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• September 7, 2010 - The US HIRE Act - New Guidance For Trusts, Investors
  

  The “Hiring Incentives to Restore Employment Act of 2010” (the HIRE Act) may be the broadest tax and information reporting legislation ever enacted, potentially affecting all investors whether individuals, trusts, family offices, or other entities and virtually all non-US banks, investment houses, brokerages, custody agents, mutual funds, hedge funds, private equity funds and life insurance providers, among others, with any investments in the US. The Hire Act, enacted this March, left a number of issues to be determined at the discretion of the IRS and the US Treasury. Since its enactment, US and non-US investors and the non-US financial institutions and funds through which they invest have speculated as to whether regulations would be issued to limit the broad impact of this cl.

• September 3, 2010 - Morgan Stanley Hires For Latin American Business
  

  As private banks look to increase their Latin American coverage, Bank Morgan Stanley, the Swiss subsidiary of the US bank, has hired Luca Majic as an investment advisor covering Argentina, WealthBriefing has learned. “Luca's in-depth knowledge of the Argentine market will make him an important addition to our team as we continue to grow our Latin America business,” said an internal memo seen by this publication. Majic joins from Banco Santander Geneva, and has experience in various private markets including Argentina, the US and Switzerland.

• September 3, 2010 - Scout Investment Advisors Takes Over $9.8 Billion Investment Firm
  

  Scout Investment Advisors has agreed to fully acquire Columbus-based investment management firm Reams Asset Management. Financial terms of the deal were not disclosed, but Reams manages over $9. 8 billion in fixed-income assets.

• September 3, 2010 - Northern Trust Builds On Fund Services Expansion With New Hires
  

  Northern Trust has created new positions to support the expansion of its Global Fund Services business, which serves investment managers. Paul Fahey, previously a global product manager at State Street Bank & Trust, joins as director of global product management and development, while . .

• September 3, 2010 - Ladenburg Thalmann Acquires Las Vegas Trust Firm
  

  The Miami-headquarted broker-dealer Ladenburg Thalmann Financial Services has acquired Las Vegas-based Premier Trust in order to bolster its offering to include trust services. Terms of the deal were not disclosed. Premier, which was founded in 2001, has around $530 million in assets under administration, providing services including retirement, income and estate tax pla.

• September 3, 2010 - First Republic Signs Managing Director From Deutsche Bank
  

  Glenn Degenaars has joined First Republic Private Wealth Management in New York as portfolio manager and managing director. Prior to First Republic, he spent 13 years at Deutsche Bank Private Wealth Management, most recently as managing director and senior investment advisor. “Glenn Degenaars is part of a growing team of wealth management professionals who offer clients a wide range of investment solutions, including the option of working with one of our senior portfolio managers,” said Katherine August-deWilde, president .

• September 3, 2010 - Madoff Victims Balk At Trustee’s $34.6 Million Fee
  

  Hundreds of investors who had money invested with convicted Ponzi schemer Bernard Madoff‘s firm have objected to $34. 6 million in legal fees the trustee overseeing the Madoff bankruptcy and his law firm have requested, according to reports. Trustee Irving Picard and Baker & Hostetler last month asked a US bankruptcy judge in Manhattan to approve fees for work done from February through May, bringing their total fee requests in the case to $96.

• September 3, 2010 - FOX President Leaves
  

  John Benevides, president of Family Office Exchange, has left for a new post after being in his current role for more than five years, this publication has learned, in what has already been a busy week of news at FOX. It couldn’t be immediately determined what firm he has joined. Calls to FOX yesterday evening were not returned as Family Wealth Report went to press.

• September 2, 2010 - Citi Private Bank Names New EMEA CEO, Forges Global Family Office Group
  

  Citi Private Bank has appointed Luigi Pigorini as its new chief executive for EMEA, while simultaneously announcing the creation of a new Global Family Office Group, according to an internal memo seen by WealthBriefing. Pigorini, currently global head of investment finance, rejoined Citi Private Bank in 2009 after having served as regional manager for Italy, Spain and Portugal earlier in his career. He latterly led the bank's investment finance franchise.

• September 2, 2010 - North America Executive Moves - August 2010
  

  North America JP Morgan Asset Management named Michael O'Brien to the newly created role of global head of institutional client group. He reports to chief executive Mary Callahan Erdoes. Prior to this position, O Brien was head of the institutional investment management division of BlackRock.




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