Archive for June, 2015

Greenwood financial firm rated among best

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Saturday, June 27th, 2015 EN No Comments

Parkite honored by the Financial Times

Parkite honored by the Financial Times

Glen Mintz, a founding partner of Mogul Financial Group, a UBS Wealth Management Americas Signature Team, has been named one of the top 400 financial advisers in the country by Financial Times. According to a press release, Mintz is the senior portfolio manager for a long equity and a long/short equity portfolio. Greg Golding and Noah Levine, co-founders of Mogul Financial Group, said in the release: “Recognition from the Financial Times is an extremely big deal. We are proud of Glen and gratified to be able to offer a unique approach to wealth management, not just to our firm but to our community.

No Barriers Summit registration closes soon

Registration for the 2015 No Barriers Summit, an event hosted by the National Ability Center designed to empower people to break through challenges, is set to close June 30, according to the event’s website, The registration cost for the event starts at $200. The summit is scheduled for July 9 through July 12 and will feature several prominent people sharing stories of overcoming challenges, and will also showcase new and innovative technology that helps people with disabilities. For more information, or to register, visit the summit’s website.

Chamber/Bureau to hold after-hours mixer

The Park City Chamber Bureau is set to hold an after-hours business mixer July 8.

According to the Chamber/Bureau’s website,, the mixer is an opportunity to showcase local business and a chance for members to network with colleagues and other members. The mixer will be held at Red Rock Junction, from 5 p.m. to 7 p.m., and will feature appetizers. Admission is free for members. To RSVP, visit


Friday, June 26th, 2015 EN No Comments

KeyCorp Hires Leader for Family Wealth Management Division







KeyCorp in Cleveland has hired a new leader for its wealth-management division that focuses on wealthy families.

The $94 billion-asset company named Gary Poth head of family wealth at Key Private Bank. Poth will report to Terry Jenkins, president of Key Private Bank.

Poth had previously been senior sales leader for Key’s Eastern Ohio region, leading teams that worked in investment management, trust and estate planning, financial planning and banking for wealthy customers.

Poth first worked with Key while he was with the consulting firm EY (formerly Ernst Young) in 1995. Poth joined Key in 2009 as director of strategy and sales for Key Private Bank.

Jacob Passy is a reporter with American Banker.

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Friday, June 26th, 2015 EN No Comments

‘Quite Positive’ on Europe Stocks: Deutsche’s Woehrmann

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Friday, June 26th, 2015 EN No Comments

The Insider, Joseph Sweeney Unloaded 9042 Shares of Ameriprise Financial …

The Insider Joseph Sweeney Unloaded 9042 Shares of Ameriprise Financial -Transactions

Joseph Sweeney Insider Sell Transaction

Pres-AWM Products Services, Joseph Sweeney is the Ameriprise Financial, Inc. (NYSE:AMP) 127.86 -0.52 -0.41%‘s insider which sold shares of Ameriprise Financial Inc, 9,042 to be precise. The unloaded shares were based on a stock price per share of $129.4, with the insider trading deal worth approx. $1,170,017 U.S Dollars. Currently, Mr. Joseph, has ownership of 11,956 shares, which accounts for 0.01% of the company’s market cap. A filing free at your disposal here shows this insider activity, that was performed on 25/06/2015 and was filed with the (SEC).

Ameriprise Financial Inc Stock Rating, Sentiment and Fundamentals

Evidence from figures by thirteen leading analysts who cover the stock; shows that the growth rate year-on-year could be smaller than 13.47% with $9.51 earnings-per-share, making the Minnesota-based company’s price to earnings ratio – 13.50.

* Read How Our Stock Ratings System Works

The stock price of Ameriprise Financial Inc’s has dived 4.29% in just the last 75 days, showing a steady and strong downtrend. Our experts rate the stock as a sell based on our well-know stocks trend-following model.

Price Chart of Ameriprise Financial NYSE:AMP Stock

The Insider Joseph Sweeney Unloaded 9042 Shares of Ameriprise Financial -Stock-Price-Chart

Source: RightEdgeSystems, Yahoo Split Dividend Adjusted Data and OctaFinance Interpretations

Stanley Druckenmiller, a well-known stock market investor, stated that money is best made through a mix of both technical as well as fundamental analysis.

Hedge Funds Ownership

As of Q4 2014, 602 institutional investors and hedge funds have shares of Ameriprise Financial Inc. The institutional ownership of Ameriprise Financial Inc’s stock in Q4 2014 is extremely high, at 87.90% of the shares outstanding. Its down 1.52% from Q3 2014. These professional stock holders decreased the total shares they own by 2.46 million to 159.43 million this quarter. A total of 73 funds opened new positions in Ameriprise Financial Inc and 170 increased their holdings. There were 32 funds that closed their positions and 249 that reduced them.

12 funds are positive about the stock and have it in their Top 10. Some of them are: Northrock Partners Llc, Ridgeworth Capital Management Llc, Ashfield Capital Partners Llc, Lyrical Asset Management Lp, Boyar Asset Management Inc., Nli International Inc, Dana Investment Advisors Inc., Mu Investments Co. Ltd., Todd Asset Management Llc, Marvin Palmer Associates Inc.


Advisors Capital Management Llc had the greatest investment with ownership of 19,465 shares as of Q4 2014 for 0.31% of the fund’s portfolio. Armstrong Shaw Associates Inc Ct is another positive player having 2,020 shares of the company or 0.05% of their stocks portfolio. The stock is also 0.01% of the fund’s AUM. In addition Auxier Asset Management have 0.07% of their stock portfolio invested in the company’s market cap for 2,498 shares. Balasa Dinverno Foltz Llc revealed it had acquired a stake worth 0.03% of the fund’s stock portfolio in Ameriprise Financial Inc. Cetera Advisor Networks Llc is also positive in the firm, owning 2,166 shares or 0.02% of their stock portfolio.

Ameriprise Financial NYSE:AMP Company Profile

Ameriprise Financial Inc

Ameriprise Financial, Inc. (Ameriprise Financial) is a holding company primarily engaged in business through its subsidiaries. Ameriprise Financial is a diversified financial services company that offers financial solutions to individual and institutional clients. The Company operates in four segments: Advice Wealth Management, Asset Management, Annuities and Protection. The Advice Wealth Management segment provides financial planning and advice, as well as full-service brokerage services, primarily to retail clients through advisors. The Asset Management segment provides investment advice and investment products to retail, high net worth and institutional clients on a global scale through Columbia Management and Threadneedle. The Annuities segment provides variable and fixed annuity products of RiverSource Life companies to individual clients. The Protection segment offers a variety of products to address the protection and risk management needs of retail clients.

Company Website: Ameriprise Financial

Ameriprise Financial Inc was founded in Delaware on 1983-09-29. Now its market value is: $23.19 billion and it has 180.64 million outstanding shares. Today it has 89.74% shareholders and the institutional ownership is 89.74%. Ameriprise Financial Inc has 12209 employees. The stock closed at $128.380005 yesterday and it had average 2 days volume of 384866 shares. It is up from the 30 days average shares volume of 292457. Ameriprise Financial Inc has a 52w low of $105.41 and a 52weeks high of $138.23. The current price is above the 200 days Simple moving average. Ameriprise Financial Inc last issued its quarterly earnings report on 04/22/2015. The company reported 2.18 EPS for the quarter, missing the consensus estimate of 2.33 by 0.15. The company had a revenue of 3.06 billion for 3/31/2015 and 3.10 billion for 12/31/2014. Therefore, the revenue was -36,000,000 down.

* Estimate of the number of shares held in the reporting person’s account in the Ameriprise Financial Stock Fund under the Ameriprise Financial 401(k) plan as of June 23 – 2015. This plan uses unit accounting and the number of shares that a participant is deemed to hold varies with the price of Ameriprise stock.


Thursday, June 25th, 2015 EN No Comments

MBA Jobs: Wealth Management Recruiting Surge Led By Asia

The power of wealth management is pushing banks to hire more private bankers.

Nowhere is this trend more prevalent than in Asia, as local wealth managers multiply and merge, and global banks seek to capitalize on the spread of wealth into emerging markets.

Melanie Alciati, assistant director at the Career Development Centre of global business school INSEAD, says there is high demand for wealth managers in mainland China, Hong Kong and Singapore in particular.

“[Wealth management] offices are looking to cater to the non-resident Indian population, and aim to have access to a stream of talent to address that market,” she says.

Full-service banks are recruiting the most and have dedicated MBA recruitment paths. “However, we do see specialist wealth managers coming to INSEAD looking for very specific profiles, for instance to cover specific regions and portfolios of clients,” says Christelle Cuenin, assistant director of corporate partnership development at INSEAD.

The slow rise of digital in the wealth management sector is reaching a tipping point.

In an interview with BusinessBecause, Jean François Mazaud, head of Société Générale Private Banking, says: “With the rise of digital, clients have developed new habits and expectations. They want us to provide them easy access to all our products and services, anywhere, anytime, but still emphasize the importance of human interactions when necessary.”

Wealth management recruitment is focused on regions with notable private wealth growth, according to Tony Somers, director of the Career Management Centre at HEC Paris, a top business school in Europe.  

Credit Suisse has expanded its wealth management operations in South America, and plans to open new offices in Brazil; UBS plans to hire more for its wealth management business, and plans to open offices in Brazil’s Rio de Janeiro and Belo Horizonte, the bank said.

This shift comes as banks pull out of more risky investment banking activities. Barclays and Royal Bank of Scotland have announced plans to slash investment banking headcount significantly this year. “We have seen that wealth management has more hiring potential than investment banking,” says Tony.

The high salaries associated with wealth and asset management has made the career paths more attractive.

“Salaries in the wealth management sector are higher,” says Elisa Zagami, head of career development at leading Italian business school MIP Politecnico di Milano, than other areas of the financial services industry.

Smaller boutique banks are stepping into the breach left by western lenders as they retrench from international markets.

“There are opportunities with small, boutique firms,” says Paula Quinton-Jones, director of career services at Hult International Business School, which value niche experience and regional familiarity.

Still, moves by big banks have pulled in headlines. Deutsche Bank has bolstered recruitment for its asset and wealth management business over the past year in both the US and Asia Pacific, according to the bank.

And BNY Mellon has opened eight new private banking offices in the past four years, increasing its portfolio managers and private bankers by 6%, it said.

Having readymade connections for potential private bank clients is an advantage.

“An existing network of clients or an ability to business develop effectively is an essential component to being successful within private banking,” says Paul Schoonenberg, head of MBA careers at Aston Business School.

This is particularly the case across Asia, where business is based on guanxi, an intricate network of personal and business contacts, says Patrick Lecomte, an executive director for the advanced Master in Financial Techniques at ESSEC Business School.

“As Asian private bankers are increasingly in charge of a smaller pool of clients with larger aum [assets under management], relationships built over time are essential in private bankers’ long term careers,” he says.

A regulatory clampdown on wealth managers means banks are seeking more regulatory knowledge in new recruits. “Regulatory and compliance issues are high priority,” says Pauline Ma, senior MBA career coach at GWU School of Business.


Thursday, June 25th, 2015 EN No Comments

How rich are the rich, and how many are there?

The US and China helped drive more than half the global population growth of the wealthiest people.  Photo / Thinkstock
The US and China helped drive more than half the global population growth of the wealthiest people. Photo / Thinkstock

The new “World Wealth Report” for 2015 was released last week from Cap Gemini and RBC Wealth Management. The focus is on the population of high net worth individuals, or HNWIs as the report calls them. The report, based on a survey of more than 5,100 wealthy people in 23 major markets, is packed with fascinating data and graphics.

Read also:
Number of billionaires doubled since financial crisis
The shocking rise of wealth inequality

You’re probably familiar with some key themes and findings:

• Tremendous amounts of wealth have been accumulated during the past five years.

• Much of this wealth is concentrated in the top 1 per cent; and most of that wealth is concentrated in the top 1 per cent of the 1 per cent.

• The very wealthy have a disproportionate impact on policy, investing and the economy.

No big surprises, but some of the specific data points were intriguing:

• The total global HNWI population is 14.65 million, with total wealth of $56.4 trillion.

• The US HNWI population is 4.68 million, with total wealth of $16.23 trillion.

• The US as a region is ranked first for HNWI wealth and second for HNWI population, behind the Asia-Pacific region.

Here are a few other points worth considering:

• Asia rising: Asia-Pacific overtook North America to become the region with the largest HNWI population at 4.69 million. While the two regions have swapped leadership roles before, the report notes that the growth of the Asia-Pacific region is more of a structural shift than in the past. That implies it is more likely to retain its leadership over the US in terms of the number of wealthy individuals. Asia-Pacific is also likely to surpass North America in total wealth by the end of this year.

HNWI wealth expanded in Asia-Pacific somewhat slower (6.7 per cent) than in North America (7.2 per cent) in 2014. These were the second slowest rates of growth during the past five years. These two regions were the only ones that outpaced their five- year (2009 to 2014) annualised growth rates of wealth held by the richest people.

Interestingly, India was the fastest-growing market for wealthy individuals in 2014, climbing 26 per cent, and jumping five places to rank 11th globally.

• Ultra-HNWIs: The 1 per cent of the 1 per cent now account for 35 per cent of the wealth held by the richest people.

Wealth grew even more concentrated last year. Just two nations, the US and China, helped drive more than half the global population growth of the wealthiest people; the next 10 markets expanded by less than the global average.

Perhaps the most significant data point regarding global wealth is the forecast: Wealth held by the richest people will rise 7.7 per cent a year to $70 trillion by 2017.

• Investments: Perhaps the most significant news is that the wealthy now have more capital invested in stocks than any other asset class. The report notes that “equity allocations moved slightly ahead of cash as the dominant asset” in the portfolios of the rich. Wealthy Japanese and Latin Americans increased their equity holdings the most. Note that this is based on surveys, not actual portfolio data.

It is intriguing to consider that despite the strong rally in equities – especially in the US since 2009 and in China since 2014 – cash was still the top holding a year earlier. It is unclear if the increase in equity holdings came about through an increased allocation to stocks or through appreciation. I suspect it may be the latter.

The disproportionate amount of cash is intriguing as well. The top two reasons respondents gave for holding so much cash were 1) as a hedge in case of market volatility and 2) lifestyle needs. This suggests the scars from the financial crisis linger, but that the willingness of the rich to spend on luxury goods won’t end.

Finally, the disproportionate impact the 1 per cent has on just about everything is something to keep in mind. If you want to better understand much of what is going on – from policy to investing to the economy – what the wealthiest investors do tells us a lot about where the world is headed.

Barry Ritholtz is the founder of Ritholtz Wealth Management. He is a consultant at and former chief executive officer for FusionIQ, a quantitative research firm.

– Bloomberg


Thursday, June 25th, 2015 EN No Comments

Profile: Two generations and 70 years of service at Redmayne Bentley

Working for Redmayne-Bentley in Leeds has become something of a Loudon family tradition.

Senior partner Keith Loudon’s father was the first to join in 1923 and he followed in his footsteps back in 1963. Keith’s son David Loudon then continued the tradition after returning home from London in 1993. He admits that this decision was taken with a degree of trepidation.

Smiling, he reflects: ‘Coming back here, I was certainly nervous. When I was a teenager I did not want to work with my dad, I was nervous about working with him.’

David, now managing partner, was worried that a firm with such a legacy would not be receptive to any new ideas he had for the business. Fortunately, he was pleasantly surprised. The firm has evolved and adapted to industry change, growing significantly since he came on board.

Tradition remains at Redmayne-Bentley’s core. Keith, who is now 82, still bears in mind the advice his father has previously shared with him, which is that people and service are key.


‘My father always said when Big Bang came along [in 1986] that you could either go discount or high net worth, but there will always be a need for people to speak to people,’ he said.

‘Although we charge more than the discounters, in 37 branches around the country people feel that they can come to us because they are talking to a person. It is more personal than just pressing a key. You cannot build a proper relationship with a machine, you have to be able to look people in the eye.’

Looking to the future, this is one philosophy the duo is adamant that the business should keep and pass on to the next generation. But that is not to say the company will stand still.

David expects Redmayne-Bentley can continue to grow its assets under management and ‘guarantees’ that there will be small acquisitions and more investment manager hires in the future.

‘I think the challenge for people who are offering our kind of services in some of our larger competitors is that they feel that they are losing control of how they deal with their clients.


‘What we are trying to do is show that we still value that,’ he says.

‘Our purpose is to give them the environment to do that. They are being restricted on all sides by some of the larger firms. Their investment choices are being restricted. The amount of time they are able to spend with clients is restricted, and whether they are actually able to influence investment outcomes is restricted.

‘Many of our investment managers have a lot of clients they have dealt with for decades and they are also now dealing with the children of those clients. There will be parts of the market that will move into less personalised ways of managing investment, such as using technology, but there will always be a significant number of people who do value a face-to-face service.

‘The others might see the light in the future. They may recognise that they are missing out on something. Some of them will and they will move back,’ he adds.

The growth in technology is undoubtedly one of the biggest changes that the industry has faced over the last 20 years and its impact has certainly been felt by Redmayne-Bentley.


Previously execution-only accounted for 90% of the company’s business. In 2014, it only accounted for around 50% of its £24 million in revenues.

The pair attribute some of this to the rise of online share dealing, which has driven down margins on execution-only business, while the company has also deliberately enhanced focused on bespoke investment management.

Both father and son stress that while improved technology enables investment managers to work more efficiently, this should not detract from offering a personalised service.

‘Our existing investment management and execution-only clients already have access to their portfolios online. We did have an execution-only online trading service, but we pulled out of that market because we felt it was a race to the bottom in terms of value and that wasn’t where we were at. We were there to build those personal relationships,’ Keith says.

‘Clearly, others are moving to try and fill a gap in terms of being able to give guided sales or advised sales in a distanced unpersonalised way. We feel the future is in personal client relationships.’


Reflecting this personalised approach, Redmayne-Bentley does not have model portfolios and instead provides a bespoke service, tailoring each portfolio to the client’s needs.

Keith highlights that even if two people are the same age, have the same number of children and similar lifestyles, they cannot be made to fit into one box because their temperaments and attitude to risk will always be different.

The minimum portfolio size for the bespoke discretionary service is £40,000 and this carries a 0.85% fee plus VAT paid in advance.

Although money is run on a bespoke basis, the pair said the typical medium risk mandated portfolio has returned 10% over 12 months compared to the FTSE WMA Balanced index’s 7.4% rise and 52.3% over three years versus 34.6% by the index.

The company has been open for business since 1875 and now has £5 billion in assets under management. But do the pair feel that length of history is a genuine asset or, as many recent start-ups would argue, a burden?

‘In some things, having a history can mean you could be locked into doing things a certain way, which might not be the way you would set them up from scratch if you were doing it today.


‘But there are an awful lot of advantages of being in control of the whole process,’ David said.

Indeed, the firm does not outsource any of its functions, aside from its technological hardware, which is managed by Phoenix.

David believes that newer boutiques will argue that they have newer systems. However, as most of them outsource their compliance and back office functions due to the high cost of development, this means they will never have something tailored exactly to their needs.

Both believe that Redmayne-Bentley’s continued growth over 140 years has given it time to expand its branch network and slowly conquer UK wealth management and stockbroking, giving the company stability.

‘[Many of our competitors] are trying to do what we do by having different branches in different parts of the country, but we have built that network over the 30 years since Big Bang. We never went into a town and said that we wanted to have a branch [so] let’s poach someone from a competitor,’ David said. ‘We spoke to people and if we get on with them, we find a way to work together.


‘Other firms, like Walker Crips and Fyshe Horton Finney have tried to do it over a shorter time period and not always successfully.

‘We like to think our steadier way of doing it means we have been able to build our capacity over a longer period and we are more resilient to the ups and downs the market throws at you.’

The father and son duo have been kept even more grounded over the years by donning many different hats.

In parallel to his life, in investment management, Keith has served as Lord Mayor of Leeds and sat on the city’s council for many years. Before making the transition from accounting into stockbroking he became one of the first National Service Sergeants serving in Germany and Sudan in the 1950s. 

David, who was recently appointed to the board of the Wealth Management Association, started his career in product management and marketing. He moved into finance after joining a small American bank based in London.

Combining their different experiences with the legacy of the firm, these two have turned what some call a ‘burden’ into a clear advantage.


Wednesday, June 24th, 2015 EN No Comments

Atherton Lane Advisers Recognized as Top 100 Wealth Manager by Forbes and …

MENLO PARK, Calif.–(BUSINESS WIRE)–Atherton Lane Advisers, LLC, a Menlo Park based investment advisory firm
that manages nearly $3 billion for high net worth private clients and
their families, is pleased to announce that it has been recently
recognized as an industry leader by two premier financial media

The Financial Times recognized Atherton Lane Advisers as one of the Top
300 Registered Investment Advisers of 2015 for the second consecutive
year; the FT had its inaugural release in 2014. The Financial Times
listing considers six primary areas, including assets under management
(“AUM”), AUM growth rate, compliance record, years in existence,
industry certifications, and online accessibility.

Forbes recognized Atherton Lane Advisers as was one of the Top 100
Wealth Managers of 2015. Forbes’ methodology included both quantitative
and qualitative criteria. Members on the list must primarily manage
investments for individuals and families, cannot run a broker-dealer,
cannot be a bank, and must be performing wealth management services.
Firms cannot have had any regulatory, civil or criminal disclosures.

Neither Atherton Lane Advisers nor its employees pay a fee to The
Financial Times or Forbes in exchange for inclusion in the lists.


Wednesday, June 24th, 2015 EN No Comments

GBST and Xchanging Establish Alliance for Integrated Capability across Wealth …

Robert DeDominicis, Chief Executive Officer, GBST Wealth Management said: “The industry continues to evolve and this creates the opportunity for innovation and the ‘better together’ approach. Our reputation for delivering robust, functionally advanced software and scalability to meet business demands is a complementary match with the dominance of Xchanging as a BPO expert in the finance marketplace. Our alliance is capable of delivering significant benefits for the global wealth management sector.”

Tahir Adam, Chief Operating Officer, Xchanging Financial Services, comments: “Today’s wealth trading, transaction and administration markets are driving demand for innovative tools to create sustainable growth. We believe that the time is right for the industry to accept multiple business models to ensure that they have access to world class technology and a scalable processing capability.”

Xchanging provides business processing, technology and procurement services internationally for customers across multiple industries. Its Financial Services division will deliver on the strategic alliance with GBST. The alliance will strengthen the firm’s ability to deliver solutions in the wealth management space across the wealth management and capital markets spectrum – including advisory services, digital platforms, mid-office capabilities in areas of trade confirmations and broker commissions, and to back-office activities such as settlement and accounting.

GBST is leading the evolution of next generation software where user empowerment, easy configurability and intense flexibility apply – providing the catalyst for new products and services that create sustainable competitive advantage. This agreement will leverage GBST’s globally proven Syn~® Capital Markets platform – a multi-entity, rules and workflow driven solution; all with no downtime and no vendor dependency – and GBST Composer®, a single, client-centric administration application for the wealth management industry.

GBST and Xchanging are investing time to leverage opportunities within their existing clients and expand into new segments of the capital markets securities processing and wealth administration sectors across Australia, the UK, Asia and the USA.

About GBST –
GBST is a provider of software and services to the global financial services industry. It has more than 25 years’ experience delivering innovative, robust and reliable solutions for capital markets, securities processing and wealth administration. Established in Australia, where over 90% of adviser investment business is carried out through wraps, GBST is the leading provider of wrap platform solutions in its local market with in excess of A$250bn under administration.

Further information from:
Robert DeDominicis, Chief Executive, GBST Wealth Management
T: +44 (0)207 264 2106 M: +44 (0)7792 538 767 E:

About Xchanging –
Xchanging provides business processing, technology and procurement services internationally for customers across multiple industries. Xchanging, with a base of more than 200 buy side and private banking customers across Europe, has proven industry expertise, global delivery capability, cost-effective business processing and technology operations.

For further information, please contact:
Jenny Rushforth, Global PR Manager, Xchanging
Mobile: +44 (0)7920 781 736 E-mail:


Tuesday, June 23rd, 2015 EN No Comments