Welcome to our Daily Wealth Management News
section at Wealth Management UK.
Inflation means the minimum wage is no longer viable
31 Jul at 9 AM
Story Link: Inflation means the minimum wage is no longer viable
Because wages have not managed to keep pace with inflation over the past half-decade, a new report claims that the minimum wage is no longer relevant. Low Pay Commission chairman, Professor Sir George Bain, said today’s problems are not being adequately addressed so a new approach is needed.
The Resolution Foundation has released a study...
HSBC receives top wealth management award
24 Jul at 9 AM
Story Link: HSBC receives top wealth management award
HSBC earlier this month scooped the gong for Best Wealth Management at this year’s Banker Middle East Industry Awards. The annual awards ceremony, organised by CPI Financial, recognises the region’s leading financial institutions and the winners are selected by professionals and members of the public.
HSBC has had a presence in the...
Greater number of UK bankers earns more than 1 million euros
17 Jul at 9 AM
Story Link: Greater number of UK bankers earns more than 1 million euros
Figures published by the European Banking Authority show that more bankers in Britain earned in excess of one million euros than the whole of the rest of the European Union combined during 2011. The research reveals that 2,346 bankers in the UK earned more than the equivalent of £860,000 compared to just 739 in other EU...
UBS snatches wealth management crown from Bank of America
10 Jul at 11 AM
Story Link: UBS snatches wealth management crown from Bank of America
Swiss bank UBS has overtaken Bank of America to become the world’s number one wealth manager. Managed assets at UBS grew by 9.7 per cent to hit $1.7 trillion last year, according to Scorpio Partnership. This topped the 5.9 per cent growth to $1.67 trillion recorded by Bank of America.
In a statement, Scorpio said the private banking...
UK clients transferred from Merrill Lynch to Julius Baer
3 Jul at 9 AM
Story Link: UK clients transferred from Merrill Lynch to Julius Baer
Following the deal last year with Bank of America to acquire Merrill Lynch’s wealth management operations outside of the US, Julius Baer has begun to transfer UK clients. The bank has not confirmed how many UK clients it has retained but the response has been extremely positive according to Head of UK Business, Adam Horowitz.
UBS to quit wealth management in India
26 Jun at 9 AM
Story Link: UBS to quit wealth management in India
UBS has become the second major bank in recent weeks to announce that it will be pulling its commercial banking and wealth management operations out of India. The Swiss bank’s global strategy appears to involve concentrating more on core strengths in active markets.
In its annual report UBS said it wants to focus its worldwide business...
China could be on the brink of a credit crisis
19 Jun at 9 AM
Story Link: China could be on the brink of a credit crisis
Credit agency Fitch Ratings has warned that a growing credit bubble in China could result in over-capacity and drive the country to Japanese-style deflation. Charlene Chu, a senior director with Fitch based in Beijing, said the shadow banking system has little or no transparency. Talking to The Daily Telegraph, she admitted that it is not...
RBC could acquire Scottish Widows Investment Partnership
12 Jun at 9 AM
Story Link: RBC could acquire Scottish Widows Investment Partnership
The Royal Bank of Canada is rumoured to be interested in bidding for Scottish Widows’ asset management arm. Scottish Widows Investment Partnership is currently controlled by Lloyds Banking Group, but a number of sources with knowledge of the situation believe a deal would make sense.
RBC subsidiary RBC Wealth Management, which has C$560...
Young professionals targeted by wealth managers
5 Jun at 9 AM
Story Link: Young professionals targeted by wealth managers
As wealth managers increasingly target young professionals with disposable incomes a number of companies are looking to use the internet more effectively. As well as joining up with firms including Saffery Champness, Withers and Deloitte, investment manager Charles Stanley is looking to launch a new website targeting young professionals...
JP Morgan fined for wealth management failings
29 May at 9 AM
Story Link: JP Morgan fined for wealth management failings
UK regulators have fined JP Morgan Chase £3.1 million after the bank failed to fix problems associated with its wealth management arm. According to the Financial Conduct Authority, JP Morgan International Bank had failed to update client files. This could have led to clients being given the wrong financial advice.
Director of Enforcement...
Morgan Stanley sells Indian wealth management arm
22 May at 9 AM
Story Link: Morgan Stanley sells Indian wealth management arm
Morgan Stanley is to sell its Indian wealth management arm to Standard Chartered. This will help the London-based institution expand its private banking interests in Asia’s third-biggest economy. Morgan Stanley began looking for a buyer in November last year and will now focus on asset management, investment banking and institutional...
Lloyds boss wants to change perception of banking
15 May at 9 AM
Story Link: Lloyds boss wants to change perception of banking
The chief executive of Lloyds Banking Group has said that the financial services sector will have to change its image if it is to continue to attract the brightest and best. He pointed to a recent survey that revealed just 2 per cent of students admitted they were considering a career in finance.
Antonio Horta-Osario added that it was...
RBS investment arm loses senior staff
8 May at 9 AM
Story Link: RBS investment arm loses senior staff
Pressure is being placed on state-backed Royal Bank of Scotland to focus on the UK market and strengthen its capital base, something that is likely to see more of the lender’s senior executives leave from the investment banking arm.
There have been reports, although nothing official has been said, that chief executive and chairman of...
UBS announces increase in invested assets
1 May at 9 AM
Story Link: UBS announces increase in invested assets
UBS Wealth Management Americas has said that strong market performance has helped to increase invested assets per adviser for the first quarter of 2013. However, even though more money is being managed the company admitted that revenue continued to decline during the period.
Compared to the final quarter of last year, invested assets are...
HSBC announces another round of job cuts in the UK
24 Apr at 9 AM
Story Link: HSBC announces another round of job cuts in the UK
Europe’s largest bank, HSBC, has announced plans to slash 1,149 jobs in the UK. The move is part of Chief Executive Stuart Gulliver’s strategy to focus on profits, increase returns and reduce costs.
However, the decision has not been popular with Britain’s biggest trade union Unite, which has accused the bank of putting profits first...
UK licence granted to Goldman Sachs
17 Apr at 9 AM
Story Link: UK licence granted to Goldman Sachs
Goldman Sachs will be better able to serve wealthy individuals and wealth management clients in the UK after winning approval from the regulators to run a private bank in Britain. The move is part of the US bank’s strategy of diversifying into less volatile lines of business. The UK branch was formally set up in London at the end of last...
Greek bank merger called off
10 Apr at 9 AM
Story Link: Greek bank merger called off
A planned merger between two Greek banks has been called off resulting in a fall in share values. Eurobank and National Bank had been progressing with the merger process when a source from the finance ministry confirmed at the weekend that the deal was off. Concerns had been raised that the merger could create an entity that would have to...
Morgan Stanley sells wealth management arm to Credit Suisse
3 Apr at 9 AM
Story Link: Morgan Stanley sells wealth management arm to Credit Suisse
Swiss Bank Credit Suisse will increase its presence in the UK after it takes control of Morgan Stanley’s wealth management unit in the Middle East and Europe. The US bank has $13 billion worth of assets operating in Dubai, Milan and London. Although the value of the deal has not been disclosed, experts believe it to be worth around $150...
FSA criticises banks for poor wealth management
27 Mar at 9 AM
Story Link: FSA criticises banks for poor wealth management
The Financial Services Authority has strongly criticised banks in the UK for failing to provide wealth management that complies with the needs of their customers. The FSA has been reviewing investment portfolios at six major retail banks and has described its discoveries as worrying.
Managing director of the FSA, Martin Wheatley, said he...
Probe by RBI to include wealth management products
20 Mar at 9 AM
Story Link: Probe by RBI to include wealth management products
The Reserve Bank of India is continuing its probe into the conduct of three private sector financial institutions after a sting operation revealed that employees could have been advising their clients to launder cash. The banks being investigated are HDFC Bank, ICICI Bank and Axis Bank.
According to a statement released by the RBI, the...