Latest news with #UnionBancairePrivée
Zawya
02-04-2025
- Business
- Zawya
Union Bancaire Privée completes acquisition of SG Kleinwort Hambros
Dubai, United Arab Emirates: Union Bancaire Privée, UBP SA (UBP) announces the successful completion of its acquisition of SG Kleinwort Hambros from Societe Generale, marking a significant milestone in the Bank's international growth strategy. Effective today, SG Kleinwort Hambros becomes Union Bancaire Privée (UK) Limited, with Mouhammed Choukeir appointed as its Chief Executive Officer. He will lead all of UBP's Wealth Management activities in the UK, Channel Islands, and Gibraltar and steer the integration of the teams while defining a strategy for integrated wealth and asset management solutions for both domestic and international clients. All UBP London-based teams will move into a new office in Marylebone later this year. With this transaction, UBP becomes one of the UK's largest family-owned pure-play private banks, managing over GBP 20 billion of client assets with offices in London and other key locations across Great Britain, in addition to Guernsey, Jersey, and Gibraltar. The integration of SG Kleinwort Hambros' experienced teams into UBP's UK operations further strengthens the Bank's expertise in delivering tailored wealth and asset management solutions for private and institutional clients. UBP has maintained a strong presence in the UK for nearly three decades, steadily expanding its wealth and asset management capabilities. UBP's CEO, Guy de Picciotto, said: "This acquisition is a defining moment for UBP. It reaffirms our long-term commitment to the UK. With our combined expertise, we are building a powerful platform for future growth, innovation, and leadership in wealth and asset management. Our clients will continue to enjoy the same personalised approach they value, with the added benefit of even greater expertise and more personalised solutions." Mouhammed Choukeir, CEO of Union Bancaire Privée (UK) Limited, added: 'Becoming UBP is a fantastic result for our clients and teams. The integration of the two organisations, combined with the Bank's global presence, deep expertise in wealth and asset management, and entrepreneurial spirit, positions us well to deliver exceptional solutions for clients. This acquisition is not just a milestone for UBP; it's an opportunity to drive long-term growth and further solidify our commitment to delivering excellence in everything we do.' This acquisition reasserts UBP's strategic focus on global growth. It underscores the Bank's dedication to offering best-in-class wealth and asset management solutions, supported by its client-first ethos and deep expertise in wealth planning, investment management, and banking. As a family-owned and -managed Bank, UBP's entrepreneurial mindset drives agile decision-making in a fast-changing world. Operating from more than 25 offices worldwide with a team of 2,140 professionals (as of 31 December 2024), the Bank provides clients with unparalleled access to worldwide investment opportunities. Alongside the acquisition of SG Kleinwort Hambros, UBP also acquired Societe Generale Private Banking (Switzerland) Ltd, a transaction which was completed in January 2025. As a result, UBP's total assets under management, which stood at GBP 135.4 billion (CHF 154.4 billion) as of 31 December 2024, will increase by more than GBP 21.9 billion (CHF 25 billion). For any further information, please contact: Bernard Schuster Danila Andreev Group Head of Communications (Spokesman) Account Director, Peregrine Communications E-mail: E-mail: ubp@ About Union Bancaire Privée (UBP) UBP is one of the world's largest family-owned private banks, focused exclusively on wealth and asset management for private and institutional clients. UBP manages CHF 154.4 billion in client assets and is well-capitalised with strong financial foundations and a robust balance sheet. Headquartered in Geneva, Switzerland, the Bank employs 2,140 people across more than 25 offices worldwide (as of 31 December 2024).
Yahoo
01-04-2025
- Business
- Yahoo
UBP boosts UK presence with SG Kleinwort Hambros deal
Union Bancaire Privée (UBP) has announced the successful completion of its acquisition of UK-based SG Kleinwort Hambros from Societe Generale. As a result, SG Kleinwort Hambos will become Union Bancaire Privée (UK) Limited. UBP now manages over £20bn of client assets in the UK and will be lead by Mouhammed Choukeir, CEO of Union Bancaire Privée (UK). He will be in charge of all of UBP's wealth activity in the UK, Channel Islands and Gibraltar. Furthermore, merging the SG Kleinwort Hambros and UBP teams strengthens the expertise available to the bank. UBP's CEO, Guy de Picciotto, said: "This acquisition is a defining moment for UBP. It reaffirms our long-term commitment to the UK. With our combined expertise, we are building a powerful platform for future growth, innovation, and leadership in wealth and asset management. Our clients will continue to enjoy the same personalised approach they value, with the added benefit of even greater expertise and more personalised solutions." Choukeir added: 'Becoming UBP is a fantastic result for our clients and teams. The integration of the two organisations, combined with the Bank's global presence, deep expertise in wealth and asset management, and entrepreneurial spirit, positions us well to deliver exceptional solutions for clients. This acquisition is not just a milestone for UBP; it's an opportunity to drive long-term growth and further solidify our commitment to delivering excellence in everything we do.' Alongside the acquisition of SG Kleinwort Hambros, UBP also acquired Societe Generale Private Banking (Switzerland), a transaction which was completed in January 2025. As a result, UBP's total assets under management, which stood at £135.4bn (CHF154.4bn) as of 31 December 2024, will increase by more than £21.9bn (CHF25bn). "UBP boosts UK presence with SG Kleinwort Hambros deal" was originally created and published by Private Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Bloomberg
27-03-2025
- Business
- Bloomberg
Qatari Royals' $100 Billion Private Bank Ramps Up Europe Hiring
One of Europe's largest pure-play private banks controlled by members of Qatar's ruling Al Thani family is accelerating a hiring drive in Europe after rebounding from years of losses. Quintet Private Bank is in discussions with more than 20 private bankers to join the Luxembourg-based wealth firm, Chief Executive Officer Chris Allen said in an interview. The recruitment talks follow the on-boarding of several senior executives last year from rivals including Bank J. Safra Sarasin and Union Bancaire Privée. The firm currently has about 265 bankers and 170 investment professionals, according to its website.
Yahoo
04-03-2025
- Business
- Yahoo
‘It's a New World': Fragile Transatlantic Relations Start to Upend Markets
(Bloomberg) -- European markets are coming to grips with a looming era of higher government spending as the transatlantic alliance that's endured for almost 70 years starts to buckle under the weight of Donald Trump's shift toward Russia and US protectionism. How Upzoning in Cambridge Broke the YIMBY Mold Remembering the Landscape Architect Who Embraced the City NYC Office Buildings See Resurgence as Investors Pile Into Bonds Hong Kong Joins Global Stadium Race With New $4 Billion Sports Park US Tent Facility is Holding Migrant Families Longer Than Recommended Trump's policies are forcing European nations to embark on the most aggressive increase in defense spending since the Cold War. The result: Bonds from euro-area governments are underperforming US peers as investors brace for a wall of debt issuance, a gauge of the bloc's defense stocks has soared to a record high and the the euro is strengthening against the dollar. Union Bancaire Privée sees the yield on the German 10-year bund rising to 3%, potentially within three to six months, from 2.4% last week. Meanwhile, Deutsche Bank AG has scrapped its long-standing euro short recommendation, dubbing the European fiscal development as 'highly significant.' That's potentially just the beginning of a wider transformation across asset classes. Even though central bank policy will remain a key driver of prices in the near-term, investors now see a fundamental shift in Europe that will affect portfolio allocations for years to come. 'It's a new world,' said Gabriele Foa, portfolio manager at Algebris Investments. 'The US is signaling appetite to change things from a geopolitical perspective for good.' In the short term, following Trump's showdown Friday with Ukrainian President Volodymyr Zelenskiy, attention is trained on Thursday's European Union defense summit. Leaders are expected to call on the bloc's executive to kick-start the legislative changes that can unleash billions in defense spending. That potentially could be paid for with borrowed money, though the bloc may have to fight for buyers for its bonds at a time when government issuance globally is already at a record. 'Germany needs to raise a lot of money — they're not going to have any choice,' said Peter Kinsella, global head for FX strategy at Union Bancaire Privée. 'The EU now has to view the United States as an adversary. It indicates that a lot of the assumptions that we always made about security, about trade, about everything else are now questionable.' A gauge of the attractiveness of German debt fell to the most negative on record on the prospect of more defense spending. Many other EU members also have under-invested in security for years. But countries like France and Italy are already shouldering huge debt burdens, putting them in the crosshairs of bond vigilantes — a risk that's reignited the debate over joint bond issuance, a route the EU embraced during the pandemic five years ago. Even before Trump returned to the White House, former European Central Bank President Mario Draghi urged the EU in a report to invest as much as €800 billion ($831 billion) extra a year and commit to the regular issuance of common bonds to make the bloc more competitive. He argued a new era of spending was imperative to develop advanced technologies and boost defense and security of critical raw materials. Little wonder then that in equities, the damage to the transatlantic alliance has made itself felt in shares of defense companies. A basket of European military contractors compiled by Goldman Sachs Group Inc. has surged more than 60% this year to a fresh record high, led by Germany's Rheinmetall AG. 'You just have to look at the performance of Rheinmetall in Germany; it looks like a tech stock,' said Edmund Shing, chief investment officer at BNP Paribas Wealth Management. 'That's been strong and will continue to be like that because we know European NATO countries are going to have to spend substantially, including now Germany.' While European stock indexes more broadly are outperforming the US market this year, over the longer term, the prospect of higher bond yields and stronger currencies may serve as a drag on prices. The euro just a month ago was a whisker away from parity with the dollar, trading almost at $1.02. Now it's climbed to near $1.05. At the same time, Sweden's krona surged 1.5% against the dollar on Monday in a bet on European rearmament, outperforming G-10 peers. Gold's record-breaking run, too, has been buoyed by investors seeking a haven from the increased geopolitical fragmentation. Amundi, Europe's biggest asset manager, has been adding exposure to the precious metal and sees it as 'a permanent component' of asset allocation, said Monica Defend, head of the Amundi Investment Institute. A ceasefire in Ukraine would bring a 'warlike peace,' according to strategists including Christopher Granville at TS Lombard. It sees further gains for European defense stocks and gold as a result of 'Russia being left with the upper hand by an America First Washington.' --With assistance from Sujata Rao and Margaryta Kirakosian. Rich People Are Firing a Cash Cannon at the US Economy—But at What Cost? Snack Makers Are Removing Fake Colors From Processed Foods The Mysterious Billionaire Behind the World's Most Popular Vapes The US Is Withdrawing From Global Health at a Dangerous Time Trump's SALT Tax Promise Hinges on an Obscure Loophole ©2025 Bloomberg L.P. Sign in to access your portfolio
