Top Headlines in the Last 7 Days
(22nd – 28th February 2016)
No. 1 EFG buy BSI Private Bank for US$1.34 Billion
EFG International will acquire BSI from Brazil’s BTG Pactual. The acquisition will be financed through cash and stock worth around US$1.34 billion. The combined EFG & BSI business will have an estimated CHF 171 billion AUM and 860 relationship managers.
After the deal, EFG International will be the fifth largest Private Bank in Switzerland.
No. 2 Pictet Private Bank hire Grace Barki as Managing Director of South-east Asia
Grace Barki has joined Pictet Private Bank as Managing Director of South-east Asian markets. She reports to Claude Haberer, Chief Executive Officer of Pictet Wealth Management in Asia.
She had previously held senior appointments with Royal Bank of Canada Wealth Management, J. Safra Sarasin, UBS, Citigroup Private Bank.
No. 3 DBS Wealth Management Income up by 23%
DBS Consumer Banking / Wealth Management income rose 23% to SGD$3.55 billion, led by higher returns on deposits and wealth management sales.
No. 4 HSBC Private Banking AUM in Asia stays flat, even as profit and income rise
HSBC private banking business in Asia posted a 20% year on year rise in pre-tax profit in 2015, while AUM in the Asia remained unchanged from 2014 numbers. However, global AUM declined by $16 billion to $349 billion.
No. 5 Standard Chartered Global Private Banking profit dips 40%, AUM drops 2%
Standard Chartered global private banking unit posted a pre-tax profit of US$89 million in 2015, down from US$149 million in 2014, while AUM dropped 2%.
No. 6 Beijing overtakes New York as city with most billionaires
A recent report from Hurun, a private research firm found that a total of 100 billionaires are now living in the Chinese capital, compared with 95 in New York. Beijing had welcomed 32 new billionaires since last year, allowing it to vault past New York which it calculated only saw four new billionaires.
No. 7 Franklin Templeton offers liquid alternative fund to Singapore’s retail investors
Franklin Templeton has launched the first multi-manager offshore liquid alternative fund in Singapore available to retail investors. The Franklin K2 Alternatives Strategies Fund has received approval to lower its minimum investment amount from SGD 100,000 to SGD 1,000.
Credits: Bloomberg, Reuters, DBS Press Room, BBC, PR Newswire
Caproasia.com | The leading financial website for financial professionals, professional investors and HNW investors. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets? Quicklinks: Caproasia Access | TFC | Caproasia | Jobs