BANK NEWS
Allen: taking on lead role at
Investec Bank CI
Allen switches
from RBS to head
Investec Bank
Channel Islands
Investec Bank Channel
Islands has appointed
Kevin Allen, formerly of
Royal Bank of Scotland, as
its new head.
He succeeds Tony
Grimes, who was interim
branch manager responsible
for implementing
Investec’s corporate risk
and compliance standards
while the operation – which
opened last year – was
being set up and licensed
by Jersey authorities.
Grimes moves over to
take charge of risk and
compliance operations.
At RBS, Allen was head
of portfolios in its Offshore
Real Estate Finance team
based in Jersey.
In addition to his
responsibilities as head of
the branch, he will also be
involved in client lending
opportunities, focusing on
property lending through
Jersey-based financial
intermediaries.
Allen will also be helping
fund development
projects being undertaken
in the Channel Islands by
local property developers,
Investec said.
■ Investec Bank has
increased the interest
rate on its Euro Investec
Horizon account to 4.95%
gross (5.04% AER) with
effect from 4 July, 2008,
following the decision by
the European Central Bank
to raise its refinancing rate
to 4.25%. The account is
available in euro, dollar
and sterling formats to
savers investing €50,000,
$50,000, £25,000 or more.
12
Private wealth shifts away
from US to Asia, says study
BY HELEN BURGGRAF
A study of international private
wealth management
and banking by Scorpio
Partnership has shown that
2007 saw a shift away from
the US and towards the
Asia Pacific region in terms
of wealth generation.
Increasingly, the world’s
new wealthy are coming
from countries such as
India and China, rather
than the US, according to
the London-based wealth
management consultancy’s
report, ‘Private Banking
KPI Benchmark 2008’.
Scorpio said:
“Geographically speaking,
the tectonic plates of
wealth management are
moving.” It added that its
data showed there had
been “an enormous shift
towards the important contributions
of the Asia Pacific
region, which accounted
Bradford & Bingley International offers
‘rate for life’ on latest savings account
Bradford & Bingley
International has introduced
the Life Saver savings
account, which it said will
track 0.25% above the Bank
of England’s base rate, and
will stay there “forever”.
It added that it will adjust
the rate it pays within 30
days of any change in the
BoE’s base rate.
A comparable deal
is available in the UK
through its onshore parent,
for 13% of total global
wealth management assets,
nearly double the region’s
share in 2006”. The US was
the biggest loser, with a
14% decline.
Europe’s proportion of
the wealth management
pie also grew, by 6%,
according to Scorpio.
Scorpio managing part-
Barclays accounts link to clutch of indices
Barclays is offering new
guaranteed capital accounts
for offshore bonds linked
to the FTSE 100, Dow Jones
Euro Stoxx 50, S&P 500
and Nikkei 225 indices.
The World Equity
Deposit Account is linked
to a basket of the four indi-
Top 10 largest wealth managers
Institution AuM ’07 ($bn) AuM growth Reporting
(base currency) currency
UBS 1,896 8.77% CHF
Citi 1,784 24.06% $
Merrill Lynch 1,309 8.27% $
Credit Suisse 745 6.94% CHF
JPMorgan 545 17.2% $
Morgan Stanley 522 18.1% $
HSBC 494 21.08% $
Wachovia 288 38.35% $
Deutsche Bank 286 2.65% €
BNP Paribas 231 19.85% €
Notes: Assets under management (AuM) figures are for the high net worth wealth management
divisions of these institutions. Source: Scorpio Partnership
ces, has a five-year term
and offers geared participation
of 200%. But the
total return at the end of
the account’s term is limited
to 58.5%.
It has a minimum
investment of $75,000 and
the offer period closes on
ACCOUNT
Name: Life Saver
Rate: 0.25% above BoE base
rate for life
Minimum deposit: £10,000
Bradford & Bingley, where
the product is known as
the Rate for Life account.
The new account,
which is being offered on
a first-come, first-served
INTERNATIONAL ADVISER [www.international-adviser.com] AUGUST 2008
ner Sebastian Dovey said
there is potential for significant
further growth by
the wealth management
industry, with more than
$9trn of untapped bankable
assets held by wealthy
individuals. But he added
that it may require “visionary
banks” to win this
business.
28 Aug, 2008. A second
account, linked to the FTSE
100 only, offers 280% participation
from a £50,000
minimum deposit and a
return capped at 70%. It
also has a five-year term.
www.barclaysoffshoresolutions.com
basis, is seen as reflecting
the desire of cash-strapped
banks such as Bradford &
Bingley to attract consumer
savings deposits.
Bradford & Bingley
International’s acting managing
director Lynette
Byrne said: “Customers can
gain peace of mind and
avoid the hassle that comes
with having to swap and
change accounts to earn a
great rate.”
Perez: heading combined
business
SG Hambros picks
up ABN Amro’s
Gibraltar private
banking business
SG Hambros Bank
(Gibraltar), an arm of
SG Private Banking, has
acquired all of the Gibraltarbased
private banking business
of ABN Amro.
The purchase price has
not been disclosed. The
agreement was signed at
the end of June, with the
final transfer expected in
September.
Once the deal is completed,
ABN Amro’s
Gibraltar business, which
employs 39 people, will
be fully integrated into SG
Hambros’ operations. The
bank said Emma Perez,
managing director of SG
Hambros’ Gibraltar operations,
will head the combined
entity.
At the end of 2007 the
combined assets under management
of both businesses
totalled about £1.4bn.
The acquisition follows
SG Hambros Bank’s
acquisition of ABN
Amro’s London-based private
banking business in
November 2007, which
had assets of about £1bn.
SG Hambros said the move
is consistent with its stated
intention of developing its
private banking operations
through a combination of
organic growth and acquisitions
in key wealth management
markets.
Amsterdam-based ABN
Amro was acquired in 2007
by a consortium including
Royal Bank of Scotland
and Banco Santander.
Since then various divisions
have been sold to
third parties.
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