Wealth Management

The IRS’s new CEO has hired Vince La Padula, who spent 23 years at JPMorgan managing the 'workplace solutions' business within the bank's wealth management division.

Maybank Singapore CEO Alvin Lee is focusing on the silver economy and cross-border initiatives to drive business growth. The bank has launched programs like Passion Plus and specialized insurance to cater to Singapore's aging population, while also investing in the Johor-Singapore Special Economic Zone.

Business Report's 'Navigating the Next Chapter' special section targets executives and professionals preparing for retirement and future planning, offering businesses advertising and sponsored content opportunities in the August issue. The section covers topics like succession planning, wealth management, healthcare, philanthropy, travel, and retirement lifestyle.

Hong Kong's government introduced a bill to waive salary tax on performance-linked bonuses for fund managers under specific conditions, aiming to strengthen the city's position as a wealth management hub. The bill, set for its first legislative reading on June 24, seeks to attract fund managers and family offices by offering tax incentives.

BTG Pactual, Brazil’s largest investment bank, received regulatory approval to operate in Uruguay by acquiring HSBC’s Uruguayan business for $175 million. The acquired unit includes everyday banking, business lending, wealth management, and staff.

A group of SpaceX employees has partnered with Choreo to launch a low-fee wealth management option following an IPO. This initiative is described as an experiment that could shift power from traditional advisory firms to groups of wealthy investors.

Morgan Stanley is set to open its trillion-dollar wealth management platform to external AI agents. This move marks one of the earliest instances of a major Wall Street bank integrating external AI tools into its operations.

Julius Baer Group expects substantially higher first-half profit compared to previous periods. The Swiss wealth management firm is reporting improved financial performance.

Standard Chartered has raised its 2030 earnings target to 18 percent through expansion in wealth management, cross-border banking, and digital services, with Hong Kong as a key growth hub. CEO Bill Winters announced the plan, which was well-received by investors, driving the bank's stock up 2.3 percent.

Goldman Sachs highlights the growing role of private credit in wealth management. The firm suggests that private credit is becoming an increasingly important tool for high-net-worth individuals and institutions.