Archive for February, 2013

US Bank Wealth Management Appoints Chief Private Banking Officer

U.S. Bank Wealth Management has appointed David Mook as chief private banking officer for U.S. Bank Wealth Management. He reports to Mark Jordahl, president of U.S. Bank Wealth Management, and is a member of the Wealth Management Executive Committee.


U.S. Bank Wealth Management, among the top 20 wealth managers,* announced
today that David Mook has been appointed chief private banking officer for U.S. Bank Wealth Management. In this role,
Mook will drive continued growth in the business by leading private banking services, including product management,
credit underwriting and related portfolio management. He reports to Mark Jordahl, president of U.S. Bank Wealth
Management, and is a member of the Wealth Management Executive Committee.
“David comes to us with outstanding credentials and decades of banking experience,� Jordahl said. “I’m thrilled that he
has chosen U.S. Bank, and I’m confident that he will make a meaningful contribution to our business, team and clients.�
In his new role, Mook will focus on the banking needs of U.S. Bank Wealth Management’s high-net-worth and ultra-highnet
worth clients and family-owned and/or controlled businesses. He will also lead sales management for private banking
products and services, including deposit, mortgage, and other credit products.
Mook brings 29 years of financial experience with J.P. Morgan Chase (“JPM�), where he worked in many leadership
roles. He most recently served as Regional Capital Advisory Practice Lead of Private Banking for the Midwest, West and
California. Prior to that, he served as the Private Bank’s Capital Advisor for Private Wealth Management. He also served
as a senior underwriter for Middle Market Banking and a regional manager for Institutional Investment Services. Mook
has an M.B.A. degree and bachelor’s degree in business administration from Washington University in St. Louis. He
serves on the Board of Trustees of Chicago Theological Seminary and the Board of Directors of Cadence Health
About U.S. Bank Wealth Management
U.S. Bank Wealth Management offers comprehensive wealth management services, including investment management,
private banking, personal trust and estate administration, financial planning, multigenerational wealth planning, and
family dynamics and governance for individuals, families, and their foundations. Ascent Private Capital Management
serves ultra-high-net-worth clients with $50 million or more of investable assets; The Private Client Reserve
( serves high-net-worth clients with more than $1 million of investable assets; and The
Private Client Group serves affluent clients with more than $100,000 of investable assets.
About U.S. Bank
Minneapolis-based U.S. Bancorp (NYSE: USB), with $354 billion in assets as of December 31, 2012, is the parent
company of U.S. Bank, the fifth-largest commercial bank in the United States. The company operates 3,084 banking
offices in 25 states and 5,065 ATMs and provides a comprehensive line of banking, investment, mortgage, trust and
payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at
* Barron’s “Top 40 Wealth Managers,� Sept. 17, 2012, ranked by client assets in accounts of $5 million or more as of
June 30, 2012.
– continued –
Page 2
Deposit products offered by U.S. Bank National Association. Member FDIC. Credit products offered by U.S.
Bank and subject to normal credit approval.
Investment products are:
Not a Deposit Not FDIC Insured Not Guaranteed by the Bank
May Lose Value Not Insured by Any Federal Government Agency
U.S. Bank and its representatives do not provide tax or legal advice. Each individual’s tax and financial situation is
unique. Individuals should consult their tax and/or legal advisor for advice and information concerning their particular
U.S. Bank is not affiliated with the companies or organizations mentioned above. U.S. Bank is not responsible for and
does not guarantee the products, services or performance of third-parties.


Thursday, February 28th, 2013 EN No Comments

standard chartered eyes Indian wealth manager

A couple of Indian financial services companies have also shown interest in buying the wealth management business, and a formal bidding process is expected to start soon, a source told Reuters.

Morgan Stanley launched the sale of its Indian private wealth management unit in November last year after entering the fragmented and competitive market about four years ago.

The wealth management unit has approximately $1bn under management.

Standard Chartered is listed in the UK and India, with strong name awareness in many emerging markets having launched late last year an Islamic version of its online banking platform, Straight2Bank which is available in the United Arab Emirates, Bangladesh, Bahrain, Pakistan and Malaysia.

But in August last year, Standard Chartered agreed to pay a $340m penalty to the New York State Department of Financial Services, in an embarrassing concession to accusations that it laundered money on behalf of Iran.


Thursday, February 28th, 2013 EN No Comments

StanChart may buy Morgan Stanley India wealth unit: Sources


Wednesday, February 27th, 2013 EN No Comments

Newton Announces Sale of Its Private Client Business to Standard Life Wealth

LONDON, Feb. 27, 2013 /PRNewswire/ — Newton Management Limited, together with Newton Investment Management Limited, a global thematic investment boutique of BNY Mellon, announced today that they will be selling Newton’s private client business to Standard Life Wealth. The transaction is subject to regulatory approval, and is expected to close in the third quarter, 2013.

The agreement covers 7% of Newton’s assets under management valued at £3.6bn and approximately 3,000 private clients.

The decision follows a thorough strategic and operational review of Newton’s business. 

Speaking about the transaction, Helena Morrissey , chief executive officer at Newton said:  “The decision to sell the private client business was made after much thought and with the long-term future interests of all clients and staff at the forefront of considerations. Newton’s overall business has evolved over the past several years to the point where private clients now make up just a small portion of our total assets under management. We believe that the interests of private client investors, including the delivery of the highest standards of client service will be better served in future by a business where this area is a core element of the overall company strategy.

We are confident that Standard Life Wealth will offer our private clients and associated staff the best opportunity for on-going success in future, through its commitment to the wealth management business. Newton in turn will now be focused more clearly on our core business of institutional and charity investment management, as well as fund solutions for the wholesale and retail sectors.”

Newton’s business is now focused on managing £28.9bn of institutional assets, £15.7bn of assets for pooled investment funds and £4.3bn of charity assets. Additionally, Newton will continue to offer solutions to retail investors, by acting as an investment manager to BNY Mellon operated funds that are available to other wealth managers. 

Newton is a London-based global asset management subsidiary of The Bank of New York Mellon Corporation and part of BNY Mellon. With assets under management of more than £52 billion* including assets managed by Newton Investment Management Limited as dual officers of Newton Capital Management Limited and The Bank of New York Mellon, Newton’s group of affiliated companies provides a broad range of award-winning investment products and services to individuals, pension funds, charities and corporations. News and other information about Newton is available at or follow us on Twitter @NewtonIM.

*As at 31 January 2013

BNY Mellon Investment Management is one of the world’s leading investment management organizations and one of the top U.S. wealth managers, with $1.4 trillion in assets under management. It encompasses BNY Mellon’s affiliated investment management firms, wealth management services and global distribution companies. More information can be found at

BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle.  Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 36 countries and more than 100 markets.  As of December 31, 2012, BNY Mellon had $26.7 trillion in assets under custody and administration, and $1.4 trillion in assets under management.  BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments.  BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK).  Additional information is available on, or follow us on Twitter @BNYMellon.


This press release contains statements that are considered “forward-looking statements.” These statements, which may be expressed in a variety of ways, including the use of future or present tense language, relate to, among other things, the expected closing date of the transaction. These forward-looking statements are based on current beliefs and assumptions that involve risks and uncertainties and that are subject to change based on various important factors (some of which are beyond BNY Mellon’s control). For additional information with respect to risks and other factors that could cause BNY Mellon’s results to differ materially from those described in the forward-looking statements, see the risk factors set forth in BNY Mellon’s Annual Report on Form 10-K for the year ended Dec. 31, 2011, the Quarterly Reports on Form 10-Q for the quarters ended June 30, 2012 and September 30, 2012 and its other filings with the Securities and Exchange Commission. All statements in this press release speak only as February 27, 2013, and BNY Mellon undertakes no obligation to update any statement to reflect events or circumstances after that date or to reflect the occurrence of unanticipated events.




Wednesday, February 27th, 2013 EN No Comments

Standard Life buys Newton wealth unit

LONDON (Reuters) – British financial services group Standard Life has agreed to buy Newton Management, a UK wealth management unit of BNY Mellon, adding up to 3.6 billion pounds of client assets to its books.

Standard Life said on Wednesday it expects the deal will more than triple the discretionary assets at its Standard Life Wealth arm, boosting market share and increasing profitability.

The agreed price of 83.5 million pounds will be contingenton how much of the assets ultimately transfer to Standard Life Wealth, the company said.

The Newton private client business runs money for around 3000 rich private investors and some charities. ($1 = 0.6608 British pounds)

(Reporting by Chris Vellacott, editing by Sinead Cruise)


Wednesday, February 27th, 2013 EN No Comments

Maybank wins 8 out of 9 awards for private banking services


KUALA LUMPUR: Malayan Banking Bhd wrested eight out of the nine awards related to private banking services in a poll undertaken by Euromoney recently, reaffirming the bank’s leadership in wealth management.

Maybank said on Tuesday that under the 10th annual survey, Maybank emerged with the Best Private Banking Services Overall; and No. 1 in Relationship Management; Privacy and Security and Range of Investment Products.

It said the Euromoney Private Banking and Wealth Management Survey 2013 — conducted in over 60 countries — is one of the most notable recognitions in the global Wealth Management industry.

Maybank took top spots for various categories under Net Worth Specific Services that measured the amount of assets managed by banks.

Maybank was ranked top for Super Affluent (with managed asset of between US$500,000 and US$1mil); High Net Worth I (US$1mil and US$10mil); High Net Worth II (US$10mil and US$30 mil); and Ultra High Net Worth (Greater than US$30mil).

The banking group’s head of high net worth and affluent banking, Choong Wai Hong, said the awards reflected the bank’s leadership in wealth management.

“Wealth management is a growing portion of our consumer banking business especially with the rise of the affluent customers segment in this region,” he said.

Choong said annual growth in financial assets had increased from 16% in 2010 to 22.7%, reaching RM62bil as at December 2012 “and we see this trend continuing to drive our business performance”.

“We anticipate this growth rate to be sustained at 18%-20% in 2013,” he added.

Maybank recently opened its first private banking centre in Seberang Perai, Penang to tap into the growing demand for private banking services.


Wednesday, February 27th, 2013 EN No Comments

Two more prestigious Wealth Management Awards for Nedbank

Nedbank Private Wealth has taken home two awards at the Euromoney Private Banking Survey Awards dinner held in London. The awards presented recently to Nedbank Private Wealth were an outright win of the category Best Private Bank for High Net Worth Clients US$1m to US$10m, and an equal first for Relationship Management, both for the Jersey region, under the Global Award Categories.

The Euromoney Private Banking awards are amongst the most prestigious in the wealth management industry. These awards involve 380 institutions around the world from over 60 countries each year, and include global and regional awards.  They are voted for by the people who know the industry the best, the private bankers themselves.  Winning an award is an independent confirmation of excellence in wealth management.

Greg Horton, Managing Director at Nedbank Private Wealth Limited, commented: “We are delighted to receive these two new awards for the first time this year.  They further serve to confirm our position as a leading private bank and wealth management business.  Receiving this kind of recognition from our peers is a wonderful compliment.”

Euromoney’s annual peer-group survey of the private banking and wealth management industry is unique in publishing.  The survey attracted over 2,500 votes this year for a total of 1,169 nominees.  The breadth of informed opinion, taken together with financial data, results in Euromoney Private Banking Awards that are respected by clients and the industry alike.

The annual Private Banking Survey provides a qualitative and quantitative review of the best services in private banking, by region and by areas of services. It is an informative guide for high net worth individuals on the range of professional wealth management service providers that are available.  Factors such as assets under management, profitability, ratio of clients to relationship managers, and services offered, among other things, are all considered in developing the ranking of the top private banks.

Photograph (l-r):  Clive Harwood, Editor of Euromoney, Greg Horton, Managing Director at Nedbank Private Wealth, Andrew Bates, Senior Private Banker at Nedbank Private Wealth and Mark Durden-Smith (British TV Presenter).


Tuesday, February 26th, 2013 EN No Comments

Deutsche expands physical ETF footprint with Japan launch

Deutsche expands physical ETF footprint with Japan launch

Deutsche Asset and Wealth Management has launched an exchange traded fund (ETF) physically tracking Japan’s Nikkei 225 index.

The db X-trackers Nikkei 225 Ucits ETFs ‘direct replication’ invests in the underlying index constituents, and joins the firm’s existing ‘indirect replication’ – or swap based – ETF on the Japanese market.

Manooj Mistry, head of ETFs EMEA at the firm, said: ‘We’ve noted a pick-up in interest this year from investors looking to take Japanese equity market exposure, so the launch of this new ETF is perfectly timed.’

The ETF, which has a total expense ratio of 0.5%, is the latest direct replication product launched by the predominantly swap-based issuer, adding to its physical range comprising the FTSE 100, Euro Stoxx 50 and Euro Stoxx 50 ex Financials ETFs.

Deutsche also offers GBP-hedged exposure to Japanese equities via a share class of the db X-trackers MSCI Japan index Ucits ETF.


Tuesday, February 26th, 2013 EN No Comments

dpz capital loses senior managers

Through Adrian Kemp, managing director (wealth management) at DPZ Capital, the company said “business interests were misaligned” as the reason for their departure, with Kemp adding that their business and growth visions differed with those of the company.

Along with deputy chief investment officer Rohit Ahluwalia, Watts and Donohoe left Royal Bank of Canada early last year to join DPZ Capital as executive director and principal respectively, to launch the company’s wealth management division.

At the same time, they were joined by Catherine Taylor as chief financial officer who left HSBC Global Asset Management to take up her new role.

Also from Royal Bank of Canada, Kemp joined in October last year as managing director (wealth management) and was immediately put in charge of a five-year development strategy. It is differences over this strategy that seems to be at the heart of why Donohoe and Watts have now left.

Watts’ role was on the due diligence side, interviewing fund managers while Donohoe was in charge of business development with the company looking to spread its client base into London using his extensive contacts.

Kemp said that, while it is “always sad when these things happen” DPZ Capital remains committed to producing good returns for its clients with excellent service.

He confirmed they will look to strengthen the team and replace Watts and Donohoe “when the time is right”. In the meantime, their roles and responsibilities will be shared between Kemp, Ahluwalia and chief executive Darren Zaman.


Tuesday, February 26th, 2013 EN No Comments

Global Markets Weekly 25 February 2013


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Monday, February 25th, 2013 EN No Comments