Client concerns
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KKR's deal maker and truffle hunter
Earlier this year, private-equity investor Joseph Bae helped his firm, Kohlberg Kravis Roberts seal the $1.8bn (€1.2bn) acquisition of Korea's second-largest beer maker, Oriental Brewery. Earlier this month, he aided in a decidedly posher acquisition.
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Stanhope Capital grows staff by 50%
Stanhope Capital, the private investment manager, has taken the opportunity to cherry-pick staff from rivals during the downturn, growing its headcount from 26 to 40 over the last year.
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UBS Outlines Path to Profit
UBS AG laid out ambitious plans to restore the troubled Swiss bank to profitability, but struggled to convince investors who worried that new management still faces an uphill battle in turning the group around.
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Swiss Banque Heritage Sees Gains From Foreign Expansion
Geneva-based Banque Heritage is among the latest of a string of small Swiss private banks to expand its presence abroad as a way of offsetting the burden of increased regulation at home, and to compensate for the erosion of Switzerland's status as an offshore banking center.
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Family-run businesses outperform their public rivals
Family businesses have long been considered more profitable than publicly owned companies, and industry analysts said the recession bears this theory out.
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FSA bans ex-UBS client adviser
The UK Financial Services Authority has handed out its first fine to an individual involved in the rogue trading scandal that hit UBS' wealth management unit, banning director Andrew Cumming for complicity allowing a senior colleague to continue making unauthorised trades.
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Julius Baer Flags Slower Inflows Vs Mid-Yr; Assets Up
Julius Baer Group AG Tuesday said that inflows of funds from wealthy clients have slowed from mid-2009, as clients in Europe shift assets and the Zurich-based bank exits U.S. business.
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Local authority drops UBS after ‘unsuccessful’ run
The Bexley local authority pension scheme has decided to dump a balanced mandate managed by UBS, after research found the asset manager’s investment decisions were “unsuccessful” over six years.
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Recovery at UBS: work in progress
For a bank which hoped all the bad news was now finally behind it, the £8m (€8.9m) fine imposed on UBS last week by the Financial Services Authority came at an unfortunate time.
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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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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
Diary: Utopia for Yacht Lovers
Looking to get more from your yacht? Why not share it with others?