Archive for March, 2014

Top 10 Women RIAs in 2014

Women are still a minority in financial services, despite the industry’s efforts to address the gender imbalance. Female advisors make up between 10 and 30 percent of the advisory workforce, according to data collected by Cerulli Associates and the Bureau of Labor Statistics. The women on WealthManagement.com’s Top 25 Woman-Owned RIAs list are more than just advisors, of course. They are entrepreneurs, owning at least 25 percent of some of the largest RIAs around. Here’s a closer look at the top 10.

 

 

WealthManagement.com’s Top Women-Owned RIAs list was assembled using data from SEC filings and Meridian-IQ (in which Penton Media has a stake). Advisors are ranked by their firm’s total assets under management. To land on the list, female advisors were required to directly own at least 25 percent of the firm. Additionally, these women have at least some individual clients for whom they do financial planning and have no more than 50 percent institutional clients. Finally, none of the RIAs on our list operates a broker/dealer or a bank.

 

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Friday, March 28th, 2014 EN No Comments

Wealth Management News – March 28

Sat Mar 29, 2014 2:00am IST

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Friday, March 28th, 2014 EN No Comments

Research and Markets: HNWI Asset Allocation in Italy to 2013

Research and Markets (http://www.researchandmarkets.com/research/jdvmn9/hnwi_asset) has announced the addition of the “HNWI Asset Allocation in Italy to 2013” report to their offering.

This report is the result of an extensive research covering the high net worth individual (HNWI) population and wealth management market in Italy.

The report focuses on HNWI performance between the end of 2007 (the peak before the global financial crisis) and the end of 2012. This enables a determination of how well the country’s HNWIs have performed through the crisis.

Scope

  • HNWI and UHNWI asset allocations across 13 asset classes
  • HNWI volume and wealth trends from 2008 to 2012
  • HNWI volume and wealth forecasts to 2017
  • Insights into the drivers of HNWI wealth
  • Independent market sizing of Italy HNWIs across five wealth bands

Key Highlights

  • In 2012, there were around 165,161 core millionaires in Italy, with a
    combined wealth of US$669 billion and an average wealth of US$4
    million.
  • During the review period, the number of core HNWIs increased by 2.5%
    from 161,060 in 2008 to 165,161 in 2012.
  • According to projections, the number of core HNWIs in Italy is
    expected to grow by around 14% over the forecast period to reach
    188,342 by 2017.

Key Topics Covered:

1 Introduction

2 Executive Summary

3 Wealth Sector Fundamentals

4 Analysis of Italian HNWI Investments

5 Appendix

Companies Mentioned

  • Banca Aletti Private Banking
  • Banca Euromobiliare
  • Banca Fideuram SpA
  • Banca Generali
  • Banca Intermobiliare di Investimenti e Gestioni SpA
  • Banca Leonardo Private Banking
  • Banca Popolare di Sondrio Private Banking
  • Banca Profilo Private Banking
  • Ersel Private Bank
  • Intesa Sanpaolo Private Banking
  • MPS Private Banking
  • Mediobanca Private Banking
  • UBI Private Banking
  • UniCredit Private Banking

For more information visit http://www.researchandmarkets.com/research/jdvmn9/hnwi_asset.

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Friday, March 28th, 2014 EN No Comments

21st Century solution to wealth management

Clients today are demanding more wealth management products, their expectations fed by the technology-enhanced customer experience they have grown accustomed to receiving from innovative organisations, says Patrick J O’ Brien, Business Journalist…

The industry is still growing, and fast. The wealth of high-net-worth individuals is expected to grow by 6% annually, while over the next 15 years those older than 65 with investable assets of more than USD1 million are expected to increase sevenfold 

BRIC economies  are among the fastest wealth creation hubs in the world, couple that with explosive growth in the use of the internet for private banking and wealth management, firms likes EXANTE a next generation brokerage company have spotted a niche in the market to offer HNWI premium and unique products while also giving an attentive and personal service.

By bringing the wealth manager search online rather than down at the tennis club, it enables a more transparent and more competitive landscape where choice is shown to the client and decisions are based on fact, not on discretion. These Internet savvy entrepreneurial millionaires expect something very different from their wealth providers than simple estate planning and expensive lunches – a change in attitude to greater sophistication that is being mirrored if at an ironically slower pace, in more advanced markets.

Traditionally, private clients found their wealth managers through recommendation, name and brand, customers today want service, performance, competitive fees and a diverse range of supplemental requirements  

The reputational blows dealt to the big financial institutions throughout the banking crisis have opened the market to smaller firms giving competition which meant transparency. To succeed in the decade ahead, established companies  have leveraged technology in much the same way that their cutting-edge counterparts have in other industries.

By doing so they have embrace a digital approach to doing business that is online, mobile, social, real-time, and 24/7. Getting there means rethinking just about everything, from how they interact with clients to how they conduct business in the back office.  

Wealth managers who have products, services, and pricing capable of withstanding that sort of scrutiny – and who would be willing to make it easy for clients to undertake that level of scrutiny – could change the equilibrium of their industry by allowing and fostering it.

There is no doubt that firms offering online brokerage products that can deliver this entire spectrum of experiences will be best positioned to prosper in the decade ahead.

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Thursday, March 27th, 2014 EN No Comments

Wealth Management News – March 27

Fri Mar 28, 2014 1:56am IST

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Thursday, March 27th, 2014 EN No Comments

Newborn Lebenthal RIA triples its assets but expects more to come

lehenthal, frank campanale, ria, aum

Lebenthal Holdings stands to triple the size of its new wealth management unit with the acquisition of the business of two Morgan Stanley brokers who manage $1.2 billion in assets. But that’s just the beginning, if the CEO has his way.

If a newly hired team of New York-based advisers known as the Gallaway Stern Group brings all its client assets to the unit, Lebenthal Wealth Advisors, the all-equity deal will nearly triple the more than $600 million already under its umbrella, and that’s just the beginning, according to Frank L. Campanale, chairman and chief executive of Lebenthal’s wealth unit.

By the end of 2014, the firm expects to have $5 billion in assets under management, an estimate Mr. Campanale terms “pretty conservative.”

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The two brokers will be joined by three client relationship managers, according to Lebenthal. Christine Jockle, a Morgan Stanley spokeswoman, confirmed the departure of brokers Carrie S. Gallaway and Andrew L. Stern and said the team’s senior member and director, John Sorensen, along with a number of supporting staff members, remain with the wirehouse.

Lebenthal Wealth Advisors includes financial services industry veterans such as Mr. Campanale, former president and chief executive of Smith Barney’s Consulting Group, the now-defunct brokerage’s investment management consulting business; Andrew J. Grillo, president and a former regional director at Smith Barney; and Jeffrey B. Lane, chairman of the parent company, who formerly ran Neuberger Berman Inc., the asset management unit of The Bear Stearns Cos. Inc., and was a vice chairman of Lehman Brothers Holdings Inc.

The parent company, Lebenthal Holdings, founded in 1925, is a boutique investment bank specializing in debt and equity capital markets.

“It’s not a shell to pass through commissions … we’re a true capital markets firm,” Mr. Grillo said.

He said Lebenthal expects to draw a third of its new advisers from wirehouses, with the remainder coming from other independent firms.

“We’re not in the business of competing with the wirehouses, paying 300% of trailing 12 months; it’s just irresponsible,” Mr. Campanale said. And he rejected the notion that his firm might compete with firms such as Dynasty Financial Partners. “We’re more like a really good regional firm like a Baird,” he said, referring to Robert W. Baird Co. Inc.

But Lebenthal has designs on greatness if its office is any hint. It has signed a lease to move into 42,000 square feet of space in the iconic Helmsley Building in Midtown Manhattan next month, Mr. Campanale said. (The building’s owner, Monday Properties, declined to comment.)

The firm says it’s offering clients concierge-style family office services, trust services, and in-house asset management, built on the acquisition last month of equity research firm Heckman Global Advisors Inc. It works with custodians Pershing and RBC Capital Markets, as well as third-party providers Envestnet Asset Management Inc. and Fortigent.

“They are looking to target not just highly successful breakaway groups, but independent firms that are looking to leverage the brand of a firm that’s been around for a while,” said third-party recruiter Nicholas Gudz of StarPoint Consulting Group. “It goes to show there’s other unique options available to advisers that are unknown amongst the adviser community.”

Lebenthal in 2001 was sold for $25 million to The MONY Group Inc. and joined its Advest brokerage unit. In 2004, financial giant Axa SA acquired MONY, and in 2005 sold The Advest Group Inc., including Lebenthal, to Merrill Lynch Co. Inc. Merrill didn’t use the Lebenthal brand, which was sold back to the Lebenthal family in 2007 for $1,000.

Both Mr. Campanale and Mr. Grillo were working to relaunch a new version of E.F. Hutton Co. when Mr. Lane approached them with the proposal to build the advisory business at Lebenthal.

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Thursday, March 27th, 2014 EN No Comments

Marcelo Castro Alves | Focus Selected For "2012 Miami Select Wealth Managers"

MIAMI, Fla., March 26, 2014 /PRNewswire-USNewswire/ — Announcing a special recognition appearing in the May, 2012 issue of MIAMI Magazine published by Modern Luxury, Inc., Marcelo Castro Alves | Focus was selected for the following honor: “2012 Miami Select Wealth Managers”

Marcelo Castro Alves | Focus Selected For 2012 Miami Select Wealth Managers

Marcelo Castro Alves | Focus commented on the recognition: “This is quite an honor for me. The fact that MIAMI Magazine included me in its selection of ‘2012 Miami Select Wealth Managers,’ signals that my constant effort to deliver excellent work has paid off. It is gratifying to be recognized in this way.”

About Marcelo Castro Alves | Focus: a short profile by and about the honoree:
Focus Investment Advisors is a boutique of independent advisory company, committed to exceptional client service and the power of tailor made investments. Miami-based Focus Investment Advisors is a SEC/Finra State-registered investment advisor.

Following the publication of Marcelo Castro Alves | Focus’s selection for MIAMI Magazine’s 2012 Miami Select Wealth Managers list, American Registry seconded the honor and added Marcelo Castro Alves | Focus to the “Registry of Business Excellence™.” An exclusive recognition plaque, shown here, has been designed to commemorate this honor.

For more information on Marcelo Castro Alves | Focus, located in Miami, FL, please call (305) 961-1108, or visit http://www.focusinvest.net/en/.

This press release was written by American Registry, LLC with contributions from Marcelo Castro Alves on behalf of Marcelo Castro Alves and was distributed by PR Newswire, a subsidiary of UBM plc.

American Registry, LLC is an independent company that serves businesses and professionals such as Marcelo Castro Alves | Focus who have been recognized for excellence. American Registry offers news releases, plaques and The Registry™, an online listing of over 2 million significant business and professional recognitions. Search The Registry™ at http://www.americanregistry.com.

Photo – http://photos.prnewswire.com/prnh/20140326/DC91435

Contact Info:
Marcelo Castro Alves
Phone: (305) 961-1108
Email Address: mcastro@focusinvest.net

This award is not indicative of the financial service professional’s future performance. Working with any financial service professional is no guarantee as to future investment success nor is there any guarantee that the selected financial service professional will be awarded this accomplishment by this or any other publication in the future. The inclusion of an individual or firm in the Registry should not be construed as an endorsement of the individual or firm by The American Registry™ or the publication.

SOURCE American Registry

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Wednesday, March 26th, 2014 EN No Comments

Lincoln Center Honors US Trust President Keith Banks at Annual Spring Gala

NEW YORK, March 26, 2014 /PRNewswire/ — More than 350 business and community leaders and patrons of the arts turned out at the Lincoln Center for the Performing Arts Spring Gala to honor Keith Banks, president of U.S. Trust, Bank of America Private Wealth Management, and a member of the LCPA’s Board of Trustees and the Leadership Committee of the Lincoln Center Corporate Fund, for his leadership in efforts to expand access to the arts. The event exceeded its goal, raising more than $2.5 million. A significant portion of the funds raised tonight will be used to improve access to Lincoln Center programs and events for under-served groups including the elderly and schoolchildren.

“On behalf of my fellow New Yorkers, I want to thank the Lincoln Center for contributing greatly to strengthening our local community, improving the lives of our people and enriching the city’s cultural life,” said New York Mayor Bill de Blasio. “Lincoln Center, an internationally recognized, New York City-based cultural organization, attracts five million visitors annually, provides 9,000 jobs to local residents, generates $3.4 billion for the city’s economy and enhances New York’s quality of life and cultural richness.”

The commitment by U.S. Trust and Bank of America to supporting performing arts programming at Lincoln Center for the Performing Arts dates back more than four decades. Bank of America’s support has included sponsoring, underwriting or providing grants to programs that, in 2012-13 alone, provided free or subsidized access to 230,000 individuals who otherwise might not have been able to afford attendance at such programs as the Out of Doors summer series, the “Meet the Artist” series (where Bank of America was the program’s first-ever corporate sponsor), Lincoln Center’s Spring Gala and other initiatives. Prior to its acquisition by Bank of America in 2007, U.S. Trust had a separate commitment to Lincoln Center which began in 1976.

In addition to its long-term commitment to Lincoln Center, Bank of America has supported individual performing arts companies based there through initiatives such as the Metropolitan Opera’s The Met: HD Live in Schools, which provides live transmissions of Met performances to students in New York and 34 other school districts around the country.

The support of programming at Lincoln Center is an important part of Bank of America’s global commitment to championing the arts, which includes a multi-tiered program of sponsorships, underwriting programs and grants as well as loans from its collection of art to museums around the world.

Katherine Farley, Chair of Lincoln Center for the Performing Arts, said, “On behalf of the Lincoln Center for the Performing Arts, I salute the leadership of U.S. Trust’s Keith Banks in helping Lincoln Center fulfill its role as the nation’s leading institution of the performing arts. I am proud that U.S. Trust committed to this longstanding and generous relationship, which has resulted in substantial and continuing support for some of the world’s most innovative and important cultural programs. We are proud to recognize Keith Banks’ dedication to the cause of the arts here in New York.”

Along with Katherine Farley, other attendees at tonight’s event were Frank A. Bennack, Jr. Vice-Chairman of the Board, Hearst Corporation; The Honorable Gale Brewer, Manhattan Borough President; David Coulter, Vice Chairman, Warburg Pincus LLC; Raul Esparza, actor and singer; and Laurie Tisch, President, Laurie M. Tisch Illumination Fund.

New York is the cultural capital of the world and Lincoln Center is its beating heart,” said U.S. Senator Charles E. Schumer. “I am grateful to Keith Banks, U.S. Trust and Bank of America for their long-term commitment to Lincoln Center and its member institutions, which has enabled thousands of New Yorkers to benefit from the outstanding programs available in dance, music and theatre.”

“I became involved with Lincoln Center because I believe in the importance of helping build the communities in which our clients and our associates live and work, and few things do that better than enabling larger audiences to enjoy the world’s finest performances in dance, music and theatre,” said Banks. “As a member of Lincoln Center’s Board of Directors, I want to express my deep appreciation for the depth of the generosity shown by our donors, by U.S. Trust’s clients and by my colleagues in the business community. With their support, we hope to make a vital and lasting contribution to expand access to Lincoln Center and its programs, something that is more important than ever with today’s diminished support for the arts.”

The Lincoln Center Spring Gala, held at Lincoln Center’s Avery Fisher Hall, featured a performance by Joshua Bell, director and violinist at the Academy of St. Martin in the Fields. Bell played Brahms’ Violin Concerto, and the orchestra performed Beethoven’s Symphony No. 3 (“Eroica”).

U.S. Trust and the Bank of America organization have a strong track record of supporting nonprofit cultural organizations in New York City. In addition to LCPA, partners span the city and include institutions such as the Public Theater, Brooklyn Academy of Music, Whitney Museum of American Art, Carnegie Hall, Roundabout Theatre Company, Queens Theatre, Staten Island Children’s Museum and many others.

Banks is no stranger to community leadership. In addition to being honored at the Lincoln Center event, he is deeply involved in a wide variety of charitable and civic organizations. Banks recently addressed the commencement ceremony for Year Up New York, an organization supported by U.S. Trust and Bank of America, which provides urban young adults with skills, experience and career support. Banks also served as a vice chair of the 2014 NY/NJ Super Bowl Host Committee, a member of the Board of Overseers of the Rutgers University Foundation and a director of the Police Athletic League of New York City. In addition, he is a board member of the Bank of America Charitable Foundation, and is a member of the Columbia University Medical Center Board of Advisors and the Columbia Business School Board of Overseers.

About U.S. Trust, Bank of America Private Wealth Management

U.S. Trust, Bank of America Private Wealth Management is a leading private wealth management organization providing vast resources and customized solutions to help meet clients’ wealth structuring, investment management, banking and credit needs. Clients are served by teams of experienced advisors offering a range of financial services, including investment management, financial and succession planning, philanthropic and specialty asset management, family office services, custom credit solutions, financial administration and family trust stewardship.

U.S. Trust is part of the Global Wealth and Investment Management unit of Bank of America, N.A., which is a global leader in wealth management, private banking and retail brokerage. U.S. Trust employs more than 4,000 professionals and maintains 140 offices in 32 states.

As part of Bank of America, U.S. Trust can provide access to a broad range of banking solutions for individuals and businesses, and an extensive retail banking platform.

About Bank of America’s Commitment to Social Responsibility
Bank of America’s commitment to corporate social responsibility (CSR) is a strategic part of doing business globally. Our CSR efforts guide how we operate in a socially, economically, financially and environmentally responsible way around the world, to deliver for shareholders, customers, clients and employees. Our goal is to help create economically vibrant regions and communities through lending, investing and giving. By partnering with our stakeholders, we create value that empowers individuals and communities to thrive and contributes to the long-term success of our business. We have several core areas of focus for our CSR, including responsible business practices; environmental sustainability; strengthening local communities with a focus on housing, hunger and jobs; investing in global leadership development; and engaging through arts and culture. As part of these efforts, employee volunteers across the company contribute their time, passion and expertise to address issues in communities where they live and work. Learn more at www.bankofamerica.com/about and follow us on Twitter at @BofA_Community.

About Lincoln Center for the Performing Arts
Lincoln Center for the Performing Arts (LCPA) serves three primary roles: presenter of artistic programming, national leader in arts and education and community relations, and manager of the Lincoln Center campus. A presenter of more than 3,000 free and ticketed events, performances, tours, and educational activities annually, LCPA offers 15 series, festivals, and programs including American Songbook, Avery Fisher Artist Program, Great Performers, Lincoln Center Books, Lincoln Center Dialogue, Lincoln Center Festival, Lincoln Center Out of Doors, Midsummer Night Swing, Martin E. Segal Awards, Meet the Artist, Mostly Mozart Festival, Target Free Thursdays, and the White Light Festival, as well as the Emmy Award-winning Live From Lincoln Center, which airs nationally on PBS. As manager of the Lincoln Center campus, LCPA provides support and services for the Lincoln Center complex and its 11 resident organizations, welcoming more than five million visitors annually. In addition, LCPA led a $1.2 billion campus renovation on behalf of all the resident organizations which was completed in October 2012.

FOLLOW LINCOLN CENTER ON SOCIAL MEDIA:
Facebook: facebook.com/LincolnCenterNYC
Twitter: twitter.com/lincolncenter
Tumblr: lincolncenter.tumblr.com

SOURCE U.S. Trust

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Wednesday, March 26th, 2014 EN No Comments

Morgan Stanley Broker Team Joins Lebenthal Wealth Advisors –Street Moves

By Corrie Driebusch

A Morgan Stanley ( MS ) financial-adviser team managing roughly $1.2 billion in client assets has joined Lebenthal
Wealth Advisors as an independent wealth-management team, according to its new firm.

The New York-based Gallaway Stern Group is led by Carrie S. Gallaway and Andrew L. Stern, both of whom received
partnership and an equity stake in Lebenthal Holdings LLC, the parent of Lebenthal Wealth Advisors. They received no
front-end cash incentive.

Ms. Gallaway and Mr. Stern both spent about a decade with Citigroup Inc. ( C ) and remained at its joint venture with
Morgan Stanley in 2009, according to Financial Industry Regulatory Authority records. The team left Morgan Stanley
Wealth Management last week.

Joining them in their move to Lebenthal are Jimmy Janeczek, Leigh Moglia and Alexander Tuason.

A Morgan Stanley spokeswoman didn’t immediately return a request for comment.

Lebenthal Wealth Advisors launched late last year and is part of Lebenthal Holdings, an established investment bank
that has specialized in municipal bond trading. The unit is led by Chief Executive Frank Campanale, a former executive
at Smith Barney, and Chief Operating Officer Andrew Grillo, a former regional director at Smith Barney.

The new wealth-management arm currently has about $1.8 billion in assets under management, Mr. Campanale said.

The goal for Lebenthal Wealth Advisors, he said, is to grow to $5 billion under management by the end of the year. He
said he believes the Lebenthal brand name will help the firm achieve that.

“If you think of the idea of a white-shoe firm, there’s a huge spectrum between the four major wirehouses, which are
terrific in their own right, and the independent broker/dealer side,” he said. “We’re more like a regional firm with a
long heritage and legacy.”

(Street Moves chronicles the migration of executives on Wall Street, with a particular emphasis on financial advisers
with more than $1 million in annual production and those who manage more than $100 million in client assets.)

Write to Corrie Driebusch at corrie.driebusch@wsj.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires


  (END) Dow Jones Newswires
  03-26-141740ET
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Wednesday, March 26th, 2014 EN No Comments

Nomura Asset Management Will Expand Use of Charles River IMS Beyond …

Charles River, an enterprise-wide, front- and middle-office investment management solution provider, today announced that Nomura Asset Management Co., Ltd. (Nomura) with 33 trillion Yen AUM, has successfully migrated its Japanese equity business onto the Charles River Investment Management Solution (Charles River IMS), and is expanding its use across the firm’s domestic and international fixed income, foreign exchange and derivatives operations.

A client since 2008, Nomura users worldwide benefit from Charles River’s single, integrated solution for Equity portfolio management, trading and real-time compliance monitoring.

“Charles River IMS is a scalable, multi-asset, multi-currency solution that consolidates numerous systems at Nomura into a global platform,” said Masanao Tsuda, Senior Managing Director, IT Strategy Management, Nomura Asset Management. “It is a strategic choice to use the Charles River front-office solution globally, giving us the confidence to meet our regulatory audit requirements across the entire trade lifecycle.”

“With over 25 clients in Japan, Charles River has a strong reputation for addressing the needs of local buy-side firms,” said Cameron Field, Managing Director, Asia-Pacific, Charles River. “We continue to enhance our solution to help clients, like Nomura, streamline investment workflows across a common platform, simplify operations, and comply with domestic and international requirements.”

About Nomura Asset Management

Nomura AM is a leading investment management firm, and the core company within the Asset Management Division of the Nomura Group, serving retail and institutional investors worldwide. It is a major presence in the global investment industry, especially within Japan and Asia, with total assets under management of around 33 trillion Yen as of September 2013. Nomura AM aims to be the trusted asset management firm of choice for all its clients by offering an unrivalled level of investment expertise and customer service. www.nomura-am.co.jp

About Charles River

Charles River provides an end-to-end solution to automate front- and middle-office investment management functions across asset classes on a single platform. The solution offers a simplified operating model that includes enterprise software, data, application management/upgrades, hosting and FIX network to improve investment professional productivity, control risk and lower technology costs. Charles River serves more than 350 investment firms in 43 countries in the institutional asset and fund management, private wealth, alternative investments, insurance, banking, and pension markets.

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Monday, March 24th, 2014 EN No Comments