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AuM growing 30% in entertainer segment

AuM growing 30% in entertainer segment

Private banks are missing out on the market for professional sportspeople and entertainers, currently growing at 30 percent a year according to an industry forecast. Steve Talboys, a director at Aon, the insurance broker, said just three of his 370 sporting clients had their investments managed by private banks.

 

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Latest Features

Heading a private bank: an impossible job?

Heading a wealth management business as part of a universal bank is an impossible job, according to the former head of BBVA’s private bank Daniel de Fernando. De Fernando, who now heads the private investment office MdF Achievers in Spain, is the latest banker to leave the mainstream industry claiming the interests of clients and bankers are deeply misaligned

UHNW turn to fixed-fee consultants

Ultra high net worth clients are increasingly appointing consultants to monitor investment performance because of the complexity of structures and terminology used by wealth managers. According to a Booz & Co report released last month, fixed fee external consultants that can help ultra high net worth (UHNW) clients interpret performance data are particularly in demand.

Philanthropy moves in-house

While philanthropy has for centuries been an important element of wealthy society, it is only in the past five years that it has started to become considered a central part of private banking strategies. UBS was one of the first to establish an in-house philanthropy operation in 2004, and since then banks including Coutts, Barclays Wealth, JPMorgan Private Bank and BNP Paribas have also taken the step.