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...But in the private sector, many DB schemes have closed to new accruals, so you may have to join the defined contribution offering, he says....
...Estimates of private pension wealth compiled by the Office for National Statistics suggest that some 929,000 savers are sitting on a pot worth between £1mn-£2mn....
...This price is typically paid in cash and gilts, and the assets are then invested by the insurer into a range of bonds, private debt and equity release mortgages....
...“Investors have to consider how to diversify,” said Will Wang, head of client solutions and Asia strategic partnerships at VP Wealth Management, the Hong Kong unit of the Liechtenstein-based private bank...
...This reflects the closure to new members of countless private sector DB schemes as employers baulked at the cost supporting them....
...A classic V-shaped recovery ensued, reflected in sharp rises in sales agreed, mortgage approvals and house prices....
...But this will not be the momentary stumble followed by a V-shaped recovery of administration and deal-sponsor lore....
...In hanging on to every part of DBTC, the parent also gets to keep the prestigious private wealth business, including, it seems, the secured loans to Mr Trump....
...This is a gift from someone, maybe savers and DB pension systems....
...For example, mortgage lending tends to be viewed as safe, and mortgage oriented banks reflect that in their (usual) valuation premia....
...It’s possible that 389 people not in need of a mortgage looked at the showhome before the lockdown then used the sudden excess of spare time to contemplate the deal....
...“Most clients are people with complicated needs,” says Charles Mardon, who runs Sovereign Wealth Private Clients, a group of UK-based advisers. “People often don’t know where to get started....
...Rotork has the single largest exposure in our coverage (~50% v 60% in 2014 though)....
...Yes, Wells has paid almost $3bn in fines — including the largest multi-state settlement on record in December — and admitted to problems spanning car insurance, wealth management and mortgages....
...(NYT) Finance v tech The chief executive of Singaporean lender DBS, Piyush Gupta, said his biggest rivals are not other banks but Chinese tech groups such as Tencent and Ant Financial....
...In 2008 Goldman declined to buy Wachovia, which had a portfolio of mortgages with flexible repayment terms....
...Last year, Bank of Singapore grew its assets under management by 44 per cent, UOB Private Bank was up 23 per cent and DBS rose 8.3 per cent....
...Marty Chavez, the bank’s chief financial officer, had trotted through some third-quarter numbers, which were mostly better than analysts had expected....
...That will boost the Singapore lender’s footprint in private wealth, having purchased one of Barclays’ wealth and investment management units in November....
...I'm Hugo Greenhalgh, editor of the FT's Wealth Magazine. And I'll be bringing you this week's Money News in downloadable form....
...“Hong Kong is really dependent on China and external trade,” says Lily Lo, an economist at DBS, the Singaporean bank, in Hong Kong....
...And these DB pensions were built in the 1980s, before inflation-linking was added....
...Citi India’s chief executive, Pramit Jhaveri, has focused the bank on “profitable niches” such as credit cards, wealth management and mortgages to service wealthy Indians....
...The new schemes followed high-profile collapses of a number of defined benefit (DB) pension schemes, including the Mirror Group following the Robert Maxwell scandal....
...The second is to spread economic power and wealth across our nation....
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