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The week in wealth management - most read on thewealthnet

13/08/2018 News Team

Monday

HSBC’s private banking profits rose 1.6 percent to $190 million in the first-half of the year, whilst total operating income was $933 million, after operating expenses of $743 million. 

The number of UK-based people under 30 earning over £1 million a year has risen by 33 percent to 400 in 2015/16, according to the most recent data provided by HMRC to Salisbury House Wealth, a financial advisory firm. This significant increase is partly due to the rise of entrepreneurship among millennials. 

Tuesday

International editor, John Evans looks into the balance-sheet at C. Hoare & Co which remains “very strong,” and reflects healthy profits in the year ending this March, according to the latest letter to clients by partner Alexander S. Hoare.

Standard Chartered makes eight appointments in Singapore to serve the Global South Asian Community (GSAC), including hires from DBS, Singapore’s biggest local private bank.

Wednesday

Arbuthnot Banking Group’s PLC (ABG) director, Paul Lynam has retired with immediate effect due to fears of future conflicts of interest.

HSBC Private Bank Switzerland, the troublesome private bank in the midst of a shakeup by its parent, recorded a larger loss in the first-half of 2018.  The unit was in the red on a pre-tax basis by $46 million, compared to the $38 million loss in the first half of 2017, the interim report showed.

Thursday

Ian Orton finds that Zurich-based GAM Holding has become the latest Swiss financial firm to lose money on UK-based acquisitions.

Coutts & Co has joined the ranks of private banks seeking the business of clients encountering the turbulent emotional and financial upheavals of a marriage breakup.

Friday

Credit Suisse has hired three directors and one vice president as part of its UK growth plans, thewealthnet has learnt. All four join from Barclays. A source close to the matter also said that Credit Suisse plans more hires to its London office throughout the rest of 2018.

Freddie Pooter looked at life after private banking for former Merrill Lynch and UBS Wealth Management alumnus’.

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