HONG KONG (Reuters) – Global wealth managers are examining whether their clients in Hong Kong have ties to the city’s pro-democracy movement, in an attempt to avoid getting caught in the crosshairs of China’s new national security law, according to six people ... More »
HONG KONG (Reuters) – The private banking business of HSBC Holdings PLC is aggressively pursuing double-digit growth in client assets and revenue, riffing off a surge in Asian wealth, the unit’s chief executive told Reuters. Antonio Simoes also said the London... More »
ZURICH (Reuters) – The world’s richest people became a little less well off last year, according to a report by UBS (UBSG.S) and PwC, as geopolitical turmoil and volatile equity markets reduced the wealth of billionaires for the first time since 2015. Billiona... More »
ZURICH (Reuters) – Swiss bank UBS will appoint former Credit Suisse banker Iqbal Khan as head of its wealth management business, Swiss newspaper TagesAnzeiger reported on Wednesday, citing unnamed UBS sources. Khan will join the executive board “shortly” the n... More »
ZURICH (Reuters) – With other parts of its business facing hefty cuts, Deutsche Bank wants to expand its European operations handling the assets of rich clients and take market share from rivals after staunching the outflow of assets. Hiring new client relatio... More »
HONG KONG/SINGAPORE (Reuters) – Growing demand by Asia’s rich for independent advisory services and access to a wide variety of investment products is spurring the surge of boutique wealth managers more associated with the established wealth hubs of Switzerlan... More »
(Reuters) – Wealth management clients are increasingly willing to pay for financial advice as their needs evolve, choosing an average of five providers, with one-third switching managers in the past three years, global wealth consultant EY said on Tuesday. The... More »
LONDON (Reuters) – Jim Ratcliffe, the founder and boss of chemical giant Ineos, is the richest man in the United Kingdom, according to the Sunday Times Rich List, first among a record 145 billionaires living in the country. Ratcliffe maintains a relatively low... More »
(Refiles April 19 story to clarify description of northern European markets with looser cross-border regulations) By Brenna Hughes Neghaiwi and Angelika Gruber ZURICH (Reuters) – UBS will centralize its European cross-border wealth management business and run ... More »
NEW YORK (Reuters) – Massachusetts Secretary of the Commonwealth William Galvin said Thursday his office is investigating possible customer abuses by employees of Wells Fargo & Co’s brokerage division. Galvin’s investigation comes a week after Wells Fargo anno... More »
UBS (UBSG.S), the world's largest wealth manager, is convinced its new online private bank needs to get bigger. Now it needs to work out how. More »
The wealth of U.S. households rose to $96.2 trillion in the second quarter of this year as U.S. stock prices hit record highs and home values continued to climb, a report by the Federal Reserve showed on Thursday. More »
As regulatory crackdowns in China hit risky investment products and capital outflows, the country's private banks are looking to profit as they target a bigger share of growing wealth in the world's second-largest economy. More »
The U.S. Department of Labor will give wealth management companies more time to get in line with the new "fiduciary rule," a regulation that requires financial advisers to put retirees' interests ahead of their own, the regulator said on Wednesday. More »
The rising sun lights trees in Central Park above the southern portion of the Manhattan borough of New York, U.S., November 2, 2016. REUTERS/Lucas Jackson “Time for a prenup?” is not a typical title for a summer school course, but it was one of the most popula... More »
The logo of Swiss bank UBS is seen at a branch office in Basel, Switzerland March 29, 2017. REUTERS/Arnd Wiegmann Swiss bank UBS (UBSG.S) is further reorganizing its wealth management businesses in European and emerging markets to simplify its structure, accor... More »
The Morgan Stanley logo is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) in New York, U.S., April 19, 2017. REUTERS/Brendan McDermid Morgan Stanley is developing a new digital mortgage application tool in a bid to ... More »
FILE PHOTO: The logo of Deutsche Bank is seen at its headquarters ahead of the bank’s annual general meeting in Frankfurt, Germany May 18, 2017. REUTERS/Ralph Orlowski/File Photo Deutsche Bank AG’s (DBKGn.DE) wealth management division said on Monday it plans ... More »
A Wells Fargo logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith Wells Fargo Advisors (WFC.N) will start offering a new share class of mutual funds next month as part of its plan to comply with the new U.S. Labor Department regulatio... More »
The sign outside the Wells Fargo & Co. bank in downtown Denver April 13, 2016. REUTERS/Rick Wilking/File Photo Wells Fargo & Co will offer more money in recruitment bonuses to financial advisers after competitors announced plans to pull back from recruiting, t... More »
A Wells Fargo logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith Wells Fargo Advisors (WFC.N) will launch a new share class of mutual funds next month as part of its plan to comply with the new U.S. Labor Department regulation that s... More »
Bank of America Corp’s brokerage, Merrill Lynch, said on Thursday it will roll out a commissions-paying retirement account compatible with a new U.S. Labor Department regulation that raises the standards for client care. More »
Bank of America’s (BAC.N) wealth business reported revenue climbed 3 percent to $4.6 billion in the first quarter this year from last year on higher client assets under management and fees, Bank of America Chief Financial Officer Paul Donofrio said Tuesday. More »
FILE PHOTO: People look out from the observation tower of the Marina Bay Sands amongst public and private residential apartment buildings in Singapore, February 22, 2016. REUTERS/Edgar Su/File Photo Hong Kong and Singapore are set to launch new disclosure rule... More »
No longer content to build hospitals and give art to museums, America’s elite philanthropists more and more often write supersized checks in efforts to steer educational, environmental and government policies, according to wealth tracker David Callahan. More »
Financial advisers across Wall Street’s biggest brokerages have fretted over their professional futures in recent years as their firms worked to develop “robo” services for millennial and tech-savvy clients. More »
Two passengers aboard a ferry look at the Sydney Harbour Bridge as they approach Circular Quay in Sydney, Australia, March 29, 2017. REUTERS/Steven Saphore Australian households saw their wealth balloon to a record A$11.7 trillion ($8.97 trillion) last quarter... More »
A sign is displayed in the reception of Goldman Sachs in Sydney, Australia, May 18, 2016. REUTERS/David Gray/File Photo Goldman Sachs Group Inc (GS.N), known for advising the world’s richest and most powerful, is building a so-called robo-adviser geared to mas... More »
FILE PHOTO — March 11, 2016- Los Angeles, CA, USA- Los Angeles Clippers guard Chris Paul (3) moves the ball up court against New York Knicks during the second half at Staples Center. Gary A. Vasquez-USA TODAY Sports/File Photo Giving back to their communities ... More »
FILE PHOTO — March 11, 2016- Los Angeles, CA, USA- Los Angeles Clippers guard Chris Paul (3) moves the ball up court against New York Knicks during the second half at Staples Center. Gary A. Vasquez-USA TODAY Sports/File Photo Giving back to their communities ... More »
FILE PHOTO: A J.P. Morgan logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith/File Photo JPMorgan Chase & Co has sent some wealth management customers letters this month notifying them that they could be moved to the firm’s self-direc... More »
FILE PHOTO – The logo of Morgan Stanley is seen at an office building in Zurich, Switzerland September 22, 2016. REUTERS/Arnd Wiegmann/File Photo Morgan Stanley is hiring hundreds of tech-savvy specialists at its wealth management branches to train advisers on... More »
A Wells Fargo Bank is shown in Charlotte, North Carolina, U.S., September 26, 2016. REUTERS/Mike Blake Wells Fargo & Co’s wealth management business (WFC.N) said on Tuesday it would launch its new robo-adviser Intuitive Investor later this year in a bid to dev... More »
FILE PHOTO – A sign is seen outside the E*Trade offices can be seen in New York November 12, 2007. REUTERS/Lucas Jackson Discount brokerage E*Trade does not plan to follow its competitor Charles Schwab’s price cuts, the online trading platform’s chief financia... More »
After signing, U.S. President Donald Trump holds up an executive order rolling back regulations from the 2010 Dodd-Frank law on Wall Street reform at the White House in Washington February 3, 2017. REUTERS/Kevin Lamarque U.S. President Donald Trump on Friday o... More »
FILE PHOTO: Rep. Mick Mulvaney (R-SC) testifies before a Senate Budget Committee confirmation hearing on his nomination of to be director of the Office of Management and Budget on Capitol Hill in Washington, U.S., January 24, 2017. REUTERS/Carlos Barria/File P... More »
Merger activity among independent wealth management firms in the United States hit an all-time high in 2016 as more of the industry’s aging workforce retired, the economy strengthened and more advisers were able to obtain financing for acquisitions, according ... More »
A Wells Fargo branch is seen in the Chicago suburb of Evanston, Illinois, U.S. on February 10, 2015. REUTERS/Jim Young/File Photo Wells Fargo & Co (WFC.N) said it will continue to offer individual retirement accounts that pay brokers commissions and will adjus... More »
Rhode Island-based Citizens Bank said Thursday it is partnering with SigFig, a leading robo-adviser, to help manage the portfolios of the bank’s 1.2 million middle-income retirement savers. More »
Morning commuters pass by the New York Stock Exchange (NYSE) on a rainy morning in New York City, U.S., October 21, 2016. REUTERS/Brendan McDermid counsel, not lead plaintiff’s attorney) More »
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., November 14, 2016. REUTERS/Brendan McDermid Two weeks before the U.S. presidential election, half of wealthy investors were so fearful of turmoil in the stock markets that ... More »
The logo of Swiss bank UBS is seen on a building in Zurich, February 13, 2013. REUTERS/Michael Buholzer/File Photo UBS will cut several dozen jobs at part of its private bank, three sources familiar with the matter told Reuters, part of a previously announced ... More »
NEW YORK Big U.S. brokerages are redefining the term “wealthy” in their pursuit of ever-richer clients to prop up margins eroded by historically low interest rates and growing regulatory burdens. Brokerages owned by Morgan Stanley, Bank of America Corp and Wel... More »
NEW YORK Wealthy U.S. investors are holding record cash balances out of fear that the U.S. presidential election will wreak havoc on their retirement accounts, a senior UBS Group AG (UBSG.S) executive said. Bob McCann, who chairs the Swiss bank’s Americas divi... More »
NEW YORK Big U.S. banks looking to wealth management to shore up their profits may have to wait for another year according to analysts, who expect market volatility to keep the business subdued throughout 2016. For years, wealth management has been banks’ crow... More »
ZURICH/MOSCOW Credit Suisse plans to close its booking platform for its private banking business in Russia, the bank said on Monday, the latest move in a major restructure by Switzerland’s second-largest lender. “Credit Suisse has revised its private banking o... More »
SINGAPORE Scanning a bank statement into a computer may not sound particularly high-tech, but it’s unsettling some of Asia’s private bankers. By aggregating all the monthly statements mailed to high net worth individuals on the multiple accounts they hold at d... More »
NEW YORK Wealth managers in the United States are cutting fees, relying more on technology to give advice and reducing the minimum amounts clients can hold in their brokerage accounts, all in preparation a new rule governing how they advise retirement savers. ... More »
(This column has been corrected to fix spelling of co-author’s name to Straehl in seventh paragraph) By James Saft More »
