The taxpayer-backed private bank that counts the Queen among its clients, has begun offering customers compensation likely to run to millions of pounds for bonds missold to them at the height of the financial crisis, I have learned.
But wealth managers argue that only “risk assets”, such as equities, have the potential to preserve the value of their clients’ portfolios in real terms.
Strategic planning is back. With so much uncertainty, bank CEOs need to rethink where their institution adds value to customers, who those customers are today and who they might be in the future.
The FT reports responses to its annual wealth management survey show 19 firms have not made a decision about their service offering as of next year, including Towry, Barclays, Coutts and Co, Charles Stanley and Killik and Co.
The firm, which was launched by HNW insurer Aqua and former Hiscox head of motor, Ashley Cole, was set up in March this year.
The service, which 7IM plans to launch in the next 18 months, would allow investors to view their portfolios and make transactions.
In contrast, the exclusive nightclub in Porto Cervo flourished under Silvio Berlusconi, who has a large villa just along the coast and is a friend of Mr Briatore.
Despite continued setbacks in the global wealth market, affluent individuals will rise by 20 million per year, and India will continue to climb within the top 10 wealth markets list, research by Datamonitor has suggested.
The reasons for this are thought to be historical. With the exception of Morocco's Credit Agricole, ''banks have not developed specific knowledge in financing of this sector, which needs the implementation of custom-made products,'&
Charles Stanley, the stockbroking and investment management group, reported pre-tax profits fell 37% to £8.5m for the year ended 31 March 2012.
During this period, he also held several concurrent roles, which involved overseeing Fidelity’s businesses in Spain, the Nordic Region, the Middle East and Africa, and India. He also spent seven years of his career at Fidelity based in Hong Kong.
Having been in the financial services industry for over 7 years and previously in charge of Geneva for Guardian Wealth Management, Aaron Pacitti is well placed to take on the role of Senior Vice President at Globaleye SARL.