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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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