Andy Sieg is back again from Merrill Lynch, and has big plans for Citi’s new global wealth franchise.

The great and the good have assembled again for the Global Financial Leaders investment summit in Hong Kong.

Private banking clients have begun exploring alternative asset allocation strategies in Brazil. Euromoney talks to the founders of a startup that is tapping into this demand with a strategy focused on special situations.

Continuity is likely to be the theme as incoming leader inherits a well-performing franchise, but competition in wealth management and the markets businesses, as well as a still-lacklustre environment for investment banking, will be among Pick’s challenges.

Citi’s sale of its China consumer wealth portfolio to HSBC for $3.6 billion is a nuanced tale of two banks with increasingly different strategies. As HSBC tilts ever more toward Asia, Citi proves ever more inclined to see all financial services through a global prism.

Bidding $2.5 billion for the bulk of Credit Suisse’s sub-Saharan Africa ultra-high net-worth private bank book 18 months ago has been a ‘game changer’ for Barclays in the region, the UK bank’s Africa market head Amol Prabhu tells Euromoney.

The relaxation of visa rules has turbocharged the recent flow of wealth into Dubai. The nature of these flows can, however, make them a mixed opportunity for the UAE’s private bankers.

Private foundations were once the preserve of a narrow group of the monied elite. Today, they are the fastest-growing source of private-sector philanthropy in the US and across the developed world.

BlackRock joins Allfunds initiative to distribute new variants of private equity and credit funds to wealthy individuals.

The Swiss bank stands apart from its peers. It helped its clients profit, both in the serene waters of 2019 and in the wake left by Covid-19 as it spread across the world in 2020

“I think this crisis has shown why being with a firm focused on wealth management as a primary business and having a global perspective matters to clients,” says Tom Naratil, co-chief executive of UBS global wealth management (GWM) and president of UBS Americas.

Our review period was a difficult one for private banking operations in the region, as it was worldwide: the fourth quarter wiped out huge chunks of revenues and assets for some international and local players, and it was a year that required sound individual advice for clients.

For the second year running Credit Suisse is Latin America’s best bank for wealth management, this year bolstered by the completion of a three-year turnaround across the whole bank.

Household net financial wealth in CEE has roughly doubled since 2006 and private banking and wealth management services are increasingly in demand across the region.

With a new strategy of regionalization, integration and innovation, Credit Suisse’s wealth management business has set itself apart from its peers and brought the ethos of Swiss personalized service to an international platform.

This year Lombard Odier is western Europe’s best bank for wealth management. It has $262 billion in client assets, making it a medium-sized player, yet it succeeds in having the feel of a boutique wealth manager thanks to its structure.

There are few banks that can advise wealthy clients across the multitude of different countries and cultures in CEE, but UniCredit has made itself the bank of choice for clients in nearly every single one, earning it the award for best bank for wealth management. Its focus for the last 12 months has been one of organic growth and innovation. The bank has focused on structured products.

The award for best bank for wealth management in Africa this year goes to Standard Bank. With R79 billion ($6.14 billion) in wealth and investment assets under advisory, Standard Bank is Africa’s largest wealth manager.

It has not been easy for those without a retail presence to win the affections of America’s wealthy, but UBS – Euromoney’s best bank for wealth management in North America – seems to have done just that. UBS Wealth Management Americas (WMA) this year had its most profitable first quarter in the history of the firm, following record third and fourth quarters in 2016.

Western Europe’s best bank for wealth management, Lombard Odier, was established 220 years ago. Yet despite a tight connection to its roots and with Patrick Odier as managing partner, the bank is an example of the new model of wealth management.

The region’s wealthy are another group increasingly targeted by both local and international banks. The regional wealth management award goes to a firm with global breadth and expertise in this area, Credit Suisse, which also keeps the top spot in the Middle East in Euromoney’s 2017 private banking survey.