Archive for August, 2012

Clearview endorses suitor’s $245m bid

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Wednesday, August 29th, 2012 EN No Comments

Fund managers call for full split of retail/investment banking

The Investment Management Association is questioning whether banking reform proposals to ringfence retail operations go far enough, with some members calling for a full split between retail and investment banking.

In its submission to the Parliamentary Commission on Banking Standards, the IMA says some asset managers now believe Government proposals do not go far enough.

In June, the Government published its Banking Reform white paper to ringfence retail banking operations based on the Independent Commission on Banking proposals.

The Parliamentary Commission on Banking, set up by the Government in the wake of the Libor-fixing scandal, will take evidence in September and report back by December 18 to make recommendations to the banking reform bill.

IMA head of communications Mona Patel says: “While the IMA supported the proposal in the Independent Commission on Banking’s final report to ringfence a bank’s retail operations, we now believe it is right to question whether or not this goes far enough and indeed some of our members consider complete separation is the way to go.”

Patel says the structure of the banking sector was a driving factor in the financial crisis and created misselling scandals in payment protection insurance and interest rate swaps.

She adds: “Trust is also critical to efficient and effective capital markets and if a key player in those markets cannot be expected to act with integrity there is a detrimental knock-on effect on the whole of the financial services sector.”

The IMA questions whether a sales-based culture is causing misselling scandals and asks whether commission should be awarded on the basis of customer satisfaction rather than sales targets.

ICB chair Sir John Vickers has criticised the Government for watering down his proposals in its white paper.

Evolve Financial Planning director Jason Witcombe says: “There is a general feeling that banks have become too big and if the casino banking side was split from the retail side, then it would be easier for investors to understand what the bank does.”

Timeline of banking reform

May 2010: The Liberal Democrats first propose a split to retail and investment banking in their general election manifesto.

June 2010: The Independent Commission on Banking is set up by the Government to investigate how to a separation of retail and investment arms would work, as set out in the Coalition Agreement.

November 2011: The ICB’s final report recommends ringfencing retail operations from investment.

June 2012: Chancellor George Osborne unveils the Banking Reform white paper setting out the Government’s proposals for a ringfence.

July 2012: The Government sets up the Parliamentary Commission on Banking Standards after the Libor scandal. Despite calls for a judge-led inquiry from Labour, it gains all-party support.

January 2013: Banking Reform Bill will be launched for Parliamentary debate.



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Wednesday, August 29th, 2012 EN No Comments

switzerlands julius baer confirms another theft


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Tuesday, August 28th, 2012 EN No Comments

It’s Your Business: IberiaBank completes conversion of Florida Gulf Bank

Dave Osborn

Dave Osborn

IberiaBank Corp. has announced the successful conversion of Florida Gulf Bank.

In mid-August, IberiaBank completed final details, such as consolidating operating systems and replacing signs.

As of Aug. 20, all former Florida Gulf Bank branches began operating as IberiaBank, which now has 11 branches in Lee County — one in Estero, seven in Fort Myers and three in Cape Coral.

IberiaBank has 276 offices, including 186 bank branches in Florida, Louisiana, Arkansas, Tennessee, Alabama and Texas.

Minnick named a managing director for SunTrust, Collier County

Deborah Minnick has been named president and private wealth management managing director for SunTrust Bank, Collier County.

Minnick, who joined SunTrust in December, will be based in the Pelican Bay office. She is responsible for leading the SunTrust Private Wealth Management Client Advisers in the Naples and Bonita Springs markets. She holds a bachelor’s degree from Indiana University, Bloomington, and a master of business administration, or MBA, degree from the University of Colorado, Boulder.

Margaret Callihan, chairman, president and chief executive officer of SunTrust Bank, Southwest Florida, recently announced the move.

Koscenski joins Bayshore Technologies

Paul Koscenski has joined Bayshore Technologies in Florida as a senior technical consultant.

He recently relocated from Boston where he worked at organizations such as Covisia Solutions, Aegis Associates and Technology Advisors Inc.

Koscenski will join Bayshore’s virtualization practice.

Walker joins Salon Alfredo staff in Bonita Springs

Melissa Walker has joined the staff at Salon Alfredo Boutique in Bonita Springs.

Walker is a graduate of Cozmo The School is in Bonita. For more information, contact Melissa at the salon, 26381 U.S. 41 S., at 239-949-3005.

__ Connect with Dave Osborn on Facebook and Pinterest at Ndn-Dave Osborn and on Twitter at NDN_dosborn.


Tuesday, August 28th, 2012 EN No Comments

Self Employed IFA, OTE £100k, Edinburgh

  • Job Role: IFAs
  • Recruiter: Foundation Resourcing
  • Location: Edinburgh
  • Salary: £100,000 Uncapped

Financial Adviser


Self Employed OTE £100k uncapped

As part of one of the largest wealth management firms in the country this practice has specialised in wealth management and over 13 years has built a loyal high quality client bank. They now have an excess of clients, with c.60 good clients available for the right adviser to enjoy. You will have full administration and paraplanning support additional leads generated through the seminar programme. If you are diploma qualified and are able to generate some business for your self and would be interested in the opportunity to grow and potentially take over the practice itself then apply right now quoting reference 8975.


Tuesday, August 28th, 2012 EN No Comments

Perspectives from the Sarasin Group: The economy must be reformed, but no …

Aug 27 2012

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We are living in challenging times, characterised by fundamental social, economic and political experiments. In the current edition of “Perspectives”, Burkhard P. Varnholt, Chief Investment Officer of Bank Sarasin Co. Ltd, examines three specific challenges of these difficult times: the dynamic growth of private and sovereign debt, unprecedented worldwide demographic changes, and hidden deficits in Western social insurance programs. For investors, the only sensible response to these challenges is a consistently sustainable approach to investment decisions.

The Western debt crisis illustrates one of the glaring weaknesses of democracies: democratically elected politicians tend to make (overly) expensive campaign promises. So it cannot come as a surprise that most of the OECD countries have not posted balanced public sector budgets since the early 1970s. There is a danger that the politics of expediency will steer clear of a sustainable financial policy while trying to buy time and social harmony through an expansionary monetary or fiscal policy. That would be a bad and irresponsible policy for all citizens and creditors. There are several debt crises that have been successfully overcome. Examples include the resolution of the Latin American debt crisis at the start of the 1980s, the resolution of the international banking crisis in the late 1980s, the resolution of the US savings loan crisis, the resolution of the Scandinavian debt and banking crisis, and the resolution of the Asian debt crisis.

Burkhard P. Varnholt, Chief Investment Officer, Bank Sarasin Co. Ltd

“Index-tracking investments or buy-and-hold strategies could turn out to be the wrong approaches to asset management in the decade ahead. This is because on the one hand many stock indices do not yet incorporate crucial sustainability analysis, and because in such a dynamic world as ours it is simply irrational to entrust strategic asset allocation decisions to the “cruise control” technique of a buy-and-hold approach.”

Demographic trends: the biggest threat to our prosperity

With the media preoccupied by the European debt crisis, the looming threat presented by demographic change is being pushed into the background. But there is in fact a close correlation between prosperity and demographic trends. Our human capital creates wealth, and our wealth influences our willingness to reproduce. However, birth rates in a growing number of countries have dropped below the population replacement level of 2.1 children per female, while life expectancy has increased. Social security systems are a cause of people having fewer children. Improved healthcare systems are the primary cause of longer life expectancy. Wherever the state has provided these, birth rates have fallen. Coupled with longer life expectancy, this trend creates a generational conflict that is difficult to defuse. In a nutshell, our cherished life plan of early retirement at the age of 58 or 60, a life expectancy of 80 or 90 years, abstention from reproduction, and collecting government-funded social security payments cannot work out in the long run.

Social welfare programmes – the stealth drivers of debt

In addition to worrying demographic trends, the high explicit public debt burdens in the OECD countries will be compounded in future by implicit government liabilities that will arise from underfunded social entitlements, systemic miscalculations and demographic changes. This problem will bear down on most OECD countries with increasing speed in the coming years for three reasons. First, rising old-age dependency ratios are overstraining the income redistribution systems currently in place. Second, most social insurance institutions are overestimating their asset positions by making overly optimistic assumptions about expected future interest income and capital gains. And third, the mathematical capacity to absorb risk has shrivelled beyond recognition for the overwhelming majority of social insurance institutions.

A political wish list

The short list of four wishes summarised below would alleviate the challenges described. They are by no means revolutionary ideas, but they should actually gain political consensus.

1. Debt-brake mechanisms can operate successfully if they take precedence in the legal hierarchy. Switzerland benefits from an effective debt-brake mechanism because it already works at the municipal level and from there exerts a balancing effect on the Swiss Confederation’s federal budget.

2. A uniform deposit insurance guarantee scheme has now become a necessity in the eurozone in order to put a definitive end to mounting runs on banks. However, this can only be successful if bank balance sheets are systematically shrunk and insolvent financial institutions are shut down in accordance with market economy criteria and without any national discrimination.

3. Most state social insurance systems suffer from a systemic lack of transparency. As a result, their foreseeable cost increases and their already worsening financial fragility become systematically obscured in equal measure. Radical transparency is required.

4. Balanced demographics make one of the most valuable contributions to the future viability of our social insurance institutions. If we face up to the fact that future generations should probably expect to receive smaller pensions as life expectancy rises, then the desire to have children will pick up again.

Long-term implications for investors

The first step for investors should be to systematically evaluate all of their assets to determine whether they are directly or indirectly exposed to sustainability risks of an economic, social or environmental nature. This rigorous analysis forms the centrepiece of modern sustainable asset management. Second, the question of what is the ultimate “safe” asset needs to be radically re-examined. To date, government bonds have been considered an absolutely safe haven. But in the absence of an undisputed safe asset class, modern portfolio theory does not work. And third, index-tracking investments or buy-and-hold strategies could turn out to be the wrong approaches to asset management in the decade ahead. This is because on the one hand many stock indices do not yet incorporate crucial sustainability analysis, and also because in such a dynamic world as ours it is simply irrational to entrust strategic asset allocation decisions to the “cruise control” technique of a buy-and-hold approach. What remains is the compelling realisation that we need to safeguard the sustainability of the assets that we manage. That is the very least that future generations should be able to expect from today’s asset managers.

For more information please contact:
Sameena Ahmad | Corporate Affairs
T: +971 (0)4 363 43 00 | e-mail:

Sarasin – Sustainable Swiss Private Banking since 1841. –
The Sarasin Group has its roots as a leading Swiss private bank. As an international financial service provider committed to sustainability, the Group is now represented in more than 20 locations in Europe, the Middle East, and Asia. At the end of June 2012 it managed total client assets of CHF 99.1 billion and employed around 1,700 staff.

Bank Sarasin-Alpen (ME) Ltd –
Bank Sarasin-Alpen is incorporated as Bank Sarasin-Alpen (ME) Limited in Dubai, as Bank Sarasin-Alpen Qatar, LLC, in Qatar and as Sarasin-Alpen LLC, in Oman. These subsidiaries of Bank Sarasin, Basel, Switzerland provide the complete range of Bank Sarasin’s private banking services. In addition to UAE, Qatar and Oman, the bank caters to the requirements of private and institutional clients in the Middle East and South Asia.

Legal notice

Distribution in UAE:

This information has been distributed by Bank Sarasin-Alpen (ME) Limited, Dubai, UAE. Related financial products or services are only available to clients as defined by the DFSA and to wholesale customers. Bank Sarasin-Alpen (ME) Limited is duly authorized and regulated by Dubai Financial Services Authority (DFSA).

About Raee Public Relations:
Raee Public Relations offers research-based solutions driven by your business objectives. Our regional network is well tested to ensure we are relevant to your diverse dynamic, while talents are carefully chosen to deliver against uncommonly high and consistent standards. Drawn from an international cross-section of journalists, PR and industry-specific professionals, our team is fuelled by passion and guided by fact.

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© Press Release 2012


Monday, August 27th, 2012 EN No Comments

Gateway Pro Tour announces Harris Private Bank as newest sponsor

SCOTTSDALE, Ariz. — Gateway Pro Tour announced that Harris Private Bank, a wealth management firm with locations in 11 states across the country, is the latest to sign on as a sponsor of the Gateway Pro Tour.

Started in 1907 in Chicago, Ill., Harris Trust and Savings Bank has today become BMO Harris Bank N.A. Harris Private Bank, a line of business formed out of BMO Harris Bank and its affiliates, offers a comprehensive range of wealth management services that include financial planning, investment management services, trust and estate services and private banking to meet the financial needs of high net worth individuals and families.

“Harris Private Bank is excited to sponsor the Gateway Pro Tour. As a company that is dedicated to helping clients achieve their financial goals, we are excited to partner with others who are striving to achieve their lifelong professional goals,” said Matt Miller, Senior Managing Director at Harris Private Bank. “We look forward to this ongoing partnership and supporting the Gateway Pro Tour participants.”

Sponsors provide an essential resource for the Gateway Pro Tour. Some of the ways sponsor money allows for the continued growth, success, and recognition of the Gateway Pro Tour are – Tour expansion, increased purse sizes, Nationwide and PGA TOUR exemptions, Q-School bonuses, administration, tournament equipment and materials, charity golf tournaments, community involvement and enhanced membership benefits.

“Sponsor support is important to the continued growth and success of our Tour, and we are excited to partner with great companies like Harris Private Bank,” said Ryan Pray, Executive Director of the Gateway Pro Tour.

The Marshall Ilsley Corporation traces its founding to 1847 in Milwaukee, Wisc. MI Wealth Management, a business line offered through Marshall and Ilsley Trust Company N.A. and various affiliates, is a leading provider of trust, investment management, and private banking services to corporations, institutions and affluent individuals. In 2011, BMO Financial Group, Harris Private Bank’s parent, acquired MI. With U.S. headquarters in Chicago and Milwaukee for the companies comprising them, Harris Private Bank and MI Wealth Management operate offices in Arizona, California, Florida, Illinois, Indiana, Kansas, Missouri, Utah, Virginia, Washington and Wisconsin. For more information go to

Established in 2001, Gateway Pro Tour was created to help aspiring PGA TOUR professionals fine-tune their skills in competitive golf tournaments. In its 11-year history, the tour has maintained a leading position as the premier developmental professional golf tour on the west coast and has paid out more than $42.1 million to players over that period. Gateway has served more than 3,400 players, with 161 GPT alums currently playing on the and PGA Tours. These players represent 24 PGA Tour wins and 77 Tour wins. Today, Gateway Pro Tour continues to provide the ideal competitive environment as well as significant financial opportunities for aspiring PGA TOUR and Tour professionals.

For more information on sponsorship opportunities or information for the 2012 season, go to


Monday, August 27th, 2012 EN No Comments

Triveni Engg – Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011


(August 24, 2012)



Monday, August 27th, 2012 EN No Comments

Danielle Dion Joins Legacy Family Office

Legacy Family Office, a southwest Florida based Multi-Family Wealth Office, welcomes Danielle Dion in her new position as Client Service Associate. Dion’s experience and customer service focus will enhance the concierge level of financial affairs coordination currently delivered by Legacy Family Office and its principal Tamara Surratt. Dion earned her Bachelor of Arts in Liberal Arts at Florida Gulf Coast University and was the executive assistant and office manager for American Capital Wealth Managers prior to joining Legacy Family Office.

Legacy Family Office provides tailored solutions to help wealth-owning client families develop philanthropic and investment strategies intended to preserve the family’s wealth, values, and valuables. Legacy Family Office is located at 23160 Fashion Drive, Suite 227, Estero, FL 33928. For additional information, call 239-949-1982 or visit

About Legacy Family Office

Legacy Family Office provides tailored, holistic solutions with the goal of helping wealth-owning families preserve and grow their financial assets as well as their human, social and intellectual family capital. Legacy Family Office works with families to create a feeling of responsibility and confidence in the management of family resources. In addition, the Family Office implements customized plans that are designed to meet family goals and to successfully transfer wealth to future generations by coordinating:
· Family wealth education
· Estate planning and trustee oversight
· Integrated tax and financial planning
· Day-to-day management of financial affairs
· Investment advisory services
· Risk management
· Family philanthropy

Legacy Family Office is located at 23160 Fashion Drive, Suite 227, Estero, FL 33928. For additional information, call 239-949-1982 or visit

Legacy Family Office, LLC, is registered as an investment adviser with the State of Florida and only transacts business in states where it is properly registered; notice filed, or is excluded or exempted from registration requirements. Florida registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the adviser has attained a particular level of skill or ability. Tax and estate planning advice is general in nature and the firm is not engaged in the practice of accounting or law.


Sunday, August 26th, 2012 EN No Comments

Rogers joins Chemical Bank

Adam T. Rogers has joined Chemical Bank as a Trust investment officer for Chemical Bank Wealth Management.

Rogers provides portfolio management services for individual and institutional clients of Chemical Bank Wealth Management with a focus on those clients who use Chemical Bank’s employee benefits services. Adam, a Midland native and H.H. Dow High alumnus, graduated from Eastern University in Pennsylvania with a degree in finance and accounting. He has more than five years of experience in investment and portfolio management with Pennsylvania Trust located in the Philadelphia area.

He recently moved back home to Midland where he joins his parents, Greg and Candy, and his brother and fellow Chemical Banker, Michael.

Copyright 2012 Midland Daily News. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


Sunday, August 26th, 2012 EN No Comments