"HSBC Private Bank has named Bernie global chief of private wealth solutions, its trust and estate planning service, Forbes said, citing a Reuters report."
When you become big enough, there will always be gossip, innuendos and savory (and unsavory) stories circulating about you. I particularly like the song and dance jokes about Bernie......hey if you can't dance then your days at HSBC Private Bank Asia are numbered (There was a court case case concerning dancing lessons for the HSBC PB Head a while back...Google it for a laugh)
Can't speak about his other talents, but I will go on record as saying he is a borderline intolerable speaker. Now he can inflict pain and suffering to audiences not just in Asia but around world!
My advice to you Bernie, as you move up.....Just shut up and dance!
Friday, June 12, 2009
Tuesday, June 2, 2009
Faith No More
Not a trust or even banking topic today.
The bankruptcy of General Motors marks an important chapter in world history.
To many, GM is just another in the growing number of big corporate failures. Huge numbers, but we're numbed already........$2 billion here, $40 billion there, have heard it all before.
To most people in Asia, GM was just another big American company. Most have never owned a GM product. At best, lusted after some icons like Cadillac or Corvette. Far fewer ever have ever dealt in GM stocks in their portfolios. So what's the big deal?
To me, GM will have a bigger social and economic ripple than anything before it. Now, in my lifetime (being a mere lad of 25 mind you!), I have seen some great icons fail. As shocking as it was, names like Barings, Arthur Andersen, Lehman Brothers, Bear Sterns, etc. were not that tangible to the average man and woman on the street, even in downtown Manhattan let alone across the world. Those companies, and those wounded like Fannie Mae, Citigroup, Bank of America, UBS, HSBC, RBS, AIA, Northern Rock, etc., have effected the economy and mood, but it didn't hit the average home so to speak. Just sectors, just regional, just headlines. The world kept turning.
Why is GM different? This isn't just Detroit or Wall Street. This is Main Street, USA. There is a GM dealership in every virtually neighbourhood. Go to any American and 3 out of 10 (guesstimate on my part) will be owning GM cars, working in GM cars and trucks, or are directly working for GM and or one of their supply chain companies. This one will make every American reflect.
GM will be the watershed, the turning point, where the average American finally says: "we're really mailto:&$X*&!@ up". The straw that broke the camel's back. This one hit home. This is humble pie.
Nothing shakes up the world order like angry, embarassed, gung-ho, dumbass Americans. Not that they'll do anything right, but they'll be doing something. Got to pay off all that Chinese debt right?
The bankruptcy of General Motors marks an important chapter in world history.
To many, GM is just another in the growing number of big corporate failures. Huge numbers, but we're numbed already........$2 billion here, $40 billion there, have heard it all before.
To most people in Asia, GM was just another big American company. Most have never owned a GM product. At best, lusted after some icons like Cadillac or Corvette. Far fewer ever have ever dealt in GM stocks in their portfolios. So what's the big deal?
To me, GM will have a bigger social and economic ripple than anything before it. Now, in my lifetime (being a mere lad of 25 mind you!), I have seen some great icons fail. As shocking as it was, names like Barings, Arthur Andersen, Lehman Brothers, Bear Sterns, etc. were not that tangible to the average man and woman on the street, even in downtown Manhattan let alone across the world. Those companies, and those wounded like Fannie Mae, Citigroup, Bank of America, UBS, HSBC, RBS, AIA, Northern Rock, etc., have effected the economy and mood, but it didn't hit the average home so to speak. Just sectors, just regional, just headlines. The world kept turning.
Why is GM different? This isn't just Detroit or Wall Street. This is Main Street, USA. There is a GM dealership in every virtually neighbourhood. Go to any American and 3 out of 10 (guesstimate on my part) will be owning GM cars, working in GM cars and trucks, or are directly working for GM and or one of their supply chain companies. This one will make every American reflect.
GM will be the watershed, the turning point, where the average American finally says: "we're really mailto:&$X*&!@ up". The straw that broke the camel's back. This one hit home. This is humble pie.
Nothing shakes up the world order like angry, embarassed, gung-ho, dumbass Americans. Not that they'll do anything right, but they'll be doing something. Got to pay off all that Chinese debt right?
Thursday, May 14, 2009
Citywealth Leaders List Asia 2009
[EDIT: editor Joe Bell went back and amended the list for factual errors I pointed out. If you want the orginal pdf list, let me know]
Scary stuff for the uninitated.......some half-dozen of the people listed aren't working for the firms their listed under....some have been out of their listed firms for YEARS!!!!! Some real good tax/trust/financial advisers are not on the list. Clearly poorly researched and rather arbitrary list of BFFs.
Another third are what I would consider "WTF??!?!" selections. I wouldn't let them serve my enemies because I know they might screw that up too.
A few are just snake oil salesmen...peddling their wares without real value added for the client.
Some are just too high up the totem pole be dealing with client matters on a regular basis so why do they get on the list?? I remember Mickey from his days at Matheson Trust. Unless you're a $50M client, I doubt that you even get introduced to Mickey these days. Even if you do, do you really think he's contributing anything to your case? Likely not, it's just not his job to be hands-on any more.
It's a real shame that many hard working, smart and client-friendly men and women are not recognised as the shoulders that these so-called giants are standing on (or have stood on).
{EDIT} And in my haste to make fun of Citywealth for their carelessness, I forgot to praise some on the list. Truly some of the finest advisers in the world, and not just Asia, and thanks to ones that I have worked with in making my life, my clients' life that much richer.
Saturday, April 18, 2009
Sad sign of the times
http://www.bbtworldwide.com/jobs/job-profile.html?t=jobs+for+redundant+ubs+private+bankers+(asia)&l=hong+kong%2c+central+district&j=2404644&ct2=96
Understanding the recent economic meltdown has added extra pressure on private banks across Asia, we realise redundancies are inevitable. If you were a recent casualty of cost cutting in UBS Wealth Management (HK or Singapore), we would have an array 'Top Tier' private banking of opportunities that could help you get back on your feet immediately.Currently recruiting positions for........
Opportunists? Vultures? Saviours? Data collection?
I would say the latter. With PB revenues down as much as 75% in some institutions, methinks this is still too earlier to invest in any major hiring (golden gooses aside - since $100AUM guys/gals are always welcome).
But what do the unemployed got lose?
Understanding the recent economic meltdown has added extra pressure on private banks across Asia, we realise redundancies are inevitable. If you were a recent casualty of cost cutting in UBS Wealth Management (HK or Singapore), we would have an array 'Top Tier' private banking of opportunities that could help you get back on your feet immediately.Currently recruiting positions for........
Opportunists? Vultures? Saviours? Data collection?
I would say the latter. With PB revenues down as much as 75% in some institutions, methinks this is still too earlier to invest in any major hiring (golden gooses aside - since $100AUM guys/gals are always welcome).
But what do the unemployed got lose?
Monday, January 19, 2009
Addition by subtraction?
Barclays Wealth hires away "Ms Piggy" from a local HK bank who was head of private banking and trust services.
While Ms Piggy was a fine private banker, her mismanagement of the trust business is legendary in certain circles. Never had a profitable year under her direction and turnstile of trust dept heads. A fine brand name and platform but management lacked the sensitivity and insight to drive the business....strange considering the success of of their parent group in the trust business. A little inbreeding would have helped. The business was treated as an afterthought to the banking business instead of an integral part of it. Not really her fault....tells you about the mentality and nickle & dime attitude of senior management.
Another lession for CEO's not to put bankers/investment people in charge of the trust business. You wouldn't put David Beckham on your Olympic water polo team just because he excelled in his field and was a good athlete would you? No, you get a real water polo player and you don't let your football coach hire the polo player either.
Now that she has trusts out of her portfolio, I'm sure Ms Piggy will do wonders for Barclays.
While Ms Piggy was a fine private banker, her mismanagement of the trust business is legendary in certain circles. Never had a profitable year under her direction and turnstile of trust dept heads. A fine brand name and platform but management lacked the sensitivity and insight to drive the business....strange considering the success of of their parent group in the trust business. A little inbreeding would have helped. The business was treated as an afterthought to the banking business instead of an integral part of it. Not really her fault....tells you about the mentality and nickle & dime attitude of senior management.
Another lession for CEO's not to put bankers/investment people in charge of the trust business. You wouldn't put David Beckham on your Olympic water polo team just because he excelled in his field and was a good athlete would you? No, you get a real water polo player and you don't let your football coach hire the polo player either.
Now that she has trusts out of her portfolio, I'm sure Ms Piggy will do wonders for Barclays.
Thursday, January 15, 2009
Lot's of movement in the smaller trust companies
After a round of socializing (read: gossiping), it appears that Amicorp went through a major senior reshuffle in HK.......then Credence Trust (part of the OIL group) did too in HK and Singapore and now Equity Trust too!
This seems to be a perpetual problem for these small players in that they inevitably lose all their good people, partly because of pay and stature, but overwhelming due to mismanagement.
Then again, these may be good times for these smaller players to beef up the team when the employment scene is a buyer's market......but alas they usually hire the wrong people because they are a poor judge of talent.
This seems to be a perpetual problem for these small players in that they inevitably lose all their good people, partly because of pay and stature, but overwhelming due to mismanagement.
Then again, these may be good times for these smaller players to beef up the team when the employment scene is a buyer's market......but alas they usually hire the wrong people because they are a poor judge of talent.
Tuesday, January 13, 2009
Run Raoul Run
As previously blogged here: http://trustprofessioninasia.blogspot.com/2008/11/ubs-used-to-be-smart-or-uve-been.html, the US case against Raoul has escalated and now he has been declared a fugitive! How many organizations can boast that they have a US fugitive on their payroll and management committee?
As UBS claims to be closing all accounts owned by US persons, (as if all accounts beneficially owned by US persons are truly recorded as being owned by US persons!) and possibly face a [Edit: US$780 Million] fine from the IRS. Add some rumoured heavy 09 losses and it all adds up to be another nightmare year.
Implosion eminent
As UBS claims to be closing all accounts owned by US persons, (as if all accounts beneficially owned by US persons are truly recorded as being owned by US persons!) and possibly face a [Edit: US$780 Million] fine from the IRS. Add some rumoured heavy 09 losses and it all adds up to be another nightmare year.
Implosion eminent
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