27 September 2010
It is a well established cliché these days that wealth management operates in a global marketplace. Few firms set out to embody that reality more than the law firm, Baker & McKenzie, which is frequently at the cutting edge of key industry issues.
13 September 2010
Goldman Sachs Asset Management has brought in Jim O'Neill, its high-profile economist who is credited with coining the "BRIC" acronym, as chairman of the US company. O'Neill was latterly the head of global economics, commodities and strategy research for Goldman Sachs & Co . In his new role, he will remain in London and report to Ed Forst and Tim O'Neill, the global co-heads of the investment management division.
8 July 2010
Most financial services firms around the world have cut back on the share of staff pay that is accounted for bonuses in the face of rising regulatory pressure to curb what is seen as risky bank practice, according to Mercer, the consultants. Almost all participants in the Mercer survey said they have changed the weighting of components in their remuneration packages . Some 70 per cent have increased base salaries while decreasing annual cash bonuses (94 per cent).
25 June 2010
Congressional negotiators hammering out the financial reform bill agreed to the House’s stronger fiduciary duty provision yesterday, and gave the Securities and Exchange Commission power to have the final word on the controversial fiduciary versus suitability debate. Under the agreement, the SEC will receive rulemaking authority to require broker-dealers to act in the “best interests” of their clients and to reveal any conflicts of interest when providing investment advice to retail clients . But first the SEC must conduct a six-month study analyzing the differences between the fiduciary duty and the suitability standard under which broker-dealers currently operate, which requires that a product be appropriate for a client's investment needs and timeline.
3 June 2010
A new white paper by Rockefeller Financial explains the trade offs that investors face in choosing to realize capital gains now and pay lower taxes, or try for more gains and pay a higher rate later on.
14 May 2010
Clients of hedge fund firm Paulson & Co have been told by eponymous founder John Paulson that its two Advantage funds, with a total of about $20 billion under management, will close later this year, an investor has informed the Financial Times. The FT comments that managers usually stop accepting new money when they think an increase in size of the funds might impact adversely on their ability to produce good returns . A number of fund firms, such as Brevan Howard and Lansdowne Partners, have shut funds to new investors, the publication said.
11 May 2010
A former JP Morgan private wealth management executive who said she was one of her department's top producers sued the bank yesterday, saying she was fired for being a whistleblower against a long-time client, Reuters reported. Jennifer Sharkey alleged in a statement in a Manhattan court that she was fired last August after urging the second-largest US bank to break ties with an Israeli customer who had been a bank client for 20 years and generated some $600,000 of business annually . The customer was not identified in the complaint, the report said.
14 April 2010
JP Morgan Chase & Co chairman and chief executive Jamie Dimon is scheduled to be the commencement ceremony speaker at Syracuse University next month, but some students are petioning to have him removed. The students are “against using the 2010 commencement to restore the public image of the banking industry,” according to the protestor group, “Take Back 2010 Syracuse University Commencement,” Bloomberg reported . More than 800 students and alumni of the university in Syracuse, New York, have signed the petition.
12 April 2010
The R. Allen Stanford case moved back into the spotlight over the weekend with the emergence of controversial Harvard University law professor Alan Dershowitz as part of the indicted financier’s defense team . Bloomberg reported that Dershowitz, who was part of former pro football player O.
6 April 2010
The Swiss Federal Council has approved an amending protocol, revising the controversial “UBS Treaty”, which regulates the transfer of data on 4,450 UBS clients suspected of concealing money from the US tax authorities. Until the new treaty is adopted by the parliament, no information will be passed onto the US . The amending protocol raises the treaty to the same level as a double taxation agreement, while it was formerly considered a convention, the Swiss federal office of Justice said; the new treaty takes precedence over older conventions.
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