Wealth Management Competitor Tracker: February 2012

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.

Executive Summary

Introduction

The Wealth Management Competitor Tracker follows the developments of 100 wealth managers and their associated brands globally. Produced monthly, the tracker is based on press releases and reported news stories. It covers product innovation, customer targeting, M&A, partnerships, organic growth, and staffing. Competitors tracked include: Barclays Wealth, J.P. Morgan, Bank of Montreal, Coutts

Features and benefits
- 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 players from around the world.
- Learn the Datamonitor Wealth & Investments Team's view on the most important competitor developments in the month.

Highlights
There were a total of 45 developments in February, much lower than the 68 in January. The low level of activity in February was due to both the strong push in January and the fact that a large number of companies announced their annual results, which took priority over other developments.

Product innovation developments contributed to more than a third of the activity in February, accounting for 16 developments out of the total of 45. Notable developments included a series of new funds and bonds released by Pictet & Cie, Rathbones, Royal Bank of Canada, and Santander.

Similar to January, the vast majority of activity in February took place in Western Europe. Key stories from the region include EFG International closing its branch in Sion, following the January announcement of its divestment of Danish private banking activity and the sale of its Swiss investment fund business.

Your key questions answered
- What product and customer servicing innovations are wealth managers launching around the world?
- Where is the competition expanding and opening new offices and branches?
- Which companies are recruiting new wealth management staff and where?
- What are the levels of M&A and organic growth activity by region?

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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 tracks the most relevant announcements from 100 competitors
As of January 2012, Datamonitor also tracks a selection of wealth management technology companies
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 FEBRUARY
Notable developments within the wealth management industry in February
Customer targeting: J.P. Morgan Private Wealth Management plans to expand in the UK
China wealth management: Bank of Montreal to acquire a 19.99% stake in COFCO Trust
Middle East wealth management: the increasing importance of the region is underlined by the frantic hiring activity among wealth managers looking to expand
After a strong January, competitor activity dropped in February
There were a total of 45 developments in February
Developments in product innovation accounted for more than a third of the activity in February
Western Europe accounted for over half of the competitor developments in February
Barclays Wealth and Brewin Dolphin were the two most active companies during a flat February
PRODUCT INNOVATION AND CUSTOMER TARGETING
ABN AMRO
Global: ABN Amro launches the iPad Research App, February
Agricultural Bank of China (ABC)
China: ABC makes customer service-oriented reforms at the mainland bank, February
Bank of America Merrill Lynch
US: Bank of America launches Merrill Edge Select Portfolios, February
Citigroup
Malaysia: Citibank launches a new value proposition for emerging affluent clients in Malaysia, February
Falcon Private Bank
Switzerland: Falcon Private Bank renews its sponsorship agreement with Scuderia Toro Rosso, February
J.P. Morgan
UK: J.P. Morgan Private Wealth Management is expanding in the UK, February
National Bank of Abu Dhabi (NBAD)
United Arab Emirates: NBAD adds new features to its premium banking services, February
Pictet & Cie
Luxembourg: Pictet launches the Pictet-Global Bonds Fundamental fund, February
Luxembourg: Pictet launches the Pictet-EUR Short Term High Yield fund, February
Precision Capital
UK: Brown Shipley sponsors the Owners & Trainers' Pavilion at Haydock Park Racecourse, February
UK: Rathbones unveils a 75 basis point "clean fee" share classes fund, February
RBC
US: RBC Global Asset Management launches four specialty fixed income mutual funds, February
Santander
Spain: Banif launches another bond that is bullish on European equities, February
UBS
US: UBS Wealth Management Americas hosts a Miami client event with former US presidents, February
VTB Bank
Russia: VTB Bank supports opening-night ballet at the Bolshoi Theatre, February
Wells Fargo
US: Wells Fargo Funds Management has launched a mobile version of its website, February
M&A, PARTNERSHIPS, AND ORGANIC GROWTH
Barclays
Monaco: Barclays Wealth advisory opens an office in Monaco, February
BMO Financial Group
China: Bank of Montreal to acquire the maximum stake in COFCO Trust, February
Brewin Dolphin
UK: Brewin Dolphin to move to Atria One in Edinburgh, February
Deutsche Bank
Germany: Sal. Oppenheim opens a branch in Bremen, February
EFG International
Switzerland: EFG International closes its branch in Sion, February
Lombard Odier Darier Hentsch
Australia: Lombard Odier forms partnership with JBWere, February
Mediobanca
Switzerland: Compagnie Monégasque de Banque sells CMB Banque Privée, February
National Australia Bank
Australia: MLC and JANA form a powerhouse consulting business, February
Rathbones
UK: Rathbones moves to Curzon Street, February
Société Générale
France: Société Générale Private Banking establishes teams in Nantes, Nice, and Toulouse, February
Standard Chartered
Bangladesh: Standard Chartered is said to be in talks to buy HSBC's Bangladesh branches, February
UBS
Israel: UBS opens a wealth management office in Israel, February
Union Bancaire Privée
Switzerland: Union Bancaire Privée to acquire Nexar Capital Group, February
STAFFING
ANZ
Australia: ANZ appoints Joyce Phillips as CEO of Global Wealth and Private, February
Barclays
Switzerland: Barclays Wealth makes a key Africa Offshore appointment, February
US: Barclays hires eight advisors in Chicago and Los Angeles, February
US: Barclays Wealth boosts its foreign exchange team, February
Brewin Dolphin
UK: Brewin Dolphin appoints David Nicol as a non-executive director, February
UK: Brewin Dolphin appoints a new head for its Exeter office, February
Citigroup
Singapore: Citigroup Private Bank names Yvonne Siew as Asia real estate head, February
Credit Suisse
Switzerland: Clariden Leu loses its Middle East team to Swiss rival, February
EFG International
Singapore: EFG International appoints a new CEO for Singapore and Southeast Asia, February
Investec
UK: Investec Wealth & Investment hires ex-Kleinwort Leeds boss, February
Intesa Sanpaolo
Italy: Carlo Messina is appointed general manager of Intesa Sanpaolo, February
Precision Capital
Netherlands: Theodoor Gilissen strengthens its executive board, February
Raymond James
US: Raymond James hires a team of four from Merrill Lynch for its Louisville, Kentucky office, February
RBS
Switzerland: Coutts International hires private bankers from Citi and Sarasin for its Middle East division, February
Vontobel
Switzerland: Vontobel hires chief strategist and head of newly created boutique, February
Wells Fargo
US: Abbot Downing gets a new planning head, February
APPENDIX
Methodology
Further reading
Bibliography
Ask the analyst
Disclaimer
TABLES
Table: Datamonitor's Wealth Management Competitor Tracker covers the following 100 companies
Table: Datamonitor also tracks seven wealth management technology providers
FIGURES
Figure: Activity in February slipped below the 12-month average
Figure: Staffing announcements in February had their worst month since May
Figure: Over half of the competitor developments in February took place in Western Europe
Figure: Barclays and Brewin Dolphin were the most active companies in February

Agricultural Bank of China, Banco Santander, S.A., Bank of America Merrill Lynch, Bank of Montreal, Bank of Nova Scotia, Banque Cantonale du Valais, Barclays PLC, BBVA, BMO Financial Group, Canadian Imperial Bank of Commerce, Citigroup Inc., Coutts & Co, Credit Suisse Group AG, East West Bancorp, Inc., Finantix S.p.A., Fortis, ING GROEP N.V., International Business Machines Corporation, KPMG International, Macquarie Group Limited, Mediobanca - Banca di Credito Finanziario S.p.A., Morgan Stanley, National Australia Bank Group Limited, Pictet & Cie, Rathbone Brothers Plc, Raymond James Financial, Inc., RBC Bank (USA), Research In Motion Limited, Royal Bank of Canada, United Overseas Bank, Woori Financial Group