Wealth Business
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RBS Posts Loss, Cautious Outlook
Royal Bank of Scotland Group PLC, which is about to see its government ownership rise to 84%, posted a £1.8 billion ($2.99 billion) net loss for the third quarter, hurt by £3.28 billion in impairment losses, and said it remains cautious on the outlook.
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Tax amnesty proves a hit among Italians
A recently launched Italian tax amnesty is doing better than expected and could surpass the 100 billion euros ($149 billion) target of repatriated capital, with domestic asset managers likely benefiting from the flood of new funds, several people involved in the issue said.
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Italian tax amnesty on course to exceed repatriation target
The Italian tax-amnesty scheme unveiled seven weeks ago could surpass its target of repatriating capital worth €100bn ($148.7bn) by its deadline of December 15, sources told The Wall Street Journal.
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Prospective suitors eye Austrian wealth manager
Liechtenstein's LGT bank and a consortium spearheaded by former UniCredit Bank Austria director Willi Hemetsberger are both performing due diligence regarding a potential takeover of Constantia Privatbank, sources told Reuters.
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Analysts to press UBS over turnaround strategy for wealth unit
Analysts are set to press UBS to outline specifics over the bank’s strategy to turn around its beleaguered private banking arm during a November 17 investor day in Zurich, according to a report in The Wall Street Journal.
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Citigroup plans 75 layoffs at wealth management division
Citigroup is poised to sack almost 75 workers at its bank-based wealth-management division, according to a report in The Wall Street Journal.
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US authorities form new unit to scrutinise wealthy tax evaders
The Internal Revenue Service has established a new SWAT group, called the “Global High Wealth Industry Group”, to target affluent tax evaders, according to The Wall Street Journal’s Wealth Report.
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Scotland looks to beef up wealth management industry
Wealth management offers “substantial opportunities” and could be a "good opening" for the Scottish financial sector, the country’s First Minister Alex Salmond told Reuters.
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Mercer moves into wealth management
Mercer, the US-based consultant, has announced a move into the European wealth management sector, providing research, investment strategy and governance advice for the wealth management industry.
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US hedge funds poised for bespoke account growth
The increase in demands by European investors that hedge funds run their money in separate accounts is now being mirrored in the US, where the amount of money run in these structures is predicted to jump by 41% in the next two years.
Private banking »
- UBS wealth unit takes £33m hit on rogue trades
- Swiss brokerage chief sheds light on hiring market
- SG Private Banking reports positive inflows
Advisers »
- 'Move Past The Crisis,' Barclays Wealth To Clients
- Advisers 'Stress-Test' Family Business Plans
- Hedge funds poised to recoup crisis losses
Asset managers »
- Brevan Howard's investors voice concern over its size
- Fund managers use 'fresh pot of money' to return to full-time hiring
- LGIM assets swell to record high
Client concerns »
Most Read
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.
