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In this edition: how Asian philanthropists are rejecting traditional models when tackling the region’s development needs; the radical rich who can’t wait to give away their wealth; child-lens investing is
...Citi’s high-end private bank is one of three pillars of its wealth management business, alongside its Citi Gold brand, which caters more towards retail clients, and its “Wealth at Work” business which banks...
...Carla Morris, financial planner at wealth manager RBC Brewin Dolphin, which made the FOI request, said: “Inheritance tax is paid by a few but feared by all....
...Citi was eighth, followed by European banks UBS and Barclays....
...The wealth manager guarantees some of these loans, which are drawn from a consortium of external banks....
...“Wealthy individuals and their families are sophisticated investors, like hedge funds, that have been part of the stock market rally,” says Hannes Hofmann, global head of the family office group at Citi...
...“My concern is the message that would send to the next generation is abysmal, in that they do not need to take personal responsibility.”...
...Yet demand for second bolt-holes is rising along with wealth. No wonder....
...“It can be hard to know if someone is using you for your wealth or if your wealth is simply enabling your friends to join you in the activities you love,” she notes....
...Citi’s private bankers must now turn in call reports to record each conversation they have with a client and also what was discussed, the people said. Here’s how staff have reacted to the measures....
...She speaks from personal experience....
...It was the smallest of Citi’s five divisions behind US personal banking, trading, services and wealth management....
...Wealth has become highly concentrated in certain cities....
...All LOBs, including the other two—Personal Banking (29%, mostly cards) and Global Wealth (11%)—should have more clarity from better 2024 disclosure....
...Drawdown funds provided by insurers and platforms, or model portfolios from wealth managers, are all vulnerable to this because they hold a mix of equities and bonds....
...In the UK and US alike, the average millennial had accumulated less wealth in real terms by their mid-thirties than the average boomer at the same age....
...Citi’s Andrew Lowe crunched ISA subscription numbers across the latest five-year term. He found the yearly average of subscribers “maxing out” is 1.8mn, or 17 per cent....
...this: I was hungry,’ writes Gary Stevenson in his recently released memoir, The Trading Game, which tells the story of how the son of a Post Office worker briefly became the highest-paid trader working on Citi...
...Some businesses continued to struggle, including the wealth management division....
...For savers, it makes little sense to have their pension wealth scattered across multiple schemes....
...Or maybe you cohabit with an unmarried partner and are both interested in protecting your personal assets....
...Global wealth has grown faster than incomes, and billionaires’ wealth has grown fastest of all, reports the EU Tax Observatory....
...and personal information”....
...The two Austrian organisations — the Benko Family Foundation, controlled by his mother, and the Laura Foundation, named after his daughter — had been assumed to look after most of Benko’s personal wealth...
...Unsurprisingly, the wealth manager’s shares are down 60 per cent over the past year....
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