Global Wealth Management 2011


Bankers warn of long crisis as rich seek comfort

LONDON Private banks are telling their clients financial volatility surrounding Europe's debt crisis will continue for at least a year as more of the continent's rich seek the comfort of household names or state backing when choosing where to bank.

Brokerages cut down on novice hires, turn to experience

NEW YORK As brokerages search for ways to grow in a tight economy, many firms are cutting back on new adviser training programs and instead investing in experience.


Private banker pay holds up in tough market

ZURICH Stiff competition for top private bankers has kept a floor under pay even as low interest rates, flaccid client trading and tougher regulation squeeze industry profit margins.


Bessemer goes on defense, on pace for best year

NEW YORK Portfolio managers at Bessemer Trust, financial adviser to ultra-wealthy U.S. families, took an extremely defensive posture a few weeks ago amid some of the most volatile financial markets in more than 80 years.

Private bank clients urged to avoid U.S. securities

GENEVA Some Swiss bankers are advising clients to steer clear of U.S. securities ahead of a new law that would tax people with over $50,000 invested in stocks or bonds of U.S. companies even if they have never set foot in the United States.

Rivals see UBS holding on to clients after trading loss

GENEVA Rich clients of Swiss bank UBS have not yet moved their millions to other banks after its $2.3 billion trading scandal last month, rival private bankers said.


BlackRock launches first retail alternative funds

NEW YORK BlackRock Inc is launching its first alternative mutual funds for retail investors.

Swiss banks steer clear of consolidation

GENEVA Swiss private bankers say a capital shortfall in the financial sector and a clampdown on tax evasion stand in the way of much-need consolidation in an industry battling rising costs and falling revenues.

Swiss banks tout stability and secrecy to lure rich

GENEVA Switzerland's banking industry is relying on its stability and expertise to ensure it has a bright future as a leading center for managing the assets of the rich, despite a concerted global attack on its tradition of secrecy.

Vontobel sees client inflows at same pace as in H1

GENEVA Swiss bank Vontobel AG has seen private client inflows continuing at the same pace as in the first half of the year, private banking head Peter Fanconi said on Wednesday.


Edward Jones on pace for second-best year ever

NEW YORK Edward D. Jones & Co, a brokerage giant that caters to small investors, is on pace for one of the most profitable years in its 89-year history, even as tough new standards drive away hundreds of struggling advisers. | Video