Daily News Analysis
New President, COO At Sterne, Agee & Leach
16 May 2013
Sterne, Agee & Leach, a privately-owned investment banking and brokerage firm, has appointed Walter Robinson as president and chief operating officer. Robinson retired from Scott & Stringfellow/BB&T Capital Markets in March 2012 . There, he served in many roles including chief operating officer, president of the private client group, and president and chief executive.
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Boss Of US Tax Authority Quits Amid Political Bias Scandal
16 May 2013
The US Internal Revenue Service boss, Steven Miller, has been forced to step down amid a scandal of how IRS officials selectively screened non-profit groups for political reasons, media reports said. Miller, the acting IRS commissioner, resigned due to anger as to why the agency used terms such as “tea party,” for example, to subject some groups’ applications for tax-exempt status to tougher scrutiny . The behavior has prompted some on the conservative and libertarian side of the political spectrum to accuse the IRS of being used as a political weapon by the administration of Barack Obama against his ideological foes.
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Martin Currie Appoints Country Head For US Office
16 May 2013
UK-based equity manager Martin Currie has named Ranjit Sufi as country head for its US office, with effect from May 31. Sufi joins the firm's New York office as executive vice president of sales and client service, charged with leading business development in the US and Canada . Previously, Sufi worked as managing director at Tradewinds Global Investors, an affiliate of Nuveen Investments.
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New Research Reveals A Two-Speed Industry On Client Feedback
15 May 2013
Systematically soliciting feedback from clients and then using this strategically might seem to be a “no-brainer,” but as yet this seems to be anything but the norm in today’s wealth management industry, according to sister publication WealthBriefing’s latest research report, The New Normal: Codifying Superior Client Experience In Wealth Management. (This report is free to download as part of Family Wealth Report member benefits, as is access to an extensive webcast of senior executives discussing its findings) . Produced in association with Barclays Wealth and Investment Management, this groundbreaking research report is based on a survey of 346 industry professionals all around the world, along with 25 hours of interviews with 30 senior executives at leading wealth managers, consultancies and other pertinent organizations.
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UBS Wealth Management Hires Former UHNW Merrill Team In Florida
15 May 2013
UBS Wealth Management Americas has added The Parker-Harrigan Group - latterly of Bank of America Merrill Lynch - to its office in Fort Lauderdale, FL. The Parker-Harrigan Group is led by advisors Robert Harrigan and Scott Parker, who were part of Merrill’s ultra high net worth private banking and investment group, UBS confirmed . Harrigan and Parker managed about $545 million in client assets with their team at Merrill and had a T-12 production of about $4.
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Baird Boosts AuM By $800 Million With Two New Advisor Teams
15 May 2013
Baird has appointed two financial advisor teams, with a combined $800 million in assets under management, in Nashville, TN, and Edina, MN. In Nashville, The Liles Group has about $585 million in AuM and consists of: Malcolm Liles, director and financial advisor; William Liles, financial advisor; and Sherri Minunno, client relationship assistant . Meanwhile, further north in Edina, The Brennan Group manages about $215 million in assets and is made up of: Gerald Brennan, director and financial advisor; Jim Seidel, financial advisor; and Lynn Kittelson, registered client relationship associate.
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Three Former Merrill Advisors Establish Wealth Advisory Firm In Virginia
15 May 2013
A new independent firm called Heartwood Wealth Advisors has launched in Richmond, VA, serving affluent investors and families throughout the East Coast. The firm, which since opening in February has added about $350 million in client assets, is run by directors Steve Clarke, Wes Kaufman and Sid Martin . Clarke, Kaufman and Martin spent the last 16 years working together at Bank of America Merrill Lynch.
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Vestra Launches SEC-Regulated US Wealth Business
15 May 2013
Vestra Wealth, the UK-based firm, is launching a US business dedicated to addressing the complex regulatory and tax issues faced by transatlantic investors. Vestra US Wealth Management is regulated by both the UK’s Financial Conduct Authority and the Securities and Exchange Commission . It is led by directors Paul Nixon and Neil Williams, and also has a specialist team which will create portfolios for clients that take into account income and growth requirements, as well as tax and investment constraints.
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Julius Baer's AuM Rise, Boosted By Transfer Of Merrill Lynch IWM Money
15 May 2013
Julius Baer said assets under management rose 16 per cent between the end of last year and the end of April 2013, standing at SFr220 billion ($227. 9 billion), boosted by the SFr24 billion in assets acquired when the Swiss bank purchased the non-US wealth arm of Merrill Lynch International Wealth Management . Total client assets grew by 12 per cent to SFr309 billion, the Zurich-listed bank said in a statement today.
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Manulife Asset Management Appoints Emerging Markets Debt Team
15 May 2013
Manulife Asset Management has hired an emerging markets debt portfolio management team in the shape of Roberto Sanchez-Dahl and Paolo Valle, who join the firm as managing directors and senior portfolio managers. As members of the firm’s fixed income team, Sanchez-Dahl and Valle will manage an emerging markets debt strategy for institutional clients and certain wealth management businesses of Manulife Financial and John Hancock . Reporting to Christopher Conkey, global chief investment officer, the pair will also support other global debt strategies investing in emerging market debt, the firm said.
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News and Features
Latest News
New CEO Takes Over At National Financial Partners
Advisors Missing Opportunities By Focusing Innovation On Current Clients - Fidelity
HighTower Eyes More Expansion With Financing Round, Hires
Peapack-Gladstone Hires From Wilmington Trust For New Jersey Private Banking Office
UBS Intensifies Its Commitment To Brazil With New CEO Hire From HSBC
Comment and Analysis
EXCLUSIVE: Citi Private Bank: Reaping Rewards From Client Feedback
WE Family Offices Sets Out To Reshape The Landscape Of UHNW Wealth Management
FEATURE: A Look At The Mexican High Net Worth Client Market
EXCLUSIVE: Thomas Carroll On His First Few Months At The Helm Of GenSpring
EXCLUSIVE: Industry Leaders Debate Hot Topics Of Client Centricity, Communications
Expert Commentary
- Top Story
- Opinion of the Week
- Industry Insight
- View from the Top
- Editor's Choice
- Investment Strategy
Wealthy Individuals' Financial Plans At Risk Amid False Sense Of Security - Survey
US Trust has identified a “disconnect” between goals and proactive wealth planning on a number of concerns including health, retirement, succession and life values.
Eliane Chavagnon
21 May 2013
Guest Opinion: An Earnings Report Every Hedge Fund Manager Should Review
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.
Diane Harrison
20 March 2013
Q&A: Rockefeller & Co's Jimmy Chang On The Investment Environment
Here, Jimmy Chang, a senior portfolio manager and a managing director of Rockefeller & Co, discusses some issues around investing in the current environment.
Harriet Davies
4 April 2013
INTERVIEW: Regular Risk Reviews Gain Traction In The Family Office World
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.
Harriet Davies
9 April 2013
FEATURE: Twins And The Business Of Family
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.
Charles Lowenhaupt
8 April 2013
Guest Opinion: Diversification In The Age Of Globalisation
Marc Odo, director of research at software and business intelligence firm Informa Investment Solutions, discusses why diversification failed during the credit crisis.
Marc Odo
25 March 2013
