HSBC is appointing a veteran Swiss private banker to run its wealth arm in Switzerland, finews.com has learned. Alexander Classen will be named as the new CEO of the British bank’s wealth management arm in Switzerland and Luxembourg, a source familiar with the matter told finews.com. The hire of Classen, a veteran Swiss banker who…
Those willing to jump to rival are seeing increases of 30% or more in Hong Kong and Singapore With great wealth comes great remuneration. Competition to manage the money of Asia’s burgeoning army of millionaires has pushed pay hikes for wealth managers to the highest in more than a decade. Those willing to jump to…
Social network would be able to see card transactions and account balance Facebook has asked big banks to share detailed and intimate financial information about their customers, according to a new report. The social network would get access to people’s card transactions and how much money they have in their account, the Wall Street Journal…
The private banking arm of Dutch lender ABN Amro has reported a net profit of €104m for the second quarter of 2018, a slump of 56% compared to €234m in the same period last year, ABN AMRO Q2 results show. The unit’s operating profit before tax for the quarter ended 30 June 2018 was €139m,…
HSBC has shifted ownership of its Polish and Irish subsidiaries from its London-based entity to its French unit, and will do so for seven more European branches, as it prepares for Britain’s exit from the European Union. HSBC France will also acquire the activities of seven European branches in Belgium, the Czech Republic, Ireland, Italy,…
VP Bank AG, the Liechtenstein-based private bank, is expanding its wealth management operations in Asia as it draws a line under four years of losing clients in Europe due to tax compliance issues. VP Bank has been adding headcount in Singapore and Hong Kong, and is eyeing partnerships with a view to gaining more wealthy…
Swiss banking giant UBS has hired Britain’s former representative to the European Union, Jonathan Hill, to advise its clients on Brexit. The Conservative politician – who was also leader of the House of Lords in David Cameron’s cabinet – has taken up the role of senior adviser to corporate clients at UBS. He is the…
Investment advisory firm Crossbridge Capital has launched a premium wealth management service in Singapore called CONNECT Prime. Available to clients at a minimum investment of S$500,000 ($3,75,333), CONNECT Prime offers a range of investment options. The service features an intuitive digital interface to offer investors portfolio reports and real-time portfolio access. It also offers access…
Indonesia’s Bank Mandiri has signed a strategic partnership with Swiss private bank Lombard Odier to develop its private banking business through investment and family services. Under the partnership, the Indonesian bank will launch onshore discretionary management services for its wealthy clients this month. The new service will provide varied risks profiles suited to the unique…
The chief executive of LGT Group, the Liechtensten-headquartered bank that bought ABN AMRO’s Asian private bank just over a year ago, says the number of “sizeable” private banks in the region will fall. Prince Max von und zu Liechtenstein, CEO of LGT Group, told the South China Morning Post that consolidation will continue to be a feature of…
