Tag: wealth

Euromoney PANEL I: GLOBAL WEALTH TRENDS

Andrew L. Cohen, Executive Chairman, J.P. Morgan Private Bank

Andrew Cohen is the Executive Chairman of the Global Private Bank and a Global Chair of Investment Banking at J.P. Morgan. He oversees J.P. Morgan Private Bank’s Institutional Wealth Management practice and leads the partnership between the firm’s Corporate & Investment Bank and Private Bank. In this role, Mr. Cohen focuses on servicing the Private Bank’s largest and most sophisticated clients globally. He is a member of the Asset & Wealth Management Operating Committee, Wealth Management Operating Committee, and Global Investment Banking Executive Committee.

Prior to this role, Mr. Cohen was Chief Executive Officer of J.P. Morgan’s International Private Bank, which operates in Asia, Europe, the Middle East and Africa, and Latin America. Before relocating to Hong Kong in 2010 as the Asia Private Bank’s Chief Executive Officer, he was Head of the Southern California region, based in Los Angeles. Previously, he worked with ultra-high-net-worth families in Northern Europe and

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Scientists return from Arctic with wealth of climate data

BERLIN (AP) — An icebreaker carrying scientists on a year-long international effort to study the high Arctic has returned to its home port in Germany carrying a wealth of data that will help researchers better predict climate change in the decades to come.

The RV Polarstern arrived Monday in the North Sea port of Bremerhaven, from where she set off more than a year ago prepared for bitter cold and polar bear encounters — but not for the pandemic lockdowns that almost scuttled the mission half-way through.

“We basically achieved everything we set out to do,” the expedition’s leader, Markus Rex, told The Associated Press by satellite phone as it left the polar circle last week. “We conducted measurements for a whole year with just a short break.”

The ship had to break away from its position in the far north for three weeks in May to pick up supplies

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WSJ Wealth Adviser Briefing: Exxon Turbo Boost, Tech Buyout Fantasies, Stashing Cash

Michael Nathanson, chairman and CEO of the independent wealth management firm Colony Group, told Barron’s that robo-advisers have a role to play in serving certain client segments. As for the industry’s continued shift toward client-centric wealth management advice and away from the investment-only models of the past, I think the shift can’t be completed quickly enough.

Does the evolution in the industry come down to financial advisers doing a better job embracing new technologies? We must all do so, but simply committing ourselves to using more and better technology isn’t committing ourselves to meaningful, evolutionary changes. In fact, it may merely be masking the need for such changes.

Below, some of the best analysis and insight from WSJ writers and columnists, the Dow Jones Newswires team and occasionally beyond, on investing, the wealth-management business and more.

ELECTION

Where Trump and Biden Stand on Mortgage Finance: The incumbent administration eyes

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Wealth Management M&A Activity Surges To Record Levels

The third quarter of 2020 will be remembered as one of the most unique periods of merger and acquisition activity in the history of the wealth management industry.

There were a record number of deals in Q3 – 55 transactions in total, according to the latest ECHELON Partners RIA M&A Deal Report – which surpasses the previous high of 53 deals that our research tracked in Q4 2019.

This record period comes directly after just 35 deals took place in Q2. This 57% increase in quarter-over-quarter M&A activity also registers as one of the sharpest increases in the industry’s history, marking a major rebound after the COVID-19-related market declines delayed and prolonged normal deal-making activity, as the figure below illustrates:

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Asia Pacific is home to most billionaires globally, pandemic grows wealth

There are now 2,189 billionaires globally with a combined wealth of $10.2 trillion, as the pandemic-induced stock market rally catapulted the net worth of the world’s uber wealthy to a new high. 

As of July 2020, Asia-Pacific accounted for the highest number of ultra-high net worth individuals, with 831 (38%) of the super rich residing in the region, where billionaire wealth now totals $3.3 trillion, according to Swiss bank UBS’ new Billionaires Insights Report 2020. That compares to 762 (35%) across the Americas and 596 (27%) in Europe, the Middle East and Africa (EMEA). 

The findings, based on interviews and data from 2,000 billionaires across 43 markets, saw Asia-Pacific retain its global position as “the engine of wealth growth,” UBS Global Wealth Management’s Anurag Mahesh said at the report’s launch Wednesday.  

Mainland China emerged as the region’s top market for wealth creation, with 415 billionaires, followed by India (114), Hong

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Billionaire wealth reaches new high during COVID-19 pandemic – UBS

FILE PHOTO: Gold U.S. dollar bullion coins are seen in this photo illustration taken in Moscow, Russia, August 4, 2017. Picture taken August 4, 2017. REUTERS/Maxim Shemetov/Illustration/File Photo

ZURICH (Reuters) – Billionaire wealth reached record high levels amid the COVID-19 pandemic, a report by UBS and PwC found, as a rally in stock prices and gains in technology and healthcare helped the wealth of the world’s richest break the $10 trillion mark.

The report, covering over 2,000 billionaires representing some 98% of the cohort’s total wealth, found billionaire wealth grew by more than a quarter during the early months of the pandemic to reach $10.2 trillion in July, breaking the previous record of $8.9 trillion at the end of 2019.

The figure represents a five- to ten-fold rise over the past 25 years, the span covered by the UBS and PwC database, when billionaire wealth stood at just over $1

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Halsey and Bernie Sanders Sit Down to Discuss the Wealth Tax and Billionaires

Click here to read the full article on SPIN.

Way back on Sept. 30 — which may as well be eons ago but in reality was the day after the first presidential debate — Halsey sat down with former Democratic presidential candidate Bernie Sanders for the first in what she bills as an “intimate conversation to discuss the future of America, some of the most important issues facing our nation and why they’ll be voting for Joe Biden this November.”

In the chat that was titled “Greed & the Wealth Tax,” the debate (Halsey says is “arguably one of the most frustrating pieces of television that I’ve ever had the misfortune of witnessing”) and Halsey’s upbringings in a “lower class family.”

More from SPIN:

One of the most compelling parts of the conversation was when the two discussed the “preposterous concept” of billionaires.

As for being a member of the

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Russian surveillance tech startup NtechLab nets $13M from sovereign wealth funds

NtechLab, a startup that helps analyze footage captured by Moscow’s 100,000 surveillance cameras, just closed an investment of more than 1RUB billion ($13 million) to further global expansion.

The five-year-old company sells software that recognizes faces, silhouettes and actions on videos. It’s able to do so on a vast scale in real time, allowing clients to react promptly to situations It’s a key “differentiator” of the company, co-founder Artem Kukharenko told TechCrunch.

“There could be systems which can process, for example, 100 cameras. When there are a lot of cameras in a city, [these systems] connect 100 cameras from one part of the city, then disconnect them and connect another hundred cameras in another part of the city, so it’s not so interesting,” he suggested.

The latest round, financed by Russia’s sovereign wealth fund, the Russian Direct Investment Fund, and an undisclosed sovereign wealth fund from the Middle East, certainly

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This Russian Facial Recognition Startup Plans To Take Its ‘Aggression Detection’ Tech Global With $15 Million Backing From Sovereign Wealth Funds

Next year, in cities across the world, expect to have your face scanned for levels of aggression. NtechLab, a Russian facial recognition company best known for the FindFace app once labelled the harbinger for the end of online privacy, says it’s currently testing  “aggression detection” tech with plans for a full rollout to its surveillance partners and customers in 2021.

To help it along the way, it’s just received $15 million from two sovereign wealth funds – one the Russian Direct Investment Fund, the other a mysterious, unnamed Middle East partner. Previously, NtechLab had previously received support from the U.A.E. sovereign investor Mubadala Investment Company, but it wouldn’t tell Forbes who was putting up the funds in

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KnowLedger Publishes NextGen Wealth Management Trends for 2020 and Beyond–A White Paper

KIMBERTON, Pa., Sept. 15, 2020 /PRNewswire/ — KnowLedger, a fast-growing accounting technology company, has published a new white paper that examines the challenges and opportunities for family offices and other wealth management firms in today’s volatile economy. This special, 20-page report examines how recent events and market trends—as well as demographic, social, and technology shifts—are creating new challenges and growth opportunities for family offices and other wealth management firms serving ultra-high-net-worth (UHNW) clients. Additionally, the report discusses how wealth management companies can leverage these market forces and reposition themselves for a greater competitive advantage.

Download the complimentary 20-page white paper.

Historically, family offices and wealth management firms, especially those catering to UHNW clients, have not been on the forefront of technology. According to experts, newly emerging disruptive threats, as well as major shifts in demographics and consumer expectations, have begun to spur change on this front. Furthermore, the coronavirus

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