Wealth Management

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Wealth managers in style battle-clubby or slick?

BOSTON - Plush carpets, oak-paneled walls, numbered accounts, hidden vaults, and bankers whose impeccable manners are exceeded only by their unparalleled discretion, are all part of the private banking folklore.

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Room for big and small in wealth industry

BOSTON - As the battle over managing assets of the rich heats up, experts see room for both boutique bankers who offer personalized service like arranging home repairs and big private banks that make million-dollar loans and offer access to exclusive hedge funds.

Glenmede sees banks retreating from wealth market

BOSTON - Major banks may be hiring private bankers like mad, but could pull back when they recognize other businesses offer higher margins, the head of a small wealth advisor said.

Bank of NY Mellon expects more acquisitions

BOSTON - BNY Mellon Wealth Management plans to acquire more wealth managers as it expands its business in the United States, the company's chief executive said on Wednesday.

JPMorgan setting up distressed debt fund

BOSTON - JPMorgan Chase & Co is creating a distressed debt fund which will be offered to the No. 3 U.S. bank's deep-pocketed clients, the head of its U.S private bank said on Wednesday.

Women make headway in private banks' male world

GENEVA - The high-powered world of looking after money for the ultra-rich remains dominated by men, but women are playing an increasingly bigger role, both as bankers and clients.

JPMorgan says to add private bankers

BOSTON - JPMorgan Private Bank expects to increase the number of its U.S. bankers by about 10 percent annually over the next few years, the head of its U.S. business said on Wednesday.

Staff shortages may hold back wealth managers

GENEVA - A lack of staff may dent the growth outlook for wealth managers and those banks which fail to satisfy increasingly demanding clients could feel the pinch the most, industry participants said.

Some bankers see rich pickings in Latam

GENEVA - While many of the world's wealth managers chase a growth bonanza in Asia and the Middle East, Spanish private bankers believe the richest pickings are to be had in Latin America.

BNY Mellon wealth unit to boost staff

BOSTON - BNY Mellon's wealth management division is planning to increase its sales force by as much as 100 percent in the next few years as it aggressively expands in the fast-growing $100 trillion industry, a top executive said.

Private banks lure Generation X

GENEVA - As the world's wealth pumps into the pockets of a new generation of heirs and entrepreneurs, private banks are looking for new ways to attract a clientele worlds away from the stuffy image of wealth management.

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