Industry Summits
Wealthy shop low end as crisis bites
BOSTON (Reuters) - Wealthy Americans are rubbing shoulders with the masses in low-end retailers such as Costco Wholesale as the financial crisis forces cutbacks in discretionary spending, an analyst said. Full Article
Crisis puts emerging EU at risk of recession
PRAGUE (Reuters) - The financial crisis has pounded central Europe's markets and prompted forecasts of recession in some of its fast-growing economies as they struggle to overcome the double-whammy of dried-up credit and slower Western demand. Full Article
Boston Private eyes new partners
BOSTON (Reuters) - Boston Private Financial Holdings wants to expand its geographic reach by acquiring banks or advisers in Texas or Washington, the company's president said. Full Article
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Charity pledges at risk from market meltdown
BOSTON (Reuters) - The financial crisis could force some philanthropic donors to pull out of pledges or at least delay some charitable giving, wealth management experts warn. Full Article
Crisis sends private banks back to basics
GENEVA (Reuters) - Global financial turmoil is forcing private banks to go back to basics and get closer to their clients, whether super-rich or not, rather than pushing products they often don't fully understand themselves, bankers to the world's wealthy say. Full Article
Private bankers see crisis boosting transparency
GENEVA (Reuters) - The global financial crisis will boost calls for tougher regulation and greater transparency on banking fees, which could in turn hit some wealth managers' profit margins, bankers to the world's rich say. Full Article
Commodities go out of fashion for wealthy
GENEVA (Reuters) - Dabbling in commodities markets has fallen out of favor with the wealthy who are abandoning the sector in droves as energy and metal prices slide, private bankers say. Full Article | Video
BNY Mellon poised for acquisitions
BOSTON (Reuters) - Bank of New York Mellon Corp is preparing to snap up depressed financial assets, gaining from the pain of others as it moves to expand its wealth management business, build critical mass, and extend its geographic reach. Full Article
BNY Mellon wealth unit inflows robust
BOSTON (Reuters) - Bank of New York Mellon Corp said on Wednesday its wealth management business saw its best net asset flows of 2008 in the third quarter and has seen record inflows from rich clients over the past year. Full Article | Video
Crisis forges new private banking landscape
GENEVA (Reuters) - The worst financial crisis in 70 years is forging a new landscape for the private banking segment as old and new players look to snatch a portion of global wealth under management from top players, bankers to the rich said. Full Article
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