Wealth management helps boost Walker Crips profit 08:03 GMT Walker Crips has reported a year on year increase in gross profit of 10.4 percent to £7.4 million for the six months to 30 September 2014. The firm said this “reflecting considerable progress made in investment and wealth management businesses.”
Schroders doubles wealth management profit 06/11/2014 Schroders wealth management division has reported pre-tax profit for the three months ended 30 September of £22.9million, a year on year increase from £10.4 million or 120 percent.
Old Mutual Wealth reports FUM increase 05/11/2014 Old Mutual Wealth has increased its funds under management (FUM) by five percent since the start of the year. According to its interim management statement for the three months ended 30 September 2014, FUM totalled £82.2 billion.
UK serial acquirer considers raising finance for more purchases 04/11/2014 AFH Financial, which has made seven acquisitions over the past twelve months, is considering “additional financing options and may use fixed interest instruments, alongside its equity base, to introduce a modest level of gearing into the company's balance sheet in the current financial year” to help make more acquisitions.
Restructuring hits RBS's third quarter private banking profit 31/10/2014 RBS’s private banking division, which includes Coutts, has reported a drop in operating profit. For the third quarter ended 30 September operating profit £64 million, down nine percent. The bank said this was “principally due to higher restructuring costs.”
Why UBS Americas is the big elephant in UBS' room 29/10/2014 It wasn’t all that long ago that the consensus amongst analysts and other experts was that UBS would (or perhaps should) sell its US wealth management operations. At the time UBS was attempting to rebuild its capital in the wake of its involvement in the US sub-prime mortgage fiasco so any proceeds from the business would be gratefully received. Moreover banks seem to have a habit of selling-off foreign assets businesses within years of acquiring them (normally at a much reduced price). Moreover, UBS Americas (the former PaineWebber) had not exactly performed well.