Trov
Bank of America to settle claims in Merrill-deal mess
4 August 2009
The financial giant proposes to fix $6-billion snafu with a fine of $33 million. Bank of America will hand over $33 million to lay to rest U . S.
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US Legislator Steps Up Probe Into BoA Purchase Of Merrill Lynch - Report
14 July 2009
A US Republican lawmaker involved in a congressional probe of government influence over Bank of America's purchase of Merrill Lynch - a deal creating the world’s biggest wealth manager - has asked for more documents from the US administration to explain government intervention in the banking system, Reuters reported. Legislators have pressed the Treasury Department and the Federal Reserve for details surrounding Bank of America's acquisition of Merrill late last year at the height of the financial crisis . There is controversy over whether BoA bought a firm with credit problems far greater than BoA had envisaged.
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Former Merrill Executives Tried To Buy Back Part Of Their Firm - Report
19 June 2009
Bank of America chief executive Ken Lewis was approached about two months ago by three former senior Merrill executives, including some of its wealth management officials, about buying back some of their old firm, but were turned down by Mr Lewis, the Financial Times said. BoA’s purchase of Merrill, officially completed at the start of 2009, has created one of the world’s biggest wealth management companies . The transaction, forged in the middle of the financial crisis, has been controversial amid claims that the scale of losses sustained by Merrill in the credit crunch had not been fully disclosed at the time BoA carried out the takeover at the behest of the US government.
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Financial Industry Warns Of Unintended Costs Of Mounting US, EU Regulations
19 June 2009
Policymakers in the US and Europe are proposing sweeping regulatory changes to financial services, which could have far-reaching effects on sectors including wealth management, but there remains a serious risk that tighter controls will have unintended effects, industry groups say. US president Barack Obama, who in January took up office in the midst of arguably the worst financial crisis since the early 1930s, has said in a speech this week he intends to put into force a wide-ranging reform of how financial services are regulated, transferring more oversight powers to the US Federal Reserve . His administration and lawmakers in Washington are also trying to force so-called tax havens such as Switzerland and the Cayman Islands to disclose more information to thereby catch tax evaders.
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L.A. law firm expands wealth-management practice
11 June 2009
Eight southern Californian attorneys reinforce Venable's business division. The Los Angeles office of Washington, D . C.
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Bush Administration Threatened Banks To Accept State Aid - Report
14 May 2009
Former US treasury secretary Henry Paulson, saying nine of the country's banks were “central to any solution” of the credit crisis, told their management to take government aid or be forced to by regulators, according to a memo prepared for an October meeting seen by Bloomberg. “If a capital infusion is not appealing, you should be aware that your regulator will require it in any circumstance,” Mr Paulson’s one-page list of talking points for the session with the banks’ chief executives was reported to read . “We don’t believe it is tenable to opt out because doing so would leave you vulnerable and exposed.
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BoA's Merrill Takeover Sparks Fresh Controversy Over Loss Disclosure
24 April 2009
The circumstances surrounding Bank of America’s takeover of Merrill Lynch have caused a public dispute involving the bank’s chief executive, Ken Lewis, and top management past and present, according to media reports. The furore began when Andrew Cuomo, New York attorney general, released documents raising new questions over Mr Lewis’ failure to tell investors about huge losses at Merrill before completing the acquisition . BoA's takeover of Merrill Lynch has created one of the world's biggest wealth management businesses.
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US Opens Criminal Probe Into UBS Clients In US - Report
2 April 2009
The US Justice Department has opened about 100 criminal investigations into wealthy US clients of UBS, according to the New York Times, which quoted a person briefed on the matter who was not identified by name. Several accounts under scrutiny have more than $100 million in assets, with the single largest holding more than $150 million, the NYT said . A UBS spokesman declined to comment when questioned by news agencies on the matter.
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US To Recoup Half Of Bonuses Paid To AIG - NY Attorney General
24 March 2009
US taxpayers are on course to recoup about half of the controversial $165 million of bonuses paid by AIG, the stricken insurance giant being kept alive by US government aid, after some of the largest recipients agreed to return the money, New York attorney-general Andrew Cuomo said yesterday, according to media reports. Mr Cuomo said 15 of the top 20 bonus recipients had agreed to return their bonuses in full, amounting to more than $50 million . “I think it will be possible to recoup approximately $80 million,” he said, adding that he would continue to work with both AIG executives and individual employees to recoup the funds.
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Spectre Of Nationalisation Looms Over Citi
23 February 2009
The US government could end up owning as much as 40 per cent of ailing financial giant Citi, media reports said, highlighting how once-powerful private banking empires were becoming increasingly drawn into public sector control. The Wall Street Journal said Citi had proposed converting into common equity a big chunk of the preferred shares the government bought last year to try to stabilise the position of the US bank . While Citi executives hope to limit the government's stake to closer to 25 percent, it could end up as high as 40 per cent, the WSJ said.
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News and Features
Latest News
Lincoln Financial Advisors Hires Managing Director To Lead Pacific Region
Investor Satisfaction Falls As Firms Struggle To Communicate Effectively With Clients - Study
INSIGHT: The Financial Implications Of Turkey's Turmoil
The Changing Face Of Global Wealth: Rise Of The Entrepreneurs - Study
BNY Mellon Wealth Management Boosts Presence In South Florida With Director Hire
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
America Regained Top Spot For HNW Population, Wealth In RBC/Capgemini Survey
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.
Tom Burroughes
18 June 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
