Big change season for the financial sector

These last few months the finance sector has seen a lot of new changes with the majority of the changes being related to wealth management.

We all know about Julius Baer acquiring Merryl Lynch’s divisions out the US to improve its private wealth management . From what we gathered the takeover would not be smooth. From what is now heard there will 1000 job cuts in the Bank of America unit. It aims to slim down its combined workforce of 5,700 by 15 to 18%.

This move was made to speed up the integration process which is now estimated to finish by the first quarter of 2015. It expects to acquire assets under management between 57 billion Francs to 72 billion Francs. That would be 80% of assets under management acquired from the Bank Of America business.

The takeover will push Julius Baer’s market in Asia, Latin America and the Middle East. This a most fortunate time when foreign clients are moving their funds out of Swiss Banks.

Meanwhile Kleinwort has made two new appointments in its offshore private wealth management division: Andrew Warren in Business Management and Jonathan Hibbs as Private Wealth Management Support Team Leader. Warren working previously with Deustche Bank has experience with clients in Channel Islands , Middle East and Africa. Hibbs also from Deustche Bank has handled private clients as Private Clients’ Account Manager.

Private bank Coutts also hired new MD in its UK management within its international business to manage its operations in Asia. Michael Mount will be leading the Asian, African and Non-Resident Indian teams based in London. Don’t be surprised if your financial advisor in London asks you to invest with Coutts.