Sunday, 8th November 2009

 

Wealth adviser quits Goldman Sachs

Wealth adviser Jeremy Singer, an adviser to UK non-domiciled residents, has parted company with Goldman Sachs.

It is understood that Singer looked after a book of business worth more than $3bn, including clients from Ireland, where Goldman enhanced its offering in 2007 by recruiting senior advisers from Davy Stockbrokers.

According to industry sources, Singer may be planning to develop a new business, imitating other wealth advisers whose clients have become increasingly prosperous over the last decade. Goldman itself owns a 5% stake in start-up boutique Vestra Wealth. Goldman declined to comment.

Goldman Sachs has raised its game in wealth management after hiring Peter Scaturro, former head of US Trust, to lead the division. After a mixed reception for his initiatives, Doug Grip stepped down as co-head of wealth outside the US earlier this year, leaving Christopher French in sole charge.

Goldman chief executive Lloyd Blankfein has confirmed that wealth advice is a core Goldman Sachs offering, although the bank's top priority is improving its bottom line.

Brummel

Relocation, relocation, relocation

Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.

Rich Monitor

Sotheby's 3Q loss widens

Sotheby's third-quarter loss widened as the art auction house posted a worst-than-expected decline in revenue and a tax expense.

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