Global Wealth Management 2011
LONDON Private banks are telling their clients financial volatility surrounding Europe's debt crisis will continue for at least a year as more of the continent's rich seek the comfort of household names or state backing when choosing where to bank.
NEW YORK As brokerages search for ways to grow in a tight economy, many firms are cutting back on new adviser training programs and instead investing in experience.
ZURICH Stiff competition for top private bankers has kept a floor under pay even as low interest rates, flaccid client trading and tougher regulation squeeze industry profit margins.
NEW YORK Portfolio managers at Bessemer Trust, financial adviser to ultra-wealthy U.S. families, took an extremely defensive posture a few weeks ago amid some of the most volatile financial markets in more than 80 years.
GENEVA Some Swiss bankers are advising clients to steer clear of U.S. securities ahead of a new law that would tax people with over $50,000 invested in stocks or bonds of U.S. companies even if they have never set foot in the United States.
GENEVA Rich clients of Swiss bank UBS have not yet moved their millions to other banks after its $2.3 billion trading scandal last month, rival private bankers said.
NEW YORK BlackRock Inc is launching its first alternative mutual funds for retail investors.
GENEVA Swiss private bankers say a capital shortfall in the financial sector and a clampdown on tax evasion stand in the way of much-need consolidation in an industry battling rising costs and falling revenues.
GENEVA Switzerland's banking industry is relying on its stability and expertise to ensure it has a bright future as a leading center for managing the assets of the rich, despite a concerted global attack on its tradition of secrecy.
GENEVA Swiss bank Vontobel AG has seen private client inflows continuing at the same pace as in the first half of the year, private banking head Peter Fanconi said on Wednesday.