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Boston-based Congress Asset Management is expanding its fixed income platform as it’s seen a need for those types of services from its high-net-worth clients, said Dan Lagan, president and cio.
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Lazard Wealth Management has brought on Andrew Eberhart, the former founder and managing partner of The Marshall Group, as managing director and director of research for its growing wealth management operations.
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Gerard Aquilina, vice chairman at Barclays Wealth, told PAM that the firm is focused on recruiting and training top talent while growing the firm’s global training program as part of the firm’s growth plan to double the number of bankers serving its ultra-wealthy clients.
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With the tax season in full swing, Abacus Wealth Partners is urging its high-net-worth clients who expect to be in a low tax-bracket in 2010 due to retirement or high medical expenses to consider converting their retirement accounts to a Roth IRA.
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Wilmington Trust Investment Management is favoring stocks and corporate bonds as low inflation and low interest rates will allow the prices of stocks and corporate bonds to continue to grow, said Rex Macey, cio.
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Bessemer Trust has hired Len Adler, a former J.P. Morgan Private Bank managing director who specialized in tax and estate planning, for its legacy group in Florida, according to a spokeswoman.
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Tom Frank, the former managing director and senior resident officer at Bessemer Trust, has left the firm to join Wells Fargo’s Family Wealth unit in San Francisco.
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Jack Crilly, the former president of Candor Wealth Advisors, has joined U.S. Trust, Bank of America Private Wealth Management in New York as a senior wealth strategist.
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Nancy Gabel, a managing director for U.S. Trust, Bank of America Private Wealth Management’s estate planning department, has jumped ship to join Evercore Wealth Management in New York.
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Registered investment advisors and family offices that have custody requirements are gearing up for surprise audits.
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Rockefeller Financial—the former Rockefeller & Co.— is looking to bring on more staff in 2010 to keep up with the firm’s growth and make a push to prospect new clients, said Austin Shapard, president and coo.
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BNY Mellon Wealth Management is continuing its expansion throughout the U.S. and is now focusing on the Seattle high-net-worth market.
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Prudential Financial has rolled out a retirement savings program administered by MullinTBG that provides wealthy individuals with nonqualified plan design, administration and client service personnel.
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High-net-worth investors wary of investing in risky assets in 2010 should focus on value opportunities in emerging Asia, Jason Pride, director of investment strategy, for Glenmede, told PAM.
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Naples, Fla.-based Hope for Haiti is looking to wealthy individuals and donors to continue to ship medical supplies, particularly those used for skin graphs, and medications to those in Haiti following the earthquake, said JoAnne Kuehner, founder and president.
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The Bryn Mawr Trust Company has rolled out a new division, the Institutional Trust & Escrow Services Group, and tapped Robert Eaddy, a former senior v.p. with Bank of America Merrill Lynch, to head the group.
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Kevin McCabe, the president and ceo of Fieldpoint Private Bank & Trust, has left the firm.
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There have been some interesting and noticeable changes in multi-family office hiring as a result of the financial services industry being turned on its ear in the fall of 2008.
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Van Pate, former wealth planner for Credit Suisse’s Private Bank, has moved to RBC Wealth Management to work in the Charlotte, N.C., office, according to an executive with the firm.
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Family offices and wealth management firms are analyzing solutions to proposed Securities and Exchange Commission and Congressional regulations that could potentially rattle the traditionally secretive market.
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Citi Private Bank has named Roger Marment, a former v.p. and senior private banker with J.P. Morgan Private Bank, as director and head of the Greenwich, Conn., office.
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Greg Hartley, co-owner, portfolio manager and research analyst at Kalmar Investments, has left the firm.
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Robert Balentine, the former executive v.p. of Wilmington Trust and chairman and ceo of Wilmington Trust Investment Management, has launched an independent asset strategy firm targeting high-net-worth individuals, families and non-profits.
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New York-based Lenox Advisors has made managing director Stefan Greenberg and senior managing director Steve Serrotte partners.
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High-net-worth investors that have been burned by the recent economic downturn want to lessen their exposure to complex instruments like CDOs, auction rate securities and structured products as they never fully understood these positions and how they played into their overall portfolios, according to Michael Sonnenfeldt, founder of Tiger 21.
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U.K.-based Collins Stewart, a financial advisory group, has appointed Anthony Dwyer as managing director and chief equity strategist, a new position.
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BNY Mellon Wealth Management has promoted David Emmes as head of its West Coast markets and Erich Smith head of its Central markets.
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High-net-worth individuals should take advantage of opportunities to pass on gifts to children or grandchildren this year at potentially low tax costs due to the repeal of the generation-skipping transfer (GST) tax, Wells Fargo reps urge.
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Former RWD Executive Search executives have launched NFS Consulting Group, a new Westport, Conn-based executive search firm that will handle private equity searches in addition to other investment management positions.
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Following the recent market downturn, families are reevaluating values and deciding to educate the next generation about money at a very early age, according to a panel hosted by Boston-based SilverBridge Advisors.
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Wilmington Trust is eyeing high-yield junk bonds, coupled with emerging market equities exposure over the next seven years, said Rex Macey, senior v.p. and cio.
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High-net-worth individuals who are looking to set up trusts should take into account state laws and jurisdictions when choosing the domicile to protect against unwanted taxes and complications, said Jeffrey Schoenblum, professor at Vanderbilt University Law School.
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Estate planning attorneys are urging high-net-worth individuals who are entering into prenuptial agreements to thoroughly evaluate the laws of the state where they are drafting the agreement and also take into account any other states where they might own property or do business in.
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The concept of family governance is gaining steam with ultra-wealthy families despite the economic downturn as families are realizing communication is the most important aspect to running and managing their own wealth.
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Wealthy families and high-net-worth individuals should reexamine wealth shifting strategies like grantor retained annuity trusts (GRATs), as drafting process problems often cause losses, according to John Bergner, partner with Dallas-based law firm Winstead PC.
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Barclays Wealth is staffing up throughout the U.S. and Latin America and plans to bring on roughly 100 investment representatives this year, according to a spokeswoman.
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High-net-worth clients looking to convert their traditional IRA to a Roth IRA in the upcoming future should explore charitable giving as a way of avoiding unnecessary tax penalties, said Christopher Hoyt, professor of law at the University of Missouri.
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Many entrepreneurial families who own and operate their own businesses are considering buy/sell agreements, particularly if they own the business with another family.
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Morgan Stanley Smith Barney financial advisors’ division is teaming up with the American Heart Association to host an event targeting high-net-worth women this month.
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The repeal of the estate tax in the beginning of 2010 has created an opportune time for wealth and estate planning advisors to reach out to clients they have fallen out of touch with to discuss their options surrounding estate planning, according to a panel at the Heckerling Institute On Estate Planning conference.
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Glenmede has opened its doors for its New York-based office and has tapped Glenn Switzer and Lee Miller to oversee the team.
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Barclays Wealth is suggesting high-net-worth investors increase exposure to non-cyclical equities, particularly consumer staples like food, beverage and tobacco, according to a recent report.
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Rehmann Financial, an integrated accounting, business consulting, and wealth management firm based in Michigan, is looking to expand its U.S. presence and has recently opened two offices in Florida to help with that push, Fred Schaard, president, told PAM.
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Following Atlantic Trust’s appointment Jeff Dillman as managing director in the Washington, D.C. office, the firm has also brought on Steven Smith to strengthen the D.C. team.
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Interest from high-net-worth investors continues to increase in the commodity sector as the wealthy eye simple, divergent strategies that are transparent and liquid.
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As high-net-worth investors remain gun shy about owning equities and struggling to find yields in fixed income, some newer asset classes such as equity income and master limited partnerships (MLPs) are gaining steam, Matt Rubin, director of investment strategy for Neuberger Berman, told PAM.
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UBS Private Wealth Management has opened a satellite office in Dallas and is planning to open another in Washington State by the end of February.
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Rockville, Md.-based research and technology firm Fortigent is eyeing firms in transition as a way of bolstering its client base.
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CoreStates Capital Advisors is planning to hire roughly three relationships managers, as well as an operations manager and trading specialist within the first quarter of this year, President and CEO William Spiropoulos told PAM.
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Newly-appointed CitizensTrust CIO Sean Kraus is seeing high-net-worth clients push out of cash instruments and asking to increase exposure to equities, particularly international and emerging markets.
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Mary Mewha, former senior managing director with First Republic Wealth Advisors in San Francisco, has joined Wells Fargo’s Family Wealth Group as Northern California regional director.
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Retirement concerns are at the top of the list for high-net-worth investors for 2010, according to Prudential Insurance.
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Jeff Dillman, the former principal and senior client advisor for Bessemer Trust, has joined Atlantic Trust Private Wealth Management as managing director in its Washington, D.C. office.
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Adrian Cronje, chief investment strategist for Wilmington Trust, has left the firm.
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Amid a tumultuous year, the wealth management industry saw quite a few key leadership changes. PAM recaps some of the more memorable senior moves over these last 12 months.
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With few exceptions, private equity in the first half of the 20th century was the domain of wealthy individuals and families.
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Tiger 21’s newly-appointed president Jonathan Kempner is working to build out the firm’s portfolio defense program as well as launch an asset allocation survey for its members.
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Over the past year organizations like Institute for Wealth Management Standards have taken steps to focus on creating a set of best practices for the wealth management industry, and Family Wealth Alliance launched Alliance U, an educational training program geared towards accrediting family office relationship managers.
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In the wake of firms scaling back year-end holiday parties, Wilmington Trust held its annual event for high-net-worth clients, but kept it small and focused on supporting local charity Henry Street Settlement.