News

News

Overcoming the Digital Dilemma in Wealth Management

Posted by Anton Murray Consulting on . Posted in News

Wealth management clients are increasingly accustomed to using mobile, social, cloud, and Web technologies in their personal and professional lives. Thus it’s no surprise that they expect the institutions and experts managing their wealth to progressively employ digital tools and practices as well, to improve service, efficiency, and the overall client experience. The problem is that most wealth management entities are not yet able to do so.

For wealth managers, the benefits of embracing digitization are huge. Mobile banking now allows clients to interact with their wealth managers anytime, anywhere. Cloud computing provides access to unprecedented computer power and storage, permitting complex transaction processing. Big data applications help wealth managers capture, analyze, and interpret vast amounts of data and leverage that knowledge to create highly customized solutions. And social media platforms, along with closed communities, allow clients and others to connect and discuss market developments, investment options, and other financial matters instantly.

These advances can reshape the way products, services, and information are provided to clients. A wealth manager could increase client activity, for instance, by delivering tailored investment ideas to the client’s mobile device—factoring in actual market movements, the client’s financial situation, and insights that reflect the company’s research-house view. Greater self-service provisioning across devices will help generate higher share of wallet through optimized up-selling and cross-selling as well as through a lower cost to serve. Although the traditional wealth manager–client relationship will continue to emphasize face-to-face contact and the sense of trust that such contact engenders, digital communication will radically redefine and enhance the relationship, effectively changing the dynamics of competitive advantage.

Yet despite its potential, digitization is occurring more slowly in wealth management than in other industries. Scale and complexity are part of the issue: many players are reluctant to disrupt the traditional client-service approach, and they can have a hard time figuring out where to start because of the heterogeneity of wealth management activities. As a consequence, wealth managers have been holding back. At the same time, “robo-advisors” and new players entering the market with a digital-first model are raising the competitive stakes, increasing both client expectations and the sense of urgency to act. Combined, these factors mean that wealth managers are facing a digital dilemma.

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Energy Sector to ‘Supercharge’ M&A

Posted by Anton Murray Consulting on . Posted in Investment Banking News

Taylee Lewis

Mergers and acquisitions in the Asia-Pacific region will be driven by the energy and resources sector in 2015, says law firm Herbert Smith Freehills.

According to the firm’s annual Asia Pacific M&A Review, the availability of funds will increase as many firms seek to broaden their portfolios and move into the energy sector.

Herbert Smith Freehills partner Tony Damian said a “flurry of investment activity” is expected in the region in the second half of this year.

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Bank of America Said Planning to Boost Australian Equity Staff

Posted by Anton Murray Consulting on . Posted in Investment Banking News

Brett Foley, Adam Haigh

Bank of America Corp. plans to add about four positions in its Australian equities operations this year as rivals exit the market, according to people with knowledge of the matter.

The hires, following cuts several years ago, will include equity sales and trading as well as research staff, one of the people said, asking not to be identified as the details are private.

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China to overtake US as world’s largest NWB market

Posted by Anton Murray Consulting on . Posted in News

Households with financial assets of US$100,000 to US$2 million comprise the world’s fastest growing wealth segment when measured by growth trends across 32 countries around the world. Yet its growth dynamics, lifestyles, values and investing habits are generally underreported compared with other segments.

New wealth builders (NWBS) today have US$88 trillion in global assets and are expected to grow at a compound annual growth rate (CAGR) of 7.1%, to reach US$145 trillion by 2020. Since 2010, the group has grown faster than any other wealth sector– including high net worth or mass market segments–and is forecast to grow even faster in the next decade, says a new Economist Intelligence Unit (EIU) global report, sponsored by Citi, The New Wealth Builders.

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UBS targets Asia for Wealth Management Growth

Posted by Anton Murray Consulting on . Posted in Investment Banking News

Matthew Miller

UBS AG (UBSG.VX), the world’s biggest wealth manager, expects Asia Pacific assets to account for as much as 30 percent of the funds it oversees within the next 10 years, the Swiss bank’s chief executive said.

UBS’s wealth management business looked after about $2.04 trillion (1 trillion pounds) in invested assets at end-2014, half of which in the Americas, according to bank filings.

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Why haven’t ‘Flash Boys’ claims been proven?

Posted by Anton Murray Consulting on . Posted in Investment Banking News

It’s a year since Michael Lewis‘ explosive claim in “Flash Boys” that the market is rigged. Why haven’t any of his claims been proven yet?

As we approach the one-year anniversary of one of the most controversial books ever written about the financial industry – a book that resulted in four congressional hearings, enjoyed several weeks on the New York Times best-seller list and sparked countless debates – key questions still linger concerning the very issues that Michael Lewis claims to have exposed in Michael Lewis’ “ Flash Boys .”

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