UBS isn’t about to cave in a French offshore tax investigation: the Swiss bank is rejecting a billion-euro settlement with French authorities. Zurich-based UBS is negotiating a settlement to a long-running offshore investigation in France. The matter has become a question of honor for its private bank more than a purely economical one, as CEO Sergio Ermotti said in…
Swiss private bank Lombard Odier has reported a consolidated net profit of CHF124.5m for the year ended 31 December 2016. The group’s operating income was CHF1.04bn. Total client assets as of 31 December 2016 were CHF233bn, an increase of 4% compared to the last year. The growth was bolstered by net inflows of CHF5.2bn. Lombard…
Bloomberg has compiled a comprehensive list of the world’s 200 richest people, detailing their estimated assets, possessions, and net worth. Once again, Microsoft co-founder and renowned philanthropist Bill Gates tops the list with an estimated net worth of $85.9 billion. To put that in context, he would have to spend $2.3 million USD every single day…
On 1 April 2017, Markus Leibundgut (47), currently CEO of Swiss Life Germany, will take over from Ivo Furrer (59) as CEO of Swiss Life Switzerland. After eight successful years at Swiss Life, Ivo Furrer has decided to begin yet another new chapter in his professional life: he will in future be putting his experience…
The head of Morgan Stanley’s international wealth management team, James Jesse, has left the firm, a spokeswoman said on Friday. Colbert Narcisse, who led product strategy and development in Morgan Stanley’s investment solutions division, will replace Jesse, according to a firm memo and Morgan Stanley spokeswoman Christine Jockle. Narcisse joined Morgan Stanley’s investment management division…
French capital is competing to pick up business lost by London due to Brexit, with Frankfurt and Dublin also in the running. Major City employers are expected to decide within weeks whether they need to move business out of the UK as a result of the Brexit vote, the lobby group for Paris has predicted…
Lombard Odier Private Bank has appointed Mike Edlinger as senior portfolio manager.Edlinger joins the London team after 20 years with Coutts & Co, where he was head of ultra-high net worth portfolio management. He was responsible for investing both onshore and offshore global discretionary and advisory portfolios. He was also a member of the investment…
Increased costs outweigh better revenues; technology will take time to repay investments. Here’s the good news for private banks: the rich are getting richer, and there are more rich being created. And that means more business for the world’s wealth managers. Where will you be investing ? We asked more than 2,000 private bankers if…
GS, MS and JPM have all arrived on the global map. Are the traditional private banks ready for the challenge? Traditionally US banks have not been a concern to global private-banking players such as UBS, Credit Suisse and HSBC. They have generally jumped in and out of regions or have focused solely on trading and…
