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…
Barclays has been given the green light to transfer £160bn of assets to its Irish business as the bank “cannot wait any longer” to implement its no-deal Brexit strategy amid ongoing political uncertainty. A High Court judgement revealed that the bank is pushing forward with its Brexit contingency plan to transfer all of its European…
MEXICO CITY — JP Morgan Chase & Co’s private bank is expanding in Mexico and elsewhere in Latin America, the unit’s regional CEO said on Wednesday, as wealth creation and political changes bolster the sector’s prospects. The bank plans to increase the number of its frontline private bankers in Latin America by 15 percent, the…
