Saturday, 7th November 2009

 

Wealth Business

  1. 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.

  2. 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.

  3. 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.

  4. 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.

  5. 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.

  6. 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.

  7. 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.

  8. 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.

  9. 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.

  10. 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.

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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