Gresham Partners announces that Principal and advisor Matt Bonaguidi has been named Chief Wealth Strategist,

Posted by on Feb 12, 2012 in USA |

Independent wealth management firm Gresham Partners announced today that Principal and advisor Matt Bonaguidi has been named Chief Wealth Strategist, designating him as the firm’s in-house subject matter expert for estate planning, wealth transfer and philanthropic planning. Bonaguidi joined Gresham in December 1997, and has honed a unique ability to set approved transfer planning strategies for Gresham’s clients, analyzed tax law changes, and leveraged the firm’s national network of estate planning attorneys, philanthropic advisors and accountants. His expertise has helped establish Gresham as an industry leader in wealth planning strategies for ultra-high net worth individuals and families.

“Matt has developed subject matter expertise that is in high demand by our clients,” said President and Chief Investment Officer Ted Neild. “From tailoring family financial education programs, vetting lifetime gift and tax planning strategies, to identifying creative tactics for transferring assets to future generations and charities, Matt is a unique resource to our clients and advisors alike.”

An attorney and CPA specializing in income, gift and estate taxation, Bonaguidi will work with Gresham’s client service team to develop initiatives that further enhance the firm’s wealth planning offering. “Over the years, Gresham has consistently delivered highly personalized, holistic planning services to our clients,” said Bonaguidi. “Our strategic and technical abilities as wealth planners, coupled with Gresham’s industry-recognized, risk conscious investment approach, allow us to offer our clients a comprehensive wealth management solution.”

For numerous families, Bonaguidi’s planning advice and counsel helped limit the family’s financial risk and saved millions for the next generations. He is a member of the Chicago Estate Planning Council, Chicago Bar Association and the American Institute of Certified Public Accountants.

About Gresham

Formed in 1997, Gresham Partners LLC is a nationally recognized, independent wealth management firm serving select families with investable assets of at least $25 million. Known for its commitment to delivering superior investment performance and highly personalized wealth planning, Gresham’s client focused solutions feature hard to access managers without the conflicts typical of other firms. With nearly $3 billion under management, Gresham’s Risk Conscious(R) investment platform and holistic planning are focused on preserving and growing clients’ assets. The firm’s team of highly skilled professional advisors allows families greater freedom to pursue career and personal interests.

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Key Private Bank launches Delaware Trust Company

Posted by on Feb 12, 2012 in USA |

Key Private Bank, the investment, trust and wealth management arm of KeyCorp KEY -1.85% , has established Key National Trust Company of Delaware to provide trust services for wealthy clients and prospects seeking asset protection, tax savings and flexibility using Delaware’s favorable laws.

Key Private Bank has appointed two industry veterans to launch Key National Trust Company of Delaware. Anne Marie Levin, senior vice president and national Delaware trust specialist, will be responsible for working with attorneys and accountants nationally to assist in managing sophisticated estate and tax planning considerations for high net worth clients. Isabel Pryor, senior vice president and regional trust manager, will focus on the administration of the Delaware Trusts, including exercising sound fiduciary judgment, mitigating risk, and maintaining compliance.

“Building Key Private Bank’s capabilities to provide an array of trust services has been a strategic objective for the firm,” said Catherine O’Malley Kearney, director of trust administration with Key Private Bank. “With the addition of Isabel and Anne Marie, we have taken significant steps to expand our presence and offer trust services for business owners, professionals, and other wealthy individuals who can benefit from Delaware’s favorable personal trust laws to save taxes and protect their hard-earned assets from creditors.”

Ms. Levin joins Key Private Bank from PNC Bank, where she served as vice president, Delaware trust specialist. Previously, Ms. Levin was a senior estate trust counselor and fiduciary counsel at The Vanguard National Trust Company where she counseled clients who have high net worth and ultra- high net worth clients on sophisticated estate and tax planning options. She was also a trust and estate planning attorney at Blank Rome LLP, a national law firm. Ms. Levin earned her LLM in taxation from Villanova University School of Law, and her JD from Temple University School of Law.

Ms. Pryor joins Key Private Bank from Wells Fargo Bank where she served as vice president and a senior trust & fiduciary specialist. Previously, she was an assistant vice president at Wilmington Trust Company where she focused her work in the firm’s ultra-high net worth segment of its family wealth division. Ms. Pryor’s professional experience includes delivering, managing, and executing customized and comprehensive strategies for estate, tax, retirement, and investment planning. Ms. Pryor earned her MBA from Eastern University and a BA in Political Science from the University of Massachusetts. She holds the professional designation as a Certified Trust and Financial Advisor (CTFA).

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Coutts announces new management structure for its UK business

Posted by on Oct 12, 2011 in Europe |

In a move which reflects its continued growth ambitions, Coutts today announces a new management structure for its UK business, under the leadership of Michael Morley, Chief Executive of Coutts & Co.

The UK market will now be led by six regional Managing Directors all of whom will report to Michael Morley. In addition to the internal realignment, the new structure includes the appointment of Paul Smith who joins from HSBC Private Bank and who will have responsibility for all Coutts regional offices in southern England and Wales.

Mr Smith brings over 30 years’ financial experience to the UK management team, including 23 years of continuous private banking experience in the UK. He was instrumental in building HSBC Private Bank in the UK from its original start-up to over 750 bankers managing over £20 billion in client balances.

Michael Morley, said: “Earlier this year we set out our global ambition for Coutts but this clearly involves building our business in the core UK market. The new management structure will improve client focus and efficiency and I am delighted to welcome someone of Paul’s calibre to my management team. Along with my other regional Managing Directors, he will bring a great blend of client knowledge and business experience to the company.”

The Six Managing Directors will sit on the Coutts UK Management Committee

James Fleming will be Managing Director for London with responsibility for the Entrepreneurs, Landowners and Inpats client groups. James is a seasoned wealth management executive and moves from Coutts International where he had recently been leading the growth strategy for the Middle East.

Harry Keogh will be Managing Director for London with responsibility for the Professionals, Executives and Sports & Entertainments clients groups. Harry joined Coutts in 2009 and before that headed the RBS / NatWest private banking division. Recently he has been the Chairman of the Managing Partners group at Coutts.

Paul Smith will become Managing Director, South and Wales. Paul joins Coutts from HSBC where he was head of private banking and also Chairman of the Private Banking Advisory Panel for the British Bankers’ Association. He brings 23 years experience to Coutts gained in the private client industry and has considerable experience in building the private bank at HSBC.

Dylan Williams will be Managing Director, North and Ireland. Dylan joined Coutts as a graduate in 1998 working initially in London and subsequently in Manchester and was recently Managing Partner for the North West and North East.

Graham Storrie continues to be Managing Director, Adam and Company, and has market leadership responsibility for Scotland.

Steve Camm continues to be Managing Director, Retail and International Personal Banking and has market leadership for the Channel Islands, Isle of Man and Gibraltar.

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Brown Brothers Harriman & Co. appoint Rafael Febres-Cordero as Head of the Firm’s International Wealth Management business

Posted by on Oct 12, 2011 in Asia, Europe, USA |

Brown Brothers Harriman & Co. (“BBH”) announced today the appointment of Rafael Febres-Cordero as Head of the Firm’s International Wealth Management business. This hire is a key component of BBH’s effort to grow its international business. Mr. Febres-Cordero joins BBH as a Managing Director with more than twenty years of experience in the financial industry across various markets. He will be responsible for the strategy and development of the International Wealth Management business catering to clients outside the United States. Mr. Febres-Cordero will be reporting directly to Charlie Izard, Partner responsible for Wealth Management and will be based in BBH’s flagship office in New York.

“Rafael is joining Wealth Management at a critical time, as we are well positioned to expand our international footprint focused on key regions around the world,” said Charlie Izard. “We are excited to have a professional of his caliber and believe his experience and leadership will help us continue to provide excellent client service to meet the unique needs of our non-U.S. wealth management clients.”

Prior to joining Brown Brothers Harriman, Mr. Febres-Cordero held a variety of leadership positions over fourteen years at Fidelity Investments, including Managing Director at Devonshire Investors, a private equity division of Fidelity, as well as Managing Director, Southern Europe & Latin America within Fidelity Investments International. Prior to Fidelity, he held various leadership positions in the areas of corporate finance and international corporate banking in Venezuela.

“I am delighted to join Brown Brothers Harriman’s International Wealth Management team,” said Rafael Febres-Cordero. “I believe the client focus and top-tier investment capabilities of the Wealth Management platform poise the business for growth internationally, and I look forward to working with individuals, business owners, family offices, and family foundations.”

BBH has been a privately-held financial services provider for nearly 200 years and has over 80 years of experience providing customized, discretionary investment advisory services to select clients across five continents. BBH’s non-U.S. clients share the Firm’s commitment to thoughtful investing and appreciate its culture of stability, continuity, and confidentiality. The Firm combines world-class, proprietary investment management with expertise in asset allocation and risk management to help its non-U.S. clients achieve their long-term financial goals.

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KBC sells its private banking subsidiary for EUR 1 billion to Qatari investor

Posted by on Oct 12, 2011 in Asia, Europe |

The KBC group (‘KBC‘) has reached an agreement with Precision Capital for the sale of its dedicated private banking subsidiary KBL European Private Bankers (‘KBL epb‘) for a total consideration of EUR 1.050 billion, EUR 50 million of which depend on the results of KBL epb (‘conditional earn out’).

• Precision Capital is a Luxembourg entity, a company representing the business interests of a Qatari investor.
• KBL epb is one of Europe’s largest onshore private banking groups with affiliated local banks in numerous locations across nine European countries: Belgium, France, Germany, Luxembourg, Monaco, the Netherlands, Spain, Switzerland and the United Kingdom.
• As at 30 June 2011, KBL epb had assets under management of EUR 47 billion, assets under custody of EUR 38.2 billion (and, through a 51.13% stake in EFA, assets under administration of EUR 87.5 billion).
• The transaction comprises the sale of KBC’s entire interest in KBL epb and includes all the private banking subsidiaries as well as the custody and life insurance businesses of KBL epb.
• The KBL epb brand, management team and operations will be maintained in their entirety and KBL epb will continue to be headquartered in Luxembourg.
• The closing of the transaction is subject to customary regulatory approvals and is expected to be completed in the first quarter of 2012.
• The transaction will release a total of approximately EUR 0.7 billion in capital for KBC, resulting in a 0.6 % increase in KBC’s tier-1 ratio. In addition, over the last 18 months, some EUR 115 million in capital have already been released as a result of a reduction in risk-weighted assets. The transaction will have a negative impact of approximately EUR 0.4 billion on KBC’s third-quarter P&L.
• KBC will continue to offer private banking services in Belgium and Central and Eastern Europe through its KBC-branded private banking businesses.

Jan Vanhevel, KBC Group CEO: ’The least we can say is that the market circumstances of the last few months have been particularly challenging. All the more reason why we are pleased to be able to announce today’s deal. This agreement marks a crucial step in implementing our refocus strategy, while at the same time providing continuity, stability and certainty to the customers and staff of KBL epb. The agreement will allow KBC to release a significant amount of capital, to reduce our risk profile and to further strengthen our focus on the core bancassurance expertise and markets of Belgium and Central and Eastern Europe. It is also reassuring to see that a Qatari investor recognises and values the strengths and potential of a European private banking group. Precision Capital believes it can grow KBL epb organically onshore and through strategic opportunities and also wishes to further capitalise on links with the Middle East and Asia.

On a personal note, it is with regret that I say goodbye to our KBL epb colleagues, with whom we have worked together successfully for many years. I especially wish to express my appreciation for the hard work and commitment they have shown, giving their customers the same high-quality service in these challenging circumstances and during the period of uncertainty of the last few months. I am convinced that Precision Capital will provide KBL epb with ample growth opportunities, secure the future of KBL epb’s staff and continue to offer excellent customer service.’

Jacques Peters, KBL epb CEO: ’We are pleased with the agreement which has been signed and which allows us to end this period of uncertainty. We can now look to the future with more confidence. Precision Capital will be for us a leading partner who is committed to supporting our customer-driven business model and strategy with a long-term perspective. With Precision Capital, we will be able to work closely together with the aim of tapping into new markets, in particular in the Middle East and Asia. We are convinced that our private banking clients, our staff and the Luxembourg financial centre as a whole will benefit from the highly committed support of our new owner.’

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Barclays Wealth hires three to focus on Latin American UHNW client base

Posted by on Oct 6, 2011 in Europe, USA |

Barclays Wealth has announced three new hires to support the expansion of its strategy across the Latin American ultra high net worth client base.

Narciso Munoz has been hired as an Investment Representative in the Americas, and Isaac Topel and Andres Cazenave have been appointed as Private Bankers in Switzerland. These new hires join a 70-strong global team of advisors and bankers serving the needs of Latin American clients.

Mr. Munoz, who is based in the Miami office, joins from HSBC’s International Private Bank, bringing over 17 years of wealth management experience serving ultra high net worth Latin American families and individuals. During the past seven years at HSBC, Mr. Munoz focused on the Argentine market. Prior to this, he spent ten years at BankBoston in Argentina where he worked with individual and institutional clients.

Mr. Topel and Mr. Cazenave join the firm’s Geneva office from JP Morgan where they served Swiss-based Latin American ultra high net worth clients. Previously, Mr. Topel held wealth management roles at BankBoston, PaineWebber and Merrill Lynch International Private Finance. Prior to JP Morgan, Mr. Cazenave worked at UBS Wealth Management and HSBC Private Bank serving wealthy Latin American clients.

As part of its increased focus on Latin American clients, Barclays Wealth earlier this year hired Daniel Esslinger as a Managing Director and Head of Latin American Relationship Management and Distribution in the Americas, and Thomas Roiz as a Managing Director and Market Head for Latin America in Europe, the Middle East and Africa. Mr. Esslinger is based in Miami, while Mr. Roiz is located in Geneva.

“Over the last decade, Latin America has seen extensive growth in the wealth market and for Barclays this is a priority area for expansion as we continue to build our integrated global wealth management business,” said Steve Houston, Head of Wealth Management, Americas, who oversees the regional offices and Investment Representative network. He continued: “I am pleased Daniel will help drive the firm’s Latin American business strategy. Barclays Wealth is well positioned to serve the needs of ultra high net worth families and individuals, who are increasingly seeking a full-service wealth management offering.”

Many of the Latin America-focused hires are based in the Americas where the firm has, over the last 18-months, been bolstering its Investment Representative network. The advisors based in the U.S. include: Louis Tinoco, Rene Joliot, Edgar Ramirez and Romel Rodriguez who joined from UBS Wealth Management; Ruben Lesmes and Tony Esses from HSBC Private Bank and Jorge Carreras and Carlos Molina from the Private Wealth Management division of Morgan Stanley Smith Barney. In the Americas, the firm’s Latin American business is supported out of its 13 offices including Miami, New York and Houston.

Mitch Cox, Head of Barclays Wealth in the Americas and Head of Research and Investments globally, commented: “We are pleased to welcome these talented and experienced individuals to the firm to help build our Latin American business. Over the last year and a half, our strategy for building a robust wealth management offering for Latin American ultra high net worth clients has accelerated. The firm’s approach of providing clients with highly customized solutions and service as well as access to the expansive global resources of Barclays PLC is a compelling proposition for seasoned wealth advisors serving the ultra high net worth market.”

With 13 offices across the Americas, including the Barclays Wealth Trustees (U.S.), NA., Barclays Wealth provides comprehensive wealth management to high net worth individuals and families. The firm focuses on understanding its clients’ financial needs, personal aspirations and tolerance for risk in order to design and implement highly customized investment solutions.

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David A Roberts leaves Citi Private Bank to joins WTAS New York as a Managing Director in the private client services practice

Posted by on Oct 4, 2011 in USA |

David A. Roberts recently joined WTAS New York as a Managing Director in the private client services practice with a focus on international taxation.

Roberts has extensive experience serving high net worth individuals as it relates to their international tax and family wealth planning needs. He works with families with U.S. connections and those with inbound/outbound U.S. investments. Roberts also assists his clients in planning for the tax aspects of immigration and expatriation. He qualified as a tax professional in the United Kingdom and provides U.S./UK cross border tax planning.

“David’s sweeping credentials in servicing wealthy individuals with international tax issues and opportunities will continue to grow our practice in this critical area of taxation,” said Joe Toce, the firm’s Office Managing Director for the New York office.

Roberts spent 10 years with Citi Private Bank where he was responsible for the development and implementation of structures including trusts and corporations to meet the tax planning needs of multi-jurisdictional clients. Previously, Roberts was a member of Arthur Andersen’s global private clients services team.

Roberts was a speaker at a recent Florida International Bankers Association (FIBA) seminar, discussing the Changing Trends in Private Client Taxation. He is also a member of the Society of Trust and Estate Practitioners (STEP) and the European American Tax Institute.

“WTAS is consistently monitoring the needs of the market we serve. The addition of Roberts addresses a growing segment of our high net worth client base looking for assistance in international tax planning,” commented WTAS CEO, Mark Vorsatz.

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