The week that was…the week ahead
A top Swiss private banker announces his departure, private banking morale problems at UBS, and Warren Buffett is the wealthiest person in the world.
The week that was...
Wealth Bulletin broke the news today that Peter Braunwalder, head of HSBC's private banking business in Switzerland and one of the most senior private bankers in the country, is leaving the bank. He is to be replaced by Alexandre Zeller, the outgoing head of Banque Cantonale Vaudoise.
HSBC Private Bank also released its results this week that showed strong profit and assets under management growth in 2007.
Speculation continued over the future of UBS's wealth management business, with some reports saying the bank could sell its US wealth unit. Another report suggested that morale at the bank's private banking business was low.
Citigroup moved to restructure its wealth management unit in the US.
Schroders released a good set of profit results for last year, but there are concerns about the size of the business.
A Swiss hedge fund called Focus Capital faces liquidation and high net worth investors are likely to be affected.
New research from Merrill Lynch suggests the very wealthy are moving more into alternative investments.
Singapore could be a beneficiary of the recent tax probe involving Lichtenstein.
Warren Buffett pushed Bill Gates off the top of the world's richest people as compiled by Forbes, but billionaires have been hurt by the current world economic slowdown.
Apart from Braundwalder's departure, the big management moves this week included the head of private banking at BBVA resigning, a slew of departures at Barclays Wealth and hires at Citi Quilter.
The week ahead...
UK private bank Arbuthnot reports its results for 2007 on Thursday, and Collins Stewart, which has a sizeable wealth management unit, releases its 2007 numbers on Friday.
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