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• August 20, 2010 - Two New Hires At West Coast Private Bank
  

  Private Bank of California has hired bankers Nick Zappia and Sergio Sepulveda to its expanding business development and relationship management team. Zappia joins as executive vice president and Sepulveda as senior vice president. PBC is a boutique bank servicing high net worth individuals, their advisors and their business, personal and community interests, primarily on the Westside of Los Angeles.

• August 20, 2010 - Former Morgan Stanley Wealth Chief Elected To Primerica Board
  

  Ellyn McColgan has been elected to Primerica’s board of directors. McColgan most recently was president and chief operating officer of global wealth management at Morgan Stanley. McColgan left Morgan Stanley in early 2009 in the run up to the joint venture between the firm’s wealth management arm and Citigroup’s Smith Barney unit.

• August 19, 2010 - Raft Of Appointments At Rothstein Kass
  

  Rothstein Kass, the professional services firm catering to corporate and high net worth individual clients, has named a raft of principals to its senior management. It announced yesterday that Camille Asaro, Frank Attalla, Jeff Kollin and Navin Sethi have been named principals. Asaro and Attalla are members of the Rothstein Kass Financial Services Group.

• August 19, 2010 - US Expats Must Address Rising Compliance Burden
  

  Editor’s note: This publication has already examined the implications of the recently signed HIRE Act in the US and its effects on US expats in nations such as the UK. 3i Infotech takes another look at this Act and the legislation that was incorporated into it, known as FATCA. Introduced in October 2009 as the “Foreign Account Tax Compliance Act of 2009”, “FATCA” aims to improve tax compliance respecting offshore financial accounts owned by non-exempt US Persons.

• August 19, 2010 - California RIA Appoints Ex-Partner Of Thomas Weisel
  

  Napa, California-based Argos Wealth Advisors, a three-year-old registered independent advisor that manages $1. 3 billion of assets, has appointed Jeff Handy as financial advisor, previously a star in the wealth management division of Thomas Weisel Partners, reports RIABiz. In his new role Handy will be responsible for providing custom, conflict-free wealth management solutions for Argos clients.

• August 19, 2010 - Virginia-Based Wealth Manager Adds Tech Officer
  

  Middleburg, Virginia-based Focus Wealth Management has hired a chief technology officer and wealth manager, the Washington Business Journal reports. Stephanie Smith joins from Wiseman & Associates Financial Services where she managed financial planning and investment management activities. The firm did not reply to this publication at the time of going to press.

• August 19, 2010 - New Basel Rules Will Not Saddle US Banks With Heavy Capital Burden - Analysts
  

  As policymakers look to overhaul bank capital requirements to prevent a repeat of the recent financial crisis, new calculations by Barclays Capital suggest that large US banks could meet tighter global rules without having to raise large capital sums, according to the Financial Times. The analysis by BarCap’s debt capital markets group estimates that the 35 largest US banks will have to come up with half as much new capital as had been expected following last month’s rewrite of proposed requirements by the Basel Committee on Banking Supervision. The significance of this story for wealth management lies in the fact that the capital strength – or lack thereof – of some banks has become a closely watched issue, as clients have in some cases removed their business f.

• August 19, 2010 - Wealthiest Rappers Raked In $300 Million In Earnings
  

  Wealth managers looking to tap high net worth clients in the entertainment industry take note – the wealthiest 20 rappers brought in a total of $300 million in earnings, the same as last year, according to Forbes Magazine’s annual Hip-Hop Cash Kings rankings. Despite the floundering global economy music stars continued to thrive by diversifying their business. Non-music ventures range from clothing labels to endorsement deals, the magazine reports.

• August 19, 2010 - Succession Planning - A Tripartite Approach
  

  The transition from one generation to the next is easily identifiable as the most difficult phase in the successful continuation of a family business.  From first to second generation, 70 per cent of businesses fail and only 10 per cent successfully make it to the third generation.  According to a study published in 2006, 30 per cent of family business failures can be attributed to "transfer failures".

• August 19, 2010 - Hedge Fund Icon To Shutter Firm, Open Family Office
  

  Hedge fund manager Stanley Druckenmiller is closing his firm Duquesne Capital Management and plans to open a family office, according to Bloomberg. “For 30 years I’ve been responsible for managing client money and it’s been a joy, but at some point I need to move on. Thirty years is enough,” he told the news service.




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