J.P Morgan International's mysterious profits collapse 28/05/2015 Getting a true picture of the size and health of a big integrated banking group’s private banking and wealth management activities often turns out to be a mission impossible. Banks, including some of the biggest private banking and wealth management firms, have a habit of folding these activities into their investment banking, retail banking or asset management operations and providing accounting information on a consolidated basis.
Close Brothers Asset Management continues AUM growth 22/05/2015 Close Brothers Asset Management’s assets under management (AUM) have reached £10.6 billion, according to an interim management statement covering the third quarter from 1 February 2015 to 30 April 2015.
Hargreaves Lansdown reports record inflows 20/05/2015 Hargreaves Lansdown has reported “record” net inflows of £2.75 billion for the four months to 30 April 2015. This compares with £2.55 billion, an eight percent increase, for the same period the previous year.
IT systems write-offs and redundancy costs increase losses at Duncan Lawrie 20/05/2015 Botched IT systems upgrades have sometimes compromised the operational independence, if not the ownership, of a number of UK-based wealth management firms. This could yet be the case at Duncan Lawrie, the London-based private banking and wealth management arm of Camelia, an AIM-listed conglomerate.
Coutts recognised in inaugural innovation index 19/05/2015 Eight companies within the financial sector have ranked highly in the inaugural Innovation Insider Index, published by Market Gravity, a specialist innovation and proposition design consultancy, in partnership with the National Business Awards.
Strong Swiss franc hits Julius Baer's AUM 19/05/2015 Julius Baer Group’s assets under management (AUM) totalled CHF 289 billion at the end of April 2015, according to an interim management statement from the Zurich-based firm. This represents a decrease since the end of 2014 of just CHF 2 billion, or one percent, despite the very significant strengthening of the Swiss franc.
Rathbones increases funds under management 14/05/2015 Funds under management (FUM) at Rathbones stood at £28.9 billion at the end of the first quarter, according to an interim management statement from the firm. This represents a year on year increase of 26.8 percent and an increase of 6.3 percent over the quarter.
Stock markets boost ABN Amro private banking profit 14/05/2015 ABN Amro has reported an underlying profit of EUR 87 million for its private banking division in the first quarter of 2015. This represents a year on year increase of 70 percent which the bank said “was mainly driven by higher operating income as a result of improved stock market performance.” In addition, the acquired German private banking activities of Credit Suisse were consolidated as of 1 September 2014.