Wealth news
DWS Russian funds
Four funds to be launched for Russian investors by Europe’s largest retail investment house, DWS, are currently awaiting approval from Moscow’s regulators. The equity, bond and cash products investing solely in Russian domestic instruments, will be distributed by the fund house’s parent bank, Deutsche Bank, which opened a private client branch in Moscow six months ago.
Citibank Japan blow
Citibank has suffered a major blow to its Japanese private banking operations following an inspection by the Financial Services Agency of Japan (FSA). The group must shut down its private banking business in the country from October next year, after the FSA found violations of laws and regulations by the bank and some of its employees. New transactions with customers have been suspended. The bank says it has installed a new management team responsible for the transition of the accounts and for strengthening internal controls, while assuring strict compliance during the process. In addition the Japanese government is also temporarily banning Citibank from Japan bond actions.
Art advice group
ABN Amro and independent fine art adviser and valuer Seymour, have created an art investment advisory group to provide private banks with investment services in the art industry. The group will offer advice regarding the different art funds in the market and, in the future, create its own fund of funds investing in the sector.
Cadby to run LEG
Ian Cadby, previously chief investment officer at the Liberty Ermitage Group, a boutique Jersey-based investment house, is the chosen successor to group founder Ron Mitchell. Mr Mitchell, who started the firm in 1996, will remain on the board as vice chairman until he retires at the end of March. Rather than pursuing cross-border distribution in Europe, Mr Mitchell has built up a string of strategic partnerships with offshore private banks and insurance companies to garner assets of $3.5bn(E2.85bn), of which half is invested in hedge funds.
