Daily News Analysis
US Wealth Management Recruits Two Advisory Teams, Targets $1 Billion AuM Next Year
24 May 2013
US Wealth Management, a network of wealth managers, has recruited two new independent financial advisory practices to its platform, including Equity Planning and a team of two advisors based in Lehigh Valley, Pennsylvania. The addition brings the firm’s total recruited advisory and brokerage client assets to more than $600 million . USWM, which began the year with approximately $350 million of recruited advisory and brokerage client assets, expects to exceed $1 billion in total recruited advisory and brokerage client assets by this time next year.
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RIA To Unveil Succession, Acquisition Program For Advisors
24 May 2013
United Planners Financial Services, a national RIA and independent broker-dealer partnership with more than 350 advisors, said it will announce its new acquisition and succession program at its annual partners conference in Scottsdale, Arizona on May 31. The LEAPS Program (Legacy, Exit & Acquisition Planning Solutions) is designed to help UP advisors find a suitable successor and create an intentional succession or acquisition plan, the firm said in a statement . "Research shows that over 50 per cent of advisors do not have a succession strategy," said United Planners' chief executive Thomas Oliver.
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As A Wealth Preserver, The Dollar Beats Gold At The Moment, Says Private Bank
24 May 2013
At a time when gold prices have been in retreat, ending what had been a decade-long ascent, private bank Kleinwort Benson is cutting gold exposure and adding holdings of dollars instead. Although it has recovered slightly of late – gold fetched around $1,387 per ounce at 12 noon in London today – the price slipped in April, and is now some way from the record of $1,921 achieved in September, 2011 . “We have held gold in portfolios for a number of years on account of its defensive characteristics in times of financial stress and because its sensitivity to inflation is better than most other asset classes.
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KeyBank Names Vice President For New York
24 May 2013
KeyBank, the US-based financial services firm, has appointed Scott L Harris as vice president, relationship manager for the firm’s New York district. Harris joins KeyBank from Sagemark Consulting/Lincoln Financial, where he served as a wealth planning advisor . He is FINRA series six and 63 securities registered and holds life, accident and health licenses in multiple states.
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Head Of Chase's Wealth Management Business Takes Top Role At Consumer Bank
24 May 2013
JP Morgan Chase has appointed Barry Sommers as chief executive of its consumer bank, which includes Chase Wealth Management. Sommers was latterly head of Chase Wealth Management, which includes the Chase Private Client segment, in a role he held since 2010 . He takes over as head of consumer bank from Ryan McInerney, who is leaving the firm after eight years to become president of VISA.
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Summary Of Miscreants In The World's Wealth Management Industry
24 May 2013
Editor's note: this item has been updated to take account of latest developments involving JP Morgan in the UK. The “naughty corner” for miscreant banks and other wealth management institutions is getting crowded . Charges of interbank rate fixing, lax anti-money laundering controls and questionable pricing policies have been levelled - and in some cases punished heavily.
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Why UHNW Clients In MidEast Prefer Single Family Offices To MFOs - Invesco Study
23 May 2013
Ultra-high net worth individuals living in the Gulf Cooperation Council jurisdictions of the Middle East are far more likely to use a single family office rather than a multi-family office because they want to keep a tight control over their affairs, according to a study by Invesco. The GCC jurisdictions are Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates . While the Invesco report focuses on the Middle East region, the different ways in which single- and multi-family office models are viewed may have parallels in the North America market to some extent.
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Sell In May? BMO Private Bank Tests The Theory
23 May 2013
There is a statistical basis for the “sell in May then go away” adage, but investors are still better off staying invested year-round, says BMO Private Bank. The bank released a report which divided the year up into six-month chunks (May-October and November-April) and compared stock market performance dating back to 1900 . The report tracked how $1,000 would fare if invested for six months of the year in the Dow Jones Industrial Average, and six months in non-interest-bearing cash, for each period.
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Lyxor Makes Senior Hedge Fund Hire From Citi Private Bank
23 May 2013
Lyxor Asset Management, a wholly-owned subsidiary of Societe Generale, has appointed Frank Frecentese to its New York office as the deputy head of hedge fund research, in a move furthering the firm's expansion plans. Frecentese joins from Citi Private Bank, where he was managing director and global head of hedge fund investments . Prior to joining Citigroup, he was an executive director at Morgan Stanley, where he was the head of alternatives research for Graystone Research, part of the Morgan Stanley group.
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Massachusetts Reaches Settlement With Five Broker-Dealers Over REITs Sales
23 May 2013
Five broker-dealers will pay $9. 6 million to settle with Massachusetts’ securities regulator over sales of non-traded real estate investment trusts in the state, Reuters reports . William Galvin, Secretary of the Commonwealth of Massachusetts, said agreements had been reached with Ameriprise Financial Services, the broker-dealer arm of Ameriprise Financial; Commonwealth Financial Network; Royal Alliance Associates; Securities America and Lincoln Financial Advisors.
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News and Features
Latest News
RIA To Unveil Succession, Acquisition Program For Advisors
As A Wealth Preserver, The Dollar Beats Gold At The Moment, Says Private Bank
Summary Of Miscreants In The World's Wealth Management Industry
KeyBank Names Vice President For New York
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
