WEALTH MANAGEMENT RESULTS SHOW INCREASING POLARISATION BETWEEN GLOBAL AND BOUTIQUE FIRMS
|
|
- June Morton
- 7 years ago
- Views:
Transcription
1 PRESS RELEASE The Scorpio Partnership Private Banking Benchmark 2012 shows the wealth management industry performing well in spite of growing regulatory pressure and economic instability WEALTH MANAGEMENT RESULTS SHOW INCREASING POLARISATION BETWEEN GLOBAL AND BOUTIQUE FIRMS LONDON Scorpio Partnership s annual Private Banking Benchmark of the global wealth management industry released today shows international providers weathered the storms of 2011 more successfully than smaller players. Firms in the top half of the Benchmark performed better than lower tier wealth management firms in terms of net new money, assets under management, income and pre-tax profit growth. However, large firms had higher expenses linked to increasing levels of global regulation and expansion into new markets. For these firms, expansion is a double-edged sword fuelling growth on the one hand but also increasing expenditure and exposing firms to the growing complexity of international regulation. Wealth managers that lack global reach also faced difficult operating conditions. Their net new money flows more than halved and margin pressure reduced overall levels of income. Many of these firms responded with cuts in order to maintain their profitability. The smaller Swiss private banks were particularly prone to these challenges. They face the additional pressure of heightened global scrutiny on tax issues. In spite of their different challenges, large and small wealth management firms navigated the complex economic and regulatory environment successfully, reporting solid growth in profitability. This suggests wealth managers are adapting to the structural changes taking places in the financial services industry and the rapidly evolving economic and market conditions. Figure 1: Key performance indicators for the upper and lower tier of Benchmark wealth management firms Key Performance Indicator Average percentage change Upper tier Lower tier Assets under management (AUM) 0.87% 0.82% Net new money 16.07% % Income 3.81% -8.53% Expenses 3.47% -3.39% Ordinary pre-tax profits 17.91% 11.70% Average gross margin on AUM 101bps 120bps Page 1 of 5
2 These are the main findings of The Scorpio Partnership Private Banking Benchmark 2012, which is an annual assessment of the efficiency and effectiveness of wealth management as a business model servicing high-net-worth clients. This year s analysis of the industry s key performance indicators covers 201 wealth management entities around the world. Since the financial crisis began in 2008, the operating environment has been changing rapidly for wealth managers. This year s analysis shows some firms are reacting better than others to the new reality of changing economic patterns and extensive compliance, says Sebastian Dovey, managing partner at Scorpio Partnership. ASSETS UNDER MANAGEMENT HELD FIRM IN SPITE OF MARKET TURMOIL The report finds assets under management for the sector as a whole held level. The average percentage change was up 0.61% versus the previous year. This marks a solid result given the onslaught of the Eurozone crisis, US deficit problems and sluggish growth in Asia in the latter half of the year. However, it means there was little movement among the top 20 wealth management providers by assets under management. Figure 2: Top 20 global private banks by assets under management (AUM in US dollars) Page 2 of 5
3 Citigroup has moved from 20 to 13 in the ranking as this year Citi has reported assets under management for all feebased accounts greater than USD1 million for the first time since the joint venture deal between Smith Barney and Morgan Stanley. In line, we have also reported results for Morgan Stanley that relate to accounts greater than USD1 million. As a result, Morgan Stanley has slipped two places down the ranking, which moves UBS back into second place from third place last year. In this context, it is important to note that Bank of America reports for its Global Wealth & Investment Management division, which includes Merrill Lynch Global Wealth Management, US Trust, Bank of America Private Wealth Management and its Retirement Services business. Wells Fargo has also included Retirement Services within its data this year. Costs spike due to regulation and the pressure to expand The comparative success of the international wealth management players reflects their reach into growth markets, particularly Asia. These markets present a significant opportunity to attract new client business. Plus, the financial services in these markets are often commission-based and therefore generate higher margins. However, growth in these markets comes at a price and the research also highlights the growing costs associated with wealth management. Among the upper tier wealth management firms, the average percentage change in expenses was 3.47%. However, the very largest banks saw much larger increases in expenses. In fact, if we take the mean expenses for the upper tier wealth management firms we find a hike of 18% from USD1.76 billion at the end of 2010 to USD2.08 billion at the end of This increase in costs for these firms also reflects the changing global regulatory framework for financial services. Enhanced regulation is a strong feature of the post-2008 financial services landscape. From cross-border initiatives such as FATCA, Mifid and Basel III, through to localised regulation such as Switzerland s too big to fail rules, the UK s Retail Distribution Review, or the US s Dodd Frank reforms, all of these initiatives have implications for how firms run their wealth management operations in isolation or as part of a larger financial services group. Smaller firms are not immune to these regulatory changes, but depending on the scope of their business they may be less affected. Some smaller firms are also looking to build scale and also reported increases in their expenditure due to these trends. However, in the main, the challenges for smaller firms were weakening net new money flows and falling income. And, while many smaller firms sought to cut costs, the cost income ratios for large and small wealth management firms alike crept up last year. Indeed, the market trends pose the question whether cost income ratios in the region of 78% - 85% are the new reality for wealth management in the post-2008 era. The wealth management model of the future will need either global scale or a high degree of specialism. With this in mind, we would expect to see consolidation, particularly among mid-tier firms. Larger firms may also examine their international books to determine if they have the right scale, reach and margin to justify the enhanced regulatory risk, remarked Cath Tillotson, head of research and managing partner at Scorpio Partnership. Page 3 of 5
4 Figure 3: Cost income ratios by wealth manager type The Scorpio Partnership Private Banking Benchmark has been tracking the performance of the international wealth management industry since The report aims to cover the main performance indicators to monitor the success of the industry as a whole and its constituent parts. In the 2012 report, the data covers 201 wealth management institutions headquartered in Europe, the Americas, the Asia Pacific markets and the Middle East. ENDS For more information please contact: Sebastian Dovey Managing Partner Scorpio Partnership T: E: seb@scorpiopartnership.com Catherine Tillotson Managing Partner Scorpio Partnership T: E: cath@scorpiopartnership.com To download the full report please call us or visit Page 4 of 5
5 Embargoed to TK on TK Notes to the editors: 1. Scorpio Partnership is a London-based strategy and research specialist focused on the global wealth management industry. Over 15 years, the firm has gained international renown for creating innovative solutions to strategic industry issues. In addition to its industry benchmarking, Scorpio Partnership s unparalleled insight into this market is based on over 11,000 interviews with millionaires and billionaires and 14,000 professional advisors across 35 global wealth centres. 2. The Scorpio Partnership Private Banking Benchmark is the leading analysis of the international wealth management industry. Drawing on financial data from 201 wealth management entities worldwide, this year s study provides data by segment on key performance indicators: Assets under management Market share Distribution of international offices Net new money Income breakdown Deposits and loans as a percentage of assets under management Gross margins on asset management and banking business Expenses breakdown Cost income ratios Ordinary profits before tax 3. The upper tier wealth management firms have assets under management greater than USD20 billion and account for the top 50% of firms included in the Private Banking Benchmark. The lower tier firms are in the bottom 50%. 4. The report is available for purchase at a cost starting at GBP1,950 from Scorpio Partnership. For more information please visit our website Page 5 of 5
Citigroup Smith Barney - Swiss Private Banking Roundtable
Citigroup Smith Barney - Swiss Private Banking Roundtable Zurich, 11 July 2005 Pierre de Weck Global Head of Private Wealth Management Member of the Group Executive Committee Agenda 1 PWM in context 2
More informationBank of America Merrill Lynch 2013 Banking & Financial Services Conference. Robert J. McCann CEO, UBS Group Americas CEO, Wealth Management Americas
Bank of America Merrill Lynch 2013 Banking & Financial Services Conference Robert J. McCann CEO, UBS Group Americas CEO, Wealth Management Americas November 13, 2013 Cautionary statement regarding forward-looking
More informationPresentation at Bank of America Merrill Lynch Banking & Insurance Conference
Presentation at Bank of America Merrill Lynch Banking & Insurance Conference Brady W. Dougan, Chief Executive Officer Credit Suisse London, September 29, 2010 Cautionary statement Cautionary statement
More informationFrom private banking to wealth management Challenges and opportunities
From private banking to wealth management Challenges and opportunities Pascal Martino Partner Advisory & Consulting Strategy, Regulatory & Corporate Finance Deloitte Catherine Maréchal Consultant Advisory
More informationThe Center Cannot Hold:
The Center Cannot Hold: Singapore to overtake Switzerland as leading Offshore Hub by 2020 April, 2013 Offshore Centers: 2012 Private Banking Handbook The global private banking industry has AuM of $19.3
More informationHow To Improve Profits At Bmoi
Bank of America Merrill Lynch Banking and Insurance CEO Conference London, 29 September 2009 Good morning. I d like to thank Bank of America Merrill Lynch for letting us speak this morning. Before I talk
More informationCITIGROUP REPORTS SECOND QUARTER 2011 NET INCOME OF $3.3 BILLION, COMPARED TO $2.7 BILLION IN SECOND QUARTER 2010
For Immediate Release Citigroup Inc. (NYSE: C) July 15, 2011 CITIGROUP REPORTS SECOND QUARTER 2011 NET INCOME OF $3.3 BILLION, COMPARED TO $2.7 BILLION IN SECOND QUARTER 2010 EARNINGS PER SHARE 1 OF $1.09
More informationIn pursuit of wealthy and wealth Private Banks A global perspective
In pursuit of wealthy and wealth Private Banks A global perspective Kuala Lumpur October, 2014 Scorpio Partnership 2014 1 World s Leading Wealth Insights Firm Winner 2007-10 Global Wealth Insights Firm
More informationWhy Credit Suisse? Private Banking & Wealth Management 3Q2014
Why Credit Suisse? Private Banking & Wealth Management 3Q2014 October 2014 Disclaimer Cautionary statement regarding forward-looking statements This presentation contains forward-looking statements that
More informationBANKING SECTOR IN GLOBAL PERSPECTIVE
BANKING SECTOR IN GLOBAL PERSPECTIVE Inaugural Address by Dr. Y.Venugopal Reddy, Governor, RBI at Bankers Conference, 2004 Distinguished guests, Ladies and Gentlemen It is indeed a pleasure and privilege
More informationEuropean Demand for US Listed Equity Options Andy Nybo
European Demand for US Listed Equity Options Andy Nybo V09:029 September 2011 www.tabbgroup.com TABB Group Credit Default Swaps: Industry Projections March 2009 1 Executive Summary European investors believe
More informationHSBC BANK CANADA FIRST QUARTER 2014 RESULTS
7 May 2014 HSBC BANK CANADA FIRST QUARTER 2014 RESULTS Profit before income tax expense for the quarter ended 2014 was C$233m, a decrease of 13.4% compared with the same period in and broadly unchanged
More informationEarnings Release 1Q15
Earnings Release 1Q15 Earnings Release 1Q15 2 Key metrics Credit Suisse (CHF million, except where indicated) Net income attributable to shareholders 1,054 691 859 53 23 of which from continuing operations
More informationDeutsche Bank 2014 Global Financial Services Investor Conference
Connecting Markets East & West Deutsche Bank 2014 Global Financial Services Investor Conference Shigesuke Kashiwagi, CFO Nomura Holdings, Inc. May 28, 2014 Nomura Unique hybrid of retail brokerage/asset
More informationCorporate & Investment Banking Top 5 position in Europe
15 June 2010 Corporate & Investment Banking Top 5 position in Europe Séverin Cabannes Deputy Chief Executive Officer Michel Péretié Head of Corporate and Investment Banking A model able to generate strong
More informationCITI REPORTS FIRST QUARTER INCOME OF $5.01 BILLION, EPS OF $1.01 RECORD REVENUES OF $25.5 BILLION, UP 15% INTERNATIONAL REVENUES UP 18%
CITI REPORTS FIRST QUARTER INCOME OF $5.01 BILLION, EPS OF $1.01 RECORD REVENUES OF $25.5 BILLION, UP 15% INTERNATIONAL REVENUES UP 18% RECORD REVENUES AND NET INCOME IN MARKETS & BANKING AND WEALTH MANAGEMENT
More informationThe Cerulli Report Release The Evolving Retail Direct & Discount Brokerage Market: Distributing Through Third-Party Platforms
C e r u l l i The Cerulli Report Release a s s o c i a t e s T h e C e r u l l i R e p o r t This report defines, sizes, and analyzes the direct channel as it exists in today s financial services world.
More informationDeutsche Bank UK Banks Conference 07 April 2011 Chris Lucas, Group Finance Director
Deutsche Bank UK Banks Conference 07 April 2011 Chris Lucas, Group Finance Director Slide: Name Slide Thanks very much, it s a great pleasure to be here today and I d like to thank our hosts Deutsche Bank
More informationCredit Suisse 2015 Financials Conference
Credit Suisse 2015 Financials Conference Gregory J. Fleming President of Morgan Stanley Wealth Management and Morgan Stanley Investment Management February 10, 2015 Notice The information provided herein
More informationPRESS RELEASE 3M 2015 results Ageas UK, 8 May 2015
PRESS RELEASE 3M 2015 results Ageas UK, 8 May 2015 Profitable first quarter for Ageas UK Executive Summary Increased year on year profit reflecting benign weather impact Net profit of GBP 12.0 million
More informationGuide to Reformatted Quarterly Financial Data Supplement
Guide to Reformatted Quarterly Financial Data Supplement This guide to the reformatted quarterly financial data supplement is intended to highlight the key changes to the supplement and is not a comprehensive
More informationCash Flow Management in a Basel III World
SEPTEMBER 2012 Cash Flow Management in a Basel III World Table of Contents Cash Flow Management..2 Achieving Cash Efficiency..2 Forecasting is Critical...3 Balancing Security, Liquidity and Yield...4 Time
More informationSignificant result increase due to higher sales volumes and efficiency improvements
Herrliberg, February 5, 2016 MEDIA INFORMATION EMS Group: Annual results 2015 Significant result increase due to higher sales volumes and efficiency improvements 1. Summary The EMS Group, with its companies
More informationCredit Suisse Private Banking: Strategy update
Credit Suisse Private Banking: Strategy update Martin Mende Head Business Development Private Banking 2009 Zurich, November 16, 2009 Cautionary statement Cautionary statement regarding forward-looking
More informationWealth management offerings for sustainable profitability and enhanced client centricity
Wealth the way we do it Wealth management offerings for sustainable profitability and enhanced client centricity The wealth management business is transforming. To delight their clients, firms must adopt
More informationQuarterly Financial Supplement - 1Q 2016
Quarterly Financial Supplement - 1Q 2016 Page # Consolidated Financial Summary... 1 Consolidated Income Statement Information... 2 Consolidated Financial Information and Statistical Data... 3 Consolidated
More informationDILUTED EPS $1.04, UP BY MORE THAN 50% FROM $0.68
FOR IMMEDIATE RELEASE Citigroup Reports Record Core Income for the First Quarter First Quarter Core Income Rises 49% to $3.6 Billion from $2.4 Billion Revenues up 19% to $17.5 Billion from $14.7 Billion
More informationMorgan Stanley Reports Full-Year and Fourth Quarter 2010:
Media Relations: Jeanmarie McFadden 212-761-2433 Investor Relations: Celeste Mellet Brown 212-761-3896 Morgan Stanley Reports Full-Year and Fourth Quarter 2010: Full-Year Net Revenues of $31.6 Billion
More informationMORGAN STANLEY AND CITI TO FORM INDUSTRY-LEADING WEALTH MANAGEMENT BUSINESS THROUGH JOINT VENTURE
For Immediate Release MORGAN STANLEY AND CITI TO FORM INDUSTRY-LEADING WEALTH MANAGEMENT BUSINESS THROUGH JOINT VENTURE Combined Firm, to be Called Morgan Stanley Smith Barney, Will Have More Than 20,000
More informationMorgan Stanley Reports Full-Year and Fourth Quarter Results
Contact: Media Relations Investor Relations Jeanmarie McFadden Suzanne Charnas 212-762-6901 212-761-3043 Morgan Stanley Reports Full-Year and Fourth Quarter Results Full-Year Net Revenues of $23.4 Billion
More informationProduct and Distribution Update: Looking Beyond the Headlines
HIGHLIGHTS OF A WEB SEMINAR FOR SEI CLIENTS Product and Distribution Update: Looking Beyond the Headlines Mutual funds, ETFs, managed accounts and alternatives all of these product categories enjoyed robust
More informationAnnual Review 2012. Letter from the Chairmen of the Management Board. Jürgen Fitschen and Anshu Jain Co-Chairmen of the Management Board
02 Jürgen Fitschen and Anshu Jain Co-Chairmen of the Management Board 03 Dear Shareholders, 2012 was a very important year for Deutsche Bank. During this year, we developed a strategy to position Deutsche
More informationHalf year results 2011
Half year results 2011 29 July 2011 Bert De Graeve, Chief Executive Officer Bruno Humblet, Chief Financial Officer Address by Bert De Graeve, Chief Executive Officer Introductory remark The consolidated
More informationDefine Your Independence: Building Your Future
Define Your Independence: Building Your Future Define Your Independence: Building Your Future It used to be that going independent meant going out on your own. Alone. That s not the case anymore. There
More informationListing Debt in London
Listing Debt in London 1 London, the world s financial centre The London Stock Exchange Group operates at the heart of the world s financial centre Internationally focused open market culture Leading global
More informationMORGAN STANLEY Financial Supplement - 4Q 2015 Table of Contents
Page # MORGAN STANLEY Financial Supplement - 4Q 2015 Table of Contents 1. Quarterly Consolidated Financial Summary 2. Quarterly Consolidated Income Statement Information 3. Quarterly Consolidated Financial
More informationGPBR sample brochure.indd 2 09/02/2012 14:34
NE W EX CLU SIV GPBR sample brochure.indd 1 ER EP OR T 12 9/2/12 14:34 GPBR sample brochure.indd 2 9/2/12 14:34 Private Banking A unique window on the world of wealth management Welcome to Euromoney s
More informationFOURTH QUARTER NET INCOME INCREASES 12% TO A RECORD $5.32 BILLION FOURTH QUARTER EPS OF $1.02, UP 12% REVENUES INCREASE 9% TO $21.
FOURTH QUARTER NET INCOME INCREASES 12% TO A RECORD $5.32 BILLION FOURTH QUARTER EPS OF $1.02, UP 12% REVENUES INCREASE 9% TO $21.9 BILLION CITIGROUP 2004 NET INCOME OF $17.0 BILLION, EPS OF $3.26 REVENUES
More informationWealth Management presentation. Gunn Wærsted, Head of Wealth Management
Wealth Management presentation Gunn Wærsted, Head of Wealth Management Wealth Management overview Strategic direction Wealth Management an area with strong financials, welladjusted to New Normal Share
More informationAffluent Insights Survey
Merrill Lynch Global Wealth Management E X A M I N I N I N G T H E V A L U E S, F I N A N C I A L P R I O R I T I E S A N D C O N C E R N S O F A F F L U E N T A M E R I C A N S ABOUT THE AFFLUENT INSIGHTS
More informationStrength You Can Trust
Strength You Can Trust RBC Wealth Management It All Starts With You Our relationship managers are focused on serving your best interests, and we aim to develop highly effective and customised solutions
More informationImpact of Regulations and Risk Management in Financial Markets in Europe
SALES OPPORTUNITY ASSESSMENT PRODUCT CATI EMERGING MARKET ENTRY STRATEGY CUSTOMER INTELLIGENCE MARKET SIZING AND FORECASTING INDUSTRY BEST PRACTICE CUSTOMER NEED BEST PRACTICE ASSESSMENT COMPETITIVE INTELLIGENCE
More informationConference call Q4 and FY 2013 Revenue
Conference call Q4 and FY 2013 Revenue January 16, 2014 1 FY 2013 Key takeaways Gross revenue up 2.8% as reported in 2013 Negative Forex effects in 2013 Solid increase in L/L revenue across most key markets
More informationEuropean debt crisis essay wins scholarship for German student
MEDIA RELEASE THREADNEEDLE ANNOUNCES SCHOLARSHIP PRIZE WINNERS European debt crisis essay wins scholarship for German student LONDON 27 SEPTEMBER: German student Caroline Duong has won the 2011 Threadneedle
More informationUNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549. Form 6-K. CREDIT SUISSE AG (Translation of registrant s name into English)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 October 21,
More informationPreqin Wealth Manager Outlook: Alternative Assets
Preqin Wealth Manager Outlook: Alternative Assets The Opinions of Leading Wealth Managers on the Private Equity, Private Real Estate, Infrastructure and Hedge Fund Markets and Their Expectations for the
More informationTurnover of the foreign exchange and derivatives market in Hong Kong
Turnover of the foreign exchange and derivatives market in Hong Kong by the Banking Policy Department Hong Kong advanced one place to rank sixth in the global foreign exchange market and seventh when taking
More informationCFA INSTITUTE EUROPEAN INVESTMENT CONFERENCE
Hosted by CFA Society Netherlands 2016 CFA Institute. All rights reserved. CFA INSTITUTE EUROPEAN INVESTMENT CONFERENCE 7 8 November 2016 Hotel Okura Amsterdam, Netherlands SPONSORSHIP OPPORTUNITIES eic.cfainstitute.org
More informationGREENWICH ASSOCIATES. 2014 Greenwich Leaders: European Large Corporate Banking & Transaction Services
0 Leaders: European Large Corporate ing & Transaction Services Q 0 Low interest rates and new capital requirements for banks combined have altered the way large European companies finance their businesses.
More informationThe First Decade: 1999-2009. Dow Jones Sustainability Indexes
The First Decade: 1999-2009 Dow Jones Sustainability Indexes The first decade Since 1999, a growing number of investors have started identifying sustainability issues as key factors for financial success.
More informationGREENWICH ASSOCIATES. 2013 Greenwich Leaders: European Corporate Banking
0 Leaders: European Corporate ing February 0 The European sovereign debt crisis has created a twotiered market in corporate banking and cash management: s from troubled periphery nations are struggling
More informationOPPENHEIMER HOLDINGS INC. ANNUAL STOCKHOLDERS MEETING. New York, NY May 9, 2016
OPPENHEIMER HOLDINGS INC. ANNUAL STOCKHOLDERS MEETING New York, NY May 9, 2016 WELCOME to Oppenheimer s 2016 Annual Stockholders Meeting May 9, 2016 2 SAFE HARBOR STATEMENT This presentation and other
More informationMorgan Stanley Smith Barney Global Wealth Management Joint Venture. Presentation to Investors January 13, 2009
Morgan Stanley Smith Barney Global Wealth Management Joint Venture Presentation to Investors January 13, 2009 Notice Statements about the expected effects, timing, benefits, financial and operating results,
More informationManaging private wealth and the offshore financial centre
Managing private wealth and the offshore financial centre Dr Sarah Hall and Professor Jonathan V Beaverstock Sarah.hall@nottingham.ac.uk Jonathan.beaverstock@nottingham.ac.uk Introduction Servicing the
More informationFOR IMMEDIATE RELEASE
FOR IMMEDIATE RELEASE CITIGROUP REPORTS FIRST QUARTER CORE INCOME OF $3.66 BILLION ($0.71 PER SHARE, DILUTED) VS. $3.94 BILLION ($0.76 PER SHARE, DILUTED) IN THE FIRST QUARTER OF 2000 INCOME FROM INVESTMENT
More informationThe Revised Fiduciary Standard adds significant force to the regulatory tsunami currently reshaping financial markets in the U.S. and abroad.
1 RETIREMENT Retirement DNA Modification DNA MODIFICATION Overview The Department of Labor s (DoL s) Revised Fiduciary Standard is poised to strike the core DNA of how investment firms and wealth managers
More informationETF trends and market comparison US and Europe
ETF trends and market comparison US and Europe This document is directed at professional investors and should not be distributed to, or relied upon by retail investors. The value of investments, and the
More informationCITIGROUP REPORTS INCOME FROM CONTINUING OPERATIONS UP 11% WITH INTERNATIONAL REVENUES UP 17%
CITIGROUP REPORTS INCOME FROM CONTINUING OPERATIONS UP 11% WITH INTERNATIONAL REVENUES UP 17% INCOME FROM CONTINUING OPERATIONS OF $5.26 BILLION; REVENUES INCREASE 10% EPS FROM CONTINUING OPERATIONS OF
More informationTHE FINANCIAL CRISIS: Is This a REPEAT OF THE 80 S FOR AGRICULTURE? Mike Boehlje and Chris Hurt, Department of Agricultural Economics
THE FINANCIAL CRISIS: Is This a REPEAT OF THE 80 S FOR AGRICULTURE? Mike Boehlje and Chris Hurt, Department of Agricultural Economics The current financial crisis in the capital markets combined with recession
More informationStrategic Update. James P. Gorman, Chairman and Chief Executive Officer. January 19, 2016
Strategic Update James P. Gorman, Chairman and Chief Executive Officer January 19, 2016 Notice The information provided herein may include certain non-gaap financial measures. The reconciliation of such
More informationOperational risk capital: Nowhere to hide
Regulatory November 2014 brief A publication of PwC s financial services regulatory practice Operational risk capital: Nowhere to hide Overview The Basel Committee on Banking Supervision (BCBS) last month
More informationCHAPS Market Report 2015
Market Report 205 Market Report 205 0 Introduction 2 Overview 4. Key Statistics 4.2 Value Breakdowns by Market and Country 4.3 Drivers of CHAPS Use 5.4 CHAPS Forecasts 6 2 CHAPS Markets 7 2. Wholesale
More informationFOCUSED ON YOUR INVESTMENTS YOUR FUTURE YOU
FOCUSED ON YOUR INVESTMENTS YOUR FUTURE YOU Table of Contents Harrington Capital Management, LLC is a branch office of and Securities offered through WFG Investments, Inc., member FINRA & SIPC. Investment
More informationSERVCORP LIMITED ABN 97 089 222 506 APPENDIX 4E. Preliminary Final Report for the financial year ended 30 June 2009
SERVCORP LIMITED APPENDIX 4E Preliminary Final Report for the financial year ended The information in this document should be read in conjunction with the 2009 and any public announcements made during
More informationSynthetic Financing by Prime Brokers
yale program on financial stability case study 2014-1e-v1 november 1, 2014 Basel III E: 1 Synthetic Financing by Prime Brokers Christian M. McNamara 2 Andrew Metrick 3 Abstract Hedge funds rely on prime
More informationThe Edge-Lipper Singapore Awards 2004 24.02.05
The Edge-Lipper Singapore Awards 2004 24.02.05 Lipper A Reuters Company Robin Thurston Vice President Global Director of Research, Media, and Marketing Lipper What we believe in Independence Objectivity
More informationDILUTED EPS $0.87, UP 23% FROM $0.71
FOR IMMEDIATE RELEASE CITIGROUP SECOND QUARTER CORE INCOME RISES 21% TO $3.0 BILLION First Half Core Income up 35% to $6.6 Billion Revenues up 10% to $16.4 Billion from $15.0 Billion DILUTED EPS $0.87,
More informationReport to Shareholders
Report to Shareholders Royal Bank of Canada first quarter results All amounts are in Canadian dollars and are based on our unaudited Interim Condensed Consolidated Financial Statements for the quarter
More informationMorgan Stanley Reports Fourth Quarter and Full Year 2014:
Media Relations: Michele Davis 212-761-9621 Investor Relations: Kathleen McCabe 212-761-4469 Morgan Stanley Reports Fourth Quarter and Full Year 2014: Subsequent to the release of Morgan Stanley s fourth
More informationTwentyFour Asset Management. Performance creates trust. Vontobel s acquisition of a majority stake in. 25 March 2015
TwentyFour Asset Management Vontobel s acquisition of a majority stake in TwentyFour Asset Management Performance creates trust 25 March 2015 Page 2 Cautionary statement regarding forward-looking statements
More informationLloyds Banking Group plc. Strategic Update
Lloyds Banking Group plc Strategic Update 28 October 2014 FORWARD LOOKING STATEMENTS This document contains certain forward looking statements with respect to the business, strategy and plans of Lloyds
More informationTABLE OF CONTENTS. 1. Global Education Sector and Reform. 1.1 Market Overview and Size. 1.2 Initiatives to Boost Education Industry
1 TABLE OF CONTENTS 1. Global Education Sector and Reform 1.1 Market Overview and Size 1.2 Initiatives to Boost Education Industry 1.3 Global Tertiary Education Development 1.3.1 Student Population 1.3.2
More informationIntegration of Bank Pekao SA and Bank BPH SA. Warsaw, 16 November 2006
Integration of Bank Pekao SA and Bank BPH SA Warsaw, 16 November 2006 AGENDA 1 Integration summary 2 Spin off Plan 3 New Pekao the clear market leader 4 New BPH platform for growth 5 Next steps 1 PREPARATION
More informationHoist Finance announces its intention to launch an initial public offering and listing on Nasdaq Stockholm
Press release Stockholm 26 February 2015 Hoist Finance announces its intention to launch an initial public offering and listing on Nasdaq Stockholm Hoist Finance AB (publ) ( Hoist Finance or the Company
More informationL2: Alternative Asset Management and Performance Evaluation
L2: Alternative Asset Management and Performance Evaluation Overview of asset management from ch 6 (ST) Performance Evaluation of Investment Portfolios from ch24 (BKM) 1 Asset Management Asset Management
More informationGlobal Lending & Leasing Survey. Back to a new normal? A survey carried out by Linedata - 2014 Edition
Global Lending & Leasing Survey Back to a new normal? A survey carried out by Linedata - 2014 Edition Executive Summary Economic figures and analyst surveys show that growth is back in the lending & leasing
More informationDisconnect between trustees and pension scheme sponsors risk management priorities could pose threat to defined benefit pension schemes
Disconnect between trustees and pension scheme sponsors risk management priorities could pose threat to defined benefit pension schemes - Pension scheme sponsors and trustees are collectively taking a
More informationA Big Opportunity: Microsoft Advisor Platform & Salentica
A Big Opportunity: Microsoft Advisor Platform & Salentica Driving Microsoft product stack to help wealth management firms meet today s challenges Prepared by: Bill Rourke, Salentica Brad Prodger, Microsoft
More informationHigh Net Worth Asset Allocator Study Insights into Private Equity. Study conducted by Scorpio Partnership Fifth in a series of semi-annual surveys
High Net Worth Asset Allocator Study Insights into Private Equity Study conducted by Scorpio Partnership Fifth in a series of semi-annual surveys Key findings Alternatives allocation has rebounded from
More informationBUILT FOR THESE TIMES
BUILT FOR THESE TIMES CREATING A BETTER FINANCIAL FUTURE At BlackRock, we are committed to providing the leadership and answers you need to navigate today s challenging markets. Since our founding nearly
More informationTHE NEW INTERNATIONALS. Updating perceptions of SMEs in an increasingly globalised world
THE NEW INTERNATIONALS Updating perceptions of SMEs in an increasingly globalised world Contents Introduction 5 Born Global 6 International Futures 7 Supporting UK SMEs 8 UK Regions 9 Conclusion 10 About
More informationMarketing Accountability Study White Paper
Marketing Accountability Study White Paper Presented by 2005 INTRODUCTION It s one thing to ask marketers to justify expenses on their well-researched, thoroughly contemplated marketing programs, especially
More informationAN INTRODUCTION TO TRADING CURRENCIES
The ins and outs of trading currencies AN INTRODUCTION TO TRADING CURRENCIES A FOREX.com educational guide K$ $ kr HK$ $ FOREX.com is a trading name of GAIN Capital - FOREX.com Canada Limited is a member
More informationInternational Civil Aviation Organization WORLDWIDE AIR TRANSPORT CONFERENCE (ATCONF) SIXTH MEETING. Montréal, 18 to 22 March 2013
International Civil Aviation Organization WORKING PAPER ATConf/6-WP/88 4/3/13 English only WORLDWIDE AIR TRANSPORT CONFERENCE (ATCONF) SIXTH MEETING Montréal, 18 to 22 March 2013 Agenda Item 2: Examination
More informationInvestment Industry Association of Canada
Investment Industry Association of Canada Small Dealer Symposium Guy Armstrong Senior Consultant and Managing Director Keith Sjögren Senior Consultant and Managing Director, Consulting June 7, 2012 Presentation
More informationUBS 2015 net profit up 79% to CHF 6.2 billion
2 February 2016 UBS 2015 net profit up 79% to CHF 6.2 billion Fourth-quarter net profit CHF 949 million; quarterly diluted earnings per share CHF 0.25; full-year diluted earnings per share CHF 1.64 Ordinary
More informationThe Strategic Importance of Current Accounts
The Strategic Importance of Current Accounts proven global expertise The Strategic Importance of Current Accounts THE STRATEGIC IMPORTANCE OF CURRENT ACCOUNTS With more than sixty-five million active personal
More informationBank of America Merrill Lynch Banking & Insurance CEO Conference Bob Diamond
4 October 2011 Bank of America Merrill Lynch Banking & Insurance CEO Conference Bob Diamond Thank you and good morning. It s a pleasure to be here and I d like to thank our hosts for the opportunity to
More informationEuropean ETFs: A Market Ripe for Consolidation
December 2014 European ETFs: A Market Ripe for Consolidation Levi-Sergio MUTEMBA Abstract More than 20 exchanges versus three in the United States. Multiple regulations versus a single one in the US. Several
More informationEvolving Business Models and Capital Markets Contexts:
Evolving Business Models and Capital Markets Contexts: The Santander Model May 2012 José Antonio Álvarez CFO Grupo Santander Santander: key figures 2 Highlights Total Assets (EUR trillion) 1.25 Headcount
More informationBurberry Group plc. Second Half Trading Update
14 April 2016 Burberry Group plc Second Half Trading Update Highlights for the six months to 31 March 2016 Total revenue 1,410m, down 1% underlying Retail revenue 1,064m, unchanged year-on-year underlying
More informationACCESS POINT. Mr. Nikhil Kapadia INTERVIEW WITH: Chief Executive Officer Wealth Management, Avendus Capital. By Nikhil Jindal & Gaurav Tewari
ACCESS POINT 100 THE EXECUTIVE ACCESS NEWSLETTER October 2011 INTERVIEW WITH: Mr. Nikhil Kapadia Chief Executive Officer Wealth Management, Avendus Capital. By Nikhil Jindal & Gaurav Tewari At what stage
More informationNovember 2012. Figure 1: New issuance (US$ billion) presents attractive opportunities
November 2012 Emerging market corporate bonds attractive opportunities in a dynamic sector In a world where traditional fixed income investments, such as core government bonds, offer very low returns to
More informationDimensional Fund Advisors
Dimensional Fund Advisors Putting Financial Science to Work for You Dimensional Fund Advisors LP is an investment advisor registered with the Securities and Exchange Commission. Consider the investment
More informationAnnual Highlights. Book value per common share increased by 5% during the year to $171.03.
The Goldman Sachs Group, Inc. 200 West Street New York, New York 10282 GOLDMAN SACHS REPORTS EARNINGS PER COMMON SHARE OF $12.14 FOR 2015; RMBS WORKING GROUP SETTLEMENT (1) REDUCED EARNINGS PER COMMON
More informationWEALTH MANAGEMENT WEALTH MANAGEMENT. LUC PAIEMENT Co-President and Co-CEO National Bank Financial. INVESTOR DAY January 30, 2008
LUC PAIEMENT Co-President and Co-CEO National Bank Financial INVESTOR DAY January 30, 2008 Caution Regarding Forward-Looking Statements From time to time, National Bank of Canada (the Bank ) makes written
More informationBeyond RDR: The Emergence of the Independent Wealth Adviser
Beyond RDR: The Emergence of the Independent Wealth Adviser Three challenging forces have created a perfect storm within the UK wealth management industry: the regulatory demands in the FSA s Retail Distribution
More informationDelphi Reports Third Quarter 2015 Financial Results
Delphi Reports Third Quarter 2015 Financial Results GILLINGHAM, England - Delphi Automotive PLC (NYSE: DLPH), a leading global vehicle components manufacturer, today reported third quarter 2015 U.S. GAAP
More informationBancassurance: Misunderstood and thus misvalued. June 9, 2005. Gilles de Margerie Chief Financial Officer
Bancassurance: Misunderstood and thus misvalued June 9, 2005 Gilles de Margerie Chief Financial Officer Contents France s N 1 bancassurance group A substantial contribution to group performance A growth
More information