Archive for November, 2015

Mack International President Participates as a Panelist for the Opal Financial …

Linda C. Mack of Chicago-based Mack International was recently invited to contribute as one of four panelists during the Opal Financial Group Family Office Private Wealth Management Forum. The panel explored “Top Women in Wealth Management: Innovation, Creativity, and What it Means for Clients and the Industry.”

Chicago, IL (PRWEB) November 30, 2015

Linda C. Mack, founder and president of Mack International, LLC, the premier retained executive search and family office strategic management/human capital consulting firm, was selected as a panelist for the Opal Financial Group 2015 Family Office Private Wealth Management Forum: Harvesting for Returns held October 28-30 in Napa, California.

The conference is one of Opal’s premier Private Wealth Series events for high-net-worth individuals and family offices from around the world. Linda C. Mack contributed on a panel moderated by Natasha Pearl, CEO and Founder of Aston Pearl. Linda was joined by Carol Pepper, CEO and Founder of Pepper International, LLC, Wendy Craft, Executive Director, COO of Gonzalez Family Office, and Rhona Vogel, CEO and Founder, Vogel Consulting (MFO). All women on the panel were named as one of the Top 50 Most Influential Women in Private Wealth by PAM Magazine in May 2015.

Several topics were up for discussion. The first was Secrets to Success in the context of big, new ideas and innovations that led to each panelist’s success. Linda Mack’s distinction in being named one of the most influential women in wealth management is based on her having founded one of the most specialized executive search and strategic management/human capital consulting firms in the industry. A proprietary process authored by Linda Mack enables Mack International to conduct search assignments that hit the bull’s eye every time in identifying the very best candidates for the family. A fellow panelist remarked that Linda continues to build a company that is “not your mother’s search firm”–with value that goes well beyond an executive search. Linda Mack describes her firm as being “…true consultants that provide thought leadership…so much so that we are considered a “go-to” firm for Forbes 400 families-not only in terms of a search but expert advice and counsel. We always focus on our client’s long term best interests. It’s a relationship, never a transaction.”

On the subject of gender, the panel agreed that women still face challenges in family office positions, but most have a highly developed EQ (emotional intelligence) that contribute to being a strong leader. In fact there is research suggesting female investment professionals are in fact outperforming some of their male counterparts because of the trust they inspire in their clients. In a business based on discretion and trustworthiness, this is important. Linda had this to say about the advantage of being a female in the industry, “Our distinctive competency is in delivering candidates with the perfect culture fit. Once the bedrock core skill set is satisfied, we see that as the most critical component for a successful match. I feel as a woman, I have a real knack for defining and assessing culture fit more accurately than most men.”

Rising above challenges and handling obstacles was the third topic. Linda shared some of the experiences of her personal journey. “This industry is rife with conflict. One of the reasons I started my own firm was to create an atmosphere that brought my clients sustainability, unity and harmony–devoid of short cuts and dedicated to the patience required for consistent, excellent work. We don’t answer to shareholders or management. Our metric for success is excellence in the solution, not one based on volume or revenue. Capitalizing on short term gain can temporarily mitigate a problem, but it is not in the client’s best interest long term. We serve no masters other than our clients.”

The panel concluded by describing the legacy they hope to leave as it relates to the wealth management industry. One of Linda’s peers recognized Linda as being an unselfish mentor in helping the career development of other women trying to build businesses. Linda is also proud of being recognized as having a spirit of continuous improvement, investing time in further developing her expertise wherever she can. “Being a thought leader is a never ending commitment that requires a lot of time to reflect, search and analyze the best ideas on behalf of my clients.” For Mack International, that implies making a difference, one family office/enterprise at a time. “It’s really based on 2 principles; always focus on the client’s long term interest, and whenever you are entrusted with an opportunity to do work, do it at the highest level of excellence. The rest will take care of itself.”

About Mack International LLC

Mack International is the premier, boutique retained executive search and strategic management/human capital consulting firm serving national and international clients in the family office, family business enterprise and the wealth management industries on national and international basis. Founded in 2002, the firm has achieved an exceptional track record of success as evidenced by its unmatched industry expertise, in-depth market knowledge and unparalleled track record of success. Founder and President, Linda C. Mack has established proprietary methodologies such as the Mack 360© and is credited for having coined the term “expert generalist” in the industry.

For more information, please visit http://www.mackinternational.com or call 800 976 0015.

For the original version on PRWeb visit: http://www.prweb.com/releases/2015/11/prweb13096696.htm

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Monday, November 30th, 2015 EN No Comments

OP to pull out of active carbon investments

In the Paris Climate Change Conference starting today, representatives from the business community also have the opportunity to tell about their efforts towards a low-carbon economy. As part of climate change prevention efforts, OP Wealth Management has decided to exclude high-carbon companies from its active investments that cannot present a credible plan to reduce their impacts on climate.

This approach taken by OP Wealth Management involves direct investments in mining companies where a significant part of their business originates from mining of coal used for energy production or the amount of produced coal is large and the company has no plans to change the situation. In addition, OP will stop active investments in electricity or heat producers which are heavy users of coal and which have not reduced their greenhouse gas emissions or presented any plan to reduce emissions.

– Our investments in coal companies have recently been almost nil. Through our action, we want to communicate to energy producers the need to develop their business towards a lower-carbon economy by favouring cleaner energy production. Reducing carbon risk in the investment portfolio is also justifiable in financial terms, says Mika Leskinen, Head of Sustainable Investing, OP Wealth Management.

According to the view prevailing in the international scientific community, capping global warming at two degrees of Celsius that is considered critical is possible only if a significant part of fossil fuel reserves remains unused. Carbon dioxide emissions from coal combustion have a major role in climate change.

OP will announce the company-specific exclusions and their implementation based on its policy during 2016. OP Wealth Management also publishes the carbon footprint of its equity funds on a half-yearly basis.

For more information, please contact:
Mika Leskinen, Head of Sustainable Investing, tel. 050 327 6985 or
OP Communications, tel. 050 523 9904, viestinta@op.fi on weekdays 7 am – 7.30 pm)

OP Financial Group is Finland`s leading financial services group providing a unique range of banking, wealth management and insurance services. OP Financial Group`s mission is to promote the sustainable prosperity, security and wellbeing of its owner-customers, customers and operating regions through its local presence.  Its objective is to offer the best and most versatile package of loyal customer benefits on the market. OP Financial Group consists of about 180 member cooperative banks, its central cooperative OP Cooperative, and the latter`s subsidiaries and affiliates. The Group has a staff of 12,000 and 4.3 million customers. As laid down in the applicable law, the member credit institutions and OP Cooperative are ultimately jointly and severally liable for each other`s debts and commitments. Joint and several liability within OP Financial Group is based on the Laki talletuspankkien yhteenliittymästä Act (Act on the amalgamation of deposit banks). Pohjola Bank plc and OP Mortgage Bank are responsible for OP`s funding on money and capital markets.


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.

The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Pohjola Pankki Oyj via GlobeNewswire
HUG#1970012

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Monday, November 30th, 2015 EN No Comments

True Loves Will Get A Bargain This Year; PNC Christmas Price Index Up A Mere 0 …

PITTSBURGH, Nov. 30, 2015 /satPRnews.com/ — Reflecting a steep decline in energy costs, lower inflation and slow-but-steady economic growth, the 2015 PNC Christmas Price Index® (PNC CPI) experienced its lowest growth rate in six years at 0.6 percent in the whimsical economic analysis by PNC Wealth Management.

According to the 32nd annual report which measures the cost of the gifts in the holiday classic, “The Twelve Days of Christmas,” the price tag for the PNC CPI is $34,130.99 in 2015, a mere $198 more than last year’s cost and in-line with the government’s Consumer Price Index, which has increased 0.2 percent over the past 12 months.

“While the economy continues to chug along on a sustainable path, low commodity prices are keeping consumer costs down,” said Jim Dunigan, chief investment officer, PNC Asset Management Group. “With only a few items in our index increasing in cost this year, True Loves should be thrilled that they can have their goose and better afford the gas to roast it too.”

The cost of each item was revealed this morning on an interactive website (www.pncchristmaspriceindex.com) that teaches consumers about the index through a real-life gingerbread branch experience. 

Nine of the 12 items in the index maintained their cost this year.

As part of its annual tradition, PNC Wealth Management also tabulates the “True Cost of Christmas,” which is the total cost of items gifted by a True Love who repeats all of the song’s verses. The ultra-generous True Love will have to fork over $155,407 to pay for all 364 gifts, nearly $900 more than last year.

To mirror the government’s core CPI, which excludes energy and food prices, PNC removes the Swans – typically the most volatile item in the index – from its total index. With the Swans excluded, the core PNC CPI rose just 1.0 percent, similar to the 1.9 percent increase in the government’s core CPI.

Other Highlights Include:

The PNC CPI’s sources include retailers, hatcheries, the Philadelphia-based PHILADANCO and the Pennsylvania Ballet Company.

Cyber Prices: The Cost of Convenience

For those True Loves who prefer the convenience of shopping online, PNC Wealth Management calculates the cost of “The Twelve Days of Christmas” gifts purchased on the Internet.  As Internet prices tend to be higher, True Loves will have to splurge $43,626.73 ($9,495.74 more than buying “in person”) for the convenience of online shopping this year.

Gingerbread is Baking: World’s First Gingerbread Branch Website

PNC is building the world’s first gingerbread bank to be on dISPlay in Philadelphia’s Penn’s Landing December 4-6.  The pop-up bank branch, made of real gingerbread, frosting and candy, will be staffed by PNC professionals and stocked with a cocoa and cookie bar and a gingerbread-covered ATM, allowing visitors to learn about the cost of the items in the index with some holiday cheer.

The PNC CPI website www.pncchristmaspriceindex.com allows online and mobile visitors to experience the gingerbread branch through an Augmented Reality platform once it is built on Dec. 4. 

The website also includes a historical view of the index as well as interactive educational tools for students and teachers who want to learn about the stock market.  Each year, educators across the country use the PNC CPI to teach middle and high school students about inflation and economic trends. With that in mind, this year’s PNC CPI site includes engaging interactive activities that inform students of the current cost of Christmas. Teachers who visit the site will have access to a lesson plan from the SIFMA (www.sifma.org/foundation) explaining the PNC CPI, its significance, and how to interpret its results. The activities in the lesson plan will also help students make predictions about this year’s cost of Christmas. They can check their success against actual results on November 30, when the official 2015 PNC CPI is announced. The SIFMA Foundation is dedicated to providing youth of all backgrounds with an understanding of the capital markets. Its most popular program is The Stock Market Game™.

The PNC Financial Services Group, Inc. (NYSE: PNC) is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking; residential mortgage banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and  asset management. For information about PNC, visit www.pnc.com.

[CHRISTMAS PRICE INDEX TO FOLLOW]  

2015 PNC Christmas Price Index®

 

CONTACT:

Dorsey Tobias
(919) 788-6272
dorsey.tobias@pnc.com

 

Photo – http://photos.prnewswire.com/prnh/20151119/289409-INFO
Logo – http://photos.prnewswire.com/prnh/20151119/289410LOGO

Source: PrNewsWire All
True Loves Will Get A Bargain This Year; PNC Christmas Price Index Up A Mere 0.6 Percent

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Monday, November 30th, 2015 EN No Comments

HSBC to shut its private banking operation in India

“After a strategic review of our global private banking operations here, we have chose to close down the business”, a bank spokesperson said today. About 70 people working in the division headed by Shantanu Ambedkar will be absorbed into the retail bank. The business will be shut by March, 2016 and select customers can move to HSBC Premier, its global retail banking and wealth management platform.

The giant global bank HSBC Holdings Plc on Friday said in a statement that they will shut down its private business in India, which will mark another exit of a foreign bank from the country.

HSBC’s private banking business provides long-term wealth management services, including lending and investment management to complex wealth structuring, besides providing investment advisory on mutual funds, bonds, debentures and structured products as also non-discretionary investment advisory services.

For those who are currently using the service in India, they will now have the option to move to the HSBC Premier service, which is a global offering.

However, bank officials were quick to dismiss any notion of this shutdown being attributed to the scandal and stressed that the controversy involves Indians’ accounts in HSBC Geneva.

The bank had earlier announced thousands of job cuts as part of cost rationalisation globally.

The private banking arm of HSBC has posted a $7 million profit before taxes for the first half of the year, while the retail banking and wealth management unit posted a $3 million loss, according to Bloomberg.

The value of assets managed by HSBC’s private banking unit in India was not immediately clear, but wealth management industry sources said the bank was not one of the top three players in the segment.

Many foreign wealth managers had scrambled to set up shop in India a few years ago and aggressively ramped up operations to take advantage of robust economic growth in Asia’s third-largest economy, only to find themselves struggling.

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Saturday, November 28th, 2015 EN No Comments

HSBC closes private banking business in India

Multinational banking major HSBC on Friday announced its decision to exit private banking business in India while offering its existing clients the HSBC Premier, a global retail banking and wealth management proposition.

An HSBC spokesperson confirmed the story to CNBC-TV18 later stating that HSBC had indeed chose to close the private banking business “after a strategic review of the global private banking operations in India” as the group is looking to simplify its business and deliver sustainable growth.

HSBC will give its clients the option of shifting from private banking unit to retail unit.

Some 70 people working in the division, headed by Shantanu Ambedkar, will now be absorbed into the retail bank, officials said. This marks the third such exit of a foreign financial giant in the wealth management business after Royal bank of Scotland and Swiss-banking giant UBS.

The British bank is also investing in HSBC Premier in India to enhance product and services suite, which can be made available to select customers, he said. The process is likely to be completed in the first quarter of 2016.

The global bank’s private banking division has been mired in a black money probe after an investigation by ICIJ, a global journalists’ collective, found out that over 1,000 Indians had parked over United States dollars 4 billion in HSBC Geneva till 2007.

HSBC follows several other wealth managers, both foreign and domestic, who had ramped up wealth management operations during the high-growth period, hoping to take advantage of the robust economic growth, only to find themselves struggling when growth tapered and savings got squeezed.

Australia’s Macquarie had parted with its 50 per cent stake in the joint venture Religare Macquarie Wealth Management to its India partner back in September 2013.

Private sector banks continue to operate in the sector.

As of Nov 21, 2015, the consensus forecast amongst 28 polled investment analysts covering HSBC had it that the company will outperform the market.

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Saturday, November 28th, 2015 EN No Comments

HSBC says to shut down private banking operations in India

Global banking major HSBC Holdings Plc will shut down its private banking business in India, according to CNBC-TV18 sources.

Earlier in June, HSBC’s chief executive officer Stuart Gulliver, presented a roadmap to close loss-making businesses, cut down its network, a move that would impact 25,000 jobs globally.

“We aim to achieve sustainable growth by supporting needs of customer in retail banking and wealth management, global banking and markets and commercial banking businesses”, the spokesperson said. Private banking customers, too, would be given the option to move to retail banking services.

The organisation is silent on the size of portfolio handled by its private banking division in India or the number of people employed in the division.

The London-based lender will move employees from the Indian private banking arm to the Premier banking business under HSBC’s retail bank, the people said, asking not to be identified as the information is private.

The global bank’s private banking division has been at the centre of a black money probe after an investigation by ICIJ, a global journalists’ collective, found out that more than 1,000 Indians had parked around $4 billion in HSBC Geneva till 2007.

The private banking business used to offer onshore wealth management advisory to clients, which included investment in mutual funds, bonds, debentures and other structured products.

Headquartered in the UK, HSBC is said to be the world’s fourth largest bank by total assets, with total assets of US$2.67 trillion.

Many foreign wealth managers scrambled to open up shop in India a few years ago lured by its long-term growth prospects.

Even though India’s economy has been minting millionaires at a strong pace, it has failed to translate into profits for the foreign wealth managers that have set up teams of well-paid bankers to help manage those riches.

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Saturday, November 28th, 2015 EN No Comments

European Wealth Groups boosts board with private banking specialist

European Wealth Group (LON:EWG) has bolstered its board with the appointment of a private banking expert.

Marianne Laing Hay will join the company as a non-executive director.

She is the former head of private banking for Europe, Middle East and Africa for Standard Chartered Bank (LON:STAN), and highly experienced at boardroom level, the company said.

Hay also served as chief executive of Citigroup’s European global wealth management business and prior to that was head of private wealth management for Morgan Stanley in New York and London.

John Morton, executive chairman of European Wealth, said: “The board believes she will be a great addition, providing strong financial and commercial input to our expanding franchise.”

European Wealth is an investment management and financial planning provider, with assets under management of more than £1bn.


Jonathan Jones


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Friday, November 27th, 2015 EN No Comments

European Wealth recruits ex-Standard Chartered private bank boss

European Wealth has hired former Standard Chartered Bank private bank boss Marianne Laing Hay as a non-executive director.

Hay will join the board on 1 December, with news coming hot on the heels of the AIM-list wealth firm’s acquisition of Manchester-based Xcap Nominees.

At Standard Chartered, Hay served as head of private banking for Europe, Middle East and Africa for Standard Chartered Bank.

Prior to this she had a spell as chief executive of Citigroup’s European global wealth management business. She has also been head of private wealth management for Morgan Stanley in New York and London.

Commenting on the appointment European Wealth chair John Morton (pictured) told the market: ‘[Hay] brings a wealth of investment experience from across a broad range of leading global companies. 

He added: ‘The board believes she will be a great addition, providing strong financial and commercial input to our expanding franchise.’

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Friday, November 27th, 2015 EN No Comments

Pearlyn Phau relocates from DBS Bank Hong Kong to Singapore

DBS Bank has appointed Pearlyn Phau (pictured) as deputy group head of consumer banking wealth management.

Her role starts effective 1 January 2016.

Phau will relocate to Singapore and will report to Tan Su Shan, group head of consumer banking wealth management.

Phau is currently managing director and head of consumer banking group and wealth management at DBS Bank Hong Kong where she oversees the consumer banking and private banking businesses in Hong Kong.

She has been with DBS since 2003 and has assumed various leadership roles within the bank, including head of DBS iBanking and regional head of DBS Treasures. Her new appointment underscores DBS’ commitment to internal mobility and talent development.

“Phau has consistently performed at a high level and is a real asset to the bank. In fact, she gamely took on the role of DBS Hong Kong’s consumer banking head in 2012 and under her leadership, our consumer banking and wealth franchise has performed well,” Tan said.

Her successor in Hong Kong will be announced in due course, the bank said.

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Friday, November 27th, 2015 EN No Comments

RBC Capital Cut to "Hold" at Zacks Investment Research (RY)

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Zacks Investment Research lowered shares of RBC Capital (NYSE:RY) from a buy rating to a hold rating in a report released on Monday, ARN reports.

According to Zacks, “ROYAL BANK of Canada operate under the master brand name of RBC. They are Canada’s largest bank as measured by assets and market capitalization, and one of North America’s leading diversified financial services companies. They provide personal and commercial banking, wealth management services, insurance, corporate and investment banking, and transaction processing services on a global basis. They have employee approximately Seventy Thousant full- and part-time employees who serve more than 15 million personal, business, public sector and institutional clients through offices in Canada, the U.S. and 36 other countries. “

A number of other analysts have also recently weighed in on RY. Credit Suisse upgraded shares of RBC Capital to a buy rating in a research note on Tuesday, October 27th. Barclays lowered their price target on shares of RBC Capital from $79.00 to $76.00 in a report on Wednesday, August 12th. lowered their target price on shares of RBC Capital from $83.00 to $80.00 and set a sector perform rating on the stock in a report on Tuesday, August 4th. Scotiabank decreased their price objective on shares of RBC Capital from $82.00 to $79.00 in a report on Thursday, August 27th. Finally, Canaccord Genuity cut their target price on shares of RBC Capital to $76.00 and set a hold rating on the stock in a research report on Friday, August 21st. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the company. RBC Capital has an average rating of Hold and a consensus price target of $78.20.

RBC Capital (NYSE:RY) opened at 56.60 on Monday. The firm has a market capitalization of $81.66 billion and a price-to-earnings ratio of 11.53. RBC Capital has a one year low of $55.24 and a one year high of $57.65. The firm’s 50-day moving average is $56.68 and its 200 day moving average is $56.68.

Royal Bank of Canada is a banking company. It serves over 16 million personal, business and corporate clients across a diversified mix of businesses in 40 countries. The Company’s five business segments include Personal Commercial Banking, Wealth Management, Insurance, Investor Treasury Services and Capital Markets. The Company’s Personal Commercial Banking consists of personal and business banking operations, auto financing and retail investment businesses. Wealth Management consists of Canadian Wealth Management, United States and International Wealth Management and Global Asset Management. Insurance consists of its insurance operations in Canada and globally and operates under two business lines: Canadian Insurance and International Insurance. Investor Treasury Services segment offers global custody, fund and pension administration. Capital Markets consists of a majority of its global wholesale banking businesses.

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Thursday, November 26th, 2015 EN No Comments