Swiss private bank Lombard Odier has reported a consolidated net profit of CHF272m for the year ended 31 December 2018. This is a jump of 86% from last year’s figure of CHF146m. The increase in profit was said to be driven by one-time items. Excluding one-time items, consolidated net profit increased 13% to CHF165m on…
UBS Board of Directors has nominated Jeanette Wong and William C. Dudley for election to the board of UBS Group AG at the Annual General Meeting of shareholders on 2 May 2019. Wong was group executive responsible for the Institutional Banking business at the Singapore-based DBS Group, until March 2019. Previously, she served as chief…
Swiss private banking group Julius Baer is looking to tap the wealthy in Russia directly by setting up a local unit, Bloomberg has reported. The bank has till now been catering to its Russian clients from its Swiss office. It has been operating in Russia since 2008 through a representative office in Moscow. By opening…
Structural inequalities have resulted in gender wealth gaps according to a report published by Oxfam in January 2019. However, the recent societal push towards closing gender gaps bodes well for wealth managers in search of new clients in this competitive climate, according to GlobalData. According to Oxfam’s Public Good or Private Wealth? report, solutions to gender…
Bangladesh Bank, the central banking authority of the country, has approved the licences of three new private commercial banks. The board of the central bank has issued a Letter of Intent (LoI) to award licenses to Bengal Bank, People’s Bank, and Citizen Bank. Bangladesh bank licensing: With the new licensing, the number of scheduled lenders…
Bank of Singapore, the private banking arm of OCBC Bank, has inked a memorandum of understanding with Indian financial services firm Edelweiss Group to access each other’s platforms. Though the tie-up, Bank of Singapore aims to raise its profile in the Indian wealth space. India is said to be one of the “fastest growing” wealth…
The wealth management joint venture (JV) between Schroders and Lloyds is planning to hire over 700 financial advisers as it looks to double its assets under management (AuM), the Financial Times reported. According to the publication, the companies intend to increase the JV’s AuM from approximately £13bn to £25bn. The growth is said to come…
VP Bank (Luxembourg) has finalised the takeover of the Luxembourg private banking operations of Catella Bank. The transaction, first announced last October, is valued at around CHF10.4m. Catella Bank decided to offload the business after a strategic review. The deal involves the transfer of client assets worth CHF860m to Catella Bank. A total of 11…
Swiss private bank Lombard Odier is expanding its footprint in the UAE by setting up an office in Abu Dhabi. The new branch will be located within the Abu Dhabi Global Market (ADGM), an international financial centre. Through the new office, the bank will offer clients in Abu Dhabi international investment services as well as…
Nick Gartside has left his role as global head of fixed income and bond fund manager at JP Morgan Asset Management. Mr Gartside has been an employee of JP Morgan since 2010 and previously worked at Schroders and Mercury Asset Management. His fund management responsibilities will be taken on by Ian Stealey. A JP Morgan…
