A6659 - Highworth - EMEA 2010.vp
Transcription
A6659 - Highworth - EMEA 2010.vp
The Wealth Management Industry – Europe, Middle East and Africa Sample entries of wealth management companies from selected countries Published in the UK by Highworth Research Ltd Durham House, 1 Amity Grove London, SW20 0LQ Tel. +44 (0) 20 8946 5910 www.highworthresearch.com © Highworth Research Ltd 2010 All rights reserved Disclaimer This publication is a creative work fully protected by all applicable copyright laws. No part of this work covered by the copyright herein may be reproduced or used in any form or by any means without the prior permission of the publisher. Every effort has been made to ensure the accuracy of the information presented in this publication; however should any errors exist which are brought to the attention of the publisher, they will be fully corrected in the next printed version of the publication, as well as in the online version. The publisher has not accepted any payment for the listings in this publication, and publication of a descriptive profile of any institution in this work does not in any way imply endorsement or recommendation on the part of the publisher. Sample Profiles Industry – EMEAfor the Wealth Management Sample Profiles for the Wealth Management Industry – EMEA Mr Olivier Perrain, Head of Key Clients Unit Mr Tom Vanden Borre, CEO, Fortis Private Banking International Ms Cecile Cassin, Head of Communications, International Mr Bernard Espinas, Head of Compliance Ms Isabelle Gava-Fauvel, Global Head of Human Resoiurces Ms Agnes Tran-Pommel, Head of Communications, Wealth Management Networks France BNP Paribas Wealth Management (France) MAIN ADDRESS 33, rue du Quatre Septembre, Cedex 02, Paris, 75078, France Tel: +33 1 55 35 93 60 Web: www.banqueprivee.bnpparibas.com/france ANALYSIS OF BUSINESS BNP Paribas was created on 23 May 2000, through the merger of Banque Nationale de Paris (BNP) and Paribas. It employs 140,000 people, of which 80,000 work in Europe, and maintains a presence in 87 countries. In France, BNP Paribas is active in retail banking with 2,200 branches and over 3,200 ATM machines. BNP Paribas serves over 6 million French households and 60,000 corporate customers. BNP Paribas Wealth Management has a portfolio of activities, organised into three core businesses including Retail Banking, Corporate & Investment Banking and Asset Management & Services. The Bank offers global advice in wealth management advisory, tax & estate planning, financial MANAGEMENT NAMES AND JOB TITLES Mr Francois Debiesse, Chief Executive Officer Ms Marie-Claire Capobianco, CEO, Wealth Management Networks Mr Michel Longhini, CEO, Wealth Management International Mr Olivier Coenon, Head of Corporate Solutions Mr Serge Forti, Head of Wealth Management International, Asia Pacific Mr Olivier Maugarny, Head of Global Offering Mr Hubert Musseau, Chief Operating Officer & Head of Risk Functions Mr Michel Rouach, Finance Director Mr Alain Marbach, Global Head of Information Technology © Copyright Highworth Research 2010 1 SAMPLE PROFILES FOR THE WEALTH MANAGEMENT INDUSTRY – EMEA Banking group now stand at Eur 239 billion at the close of 2009. On 13th May, 2009 BNP Paribas confirmed the completion of its acquisition of Fortis which as a result has created the largest private wealth management firm in the euro zone. The assets under management in the summary financials below are for BNP Paribas Wealth Management. The figure for assets under management at the close of 2009 includes the newly acquired Fortis wealth management operations, and Insinger de Beaufort. management (asset allocation, discretionary portfolio management, hedge funds advisory, stock options, structured products and private equity), insurance & retirement and diversifying assets. There are 212 Private banking centres in France. BNP Paribas Private Bank and Thanachart Securities, a member of the Thanachart Group, are forming a strategic business alliance to provide services to high net worth individuals. They will work together to develop wealth management services adapted to the Thai market. In 2008 BNP Paribas rebranded and restructured its wealth management business which now comprises two business lines: Wealth Management Networks (WMN), supported by the future Retail Banking Group and operating as a joint venture with Asset Management and Services (AMS) and Wealth Management International (WMI), coming under AMS. On 6th October 2008, BNP Paribas announced it had agreed to take control of Fortis’ operations in Belgium and Luxembourg, as well as the international banking franchises, for a total consideration of €14.5 billion. This transaction provides BNP Paribas with the opportunity to roll out further its integrated banking model in Europe. As a result of this transaction, BNP Paribas will have two new domestic markets, Belgium and Luxembourg, to add to its existing domestic markets in France and Italy. This deal confirms BNP Paribas’ position as the Eurozone’s leading cross-border bank with 4 domestic markets. The assets under management of the combined BNP Paribas and Fortis Private SUMMARY FINANCIAL STATEMENT 2009 2008 (Eur. million) (Eur. million) Assets under management: 239,000 189,000 YEAR FOUNDED 2000 SERVICES OFFERED l l l © Copyright Highworth Research 2010 2 Asset protection – Family Office Services; Estate Planning; Philanthropy Services; Trusts; Tax Planning; Foundations; Pensions; Insurance Products Banking Services – Card Services; Credit Products; Current Accounts; Deposits; Mortgages Investment management – Advisory Management; Asset Allocation Strategies; Discretionary Management; Bonds; Capital Protection Products; Commodities; Derivatives; Hedge Funds; Real Estate; Structured Products; Private Equity; Mutual Funds; Equities; Foreign Exchange; Fixed Income Funds GERMANY MAIN ADDRESS Berenberg Bank, Niederlassung Muenchen, Christine Gärtner, Possartstraße 21, München, 81679, Germany Fax: +49 89 25 55 12-200 Email: christine.gaertner@berenberg.de Web: www.berenberg.de Joh. Berenberg, Gossler & Co. KG, Neuer Jungfernstieg 20, Hamburg, 20254, Germany Tel: +49 40 350 60 0; Fax: +49 40 350 60 900 Email: info@berenberg.de Web: www.berenberg.de Berenberg Bank, Niederlassung Stuttgart, Oliver Holtz, Panoramastraße 17, Stuttgart, 70174, Germany Fax: +49 711 490 44 90-90 Email: oliver.holtz@berenberg.de Web: www.berenberg.de SUBSIDIARIES AND ASSOCIATED COMPANIES RELATED TO PRIVATE BANKING DIRECTORS’ NAMES AND JOB TITLES Germany Berenberg Bank l l l l l Berenberg Berenberg Berenberg Berenberg Berenberg Dr. Hans-Walter Peters, Partner & Spokesman Mr Andreas Brodtmann, Partner Mr Hendrik Riehmer, Partner Bank (Schweiz) AG Capital Management GmbH Lux Invest S.A. Private Capital GmbH Treuhand GmbH MANAGEMENT NAMES AND JOB TITLES Mr Michael Otto, General Manager, Private Banking Dr. Jorg Liesner, Partner & Spokesman, Family Office Mr Klaus Ehler, General Manager, Family Office PRINCIPAL ADDITIONAL OFFICES Berenberg Bank, Niederlassung Duesseldorf, Raymund Scheffler, Cecilienallee 4, Düsseldorf, 40474, Germany Fax: +49 211 54 07 28-28 Email: raymund.scheffler@berenberg.de Web: www.berenberg.de ANALYSIS OF BUSINESS Berenberg Bank is the oldest private bank in Germany, and provides its affluent customers with a full range of private banking services inclidng investment management, financial planning and tax advice, and fiduciary services. Family Office services are available to the bank’s UHNW clients. Berenberg’s net profits increased by 38% in 2009, a record for the bank, while assets under management grew 8% to 21.9 billion Euros. Berenberg Bank, Niederlassung Bielefeld, Volker Steinberg, Bielefeld, Germany Fax: +49 521 97 79-200 Email: volker.steinberg@berenberg.de Web: www.berenberg.de Berenberg Bank, Niederlassung Bremen, Thomas Müller, Hollerallee 77, Bremen, 28209, Germany Fax: +49 421 347 72 61 Email: thomas.mueller@berenberg.de Web: www.berenberg.de SUMMARY FINANCIAL STATEMENT Berenberg Bank, Niederlassung Frankfurt, Lars Andersen, Untermainanlage 5, Frankfurt am Main, 60329, Germany Fax: +49 69 91 30 90-55 Email: lars.andersen@berenberg.de Web: www.berenberg.de Pretax profit: Assets under management: 2009 2008 (Euros million) (Euros million) 20,365.1 20,347.1 21,900.1 20,300.1 YEAR FOUNDED 1590 © Copyright Highworth Research 2010 3 SAMPLE PROFILES FOR THE WEALTH MANAGEMENT INDUSTRY – EMEA SERVICES OFFERED l l l investment companies associated with the Harald Quandt family provide various types of asset management services for other affluent families and institutional investors. These investment companies have a combined total of more than $14 billion in assets under management. The core business of Harald Quandt Holding is the development of international investment management strategies which are oriented towards alternative investment asset classes. Operationally these involve the following companies: * HQ Trust, providing multi family office services to nine other families in addition to the Harald Quandt family * Auda International, an international investment company specialising in private equity and hedge funds, with $5 billion in assets under management * RECAP (Real Estate Capital Partners), which provides advisory and management services related to real estate investment in the USA, $8 billion having been invested since commencement in 1989 * Equita Management, which finances the acquisition of stakes in midcap/mittelstand companies in German speaking countries * Penjing, a fund of funds manager specialising in Asian hedge funds, and formed in 2005 by the Wu, Dennis Sun, and Harald Quandt families. Assets under management are approximately USD 500 million. Asset protection – Family Office Services; Estate Planning; Philanthropy Services; Trusts; Tax Planning; Foundations; Pensions; Insurance Products Banking Services – Card Services; Credit Products; Current Accounts; Deposits; Mortgages Investment management – Advisory Management; Asset Allocation Strategies; Discretionary Management; Bonds; Capital Protection Products; Commodities; Derivatives; Hedge Funds; Real Estate; Private Equity; Mutual Funds; Equities; Foreign Exchange; Fixed Income Funds Harald Quandt Holding MAIN ADDRESS Am Pilgerrain 17, Bad Homburg, Hessen, DE 61352, Germany Tel: + 49 (0) 6172 4022; Fax: + 49 (0) 6172 402119 Web: www.haraldquandt.de SUBSIDIARIES AND ASSOCIATED COMPANIES RELATED TO PRIVATE BANKING l l l l l HQ Trust, Bad Homburg Auda International, Caymans, New York, London, Bad Homburg, Hong Kong RECAP, New York Equita, Bad Homburg Penjing Hong Kong, Singapore DIRECTORS’ NAMES AND JOB TITLES SUMMARY FINANCIAL STATEMENT Dr. Fritz Becker, Chief Executive Dr. Ernest Boles, Executive Director Mr Markus Stadlmann, Executive Director & Chief Investment Officer 2009 2008 (USD million) (USD million) Assets under management: ANALYSIS OF BUSINESS 14,000 12,500 SERVICES OFFERED Harald Quandt Holding is a private investment company which manages the pooled assets of the heirs of the late Harald Quandt, of the Quandt industrial dynasty originally established by Gunther Quandt, a textile magnate and investor, in the 1920s. Within the holding company, several l l © Copyright Highworth Research 2010 4 Asset protection – Family Office Services; Philanthropy Services; Trusts; Tax Planning; Foundations Investment management – Advisory Management; Asset Allocation Strategies; Discretionary Management; Bonds; LIECHTENSTEIN Derivatives; Hedge Funds; Real Estate; Structured Products; Private Equity; Equities; Fixed Income Funds Liechtenstein LGT Group MAIN ADDRESS Herrengasse 12, Vaduz, FL-9490, Liechtenstein Tel: +423 235 11 22; Fax: +423 235 15 22 Email: info@lgt.com Web: www.lgt.com SUBSIDIARIES AND ASSOCIATED COMPANIES RELATED TO PRIVATE BANKING l l l l l LGT LGT LGT LGT LGT Capital Management Ltd. Financial Services Ltd Group Foundation Service Center Bendern Treuhand AG PRINCIPAL ADDITIONAL OFFICES LGT Bank in Liechtenstein & Co. OHG, Berlin, Kurfürstendamm 36, Berlin, D-10719, Germany Fax: +49 30 889 288 40 Email: lgt.deutschland@lgt.com Web: www.lgt.com LGT Bank (Ireland) Limited, Segrave House, 19/20 Earlsfort Terrace, Dublin 2, Ireland Fax: +353 1 433 74 13 Email: lgt.eire@lgt.com Web: www.lgt.com LGT Bank (Österreich) AG, Kantgasse 1, Wien, A-1010, Austria Fax: +43 1 22759-6790 Email: lgt.austria@lgt.com Web: www.lgt.com LGT Bank (Switzerland) Ltd, Basel, Lange Gasse 15, P.O. Box, Basel, CH-4002, Switzerland Fax: +41 61 277 55 88 Email: lgt.ch@lgt.com Web: www.lgt.com DIRECTORS’ NAMES AND JOB TITLES Prince Max von und zu Liechtenstein LGT Group CEO © Copyright Highworth Research 2010 5 SAMPLE PROFILES FOR THE WEALTH MANAGEMENT INDUSTRY – EMEA LGT Asset Management provides access to investment opportunities internationally. This division of LGT offers a selection of internationally sourced investment managers in traditional and alternative asset classes, as well as the development and optimisation of asset allocation models and of investment processes, products and solutions. Significant events for the bank in 2009 included the acquisition of Dresdner Bank (Switzerland) in December and the sale of LGT’s trust and fiduciary businesses in early 2009. Despite a reduction of 22% in pretax profits for 2009 to CHF 155.7m, and a reduction in group net profits of 35% to CHF 106 m., assets under management grew 13.6% to CHF 89 billion. Dr. André Lagger, CEO Operations & Technology Mr Roberto Paganoni, CEO Alternative Asset Management Mr Olivier de Perregaux, LGT Group CFO Mr Torsten De Santos, CEO Traditional Asset Management Mr Thomas Piske, CEO Wealth Management International Mr Norbert Biedermann, Stellvertretender Vorsitzender Mr Paul Goldi, Manager Ms Elizabeth Zwicky, Director Mr Ralph Kotesovec, Manager Mr Stephan Tanner, Manager ANALYSIS OF BUSINESS The LGT Group is the wealth and asset management group of the Princely House of Liechtenstein. It offers its services to private clients, private investors and institutional investors. LGT has 1,700 employees in 29 locations in Europe, Asia, the Middle East and the Americas. LGT Wealth Management offers personal support for high and ultra high net worth private clients through the provision of investment advisory and asset management services, financial planning (pension and succession planning, taxmanagement and planning), provision of loans and financing, the establishment and management of trusts and foundations, and art consulting services for those with private art collections. As the Family Office of the Princely Family of Liechtenstein, LGT has extensive experience over decades of the structuring and management of substantial family assets. SUMMARY FINANCIAL STATEMENT Pretax profit: Total assets: Assets under management: 2009 2008 (CHF million) (CHF million) 24,155.7 24,200.2 24,800.2 22,800.2 89,000.2 78,300.2 SERVICES OFFERED l l l © Copyright Highworth Research 2010 6 Asset protection – Family Office Services; Estate Planning; Trusts; Tax Planning; Foundations; Pensions; Insurance Products Banking Services – Deposits; Mortgages Investment management – Advisory Management; Asset Allocation Strategies; Discretionary Management; Bonds; Commodities; Derivatives; Hedge Funds; Real Estate; Equities; Foreign Exchange; Fixed Income Funds SAUDI ARABIA owned bank. The shareholders of SEDCO divested their holdings in NCB in 1994. SEDCO is a leading private wealth management organisation which conducts business according to Islamic principles. The company manages a diversified portfolio of investments in equities, real estate, and other businesses in Saudi Arabia and internationally. SEDCO combines modern investment processes with Shari’ah guidelines to allow Moslems to invest in a manner consistent with their faith. The company is organised into three business groups. The Financial Investments Group undertakes both equities investment and financing on its own behalf and through portfolios placed with fund managers and financial institutions. These portfolios are spread across different asset classes including public and private equity and venture capital, and across all regions including emerging markets, and including small and mid-caps. The Group works with some of the world’s leading financial institutions to develop a global market for Shari’ah compliant investments. The company’s partnership with Permal Asset Management has resulted in the AlFanar group of funds, while in conjunction with UBS the company launched the Global Timber Fund. The Direct Investments Group managers SEDCO’s private equity investments in the MENA region, applying the criterion of conformity with Shari’ah guidelines. Typically the Group is a long term investor and strategic partner with a minimum stake of 20%. Medium sized private companies with sales between $100m and $250m with good track records and growth potential represent optimal investment opportunities for the Group. The Real Estate Investments Group holds a portfolio of over 300 diversified properties located in 18 countries across the Middle East and Africa, North America, Europe, and the Far East. Holdings include development Saudi Arabia Saudi Economic & Development Company (SEDCO) MAIN ADDRESS P.O. Box 4384, Jeddah, Makkah Province, 21491, Saudi Arabia Tel: +966 (2) 682 6556; Fax: +966 (2) 606 0931 Email: info@sedcogroup.com Web: www.sedcogroup.com DIRECTORS’ NAMES AND JOB TITLES Mr Saleh Salem Bin Mahfouz, Chairman of the Board Mr Abdelelah Salem Bin Mahfouz, Director Mr Ahmed Salem Bin Mahfouz, Director Mr Saleh Al-Turki, Non-Executive Director Mr Hani Findakly, Director Mr Ahmed Sulaiman Banaja, Chairman Dr. Adnan Soufi, Chief Executive Officer Mr Shuaib Ahmed, Director & Chairman of Strategy Committee Mr Savio Tung, Non-Executive Director MANAGEMENT NAMES AND JOB TITLES Mr Yousuf Khayat, Managing Director, Direct Investments Group Mr Adnan Soufi, Managing Drector, Financial Investments Group Mr Mohammed Joukhdar, Advisor Mr Khalid Gama, Vice President, Financial Investments Group Mr Sami Alawfi, Vice President, Information Technology ANALYSIS OF BUSINESS SEDCO is a diversified private investment company engaged in financial investments, direct equity investment, and real estate investment. The company is wholly owned by the Bin Mahfouz family, and has more than 1,500 employees in Saudi Arabia. The late Sheikh Salem Bin Mahfouz was the founder of the National Commercial Bank, Saudi Arabia’s largest and first privately © Copyright Highworth Research 2010 7 SAMPLE PROFILES FOR THE WEALTH MANAGEMENT INDUSTRY – EMEA land, residential, office, retail, industrial, hotel, and resort properties. The company works with some of the leading international real estate asset managers and investors. As with SEDCO’s Financial, and Direct Investment Groups, SEDCO’s Real Estate Investments Group is managed in accordance with Islamic principles. SEDCO additionally owns several independent companies in Saudi Arabia, including Arabian Entertainment Company Ltd, involved in the leisure market; Autoworld, a corporate vehicle leasing company; Eimar Arabia, a property services company; and Elaf Travel, Tourism & Hotels Companies, which manages a number of luxury hotels in Saudi Arabia as well as a travel agency network. The Bin Mahfouz family has an estimated net worth in excess of $9 billion. SEDCO’s assets are estimated at in excess of $8 billion. Switzerland Bank Vontobel AG MAIN ADDRESS Gotthardstrasse 43, Zürich, CH-8022, Switzerland Tel: +41 58 283 7111; Fax: +41 58 283 7650 Web: www.vontobel.com PARENT COMPANY Vontobel Group SUBSIDIARIES AND ASSOCIATED COMPANIES RELATED TO PRIVATE BANKING l l l l l l l SUMMARY FINANCIAL STATEMENT l 2009 (USD million) Assets under management: l l l 8,000 Banque Vontobel Genève SA Vontobel Asset Management AG Vontobel Fonds Services AG Vontobel Securities AG Harcourt Investment Consulting AG Bank Vontobel Österreich AG Vontobel Europe SA Vontobel Financial Products GmbH Vontobel Treuhand AG Vontobel Fund Advisory SA Bank Vontobel Europe AG YEAR FOUNDED DIRECTORS’ NAMES AND JOB TITLES 1976 Dr. Urs Widmer, Chairman of the Board of Directors Dr. Wolfhard Graetz, Vice Chairman of the Board of Directors Mr Bruno Basler, Director Mr Peter Quadri, Director Dr. Pierin Vincenz, Director Prof. Dr. Ann-Kristin Achleitner, Director Dr. Philippe Cottier, Director Dr. Frank Schnewin, Director SERVICES OFFERED l l Asset protection – Family Office Services; Trusts; Foundations; Insurance Products Investment management – Asset Allocation Strategies; Discretionary Management; Bonds; Real Estate; Private Equity; Mutual Funds; Sharia Compliant Investments; Equities; Fixed Income Funds MANAGEMENT NAMES AND JOB TITLES Mr Herbert J. Scheidt, Chief Executive Officer Mr Roger Studer, Head of Vontobel Investment Banking Dr. Zeno Staub, Head of Vontobel Asset Management Mr Peter Gubler, Consultant Mr Peter Fanconi, Group Head of Private Banking © Copyright Highworth Research 2010 8 SWITZERLAND advice and inheritance planning, including tax advisory, pension planning, the establishment of trusts and foundations, and the provision of family office services. Private Banking has units in Zurich, Geneva, Lucerne, Vaduz, Salzburg, Vienna, Munich, Madrid, Marbella and Vancouver, with further branches to open in Basel and Berne in 2010.. Vontobel Group has launched an initiative to strengthen its ties with external asset managers. This includes the establishment of an independent wealth management company- VT Wealth Management- to serve Swiss and international private clients, as well as family offices, and the provision of a comprehensive platform to selected independent wealth management companies. The new company started operations in May 2008 and focuses on asset management and investment advisory, as well as wealth consolidation. Vontobel holds a 51% stake in this business and 49% is held by the management. The figures in the financial summary below relate to Vontobel Group, which at the close of 2008 were prior to the Commerzbank (Schweiz) acquisition. Results for 2009 showed assets under management increased by 22% to CHF 75.2 billion for Bank Vontobel as a whole. At the pretax level private banking contributed CHF 21.2m in 2009, down fro CHF 51m in 2008, and over-shadowed by the 2009 pretax profit from investment banking which stood at CHF 147m, while asset management contributed CHF 31.5m . Group costs in 2009 were CHF 47.9m, down from CHF 67.5m in the prior year. Dr. Martin Sieg Castagnola, Chief Financial Officer Mr Felix Lenhard, Head of Operations Mr Juerg Staehelin, Head of Corporate Communications Mr Christian Waelti, Head of Investor Relations Mr Christoph Blaettler, Head of Portfolio Management Ms Nicola Carcano, Head of Portfolio Management, UHNW Clients Mr Markus Baur, Managing Director, Private Banking Mr Marco Kipfer, Managing Director, Private Banking Mr Thomas Raber, Managing Director, Operations Ms Beat Barth, Managing Director, Finance & Risk Mr Christophe Gruenig, Head of Wealth Management, Private Banking division. HIGH NET WORTH CLIENTS FROM $2,000,000 ANALYSIS OF BUSINESS Vontobel is an internationally-oriented Swiss private bank which is managed as an integrated institution offering private banking, investment banking and asset management services to affluent private and institutional clients. Vontobel is a public company with a strong core of shareholders. The majority of its equity and voting rights is in the hands of the family and the Vontobel Foundation. In October the Vontobel group concluded the acquisition of the Swiss operation of Commerzbank (Schweiz), which increased the total assets managed by the Group to CHF 65 billion, of which CHF 24.5 billion is attributable to the private Banking division. The private banking business unit addresses the needs of wealthy private clients, both HNW and UHNW. The offering comprises a wide variety of services, ranging from portfolio management and active investment advisory to integrated financial SUMMARY FINANCIAL STATEMENT Pretax profit: Total assets: Assets under management: 2009 2008 (CHF million) (CHF million) 62,151.9 62,137.3 18,081.9 15,531.9 75,200.9 62,400.9 © Copyright Highworth Research 2010 9 SAMPLE PROFILES FOR THE WEALTH MANAGEMENT INDUSTRY – EMEA YEAR FOUNDED Andar, Edificio Lugano, Sao Paulo, 04531 – 003, Brasil Fax: +55 11 3167 0083 1924 SERVICES OFFERED l l l Clariden Leu Ltd, The Bahamas Financial Centre, 4th Floor, Shirley & Charlotte Sts., P.O. Box N – 3926, Nassau, Bahamas Asset protection – Family Office Services; Estate Planning; Philanthropy Services; Trusts; Tax Planning; Foundations; Pensions Banking Services – Card Services; Credit Products; Current Accounts; Deposits; Mortgages Investment management – Advisory Management; Asset Allocation Strategies; Discretionary Management; Bonds; Commodities; Derivatives; Hedge Funds; Real Estate; Structured Products; New Issues/IPOs; Private Equity; Mutual Funds; Equities; Foreign Exchange; Fixed Income Funds Clariden Leu AG, Vtoroy Obydenskiy pereulok 11 bld. 2, Moscow, RU – 119034, Russia Fax: +7 495 223 8689 Clariden Leu Ltd, 4 A Hassan Sabry Street, 12th floor/Apt 82, Zamalek, Cairo, 11211, Egypt Clariden Leu Ltd, Bronz sok. Bize Gore Apt. No. 5/2, Nisantasi, Istanbul, Turkey Fax: +90 212 343 8714 Chartered Family Office SA, Carlos Pellegrini 855 – Piso 12, Buenos Aires, 1009, Argentina Fax: +5411 5811 0699 Clariden Leu AG, Schweiz MAIN ADDRESS Clariden Leu Ltd, Cerrito 1186, Piso 13, Buenos Aires, C1010AAX, Argentina Fax: +5411 4816 1229 Bahnhofstrasse 32, Zurich, CH-8001, Switzerland Tel: +41 58 205 2111; Fax: +41 58 205 2191 Web: www.claridenleu.com Clariden Leu Escritorio de Representacao Amoreiras, Av. Eng. Duarte Pacheco, Torre 2 – 4, Andar, Sala 10, Lisbon, 1070 102, Portugal Fax: +351 21 380 80 90 PARENT COMPANY Credit Suisse Group SUBSIDIARIES AND ASSOCIATED COMPANIES RELATED TO PRIVATE BANKING l l l l l l DS AS Theologos Clariden Leu Ltd, P.O. Box 1598 Vika, Oslo, NO – 0118, Norway Fax: +47 23 11 6401 Clariden Leu Trust (Switzerland) Ltd Clariden Leu Trust (Liechtenstein) Ltd Clariden Leu Trust (Mauritius) Ltd Clariden Leu Trust (New Zealand) Ltd Clariden Leu Tust (Cayman) Ltd Chartered Family Office SA, Argentina Clariden Leu Ltd, Valdemara Centre, K Valdemara iela 21, Riga, LV – 1010, Latvia Fax: +371 6703 5301 DIRECTORS’ NAMES AND JOB TITLES PRINCIPAL ADDITIONAL OFFICES Mr Peter Eckert, Chairman Dr. iur. Walter Berchtold, Vice Chairman, Head of Private Banking Dr. Romeo Cerutti, Director Prof. Dr. Felix Gutzwiller, Director Mr Sergio Zoppi, Director Dr. iur. Peter Isler, Vice Chairman Mr Hans-Ulrich Meister, Director Clariden Leu Ltd, 80 Raffles Place, 27-01, UOB Plaza 1, Singapore, 048624, Singapore Fax: +65 6536 3500 Clariden Leu do Brasil Assessoria Comercial Ltda, Rua Pedroso Alvarenga 900, 5. © Copyright Highworth Research 2010 10 SWITZERLAND MANAGEMENT NAMES AND JOB TITLES The bank’s overall goal according to chief executive Hans Nutzi is to increase assets under management by over 6% a year which received a setback for credit crunch related reasons in 2008. However at the half way point in 2009 the bank reported an improvement in AUM to CHF 101 million, net new assets in the first half of the year increasing by CHF 600 million, but still short of the total of CHF 118 bn at the halfway point in 2008. By the end of 2009 assets under management had increased to CHF 102 billion from CHF 94 billion in 2008. Mr Hans Nutzi, Chief Executive Officer Mr Stefan Krauchi, Director, Products & Services Mr Adrian Leuenberger, Head of Private Banking, Europe Mr Adrian Nosberger, Head of Private Banking, Switzerland Dr. Roland Herrmann, Chief Operating Officer Mr Roland Kurmann, Chief Financial Officer Mr Marcel Schmocker, Director, Legal & Compliance Mr Martin Klaus, CEO, Investment Products Mr Markus Willi, Head of Latin America & Iberia division Dr. Erich Pfister, Head of Private Banking, Middle East & Asia Mr Thierry de Loriol, Head of Private Banking Europe, Geneva Mr Stephan Peterhans, Head of Human Resources Mr Ernst Klossner, Senior Relationship Manager Mr Ariste Chiabotti, Managing Director, Premium Client Solutions Mr Holger Demuth, Chief Risk Officer SUMMARY FINANCIAL STATEMENT 2009 2008 (CHF million) (CHF million) 102,353 94,212 Pretax profit: Assets under management: 102,000 94,000 YEAR FOUNDED 2007 SERVICES OFFERED l HIGH NET WORTH CLIENTS FROM l $1,000,000 l ANALYSIS OF BUSINESS Clariden Leu is one of the 3 largest providers of private banking services in Switzerland. The bank represents the outcome of the merger in January 2007 of the Credit Suisse subsidiaries Bank Leu AG, Bank Hofmann AG, BGP Banca di Gestione Patrimoniale SA, Credit Suisse Fides, and Clariden Bank. Clariden Leu is a 100% controlled subsidiary of Credit Suisse Group. Clariden Leu offers a full range of private banking services both within Switzerland and in selected locations abroad. These include advisory and discretionary investment management, financial planning, retirement planning, inheritance advisory services, and trust and foundation formation services. Asset protection – Family Office Services; Estate Planning; Philanthropy Services; Trusts; Tax Planning; Foundations; Pensions; Insurance Products Banking Services – Credit Products; Current Accounts; Deposits; Mortgages Investment management – Advisory Management; Asset Allocation Strategies; Discretionary Management; Bonds; Capital Protection Products; Commodities; Derivatives; Hedge Funds; Real Estate; Structured Products; New Issues/IPOs; Private Equity; Offshore Funds; Mutual Funds; Equities; Foreign Exchange; Fixed Income Funds EFG International MAIN ADDRESS Bahnhofstrasse 12, Zurich, CH-8001, Switzerland Tel: +41 44 226 1850; Fax: +41 44 226 1855 Web: www.efginternational.com © Copyright Highworth Research 2010 11 SAMPLE PROFILES FOR THE WEALTH MANAGEMENT INDUSTRY – EMEA PARENT COMPANY NUMBER OF RELATIONSHIP MANAGERS EFG Group 650 SUBSIDIARIES AND ASSOCIATED COMPANIES RELATED TO PRIVATE BANKING ANALYSIS OF BUSINESS l EFG International, with headquarters in Zurich and listed on the SWX Swiss Exchange since 2005, is the global private banking operation of EFG Group, Switzerland’s third largest bank by shareholders’ equity. EFG Bank European Financial Group, the parent of EFG Group, holds a 48.74 % participation in EFG International, with senior management holding in excess of a further 10%. EFG International’s private banking businesses operate in 48 locations in over two dozen countries. EFG International’s private banking services include investment management and securities brokerage, wealth management advisory, traditional banking services, foreign exchange, loans, custody services, financial advisory, and fiduciary services. The group offers clients an open architecture approach in addition to internally developed products. EFG considers that it has particular strengths in alternative investments including structured products, hedge funds, and fund of funds, offered through its subsidiaries EFG Financial Products in Switzerland, CM Advisors in Bermuda, PRS in Miami, and Marble Bar Asset Management LLP in London. The Group is highly international in scope, with private banking operations in 50 locations in some 30 countries including Switzerland, the UK, Channel Islands, Sweden, Finland, Luxembourg, Monaco, Liechtenstein, Spain, and Gibraltar. During 2009 seven offices were closed for cost reduction reasons, including Bahrain, buenos Aires, Mexico City, Victoria (Canada), and three offices in Switzerland. The group’s Zurich based subsidiary EFG Bank supplements its European offshore services through its Guensey branch and its banking subsidiaries in Gibraltar, Liechtenstein, and Monaco. EFG Bank DIRECTORS’ NAMES AND JOB TITLES Mr Mr Mr Mr Mr Mr S.J. Latsis, Chairman E.L. Bussetil, Director S.J. Latsis, Director H.N. Matthews, Director P. Petalas, Director H. Niederer, Director MANAGEMENT NAMES AND JOB TITLES Mr Lawrence D Howell, Chief Executive Officer Mr Rudy van den Steen, Chief Financial Officer Mr Fred Link, Group General Counsel & Chief Risk Officer Mr James T H Lee, Chief Executive Officer, Asset Management Mr Alain Diriberry, Chief Operating Officer Mr Lukas Ruflin, Deputy Chief Executive Officer Mr M. Lanfear, Head of Funding & Capital Markets Mr M. Rodel, Head of Controlling & Financial Reporting Mr I. Steiger, Head of Investment Finance & Credit Mr Philip Weights, Chief Internal Auditor Mr Jens Brueckner, Head of Investor Relations Mr Jacques-Henri Gaulard, Strategic Business Investment Analyst Mr Renee Hassiotis-Schuler, Deputy Group General Counsel Mr Andrew McQuillan, Strategic Marketing & Communications Mr Patrick Zbinden, Head of M & A Integration Ms Eftychia Fischer, Chief Risk Officer Mr Gerard Griseti, CEO, Southern Europe Mr Daniel Hawson, Head of Trusts, EFG Trust Company © Copyright Highworth Research 2010 12 SWITZERLAND disappointing six months, “our capacity for growth remains intact.” By the close of 2009 assets under management had grown to CHF 87.7 billion, up 14% from year end 2008. Profit performance improved in the second half of 2009 but could not prevent a downturn of 54% in net profit to CHF 101 million compared to year end 2008. In January 2008, EFG International bought 72% of Madrid-based A&G Group from its management team. The remaining 28% will continue to be owned by senior management and key employees. A&G is a private wealth manager that provides advisory services to high new worth individuals, encompassing estate planing, investments, brokerage, insurance and pensions. It also caters to select institutional clients in the areas of portfolio management and third party fund sales. Its 61 Employees including 21 client relationship officers managing around EUR 2.5 billion of which the majority relates to HNW individuals. In January 2009 Jean Pierre Cuoni, Chairman of EFG International, reported a positive outlook for the year ahead and said that the bank was planning to hire more client advisors. In fact 75 new advisors had been hired by midway 2009 but overall there was a net reduction in the headcount of advisors to 650 by the end of the year. At the halhway point in 2009 the bank reported net profits of CHF 20 m, including one-off charges of CHF 33 m, mainly relating to an CHF 18.8 m write-off of assets at C.M. Advisors, the hedge fund acquired in 2006. This result compared with a net profit CHF 178.7m a year earlier. Assets under management rose to CHF 80.4 bn, an increase of CHF 5bn or 7% compared to December 2008. The increase reflected foreign exchange and performance gains as well as net inflows from clients. Of the CHF 80.4 bn in AUM at 30 June, private banking accounted for the lion’s share at CHF 76.6 bn with the balance of CHF 3.8 bn being attributable to Marble Bar Asset Management and C.M. Advisors. EFG International implemented a cost reduction programme in the first half of 2009, including headcount reductions and the closure of seven offices. The plan is to save approximately CHF 40m on an annualised basis. CEO Lonnie Howell commented that although it had been a SUMMARY FINANCIAL STATEMENT 2009 2008 (CHF million) (CHF million) 77,109.6 77,221.4 20,650.6 18,894.6 Pretax profit: Total assets: Assets under management: 87,700.6 77,200.6 YEAR FOUNDED 1994 SERVICES OFFERED l l l Asset protection – Family Office Services; Estate Planning; Philanthropy Services; Trusts; Tax Planning; Foundations; Pensions; Insurance Products Banking Services – Card Services; Credit Products; Current Accounts; Deposits; Mortgages Investment management – Advisory Management; Asset Allocation Strategies; Discretionary Management; Bonds; Capital Protection Products; Commodities; Derivatives; Hedge Funds; Real Estate; Structured Products; New Issues/IPOs; Private Equity; Offshore Funds; Mutual Funds; Equities; Foreign Exchange; Fixed Income Funds Marcuard Family Office MAIN ADDRESS Theaterstrasse 12, Zurich, CH-8024, Switzerland Tel: +41 (0) 43 344 6000; Fax: +41 (0) 43 344 6001 Email: info@marcuardfamilyoffice.com Web: www.marcuardfamilyoffice.com © Copyright Highworth Research 2010 13 SAMPLE PROFILES FOR THE WEALTH MANAGEMENT INDUSTRY – EMEA DIRECTORS’ NAMES AND JOB TITLES rest of Europe, Asia, North and South America. Marcuard offers clients a range of investment strategies based on long term asset allocation strategies, with conflicts of interest avoided due to the company’s independence. Multi-generation financial planning is also offered together with advisory services on family governance systems. The overall aim is to offer clients solutions which deal with a family’s financial, legal and personal affairs in a coordinated manner. Mr Ulrich Burkhard, Managing Director Mr Jorg Dobler, Head of Portfolio Management Miss Cynthia Liu, Chief Investment Officer Mr Juerg Frey, Head of Client Relationship Management Mr Peter Stocker, Head of Tax, Legal & Compliance Mr Martin Sutter, Chief Operating Officer MANAGEMENT NAMES AND JOB TITLES Mr Jonathan Guest, Client Relationship Manager Mr Lukas Dorig, Senior Portfolio Manager Mr Barbara Kasper, Chief Economist Mr Frank Nyffenegger, Head of Family Office Services Mr Simon Minder, Chief Information Officer Assets under management: NUMBER OF CLIENTS YEAR FOUNDED 30 1998 SUMMARY FINANCIAL STATEMENT 2009 (Eur million) ANALYSIS OF BUSINESS SERVICES OFFERED Marcuard Family Office is one of the largest independent Multi-Family Offices in Europe. Established in 1998, it aims to provide families which have complex requirements in respect of the structuring and management of their assets with comprehensive advice which goes beyond traditional asset management. Its thirty clients are both first generation entrepreneurs and families consisting of several financially interwoven generations, and they are drawn from Switzerland, the l l © Copyright Highworth Research 2010 14 4,700 Asset protection – Family Office Services; Estate Planning; Philanthropy Services; Trusts; Tax Planning; Foundations Investment management – Advisory Management; Asset Allocation Strategies; Discretionary Management; Bonds; Capital Protection Products; Commodities; Derivatives; Hedge Funds; Real Estate; Structured Products; Private Equity; Offshore Funds; Equities; Fixed Income Funds UNITED KINGDOM Mr Robert Easter, Private Banker Email: roberteaster@arbuthnot.co.uk Mr St John Gardner, Head of Collectives Email: stjohngardner@arbuthnot.co.uk Mr Peter Seamer, Portfolio Manager Email: peterseamer@arbuthnot.co.uk Mr Peter Keech, Private Banker Email: peterkeech@arbuthnot.co.uk Ms Gillian Keeler, Director, Private Client Finance Email: gilliankeeler@arbuthnot.co.uk Mr Ashley King, Treasury Manager Email: ashleyking@arbuthnot.co.uk Mr Greg Malone, Private Banker Email: gregmalone@arbuthnot.co.uk Ms Debbie Phillpotts, Senior Financial Planning Consultant Email: debbiephillpotts@arbuthnot.co.uk Mr Brian Rout, Private Banker Email: brianrout@arbuthnot.co.uk Mr Mark Russell-Stracey, Head of UK Equities Email: markrssell-stracey@arbuthnot.co.uk Mr Ian Scott, Regional Head, Financial Planning, Pensions & Investments Email: ianscott@arbuthnot.co.uk Mr Andrew Tustin, Senior Financial Planner, Pensions & Investments Email: andrewtustin@arbuthnot.co.uk Mr Guy Ward, Investment Manager Email: guyward@arbuthnot.co.uk Mr James West, Senior Private Banker Email: jameswest@arbuthnot.co.uk Ms Amanda Weston, Private Banker Email: amandaweston@arbuthnot.co.uk United Kingdom Arbuthnot Latham & Co MAIN ADDRESS Arbuthnot House, 20 Ropemaker Street, London, EC2Y 9AR, United Kingdom Tel: +44 (0) 207 012 2500 Email: banking@arbuthnot.co.uk Web: www.arbuthnotlatham.co.uk PARENT COMPANY Arbuthnot Banking Group plc DIRECTORS’ NAMES AND JOB TITLES Mr Henry Angest, Group Chairman and Chief Executive, Arbuthnot Banking Group Mr James Cobb, Chief Financial Officer, Arbuthnot Banking Group Mr Dean Proctor, Chief Executive Officer, Arbuthnot Latham & Co Email: deanproctor@arbuthnot.co.uk MANAGEMENT NAMES AND JOB TITLES Mr Stephen Hicks, Chief Operating Officer, Arbuthnot Latham Email: stephenhicks@arbuthnot.co.uk Mr Nicholas Cotton, Director, Private Banking Email: nicholascotton@arbuthnot.co.uk Mr Graham Ball, Regional Associate Director, Manchester Email: grahamball@arbuthnot.co.uk Ms Dana Bocker, Private Banker Email: danabocker@arbuthnot.co.uk Mr Simon Bonnett, Head of Financial Planning Email: simonbonnett@arbuthnot.co.uk Mr Robert Crofton, Private Banker (Motor Sport) Email: robertcrofton@arbuthnot.co.uk Mr Paul Denman, Senior Private Banker (Motor Sport) Email: pauldenman@arbuthnot.co.uk Mr Stewart Dick, Director Private Client Finance Email: stewartdick@arbuthnot.co.uk MINIMUM ASSET VALUE REQUIRED PER CLIENT £500,000 HIGH NET WORTH CLIENTS FROM $2,000,000 NUMBER OF RELATIONSHIP MANAGERS 20 ANALYSIS OF BUSINESS Arbuthnot Banking Group plc, formed in 1833, is comprised of three main divisions. Arbuthnot Latham provides private banking © Copyright Highworth Research 2010 15 SAMPLE PROFILES FOR THE WEALTH MANAGEMENT INDUSTRY – EMEA The bank’s aim is to target clients with with investable assets of between £0.5 million and £10 million. The summary financial statement below relates to Arbuthnot Latham & Co, the private banking division of the Arbuthnot Latham group. and wealth management services. Arbuthnot Securities is a full service, integrated investment bank providing a range of institutional stockbroking and corporate advisory services focused on UK growth companies. Secure Trust Bank and OBC Insurance Consultants provide retail finance products, predominantly in the West Midlands. Arbuthnot Latham provides private banking and wealth management services, consisting of three core elements: Banking, comprising current accounts, deposit accounts, loans, overdrafts, and foreign exchange; Investment Management, comprising discretionary fund management; Financial Planning, with pensions forming an increasing part. Arbuthnot Latham forms 25 percent of the Group’s income, and growth in this division of the Group may be further aided if the planned establishment of a bank in Switzerland does eventually move ahead. Arbuthnot Latham’s pre-tax profit increased from £0.3 million in 2006 to £1.5 million in 2007, to £2.1 million in 2008 before falling back to £200,000 in 2009. This drop in profits was attributable to the start-up costs associated with the development of a structured products business initiated in July 2009, coupled with reduced returns from money market investments in a low-interest rate environment. Despite the fall in prifits in the private banking division, assets under management held steady at £1.1 billion, while total assets in the division increased to £370 million. Arbuthnot Latham’s clients include private individuals, entrepreneurs, successful sportsmen and women, property investors and developers, owner-managed businesses, solicitors, accountants, insolvency practitioners, letting and managing agents and charities. The bank has a unit dedicated to the financial needs of the affluent in the horse racing, and motor sport, communities. SUMMARY FINANCIAL STATEMENT Pretax profit: Total assets: Assets under management: 2009 (£ million) 1,100.2 1,370.2 2008 (£ million) 1,102.1 1,311.2 1,100.2 1,000.2 YEAR FOUNDED 1833 SERVICES OFFERED l l l l Asset protection – Estate Planning; Philanthropy Services; Trusts; Tax Planning; Pensions; Insurance Products Banking Services – Card Services; Credit Products; Current Accounts; Deposits Investment management – Advisory Management; Asset Allocation Strategies; Discretionary Management; Bonds; Commodities; Hedge Funds; Real Estate; Structured Products; Offshore Funds; Mutual Funds; Equities; Foreign Exchange; Fixed Income Funds Other Services – Factoring and Invoice Discounting, musical instrument financing, yacht financing Coutts Private Office MAIN ADDRESS 440 Strand, London, WC2R 0QS, United Kingdom Tel: +44 (0) 207 957 2424; Fax: +44 (0) 207 753 1050 Web: www.coutts.com PARENT COMPANY The Royal Bank of Scotland © Copyright Highworth Research 2010 16 UNITED KINGDOM MANAGEMENT NAMES AND JOB TITLES £10 million in investable assets with Coutts. Many clients have assets in excess of £30 million (USD 45 million). The division currently employs eight private bankers dealing with 180 clients, predominantly entrepreneurs who have sold their businesses, but plans to increase this team to 23 bankers by 2013. Current strategy is to roll out the Coutts Private Office proposition internationally. For more information on Coutts & Co. please see main entry. For the AUM of Coutts & Co, or the Royal Bank of Scotland Wealth Management division, please see the separate profile for each of these institutions. Mr Duncan MacIntyre, Global Head of Coutts Private Office Email: duncan.macintyre@coutts.com Mr Rupert Allison, Senior Client Partner Email: rupert.allison@coutts.com Mr Julian Lamden, Principal Client Partner Email: julian.lamden@coutts.com Mr Alan Ditton, Senior Client Partner Email: alan.ditton@coutts.com Mr Warren Thompson, Senior Client Partner Email: warren.thompson@ coutts.com Ms Camilla Stowell, Senior Client Partner Email: camilla.stowell@coutts.com Mr Alastair Hunter, Chief Operating Officer Email: alastair.hunter@coutts.com Ms Harriet Phillips, Private Banker Email: harriet.phillipps@coutts.com Mr Stephen Jackson, Senior Client Partner Email: stephen.jackson@coutts.com Mr Neil Gordon-Lee, Business Partner Email: neil.gordon-lee@coutts.com Mr Stephen Eggins, Senior Client Partner Email: stephen.eggins@coutts.com SUMMARY FINANCIAL STATEMENT 2009 (£ million) 2008 (£ million) 4,500 3,200 Assets under management: YEAR FOUNDED 2005 NUMBER OF CLIENTS SERVICES OFFERED 180 l MINIMUM ASSET VALUE REQUIRED PER CLIENT £10,000,000 l ANALYSIS OF BUSINESS Coutts Private Office is the family office division of Coutts & Co., and looks after ultra-high-net-worth clients. The Private Office was started in September 2005, with £2.5 billion under management and this has now grown in the second half of 2009 to £4.5 billion. This is approximately 25% of the total assets under management of Coutts in the UK, which stood at £16.5 billion at the end of the 2008 financial year. Clients qualify for private office services if they have over l Asset protection – Family Office Services; Estate Planning; Philanthropy Services; Trusts; Tax Planning; Foundations; Pensions; Insurance Products Banking Services – Card Services; Credit Products; Current Accounts; Deposits; Mortgages Investment management – Advisory Management; Asset Allocation Strategies; Discretionary Management; Bonds; Capital Protection Products; Commodities; Derivatives; Hedge Funds; Real Estate; Structured Products; New Issues/IPOs; Private Equity; Offshore Funds; Equities; Foreign Exchange; Fixed Income Funds © Copyright Highworth Research 2010 17