Daily News Analysis
RBC Wealth Management Ramps Up Pittsburgh Office
22 May 2013
RBC Wealth Management has added financial advisor Patrick Tobin to its Pittsburgh, PA, office. Tobin, who joins from Morgan Stanley Smith Barney, has around $65 million in assets under management and has been in the industry for 25 years . He has been appointed first vice president as well as senior portfolio manager-portfolio focus.
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FINRA Fines LPL Over Email System Failures
22 May 2013
The Financial Industry Regulatory Authority has fined LPL Financial $7. 5 million for email system failures, and ordered the firm to set up a $1 . 5 million fund to compensate customers who were affected by the flaws.
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Executive Departure At Citi Triggers Reshuffle; New CEO Of Private Bank
22 May 2013
Jane Fraser, who has been chief executive of Citigroup’s private bank for the past four years, is to be replaced by Mark Mason as Fraser takes up the post as new head of the US bank’s mortgage business. The current CitiMortgage CEO, Sanjiv Das, plans to leave the bank to “pursue other opportunities,” according to the wording of an internal memo . The move was announced by Citigroup CEO Michael Corbat.
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Fremont Bank Names New Vice President Of Wealth Management
22 May 2013
California-based Fremont Bank has appointed Oscar Harrison as vice president of wealth management services. Harrison, who has 14 years of experience in the financial sector, has held a number of positions at firms including Merrill Lynch, Morgan Stanley and Banc of America Investments . As well as leading the bank's team of wealth management advisors, in his new role, Harrison will be responsible for the development of a full spectrum of products and services that will be available to banking clients.
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Investment Advisor Sentenced To Prison In California Over $3.3 Million Fraud Scheme
22 May 2013
Joseph Randall Medcalf, who in March of this year pled guilty to three counts of mail fraud and one count of bankruptcy in connection with a scheme that caused his investors to lose a total of some $3. 3 million, has been sentenced to six and a half years in prison, according to US Attorney Benjamin Wagner . Medcalf, 56, has been ordered to pay restitution of over $3.
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UK’s Aberdeen Confirms Commitment To US With Acquisition
22 May 2013
Aberdeen Asset Management has completed the deal to buy US-listed Artio Global Investors for a sum of $179. 7 million, based on a price of $2 . 75 per share, following the firm’s announcement in February.
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South Carolina Bank Inks Deals To Upgrade Wealth Management Offering
22 May 2013
South Carolina-based The Palmetto Bank is moving over to Investment Professionals Inc’s brokerage platform, having been with Raymond James previously. The Palmetto Bank is also looking to enhance its trust services and has inked a deal with Thomasville National Bank . IPI said the three firms would work together to provide “seamless interaction between traditional trust and brokerage” for clients of the bank, and boost its assets under management from the current $460 million.
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UBS Intensifies Its Commitment To Brazil With New CEO Hire From HSBC
21 May 2013
UBS has appointed Sylvia Coutinho as chief executive of UBS Group Brazil, effective when current CEO Lywal Salles retires on June 24. Coutinho was previously head of retail banking and wealth management for Latin America and asset management for the Americas at HSBC . She has also worked in a number of other senior Americas-based roles at that firm - primarily in wealth management, private banking and asset management.
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Peapack-Gladstone Hires From Wilmington Trust For New Jersey Private Banking Office
21 May 2013
Peapack-Gladstone Bank is opening a private banking office in Princeton, NJ, this month, in an expansion of its wealth management business. As part of its move into the region, the bank has hired Sean Murray from Wilmington Trust . At Wilmington, Murray ran wealth advisory services in the New Jersey market, as market executive.
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Janney Hires Wealth Management Executive From Morgan Stanley In Delaware
21 May 2013
Philadelphia, PA-headquartered Janney Montgomery Scott has appointed industry veteran Randall Renneisen as an executive vice president of wealth management in Greenville, DE. Renneisen, who oversees about $195 million in client assets, is joined by vice president of wealth management Robert Fischer and registered private client assistant Susan McDermott . Together they will form The Renneisen Group.
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News and Features
Latest News
South Carolina Bank Inks Deals To Upgrade Wealth Management Offering
UK’s Aberdeen Confirms Commitment To US With Acquisition
Executive Departure At Citi Triggers Reshuffle; New CEO Of Private Bank
FINRA Fines LPL Over Email System Failures
Fremont Bank Names New Vice President Of Wealth Management
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
BNY Mellon Lays Out Big Hiring Plans For Wealth Management
BNY Mellon Wealth Management is planning to double the size of its global sales force, as well as adding a raft of private bankers.
Harriet Davies
22 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
