The global private banking industry is back on its feet for the first time this decade with improved profits and increased assets under management, says wealth management consultancy Scorpio Partnership.
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Financial assets of the wealthy grow markedly
July 4, 2005The financial wealth of the world’s high net worth individuals (HNWIs) has continued to grow significantly, expanding by 8.2% in 2004 to reach $30,800bn, according to the ‘2005 World Wealth Report’ by Merrill Lynch and Capgemini.
Purcell bows to pressure and quits Morgan Stanley
July 4, 2005
Phil Purcell, Morgan Stanley’s chairman and CEO, has bitten the bullet and finally announced he is stepping down.
“It has become clear that, in light of the continuing personal attacks on me, and the unprecedented level of negative attention our firm – and each of you – has had to endure, this is the best thing I can do for you, our clients and our shareholders,” he said in a letter to staff.
UniCredit shows its strength with German merger
July 4, 2005
UniCredit, Italy’s biggest bank by market capitalisation, last month announced a €15bn deal to merge with Germany’s HypoVereinsbank.
The news will be welcomed by the Italian president, Carlo Azeglio Ciampi, who has a background in banking and is an unapologetic enthusiast for European integration.
US bank profits are about to head south
July 4, 2005The medium-term outlook for profits at US banks is gloomy, according to Andrew Smithers and George Leventis.
Richest nations must keep Africa on the agenda
July 4, 2005The emphasis on aid and debt relief distracts attention from the most important issue for Africa – trade reform.
Flaws in the EU Savings Directive will cost member states dearly
July 4, 2005The new tax rules could bring in €10bn a year but significant loopholes mean they are unlikely to achieve their aims.
UniCredit’s HVB deal does not signify a trend
July 4, 2005It will take more than the Italian bank’s takeover of the less than attractive German institution to prompt a torrent of consolidation.
Benign climate will continue to foster growth at world’s top banks
July 4, 2005Overall profits may remain variable but the biggest players – especially those in the EU25 – look certain to dominate the landscape.
Top 1000 reveals latest episode in banks’ success story
July 4, 2005Welcome to the largest edition of The Banker ever produced in nearly 80 years of publishing history. At 328 pages, our July issue is a veritable gold mine of articles, interviews, facts and figures. Taking pride of place is, of course, our annual Top 1000 ranking of world banks.