Global Private Banker’s Post

Morgan Stanley to cut hundreds of jobs in Wealth Management, joining UBS in planning to cut investment banking & private banking jobs with 90 job cuts in Asia. Around 25 private bankers & investment solutions team in Greater China & Singapore may be affected. Read - https://lnkd.in/gfZj4Dqc follow Caproasia | Driving the future of Asia Morgan Stanley had been reported to be cutting hundreds of jobs in Wealth Management, joining UBS in planning to cut investment banking & private banking jobs with 90 job cuts in Asia, of which around 25 private bankers & investment solutions team in Greater China & Singapore may be affected.  Nomura had also been reported to cut around 60 investment banking jobs, joining Bank of America, UBS, Credit Suisse, JP Morgan, Goldman Sachs & Citigroup to cut investment banking jobs. In January 2024, Bank of America had also announced job cuts including around 20 investment banking jobs in Asia, with majority of the cuts affecting Hong Kong-based bankers (China deals).  Senior investment bankers affected include Winnie Ng (Head of Hong Kong coverage & Co-Head of APAC Real Estate, Gaming & Losing) and Jessica Li (Head of Asia Healthcare). 

Morgan Stanley to cut hundreds of jobs in Wealth Management, joining UBS in planning to cut investment banking & private banking jobs with 90 job cuts in Asia. Around 25 private bankers & investment solutions team in Greater China & Singapore may be affected. Read - https://lnkd.in/grjT6ND6 follow Caproasia | Driving the future of Asia Morgan Stanley had been reported to be cutting hundreds of jobs in Wealth Management, joining UBS in planning to cut investment banking & private banking jobs with 90 job cuts in Asia, of which around 25 private bankers & investment solutions team in Greater China & Singapore may be affected.  Nomura had also been reported to cut around 60 investment banking jobs, joining Bank of America, UBS, Credit Suisse, JP Morgan, Goldman Sachs & Citigroup to cut investment banking jobs. In January 2024, Bank of America had also announced job cuts including around 20 investment banking jobs in Asia, with majority of the cuts affecting Hong Kong-based bankers (China deals).  Senior investment bankers affected include Winnie Ng (Head of Hong Kong coverage & Co-Head of APAC Real Estate, Gaming & Losing) and Jessica Li (Head of Asia Healthcare). 

💡 Leading financial services house IIFL Securities today announced three senior management appointments to bolster its Wealth management platform / equities broking business. IIFL Securities currently manages $23billion worth of AUM 💡 It has appointed career Private Bankers Raghav Gupta and Prakash Bulusu as Joint CEOs to manage and grow their HNI & UHNI wealth business and Amit Srivastava as Senior Managing Partner to run Investments & Product for the firm. 💡 Raghav and Prakash were previously Senior Managing Partners at ASK Asset & Wealth Management (majority owned by Blackstone, world’s largest PE Fund), managing North, South, East businesses in India and offshore markets. Amit was managing the equity product platform, asset allocation and portfolio analytics desk. He was also involved in managing investments for key UHNI client relationships pan-India. 💡 These three have helped build the Wealth practice for ASK Asset & Wealth Management and have been instrumental in taking it to great heights in eight years. The business grew 6x in 8 years with more than 50% contribution to the overall firm. They had joined ASK with significant equity ownership and it was later followed by investment from global Private Equity players like Advent and Blackstone into ASK. 💡 All three have worked in the financial services industry for over 25 years and have been together in the Wealth Management space for two decades (across Citi and ASK). 💡 Wealth and asset management industry in India has been evolving rapidly. As more and more promoters, entrepreneurs and CXOs generate wealth, there is a dearth of quality talent required to advise clients and help them manage their investments. Not surprising, therefore, that the growth prospects of the industry has seen a lot of interest from top global Private Equity players like Blackstone, KKR, Bain & Company, General Atlantic, PAG. IIFL (India Infoline Group) IIFL Securities R Venkataraman #IIFL #Wealth #HNI #UHNI #Affluent #WealthCreation #Management #Appointment

The investment in Wealth Management, digitisation in client services & recurring revenue assets is paying dividends. Nomura's Wealth Management division recorded its best quarterly performance in nine years, with pretax income surging 84% YoY to 42.3 billion yen. The division's success was attributed to record-high recurring revenue assets and recurring revenue, driven by a segment-based approach to client services. https://lnkd.in/gqXVFGb4

UBS’s more diversified wealth management exposure and business mix makes it more attractive than US peer Morgan Stanley, according to analysts at JPMorgan Chase & Co. While both firms are forecast to generate about 60% of earnings from asset-gathering businesses in 2027, JPMorgan analyst Kian Abouhossein said the Swiss bank has a better wealth management franchise than Morgan Stanley outside of the US. It’s helped by being highly geared to Asia, which is seen as the “sweet spot.” by Myriam Balezou #Switzerland

How is Nomura shaping the future of wealth management in Asia and the Middle East? 🌏 Ravi Raju, Head of International Wealth Management at Nomura, recently shed light on the company’s ambitious growth strategy. Nomura is not just expanding—it's strategically positioning itself in key markets like Hong Kong, Singapore, and Dubai, tapping into a burgeoning wealth management landscape. Nomura is doubling down on its growth strategy in Asia and the Middle East, planning to add 30-35 private bankers in Hong Kong and Singapore within the next two years. This move is not just about increasing numbers; it's a calculated push to capture a larger share of the rapidly growing wealth in these regions. In Dubai, where Nomura recently established a branch, the bank aims to boost its team with additional relationship managers by the end of 2024. With $14 billion in net new money and 2,000 new client accounts in just three years, Nomura’s International Wealth Management (IWM) division is on track to hit its ambitious target of $35 billion in assets under management outside of Japan. The momentum is strong, and the opportunities are vast. As we look to the future, what strategies do you see as critical for success in the evolving wealth management sector? #WealthManagement #Nomura #hongkong #singapore

Just in: Nomura is looking to acquire private credit arm to beef up credit business Following previously covered boutique Lazard who is shopping for a private credit unit, Nomura Capital Management is also getting into the game, according to CEO Robert Stark. Bloomberg reports that the firm is aiming to add more investment capabilities including asset based lending, real estate and infrastructure debt to its existing business. However, contrary to many competitors deep in the direct lending field, Stark emphasized the focus on smaller, non sponsor backed deals on top of investment into the real assets space to create differentiation, given the recent heated competitive landscape with vast amount of capital pouring into the sector. Currently managing $36bn in the US and $600bn globally, Nomura is looking to grow the credit business. They have set up and are deploying a closed-ended fund targeting opportunistic credit, though the fund raising effort has yet to begun. Follow to keep updated in private credit and alternative investment. #privatecredit #privateequity #investmentbanking #financing #directlending

Morgan Stanley Widens Gap as Banks’ Wealth Units Add $5 Trillion : wealth management capped a banner period for one of Wall Street’s most-profitable businesses : Morgan Stanley’s wealth business posted a 37% return on tangible equity so far this year, almost triple that of its Wall Street arm : Soaring stock markets and asset prices fuel wealth-unit gains : Schwab, Citi, Bank of America see increases in client assets “It is clear that the industry is benefiting from strong tailwinds” “Our ultra-high-net-worth clients have been a particular area of focus” firm has added wealth consultants as well as tax trust and estate experts to cater to the group, he added. Schwab is also rolling out an alternative-investments platform for qualified, self-directed investors with more than $5 million in assets this quarter — another bid for their business

Goldman Sachs Analysis: Goldman Sachs is a leading global investment bank and financial services company that provides a wide range of financial services to corporations, governments, and individuals. The company operates through several business segments, including Investment Banking, Global Markets, Asset Management, and Consumer & Wealth Management. In addition to its investment banking and markets businesses, Goldman Sachs has a significant asset management division that provides investment management services to institutional and individual clients. The company's consumer and wealth management division offers a range of financial services, including wealth management, lending, and deposit-taking services. Current Industry Analysis: a) Goldman Sachs is a leading global investment bank and financial services company that operates in several business segments, including Investment Banking, Global Markets, Asset Management, and Consumer & Wealth Management. The company serves global industries, including retail, healthcare, industrials, natural resources, real estate, infrastructure, tech, and more. In terms of its market position, Goldman Sachs is a market maker for many types of financial products and provides clearing and custodian bank services. It also operates private-equity funds and hedge funds. The company's strong industry position is reflected in its ranking and market share across various financial markets. b) Goldman Sachs is committed to providing insights and intelligence to its clients and stakeholders through its weekly newsletter, which offers market analysis and industry trends. The company's engineers and experts are constantly working to resolve any issues and improve their services. c) Overall, Goldman Sachs is a dominant player in the financial industry, with a strong presence in investment banking, markets, asset management, and consumer and wealth management. #GoldmanSachs #EsmEducation #AbdulKalam2024 #ITMBusinessSchool

UBS has reduced 1,293 full-time employees in Q1 2024, representing 1.1% of UBS 112,842 employees in 2023.  UBS has 111,549 employees at the end of 2024 Q1, with UBS Global Wealth Management adding more than 300 client advisors to 10,338 in 2024 Q1. Read - https://lnkd.in/gUYAnkvC follow Caproasia | Driving the future of Asia UBS has reduced 1,293 full-time employees in Q1 2024, representing 1.1% of UBS 112,842 employees in 2023.  UBS has 111,549 employees at the end of 2024 Q1, with UBS Global Wealth Management adding more than 300 client advisors to 10,338 in 2024 Q1.  In the UBS 2024 Q1 earnings report, UBS Wealth Management APAC AUM (Assets under Management) had decreased -0.6% in Q1 2024, with total UBS Global Wealth Management AUM at around $4 trillion and recording $27 billion Net New Assets (NNA) in Q1 2024.  For Q1 2024, UBS reported net profit of $1.8 billion.  In 2024 February, UBS reported $29.9 billion net profit for FY2023 (including $28.925 billion negative goodwill), and announcing UBS Global Wealth Management targeting $5 trillion AUM by 2028.  UBS & Credit Suisse merger is also scheduled to complete by 2024.  Sergio P. Ermotti, UBS Group CEO: “A little over a year ago, we were asked to play a critical role in stabilizing the Swiss and global financial systems through the acquisition of Credit Suisse and we are delivering on our commitments. This quarter marks the return to reported net profits and further capital accretion – a testament to the strength of our business and client franchises and our ability to deliver significant progress on our integration plans while actively optimizing our financial resources.” UBS