Bank of America
24 January 2013
Bank of America has added Arnold Donald and Lionel Nowell to its board of directors. Donald is an investor and management consultant operating through his private firm, AWD Group . He previously served as president and chief executive of The Executive Leadership Council, a non-profit organization that provides African-American executives at major US companies with a professional network and a forum on business issues.
18 January 2013
Bank of America’s global wealth and investment management division said net income for the final three months of 2012 rose sharply to $578 million, up from $272 million in the same period of 2011, while total revenues, net of interest costs, rose to $4. 194 billion, up from $3 . 943 billion.
16 January 2013
As confidence in the world’s economic outlook reaches its most positive level since April 2010, “global investment bullishness has massively surged,” according to the Bank of America Merrill Lynch fund manager survey for January. A net 59 per cent of investors (a rise of 19 per cent month-on-month) expect the global economy to strengthen this year, and an increasing share of respondents expects inflation to pick up as well . The new year sees asset allocators assigning more funds to equities than at any time since February 2011, and investors’ appetite for risk in their portfolios is now at its highest in nine years, while an increasing number judge equities as undervalued – particularly in Europe, the survey shows.
15 January 2013
US Trust, part of Bank of America, has unveiled an integrated offering for the "modern wealthy American family" that addresses the complex and evolving needs of parents, children and extended family members.
15 January 2013
Two advisor groups have left Morgan Stanley Wealth Management in Short Hills, NJ, to join UBS Wealth Management Americas and Bank of America Merrill Lynch, according to Reuters. UBS has reportedly taken on James Schwarz, Donald Rosenthal, Rachel Schwarz and Susan Fanburg from Morgan Stanley, where the team operated as the Short Hills Group and generated about $2 . 8 million in annual fees and commissions.
4 January 2013
Minneapolis, MN-based US Bank appointed Michelle Walker and Robert Stadler as managing director of investment consulting and managing director of private banking, respectively, for Ascent Private Capital Management in Seattle. Walker will provide investment plans for UHNW clients . She spent the past 10 years as an investment specialist and money manager for a high net worth Seattle-based family office.
20 December 2012
Minneapolis, MN-based US Bank has appointed Michelle Walker and Robert Stadler as managing director of investment consulting and managing director of private banking, respectively, for Ascent Private Capital Management in Seattle. Ascent Private Capital Management is US Bank's ultra high net worth business that serves clients with over $25 million in investible assets . Walker will provide investment plans for UHNW clients.
20 December 2012
Peapack-Gladstone Financial is to establish PGB Trust & Investments of Delaware in Greenville - a move the firm said will allow clients to realize the advantages of Delaware trusts, as they can offer significant income and estate tax benefits, as well as greater flexibility to establish multi-generational trusts. As part of the team responsible for the bank's wealth advisory services and solutions, Lisa Berry, vice president and private wealth advisor, will head the operations of the Delaware office . Berry joined PGB Trust & Investments earlier this year, having previously held positions at US Trust, Bank of America Private Wealth Management, Chase Manhattan Bank, Wachovia Bank, PNC Bank and Citibank Private Bank.
19 December 2012
Global investor confidence is on the up, as concerns surrounding the fiscal cliff ease off, according to the Bank of America Merrill Lynch fund manager survey for December. While a net 40 per cent of investors (a rise of 6 percentage points, month-on-month and double the reading two months ago) believe the global economy will strengthen in 2013, the number of investors viewing the fiscal cliff as the biggest tail risk has fallen to 47 per cent, down from 54 per cent taking that view in November, according to the survey . However, despite the decline on fiscal cliff concerns, it still remains the top worry for investors, who favor emerging markets and are optimistic about China’s economic growth.
14 December 2012
Editor's note: this item has been updated to take account of latest developments involving HSBC. At the time of writing, UBS is also expected, media reports say, to be hit with a heavy fine over the LIBOR-rigging affair although this has not been confirmed and the bank has not yet commented on the matter (as at December 13, 2012) . The “naughty corner” for miscreant banks and other wealth management institutions is getting crowded.
News and Features
Comment and Analysis
The rising level of financial sector regulation means that fewer firms will be able to offer the full suite of wealth management products, according to the RBC/Capgemini World Wealth Report.
19 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