Trump’s Truth Social Post Spurs Stock Surge, Boosts His Wealth By $500 Million
President-elect Donald Trump’s social media stock rebounded dramatically after a post on Truth Social, reportedly adding a half billion dollars to his net worth. Following a 42% drop since Wednesday’s peak, Trump…
Morgan Stanley appoints Vince Lumia as head of wealth management client segments
NEW YORK (Reuters) – Morgan Stanley apponted Vince Lumia as the head of a new division overseeing wealth client segments, according to a memo seen by Reuters. In the memo, Jed Finn,…
Inflation hurts investment outlook, Norway sovereign wealth fund CEO says
OSLO (Reuters) – Norway’s $1.5 trillion sovereign wealth fund faces growing obstacles to earning a return on its investments amid persistent inflation, already-high market valuations and geopolitical tension, its CEO said on…
Asia wealth managers flock to Dubai as clients look to diversify
By Xie Yu and Yantoultra Ngui HONG KONG/SINGAPORE (Reuters) – A growing number of wealth managers in Asia are setting up offices in Dubai, capitalising on warming diplomatic ties between China and…
Australia’s NAB, Jarden Wealth combine NZ wealth & asset management units
(Reuters) – National Australia Bank said it had agreed to combine its New Zealand wealth advice and asset management unit with that of Jarden Wealth and Asset Management, forming a new entity…
BofA’s former head of wealth, private bank Keith Banks to retire
By Lananh Nguyen NEW YORK (Reuters) – Bank of America executive Keith Banks, who ran several of its major businesses, will retire at the end of February after more than four decades…
Saudi wealth fund to buy 49% of luxury hotel chain Rocco Forte
By Yadarisa Shabong and Elisa Anzolin (Reuters) -Saudi Arabia’s PIF sovereign wealth fund will buy a 49% stake in luxury hotel group Rocco Forte Hotels and help to support its expansion, the…
UBS sees shift in new billionaires away from entrepreneurs to inherited wealth
ZURICH (Reuters) – Billionaires increased in numbers and overall wealth last year, Swiss bank UBS said on Thursday, with the fortunes inherited by the newly-minted super-rich exceeding cash generated by self-made billionaires…
Norway wealth fund could invest $70 billion in private equity
By Victoria Klesty and Terje Solsvik OSLO (Reuters) -Norway’s $1.5 trillion sovereign wealth fund, the world’s largest, should include private equity investments in its portfolio, allocating up to $70 billion, the country’s…
Beijing police launch investigation into troubled wealth manager Zhongzhi
SHANGHAI (Reuters) – Beijing police are investigating suspected crimes committed by Zhongzhi Enterprise Group, a leading Chinese wealth manager, according to a social media post published by the Chaoyang Public Security Bureau…
Morgan Stanley appoints Jed Finn as head of wealth management – memo
(Reuters) – Morgan Stanley has named Jed Finn as the head of its wealth management unit, according to an internal memo seen by Reuters on Monday. Finn, currently the chief operating officer…
Malaysia’s Maybank launches Islamic wealth management hub in Singapore
SINGAPORE (Reuters) – Malaysia’s biggest lender by assets, Malayan Banking Bhd (Maybank), launched an Islamic wealth management regional offshore hub in Singapore on Monday. “We have chosen Singapore as our offshore hub…
Norway wealth fund buys 45% stake in Boston properties
COPENHAGEN (Reuters) – Norway’s sovereign wealth fund on Tuesday said it had agreed to buy a 45% stake in two properties in Boston in a joint venture with U.S. based real estate…
Australia sovereign wealth fund should be preserved, not spent -chair
By Lewis Jackson SYDNEY (Reuters) – Australia’s financial position will be more precarious and credit rating at risk should the government succumb to the temptation to spend the sovereign wealth fund on…
Goldman Sachs hires BlackRock executive for unit serving third-party wealth product providers
By Saeed Azhar NEW YORK (Reuters) – Goldman Sachs’ asset management arm hired Gregory Weiss from BlackRock to lead a business that sells managed accounts and index products to wealth managers. Weiss…
Factbox-How Ireland’s new sovereign wealth fund will work
DUBLIN (Reuters) – Ireland detailed on Tuesday how it plans to turn some of Europe’s healthiest public finances into a 100 billion-euro($106 billion) sovereign wealth fund to ease future healthcare, pension and…
Explainer-Why is Ireland launching a sovereign wealth fund?
DUBLIN (Reuters) – Ireland detailed on Tuesday how it intends to turn some of the healthiest public finances in Europe into a 100 billion euro sovereign wealth fund to ease future healthcare,…
US wealth, income concentration resume upward climb in post-pandemic era
By Howard Schneider WASHINGTON (Reuters) – The richest Americans are emerging from the coronavirus pandemic with their share of wealth and income on the rise again despite some thought that the tight…
Australia’s $131 billion sovereign wealth fund chair will not seek another term
SYDNEY (Reuters) – The head of Australia’s A$206 billion ($131 billion) sovereign wealth fund had informed the Australian government he will not seek a third term, Treasurer Jim Chalmers said on Monday,…
China police detain some Evergrande wealth management staff
BEIJING (Reuters) – Police in southern China have detained some staff at China Evergrande Group’s wealth management unit, suggesting a new investigation that could add to the property giant’s woes. “Recently, public…
Goldman names head of wealth investment solutions for asset management
(Reuters) – Wall Street giant Goldman Sachs has named Monali Vora as its head of wealth investment solutions for asset management, according to an internal memo seen by Reuters on Friday. Vora…
Frugal but fun: ‘Simpsons’ and podcast star Yeardley Smith on wealth
By Chris Taylor NEW YORK (Reuters) – Even if Yeardley Smith does not ring a bell, you certainly know her iconic voice – of Lisa Simpson, the middle child and heart of…
Norway’s wealth fund to close China office
By Gwladys Fouche and Anna Ringstrom OSLO/SHANGHAI (Reuters) -Norway’s $1.4 trillion sovereign wealth fund, one of the world’s biggest investors, is closing its only office in China, it said on Thursday, though…
StanChart to sell jet leasing arm to Saudi wealth fund unit for $3.6 billion
By Rishav Chatterjee (Reuters) -Standard Chartered said on Monday it was selling its global aviation finance leasing business to Saudi Arabia-based AviLease for about $3.6 billion, as part of a drive to…
Norway wealth fund trims overweight tech investments
ARENDAL, Norway (Reuters) – Norway’s sovereign wealth fund has recently reduced its overweight investment position in major tech firms, Chief Executive Nicolai Tangen told a press conference on Wednesday. (Reporting by Gwladys…
Global wealth projected to rise 38% by 2027, despite recent decline – study
ZURICH (Reuters) – Global wealth, as measured in personal holdings of assets from real estate to stocks and shares, is projected to rise 38% by 2027, driven largely by emerging markets, a…
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