22 June 2012
Moody's Investors Service, the credit ratings agency, has downgraded the ratings of 15 global banks and securities firms that have global capital markets operations, citing the risks they face from volatile market conditions. All of the banks concerned operate substantial wealth management businesses . The firms’ ratings were cut by between one and three notches, reflecting the severity of the potential losses they may face.
13 June 2012
HSBC Global Asset Management, part of the London-headquartered banking group, has launched a mutual fund for US investors to gain access to the Chinese currency. The HSBC RMB Fixed Income Fund provides US investors access to China's growing bond market and any potential appreciations in its currency, the firm said . It will be managed by the company's Hong Kong Asian fixed income team, which to-date manages some $29.
11 June 2012
Credit Suisse has completed its acquisition of HSBC’s private banking business in Japan, becoming one of relatively few non-domestic banks to take a serious tilt at a market dominated by local players. The purchase of the business was part of a strategy outlined by HSBC over a year ago in which that bank said it wanted to cut costs and sharpen the bank's focus on Asia by quitting countries or businesses where it lacks scale . HSBC’s gross assets in Japan were reportedly $2.
5 June 2012
Washington Wealth Management’s chief executive and co-founder Anthony Sirianni left to pursue “other personal and professional interests,” the firm said. Robert Bartenstein, who previously served as chief of firm strategy, replaced Sirianni . Robert Kaplan, co-chief of the asset management unit at the SEC’s enforcement division, joined Debevoise & Plimpton as a litigation partner resident in Washington DC.
4 June 2012
Hong Kong investors of Lehman Brothers minibonds have been offered up to 70 per cent of their money back, as banks and accountants make a final attempt to settle on a payout figure, marking the end of a four year debacle. In 2008 the Wall Street lender's bankruptcy caused a slump in the value of the notes, triggering almost daily protests by Hong Kong buyers who claim they were missold . A reported 43,000 Hong Kong-based investors bought around $2.
28 May 2012
HSBC Asset Management predicts overall strong investment returns from Brazil, Russia, India and China this year despite anticipating continued volatility. Notwithstanding robust economic growth, investors pulled money out of the BRIC bloc last year as part of wider risk-aversion . Although the investment outlook has turned dire after a positive first quarter, the UK asset manager thinks the BRIC markets, made up of the world’s four largest emerging economies, can play an important role for investors in 2012.
25 May 2012
The chief executive of HSBC today reiterated the banking giant’s goal to capture an additional $1 billion in revenues in the short and medium term, above the $1 billion targeted a year ago, as it sees strong growth for referrals and cross-selling. Stuart Gulliver, speaking at the bank’s annual general meeting in London, listed as one of HSBC’s priorities the goal of restructuring the private banking business, “focusing our offer on diversification and investment opportunities in fast-growing markets . ” Like many of its peers, HSBC has been contending with the conflicting pressures of rising client demands, tougher regulations and bank capital standards, as well as uncertain markets in the West and stronger economic growth in the East.
24 May 2012
HSBC Alternative Investments and Washington, DC-based Edge Fund Advisors have acquired a trophy office building in Manhattan, NY, for an undisclosed amount from Harbor Group International. Located at 4 New York Plaza, the building is – approximately - a 1 . 1 million square foot, 22-story office tower, 95 per cent of which is leased to tenants such as JP Morgan Chase, Daily News and American Media Operations.
22 May 2012
HSBC has “indefinitely” shelved plans to move its headquarters to Hong Kong from London, having previously threatened it would move East to avoid punitive financial regulation. Stuart Gulliver, the Hong Kong/London-listed bank’s chief executive, has decided the bank will not move its HQ from London . The bank paid $1.
18 May 2012
Oak Hill Advisors, the New York-based investment management firm, has appointed Declan Tiernan as managing director within its London-based client coverage group. The appointment represents the firm's first hire of a client coverage specialist for the London office . Tiernan shares responsibility for managing investor relationships and marketing, and will focus primarily on investors based in Europe and the Middle East – regions which the firm said account for about 30 per cent of its $13.
News and Features
Comment and Analysis
BNY Mellon Wealth Management is planning to double the size of its global sales force, as well as adding a raft of private bankers.
22 May 2013
Here Diane Harrison, principal and owner of Panegyric Marketing, argues that the debate over fees in the hedge fund industry often focuses on the wrong topics.
20 March 2013
Here, Jimmy Chang, a senior portfolio manager and a managing director of Rockefeller & Co, discusses some issues around investing in the current environment.
4 April 2013
The period between 2008 and 2012 saw an uptick in risk reviewing business at New York’s Rothstein Kass Family Offices Group, says partner Evan Jehle.
9 April 2013
Building functionality into a family’s business affairs involves defining each person’s role but it’s never easy to think differently about family members who were children at the dinner table, but are now adults around the board table.
8 April 2013
Marc Odo, director of research at software and business intelligence firm Informa Investment Solutions, discusses why diversification failed during the credit crisis.
25 March 2013