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Private Banking Strategy

Evercore targets $5 billion AuM by 2015

Mon, Mar, 8 2010

Evercore Wealth Management has gathered $1.5 billion in assets under management since setting up in November 2008, and has set a target of $5 billion by 2015.

Patel is Rothschild’s third Morgan Stanley hire

Fri, Mar, 5 2010

Rothschild Private Bank has hired Nandu Patel from Morgan Stanley as a managing director – its third hire from the Wall Street bank in two weeks.

StanChart AuM up 12 percent globally, 26 percent in Asia

Wed, Mar, 3 2010

Standard Chartered’s wealth management arm posted a 20 percent decline in operating income in 2009 after a collapse in demand following the financial crisis.

New Sarasin fee model delivers profit hike

Tue, Mar, 2 2010

Bank Sarasin saw net inflows of 17.9 percent across its business in 2009 and is on track to exceed its target of CHF100 billion in assets under management later this year.

Genspring seeks European MFO, SFO deals

Mon, Mar, 1 2010

Genspring Family Offices is looking to dramatically extend its reach across Europe through acquisitions or partnerships with multi and single family offices in Switzerland, Spain, France and the UK.

Mext 18 months key in India

Thu, Feb, 25 2010

Standard Chartered Private Bank is gathering client assets in India at a rate of $250 million a quarter, and aims to have $2.5billion to $3 billion by the end of 2010. Soumya Rajan, head of the private bank in India, told PBI that StanChart would hit the target by doubling its relationship managers in the country to 100 by 2012 and expanding its branch network.

CS AuM ‘will be bigger than UBS in Q4’

Thu, Feb, 25 2010

Credit Suisse could eclipse UBS as Switzerland’s largest wealth manager in assets under management by the end of this year if it maintains its current rate of growth. In a research note, Morgan Stanley analyst Huw van Steenis said a record start to the year for Credit Suisse’s private banking business, excluding retail brokerage activities, would see it surpass struggling UBS going into 2011.

Russia’s $650bn opportunity

Thu, Feb, 25 2010

Russia, despite its vast potential and obvious connections with wealth, through the oligarchs who have made their names across the world, is renowned as a difficult place to do business.

BNP sets up in Morocco, eyes Egypt

Thu, Feb, 25 2010

Africa is likely to be the slowest-growing region measured by wealth generation in the coming years, but there are some pockets of the continent which are being targeted by private banks.

EFG sets up rep office in Shanghai

Thu, Feb, 25 2010

China remains one of the most attractive wealth markets and is a country where all serious wealth managers need a presence. Will Cain spoke to Albert Chiu, Asia CEO for EFG Bank, which recently set up a representative office in Shanghai and hopes to benefit from its ‘open-church’ reputation.

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