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Enterprisewide
Wealth Management Competitor Tracker 2011
Datamonitor, January 2012, Pages: 29
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.
Scope:
- Gain invaluable information on competitors in one concise document; identify long-term trends using the Excel database.
- Sharpen your strategy by implementing the best market, product, competitor and strategic developments of leading global players.
- Learn the Datamonitor Wealth & Investments Team's view on the most important competitor developments in the month.
Highlights:
- 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.
- 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.
- 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.
Key questions answered:
- Where is the competition expanding their presence and opening new branches?
- Which competitors have experienced the most staffing changes over the last month?
- What new products and customer targeting strategies are my competitors using?
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 2011
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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