 March 2012
The trustee for the liquidation of MF Global yesterday filed a motion in a US Bankruptcy Court seeking authority to distribute additional funds to MF Global commodities futures customers who traded on US exchanges, as well as initial distribution to customers who traded on foreign exchanges. Trustee James Giddens is seeking authority to make distributions amounting to $600 million of customer property held in segregated accounts for commodities futures customers trading in the US; around $50 million of customer property associated with commodity transactions in foreign markets; and up to $35 million in customer property to a domestic delivery class . To date, customers in 4d funds (those traded in the US) have received around 72 per cent of their funds, while the trustee has only recovered a small proportion of assets in foreign-traded funds (called 30.
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Morgan Stanley Private Wealth Gets Singapore, Hong Kong Bank Licenses
14 March 2012
Morgan Stanley has received a wholesale banking license from the Singaporean financial watchdog, allowing the US bank to accept deposits to expand its private banking business in the region. The license, granted last month from the Monetary Authority of Singapore enables the sixth-largest US lender to operate one branch that can accept deposits of $250,000 and over in the city-state, the bank confirmed via emailed statement . The news comes on the heels of gaining a similar license in Hong Kong, which it obtained late last year.
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Citi Makes Top NextGen, Asia Marketing Appointments
12 March 2012
Citi Private Bank has hired the former managing director and head of marketing from HSBC Private Bank in Asia, to replace Money K, who is moving to head up the US firm's NextGen program. Donna Leong joined Citi Private Bank as head of marketing and sales for Asia on 1 March this year . She reports to Bassam Salem, chief executive of the private bank in Asia-Pacific.
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Senate Approves Amendment To Strengthen Treasury's Powers In Tax Evasion Fight
9 March 2012
The Senate has adopted an amendment which will give the Treasury Department more power to combat offshore tax havens in an attempt to reduce the deficit. The amendment, created by Senators Carl Levin, Kent Conrad and Sheldon Whitehouse, gives the Treasury the same powers against foreign governments and financial institutions in the fight against tax evasion that it currently holds to tackle money laundering under Section 311 of the Patriot Act . Such powers would allow the Treasury to prohibit US banks from accepting wire transfers or honoring credit cards from banks “found to significantly hamper US tax enforcement efforts,” according to a statement from Senator Levin.
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News and Features
Latest News
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Summary Of Miscreants In The World's Wealth Management Industry
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US Wealth Management Recruits Two Advisory Teams, Targets $1 Billion AuM Next Year
Comment and Analysis
EXCLUSIVE: Citi Private Bank: Reaping Rewards From Client Feedback
WE Family Offices Sets Out To Reshape The Landscape Of UHNW Wealth Management
FEATURE: A Look At The Mexican High Net Worth Client Market
EXCLUSIVE: Thomas Carroll On His First Few Months At The Helm Of GenSpring
EXCLUSIVE: Industry Leaders Debate Hot Topics Of Client Centricity, Communications
Expert Commentary
- Top Story
- Opinion of the Week
- Industry Insight
- View from the Top
- Editor's Choice
- Investment Strategy
Zürcher Kantonalbank Expects To Pay Big Fine To US Over Tax Evasion Case
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.
Tom Burroughes
24 May 2013
Guest Opinion: An Earnings Report Every Hedge Fund Manager Should Review
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.
Diane Harrison
20 March 2013
Q&A: Rockefeller & Co's Jimmy Chang On The Investment Environment
Here, Jimmy Chang, a senior portfolio manager and a managing director of Rockefeller & Co, discusses some issues around investing in the current environment.
Harriet Davies
4 April 2013
INTERVIEW: Regular Risk Reviews Gain Traction In The Family Office World
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.
Harriet Davies
9 April 2013
FEATURE: Twins And The Business Of Family
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.
Charles Lowenhaupt
8 April 2013
Guest Opinion: Diversification In The Age Of Globalisation
Marc Odo, director of research at software and business intelligence firm Informa Investment Solutions, discusses why diversification failed during the credit crisis.
Marc Odo
25 March 2013
