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• August 27, 2010 - IRS To Drop UBS Suit As Switzerland Hands Over Account Details
  

  The US tax authority is to cease its civil action against UBS after the Swiss government handed over details on 2,000 US clients suspected of using their accounts to evade taxes, according to media reports of a statement by the Internal Revenue Service. A deal was made in August 2009 for 4,450 names; the IRS said it expected to receive information on the remaining 2,450 this autumn. “Based on information received to date and assurances by the Swiss government, we anticipate being in a position to withdraw the John Doe summons [that would have sought up to 52,000 client names] this fall,” the statement said.

• August 27, 2010 - Baird’s Wealth COO Departs
  

  Denise Wypiszenski, chief operating officer of Robert W Baird's private wealth management group, has left the firm, according to several press reports. "Denise made the decision to leave Baird to pursue other opportunities," said a Baird spokesman in a statement. Wypiszenski joined the firm late last year to help ramp up recruitment.

• August 27, 2010 - State Street In Possible Purchase Of Irish Asset Manager
  

  State Street Corporation is discussing a possible purchase of Bank of Ireland’s asset management business, according to Bloomberg, which cited unnamed sources. The unit holds about €25 billion (around $31. 8 billion) of assets under management, the report said, adding that no agreement has been reached about any deal.

• August 27, 2010 - RBC’s Wealth Unit Sees Net Income Rise In Third Quarter
  

  The wealth management unit of Royal Bank of Canada saw its net income rise 10 per cent from last year to C$185 million in the third quarter, which ended 31 July. The increase primarily reflects an accounting impact related to foreign-currency translation on certain available for sale securities as well as an income tax adjustment. Net income was up C$95 million compared to last quarter largely due to the income tax adjustment.

• August 27, 2010 - Q3 Earnings At National Bank Financial Keep The Firm Optimistic
  

  Net earnings at Montreal-based National Bank Financial Group dropped 11 per cent in the third quarter, from $303 million in Q3 2009 to $271 million. While decline was attributed to weak trading activity and market volatility during the period, the results still exceeded analysts expectations. Net income for the first nine months of the year was up 22 per cent to $747 million, helped mostly by strong performances at its wealth management businesses.

• August 26, 2010 - City National Bank Adds To Team In Las Vegas
  

  City National Bank has appointed Clay Overlien as vice president and financial sales advisor for its Cheyenne in North Las Vegas and Summerlin branch in Las Vegas. He joins City National through its acquisition of Sun West Bank in May of this year. He will also work very closely with other areas of the bank, such as commercial banking services and private client services, to develop new business.

• August 26, 2010 - Interview - Filling A Lending Gap As Basel Bank Rules Tighten
  

  Regulators of the global banking system are tightening up the capital standards, which may make sense in a world where the costs of lax credit have been made brutally obvious. Tougher rules, however, can also hurt entrepreneurs – future wealth management clients. As regulations known as Basel II take effect in the US – they are already in force in Europe – it is making it harder to lend where the collateral is an illiquid asset such as a business, argues Alexander Haverstick, chief executive and managing partner at .

• August 26, 2010 - UBS In Potential Strife Over Sales Of Lehman Products
  

  While UBS is seeking to overcome recent problems and embark on a global marketing drive, its US brokerage faces costly regulatory actions linked to the sale of Lehman Brothers’ debt, according to Reuters. Investor lawyers for the past year have been criticising UBS for selling Lehman Brothers' debt with such reassuring names as "100 percent principal-protected notes" that promised robust returns with no risk of loss, the report said. These Lehman-issued notes were largely wiped out when Lehman Brothers went bankrupt in September 2008.

• August 26, 2010 - Investment Industry M&A Slackens, But Expect More Deals Ahead - Jefferies
  

  A backlog in merger and acquisition deals for the asset management industry will see a rush of activity in the next 12 to 18 months, predicts Jefferies’ Financial Institutions Group, the international securities and investment banking firm. Global transaction activity slumped in the first six months of 2010 compared with a strong year in 2009, the firm said. At $437 billion in the first six months, total assets under management transacted was in line with the levels of 2001, when just under $900 billion of AuM were transacted over a 12-month period and well below the $2 trillion-plus levels in 2006-2009, the report said.

• August 26, 2010 - Millionaire Investment Confidence Plummets
  

  The investment confidence of millionaires plummeted in August, according to the Spectrem Millionaire Investor Confidence Index. Confidence fell 11 points to –18, the biggest decline since June 2009, when it fell a record 18 points to –20.   It also returns the index to mildly bearish territory after 12 consecutive months in neutral.




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