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…
Consolidation in wealth management industry to accelerate, Citi survey finds
By Xie Yu HONG KONG (Reuters) – Consolidation within the global wealth management sector will speed up while managers continue to face regulatory challenges, a report based on a global survey by…
Rates surge hits UK wealth, but young people might gain – report
LONDON (Reuters) – The jump in interest rates has wiped more than 2 trillion pounds off household wealth in Britain over the last year due to the fall in house prices and…
Norway wealth fund excludes Power Construction Corp of China
OSLO (Reuters) – Norway’s $1.4 trillion sovereign wealth fund has excluded Power Construction Corp of China from its portfolio and placed London-listed Petrofac under observation. The Norwegian wealth fund, set up in…
UBS overhauls leadership at wealth management division
ZURICH (Reuters) -UBS’s flagship global wealth management business on Thursday announced a raft of management changes triggered by the Swiss bank’s takeover of Credit Suisse. Several former Credit Suisse managers have got…
Southern States Are Booming As Wealth Flees Democrat-Run Northeast
Southern States Are Booming As Wealth Flees Democrat-Run Northeast Will Kessler on July 5, 2023 Six states in the south are seeing rapid growth in the share of national gross domestic product…
Wall Street wealth helps boost endowments at posh New York City private schools
By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) – The endowments of New York City’s pricey private schools are flourishing thanks to a steady inflow of contributions from wealthy donors and the boost to…
Here’s How The Supreme Court Could Shatter Democrats’ Plans For A Wealth Tax
Here’s How The Supreme Court Could Shatter Democrats’ Plans For A Wealth Tax Katelynn Richardson on June 23, 2023 The Supreme Court will soon announce whether it will hear a case with…
Stocks, Treasuries lead US household wealth to 1-year high in early 2023
By Dan Burns (Reuters) – U.S. household wealth climbed to the highest in a year in the first three months of 2023, led by the stock market’s recovery from last year’s bear…
Ireland could amass $156 billion wealth fund with windfall corporate tax
DUBLIN (Reuters) – Ireland could amass a 142 billion euro ($156 billion) sovereign wealth fund by 2035 and cover much of its future age-related costs if it invests all its forecast windfall…
Norway sovereign wealth fund excludes Korea Gas, India’s GAIL over Myanmar link
(Reuters) – The Norwegian central bank on Thursday excluded two oil and gas companies from its $1.4-trillion wealth fund, the world’s largest, citing ethical concerns over their ties to the Myanmar military.…
Russian billionaires see wealth rise to over half a trillion dollars -Forbes
By Guy Faulconbridge MOSCOW (Reuters) – Russia’s richest people added $152 billion to their wealth over the past year, buoyed by high prices for natural resources and rebounding from the huge loss…
Citigroup bets on ex-BofA exec Andy Sieg’s connections to revamp wealth unit
By Lananh Nguyen and Saeed Azhar NEW YORK (Reuters) – Citigroup Inc’s hiring of Andy Sieg, the incoming head of its wealth management unit, underscores the lender’s ambitions in the business as…
Singapore wealth group denies report of directive to keep quiet on China-linked fund inflows
SINGAPORE (Reuters) – A private banking industry group in Singapore on Friday denied a media report that the city state had asked global banks to keep quiet on wealth inflows coming from…
Nomura names Rudolf Hitsch North Asia head of wealth management
HONG KONG (Reuters) – Japanese investment bank Nomura Holdings Inc on Monday said it has appointed Dr. Rudolf Hitsch as head of North Asia for its international wealth management business. Hitsch, former…
Republican Senator Calls Out Socialist Sanders For ‘Hypocrisy’ Over Personal Wealth
Republican Senator Calls Out Socialist Sanders For ‘Hypocrisy’ Over Personal Wealth Jason Cohen on March 29, 2023 Republican Sen. Markwayne Mullin of Oklahoma accused independent Sen. Bernie Sanders of Vermont of bias…
Norway wealth fund to vote in favour of UniCredit remuneration plan
OSLO (Reuters) – Norway’s $1.3 trillion sovereign wealth fund, one of the world’s largest investors, will vote in favour of the UniCredit remuneration package, it said on Sunday. The Italian bank is…
Bank of America to redeploy wealth management, banking employees – source
(Reuters) – Bank of America Corp is redeploying employees in wealth management and lending to other roles within the company, a source familiar with the matter said on Friday, as higher interest…
Wealth managers ramp up staff in Hong Kong to chase Chinese demand
By Summer Zhen HONG KONG (Reuters) – Wealth management firms are expanding operations aggressively in Hong Kong to meet pent-up demand from rich Chinese individuals looking to invest more money overseas after…
China’s super rich population drops as tech crackdown, global factors hurt wealth
SHANGHAI (Reuters) – More than 400 people lost their billionaire status last year, most from China, as global monetary tightening, COVID-19 disruptions and Beijing’s crackdown on major tech companies hurt the super…
Credit Suisse hires Southeast Asia wealth vice chairman
Sydney (Reuters) – Credit Suisse said on Thursday it has hired private banker Kwong Kin Mun as its new vice chairman for Southeast Asia wealth management. The embattled bank is being bought…
Analysis-Credit Suisse collapse threatens Switzerland’s wealth management crown
By John Revill ZURICH (Reuters) – The fall of Credit Suisse has dealt a serious blow to Switzerland’s credentials as the world’s leading wealth management centre, experts warn, calling into question its…
UBS mulls sweeteners to keep Credit Suisse wealth bankers – source
By Stefania Spezzati LONDON (Reuters) – UBS Group AG told Credit Suisse wealth bankers it’s weighing financial sweeteners for them to stay as it seeks to reassure key staff following the takeover,…
UK drops plan to tax sovereign wealth funds
LONDON (Reuters) – British finance minister Jeremy Hunt has dropped a plan to tax sovereign wealth funds investing in Britain, according to a government document. The report, detailing the measures in a…
Abu Dhabi shakes up wealth funds with top royals chairing
By Yousef Saba DUBAI (Reuters) – Abu Dhabi announced a reshuffle at the top of its two biggest sovereign wealth funds on Thursday, appointing senior members of the royal family as chairmen.…
JONATHAN WILLIAMS And NICK STARK: Why A Wealth Tax Is A Really Bad Idea
JONATHAN WILLIAMS And NICK STARK: Why A Wealth Tax Is A Really Bad Idea Jonathan Williams And Nick Stark on March 8, 2023 It’s that time of year where tax plans are…
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