10.
The Office of the Attorney General of Switzerland (OAG) filed an indictment against a former asset manager and board member of a Geneva private bank.
The OAG opened these criminal proceedings in July 2015 in response to a suspicious activity report from the Money Laundering Reporting Office Switzerland (MROS).
Following an investigation, the former asset manager was charged with multiple counts of aggravated misappropriation or multiple counts of aggravated criminal mismanagement, as well as multiple counts of falsification of documents and money laundering.
9.
The Office of the Attorney General of Switzerland (OAG) also ordered Swiss banking group PKB Privatbank AG to pay a fine of CHF 750,000 in a penalty order.
The OAG's investigation of PKB revealed a lack of anti-money laundering organisation at the bank at the time of the events. Money laundering activities amounting to more than $20 million were found to have taken place.
PKB failed to properly identify and verify the identity of the beneficial owner of the deposited assets in certain client relationships opened at its Lugano branch, the OAG found, and failed to clarify the circumstances and purpose of the transactions made and to verify that the transactions were not unusual and/or there were suspicions as to their origin. [Read more]
8.
Close Brothers Asset Management (CBAM) appointed Francesca Bartholdi as an investment manager.
Based in the firm’s Mayfair office, Ms Bartholdi brings almost a decade’s experience in wealth and investment management.
She specialises in managing bespoke portfolios for private clients, charities, pension funds and trusts.
Prior to joining CBAM, Ms Bartholdi spent nine years at Investec Wealth & Investment. She is also a member of The Chartered Institute for Securities and Investments.
7.
Asset Risk Consultants (ARC) published its private client indices (PCI) estimates for the first quarter of 2024.
Portfolios in the most cautious band (risk relative to equities of 0-40 percent) recorded estimated gains of 1.9 percent in Q1.
Portfolios in the balanced asset band recorded higher average gains of 3.0 percent in Q1 2024, boosted by a 2.4 percent estimated increase in March. [Read more]
6.
Swiss bank Julius Baer further expanded in its home market, recruiting four relationship managers in the Aargau and Solothurn market and its foundations team.
Claudia Hayek, who joined Julius Baer from Credit Suisse at the beginning of 2024, has taken over as head of the relationship manager team for Aargau and Solothurn.
Stefan Krunic joined as a relationship manager in the Aargau/Solothurn team.
Patrik Flück joined the team from Credit Suisse, where he spent the majority of his career to date.
Finally, Thomas Reutlinger also joined the Julius Baer team in Switzerland.
5.
Wealth manager AlTi Global acquired US-based independent advisory firm East End Advisors.
East End Advisors has assets under management (AUM) of approximately $5.6 billion and offers customised portfolio management and investment services to ultra-high net worth (UHNW) families and foundations.
AlTi is acquiring East End Advisors for an initial purchase price of approximately $76 million.
4.
Swedish wealth manager Sӧderberg & Partners acquired a "significant" minority stake in Bath-headquartered advisory firm Fidelius for an undisclosed sum.
The deal, first announced in January 2024, has now received FCA approval for the investment that is expected to increase Sӧderberg & Partners' footprint in the UK advice space.
Fidelius offers wealth management, employee benefits and mortgage services plus specialities such as advising the medical profession and returning expats.
It has assets under management of "just under" £2 billion and 40 plus advisers.
3.
JP Morgan Private Bank appointed Nicholas Lister as a vice president and wealth adviser in its London office, Katie Royals reports.
Mr Lister brings a professional services background to the US bank and will aim to use this experience to support clients as they prepare for the disposal of their businesses, the transfer of their wealth and develop the visions and values they ascribe to their legacies.
Before joining JP Morgan, he was a senior manager in the private client services team at Big Four accountancy firm EY.
2.
AlTi Tiedemann Global (AlTi) has been on quite the journey since Alvarium Investments and Tiedemann Group merged to form the combined firm in January 2023, Katie Royals writes.
The global firm, which has over $20 billion in assets across Europe and Asia, is now fully integrated. Adding in its US business, the firm has around $68 billion in combined assets.
Its latest boost has come in the form of an investment of up to $450 million from Allianz X and Constellation Wealth Capital (CWC). This is a “brand new” capital injection, to be used “specifically” for the wealth management business, Robert Weeber, president of international wealth management, told thewealthnet.
1.
London-based C Hoare & Co, the UK’s oldest private bank, appointed Marion King as a director, according to a recent Companies House filing, Ian Orton reports.
A payments specialist, Ms King has held a number of senior positions in the banking and payments services sector.
Ms King has joined a board that is still dominated by the Hoare family. At present six of the bank’s twelve directors are members of the founding family.