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Another look at St James's Place, the UK's fastest growing wealth management firm 11:00 GMT Cirencester, Gloucestershire-based St James’s Place has rapidly emerged over the past decade or so to become one of the UK’s leading wealth management firms. At the end of September it had around £48.33 billion of assets under management, a volume probably only exceeded by Barclays, Coutts and possibly HSBC.
Costs reductions boost Credit Suisse's third quarter ‘strategic' private banking and wealth management profits 23/10/2014 Credit Suisse reported third quarter pre-tax profits of CHF 872 million for its “strategic” or core private banking and wealth management operations, a 7.9 percent increase on the CHF 808 million reported a year earlier.
UK's ethical investors warm to nuclear power 23/10/2014 A significant number of leading ethical investors have softened their opposition to nuclear power as doubts grow over the adequacy of wind and solar power as substitutes for carbon-based energy sources, a Kames survey has found. GAM boosts AUM in third quarter 21/10/2014 GAM has reported assets under management of CHF 75.6 billion in its investment management business for the third quarter ended 30 September 2014. This represents an increase of 8 percent from year-end 2013 and of 3 percent from 30 June 2014, the firm said in its interim management statement.
Weatherby's Bank increases pre-tax profits by 19 percent 21/10/2014 Wellingborough, Northamptonshire-based Weatherby’s Bank, one of only two UK-based family-owned banks, enjoyed a successful 2013, according to accounts lodged at Companies House.
Wealth management refocus continues to pay dividends at Morgan Stanley 20/10/2014 Wealth management appears to have a reduced profile at many banking groups in both the US and Europe. But this appears not to be the case at Morgan Stanley, which has just reported its third quarter earnings (see accompanying article).
Morgan Stanley reports wealth management profit increase 20/10/2014 Morgan Stanley has reported third quarter pre-tax profits of $836 million for its wealth management division, a year on year increase from $668 million. The pre-tax margin was 22 percent.
Rathbones reports third quarter boosted by organic growth and Jupiter deal 16/10/2014 Rathbones has reported net operating income for the third quarter of £49 million, up 13.4 percent year on year.
Bank of America profit hit by DoJ settlement as wealth management reports record quarter 15/10/2014 Bank of America has reported a drop in profit to $168 million for the third quarter of 2014. This was due to a previously announced pretax charge of $5.3 billion for the settlement with the Department of Justice, certain federal agencies and six states. Profit for the same period in 2013 was $2.5 billion.
Citi pulls consumer banking out of 11 countries but reports private bank revenue increase 15/10/2014 Citigroup is withdrawing from retail banking in 11 markets, including Japan and several Latin economies, as it continues to search for measures to reduce costs.
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