Wealth Management Competitor Tracker 2011
Datamonitor, December 2011, Pages: 29
<Description><Introduction><Paragraph>The Wealth Management Competitor Tracker follows the developments of 100 wealth managers and their associated brands globally. Produced monthly, it covers product innovation, customer targeting, M&A, partnerships, organic growth, and staffing.</Paragraph></Introduction><Scope><BulletPoint>Gain invaluable information on competitors in one concise document; identify long-term trends using the Excel database.</BulletPoint><BulletPoint>Sharpen your strategy by implementing the best market, product, competitor and strategic developments of leading global players.</BulletPoint><BulletPoint>Learn the Datamonitor Wealth & Investments Team's view on the most important competitor developments in the month.</BulletPoint></Scope><Highlights><Paragraph>Strategic activity in the wealth management industry slumped in December, with a total of 37 competitor developments recorded among the 100 wealth managers tracked. This is well below the 12-month average of 49, and is reminiscent of the activity we saw in the first half of 2011.</Paragraph><Paragraph>Staffing accounted for the highest proportion of competitive activity in December, with 20 developments out of the total of 37 (or 54% of all strategic developments in the month). There were some notable staff moves in the US, namely Bank of America's, Barclays, Bessemer Trust and BNY Mellon.</Paragraph><Paragraph>The largest proportion of competitor activity in December originated from Asia Pacific, accounting for 12 of the 37 developments. Notable stories from Asia Pacific included Credit Suisse's proposed acquisition of HSBC's Japanese private banking operations, ICBC's launch of precious metals investment products in China and Citibank's new platform.</Paragraph></Highlights><PurchaseReasons><BulletPoint>Where is the competition expanding their presence and opening new branches?</BulletPoint><BulletPoint>Which competitors have experienced the most staffing changes over the last month?</BulletPoint><BulletPoint>What new products and customer targeting strategies are my competitors using?</BulletPoint></PurchaseReasons></Description>
OVERVIEW
•Catalyst
•Summary
•Methodology
INTRODUCTION
•The Wealth Management Competitor Tracker provides both one-month and 12-month views of developments
?As of January 2011, Datamonitor now tracks the most relevant announcements from 100 competitors
?Datamonitor’s Wealth and Investments Team provides analysis of the key developments at one-month and 12-month intervals
?A fully searchable database covering the past 12 months of developments is also delivered alongside the report
KEY DEVELOPMENTS IN DECEMBER
•Notable developments within the wealth management industry in December
?Product innovation and customer targeting: Oddo & Cie and Banif launch optimistic European investments
?M&A, partnerships, and organic growth: Credit Suisse to acquire HSBC's private banking business in Japan
?Staffing: NBAD appoints new head of ladies' private banking
•Wealth management activity tailed off in December
?There were a total of 37 developments in December
?Developments in staffing accounted for the majority of activity in December
?32% of competitor developments took place in Asia Pacific
PRODUCT INNOVATION AND CUSTOMER TARGETING
•Charles Schwab
?US: Charles Schwab launches new iPad app
•Citigroup
?Singapore and Hong Kong: Citibank launches institutional and HNW fund platform in Asia
•Deutsche Bank
?US: Deutsche Bank and Invesco PowerShares launch inflation/deflation-linked exchange-traded notes
•Fidelity
?US: Fidelity Charitable announces GivingCentral, an enhanced online platform for advisors
•Industrial and Commercial Bank of China (ICBC)
?China: ICBC launches a range of new precious metal products
•Morgan Stanley
?US: Morgan Stanley Smith Barney releases its 2011/2012 Gifts for Good philanthropic catalog
•National Australia Bank (NAB)
?Australia: MLC upgrades MasterKey customers to MLC Wrap
•Oddo & Cie
?France: Oddo Asset Management launches European banks fund
•Santander
?Spain: Banif has launched a bond that looks to benefit from the rebound of European equities in the medium term
•Société Générale
?Singapore: Société Générale Private Banking sponsors French film festival
M&A, PARTNERSHIPS, AND ORGANIC GROWTH
•ABN Amro
?Germany: ABN Amro Bank NV completes acquisition of LGT Bank Deutschland
•Bank of East Asia (BEA)
?China: BEA announced the opening of its first branch in Hunan province
•Bendigo and Adelaide Bank
?Australia: Bendigo and Adelaide Bank acquires the Australian network of the Bank of Cyprus
•Credit Suisse
?Japan: Credit Suisse to acquire HSBC's private banking business in Japan
•Dexia
?Luxembourg: Precision Capital and the State of the Grand Duchy of Luxembourg to acquire Dexia Banque Internationale à Luxembourg
•KBC
?Belgium: KBC Private Banking launches Wealth Office
?UK: Brown Shipley completes acquisition of Scottish law firm's investment arm
STAFFING
•Bank of America Merrill Lynch
?US: Bank of America to hire more than 160 Merrill Edge advisors throughout southern California and Arizona
•Barclays
?US: Barclays Wealth hires five investment representatives in New York
?US: Barclays Wealth Appoints Joseph Danowsky as Americas head of solutions
•Bessemer Trust
?US: Bessemer Trust appoints new principal for ultra-HNW families
•BNP Paribas
?International: BNP Paribas appoints two co-heads for its wealth management business
•BNY Mellon
?US: BNY Mellon adds to its team of investment management advisors working with ultra-HNWs
•Commonwealth Bank
?Australia: Count CEO replaced by Commonwealth Bank executive
•Julius Baer
?Japan: Julius Baer appoints Wolfgang Humbert-Droz as new market head for Japan
•KBC
?France: Thierry Smets becomes the new CEO of Puilaetco Dewaay
•National Australia Bank (NAB)
?New Zealand: JBWere names new CEO
•National Bank of Abu Dhabi (NBAD)
?UAE: NBAD appoints head of private banking for Abu Dhabi and Al Ain
?UAE: NBAD appoints new head of ladies private banking
•Northern Trust
?US: Northern Trust names Suzanne Shier as tax strategist for personal financial services
•Oversea-Chinese Banking Corporation (OCBC)
?Hong Kong: Bank of Singapore appoints two to its Greater China team
?Singapore: Bank of Singapore expands its management team to position for long-term growth
•Old Mutual
?UK: Fairbairn Private Bank expands UK team to focus on intermediaries
•Rathbones
?UK: Rathbones has appointed a new COO
•Société Générale
?Luxembourg and the UK: Société Générale Private Banking appoints new CIOs
•Standard Chartered
?Dubai: Viswanathan Shankar appointed to the board as group executive director
•UBS
?US: Robert J McCann expands role with CEO UBS Group Americas appointment
APPENDIX
•Methodology
•Further reading
•Ask the analyst
•Disclaimer
TABLES
•Table: Datamonitor's Wealth Management Competitor Tracker covers the following 100 companies
FIGURES
•Figure: Wealth management strategic activity trailed off in December
•Figure: Staffing accounted for the largest proportion of activity in December
•Figure: Asia Pacific edged out North America and Western Europe in terms of the number of competitor developments in December
- Agricultural Bank of China
- Aviva Plc
- Banco Santander S.A.
- Bank of America Merrill Lynch
- Bank of Montreal
- Bank of Nova Scotia
- BBVA
- BMO Financial Group
- BNP Paribas Group
- Canadian Imperial Bank of Commerce
- Citigroup Inc.
- Dexia Group
- East West Bancorp Inc.
- ERGO Versicherungsgruppe AG
- Hutchison 3G UK Limited
- Informa plc
- ING GROEP N.V.
- International Business Machines Corporation
- Invesco Ltd.
- KBL European Private Bankers S.A.
- Macquarie Group Limited
- Mediobanca - Banca di Credito Finanziario S.p.A.
- Morgan Stanley
- National Australia Bank Group Limited
- National Bank of Kuwait
- Pictet & Cie
- Rathbone Brothers Plc
- Raymond James Financial Inc.
- RBC Bank (USA)
- Standard Chartered PLC
- UBS AG
- United Overseas Bank
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