Chapell to fill
HSBC Private
Bank ‘financial
solutions’ role
HSBC Private Bank, the
London-based private
banking arm of banking
giant HSBC, has named
Stuart Chapell to head sits
insurance and financial
solutions operations.
The position is a new
one and reflects HSBC PB’s
belief that its clients need
more advice as HMRC is
cracking down on tax
avoidance in an effort to
boost government coffers.
“The current climate, in
particular, calls for greater
knowledge and understanding
of the impact of
higher taxes on investment
returns,” said HSBC Private
Bank chief executive
Declan Sheehan.
Chapell will be working
closely with the HSBC
Private Wealth Solutions
and its Specialist Tax Group
to develop insurance and
“tax-aware solutions” for
its UK client base.
Chapell had been director
of the Advisory and
Financial Solutions unit of
Barclays Wealth, after
having been recruited to
head Barclays Private
Bank’s financial planning
unit in 2002. He began his
career more than 25 years
ago at the Inland Revenue.
HSBC PB is part of
HSBC’s Global Private
Banking Group which provides
services to high net
worth individuals and their
families in some 43 countries
and territories.
Best International
Wealth Manager
NatWest Int’l launches new
Navigator structured plan
BY SIMON DANAHER
NatWest International
Personal Banking (IPB) has
launched its Navigator
Structured Deposit Account
into the offshore market
for the first time.
The five-year product
has full capital protection
and offers investors a
return of 100% of the
growth of the RBS Navigator
Index over the investment
term.
It is open to investors
until 12 February with a
Investec CI: ‘under half of offshore dollar
accounts pay less interest than the Fed’
More than half of dollar
offshore savings accounts
are paying less than the
Federal Reserve rate of
0.25% on deposits of
$50,000 or more, according
to Investec Bank (Channel
Islands).
Investec CI is among
the institutions that offer a
better rate.
The company’s quarterly
US Dollar Offshore
Savings Index, compiled
from Moneyfacts offshore
market data covering the
three months to the end of
November, also reveals
that the average rate of
interest paid on dollar offshore
savings accounts for
balances of $50,000 fell by
0.04% to just 0.41%.
This is despite the Fed
minimum deposit of
£10,000, and will be invested
from 4 March, closing
on 6 March, 2015.”
Dave Isley, head of
NatWest IPB, said: “We
know our customers value
the ability to save in new
areas but still have capital
protection in place. The
Navigator account gives
people the opportunity to
benefit from the market
conditions with the comfort
of knowing their initial
deposit is protected.”
While this is the first
rate remaining static since
it was cut to 0.25% on 16
Dec, 2008.
According to Guernseybased
Investec CI, “just
over a fifth (21%) of dollar
offshore accounts are continuing
to pay no interest
at all.
“Despite some accounts
time a Navigator product
from NatWest has been
made available to the offshore
market, the RBS
group has launched similar
products, linked to its
Navigator Index, for UK
investors in the past.
Last year it came under
fire for launching a range
of structured products
using the failed firm Keydata
Investment Services as
administrators.
The range included a
product linked to the RBS
Navigator Index.
Best buy dollar offshore savings accounts
Account provider Account name Interest Interest
(gross) (AER)
Anglo Irish Bank Corp (Int’l) Privilege Access 1.5% 1.51%
Irish Permanent Int’l International 30 1.5% 1.5%
Investec Bank (CI) Limited Investec Horizon 1.35% 1.36%
Skipton Int’l Int’l US Dollar Account 1% 1%
Alliance & Leicester Int’l US Dollar 30 1% 1%
Halifax International Variable Rate Halifax
Int’l Web Saver 0.9% 0.9%
As at 19 Jan ’10. Source: Moneyfacts
offering such low and
sometimes non-existent
returns on clients’ deposits,
just over a third, or 34%,
pay 0.5% or more.
“Five of the 33 dollar
offshore savings accounts
available were paying clients
1% or more in interest
as at 30 Nov, 2009.”
True quality really shines
We are delighted to add the title Best International Wealth Manager to our long
list of financial industry awards. Commended once again for our competitive range
of services and strong service proposition, the consistency of our performance
really speaks for itself.
To find out more, please call
0800 289936 or visit www.fairbairnpb.com
Fairbairn Private Bank is a registered trade name of Fairbairn Private Bank (IOM) Limited.
Fairbairn Private Bank (IOM) Limited is licensed by the Isle of Man Financial Supervision Commission to take
deposits and provide investment services. Registered office: St Mary’s Court 20 Hill Street Douglas Isle of Man.
The London office is authorised and regulated in the UK by the Financial Services Authority.
UK Financial Services Authority registration number: Fairbairn Private Bank (IOM) Limited 313189 (INTA)
BANK NEWS
Jackman to
head Standard
Chartered PB
trust expansion
Standard Chartered Private
Bank plans to expand its
trust and fiduciary operations
beyond its existing
Guernsey and Cayman
Islands bases.
Mark Jackman has been
appointed global head of
the bank’s trust and fiduciary
business to oversee the
growth into what Standard
Chartered’s head of private
banking Peter Flavel
described as a sector with
“huge growth potential”.
Jackman, who had been
head of Asia for Rothschild
Private Banking & Trust,
and who will remain in
Singapore, will also be
responsible for running
Standard Chartered’s trust
companies and managing
fiduciary specialists in various
private bank locations
around the world.
He reports to Gary
Tiernan, the private bank’s
global head of relationship
management, investment
advisory and fiduciary.
Tiernan said Jackman’s
appointment would “help
us to continue to raise the
bar” in serving Standard
Chartered Private Bank’s
clients.
In addition to Rothschild
Private Banking & Trust,
Jackman’s experience includes
stints with Credit
Suisse Trust Group in
Singapore, where he was
managing director, as well
as RBS Coutts and Bankers
Trust Co.
distinctly different
FEBRUARY 2010 [www.international-adviser.com] INTERNATIONAL ADVISER
11
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