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Top related persons:
Benjamin Cavalli - 4 Cavalli - 3 Sergio Ermotti - 2 Ralph Hamers - 2 Ermotti - 2 Francesco De Ferrari - 2 Denis Balibouse - 1 Elon Musk - 1
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Swiss Switzerland Europe Asia South Dock Wharf London United Kingdom
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UBS - 5 Credit Suisse - 3 Suisse - 3 Thomson - 2 Getty - 2 Credit - 2 REUTERS - 1 Rights - 1

Search resuls for: "Benjamin Cavalli"


6 mentions found


☆ New billionaires getting rich via inheritance rather than entrepreneurship in 'great wealth transfer'
  + stars: | 2023-11-30 | by ( Sophie Kiderlin | In | ) www.cnbc.com   time to read: +1 min
A new wave of billionaires acquired more wealth through inheritance than entrepreneurship during the last year as a "great wealth transfer" picks up steam, a new report by UBS found. Fifty-three heirs received a total of $150.8 billion, which is higher than the $140.7 billion brought in by 84 new self-made billionaires, the report shows. "The great wealth transfer is gaining significant momentum," Benjamin Cavalli, head of UBS global wealth management strategic clients, told reporters in a briefing on Wednesday. Overall billionaire wealth is recovering, with the number of billionaires being up by 7% in the 12 months to early April of 2023, the UBS analysis showed. Billionaire wealth rose by 9% in this time and ended at around $12 trillion in nominal terms.
Persons: Benjamin Cavalli Organizations: UBS Locations: South Dock, Wharf, London, United Kingdom
☆ UBS sees shift in new billionaires away from entrepreneurs to inherited wealth
  + stars: | 2023-11-30 | by ( ) www.reuters.com   time to read: +3 min
The number of billionaires rose by 7% to 2,544 people globally, UBS said in its 2023 Billionaires Ambitions Report, with their total worth rising by 9% to an estimated $12 trillion. For the first time since the study started in 2015, billionaires accumulated more wealth via inheritance than through their own business activities. Among the 137 new billionaires, a total of $150.8 billion was inherited by 53 heirs over the last year, exceeding the 84 new self-made billionaires' total of $140.7 billion, the bank said. The study highlighted a trend away from self-made billionaires, created by the tech industry boom and symbolised by the rise of Tesla boss Elon Musk and Amazon founder Jeff Bezos. Still, despite the large inherited wealth, this did not necessarily mean a new generation of super-rich 20 somethings.
Persons: Denis Balibouse, Benjamin Cavalli, Cavalli, Elon Musk, Jeff Bezos, Michael Viana, King Charles, John Revill, David Evans Organizations: UBS, Credit Suisse, REUTERS, Rights, UBS Global Wealth Management, Amazon, Thomson Locations: Swiss, Zurich, Switzerland, flotations
☆ New billionaire heirs overtake self-made ones as $5.2 trillion wealth transfer begins
  + stars: | 2023-11-30 | by ( Hanna Ziady | ) edition.cnn.com   time to read: +5 min
“The great wealth transfer is gaining significant momentum as many billionaire entrepreneurs age,” Benjamin Cavalli, who oversees strategic clients in the global wealth management unit at UBS, told reporters. Their combined wealth rose 9% to $12 trillion, before taking inflation into account. Arnault is the world’s third-richest man, with a net worth of $167 billion, according to the Bloomberg Billionaires Index. Risks and opportunity for UBSThe “staggering” transfer of wealth to younger generations presents a huge opportunity for UBS, but also poses considerable risks, according to Cavalli. Heirs lean more toward impact investing — that is, socially or environmentally beneficial investing — over “classic grant-giving philanthropy,” Cavalli said.
Persons: “, ” Benjamin Cavalli, LVMH's Bernard Arnault, Helene, Frederic, Delphine, Antoine, Alexandre, Bernard Arnault, Arnault, Tesla’s Elon Musk, Jeff Bezos —, —, India’s Gautam Adani, Mukesh Ambani, Cavalli, ”, Morgan Stanley —, Stefan Wermuth, ” Cavalli, Charlie Munger, Henry E Organizations: London CNN, UBS, Bloomberg, Adani Group, Reliance Industries, Suisse, Getty, ”, Berkshire Hathaway, Huntington Library, Art Locations: Paris, Europe, France
☆ UBS inherits tricky wealth legacy in Asia
  + stars: | 2023-08-29 | by ( Anshuman Daga | ) www.reuters.com   time to read: +4 min
SINGAPORE, Aug 29 (Reuters Breakingviews) - UBS (UBSG.S) CEO Sergio Ermotti is facing an Asian wealth bonanza after acquiring Credit Suisse, which has been particularly strong in Indonesia and neighbouring countries. Tidjane Thiam, who ran Credit Suisse from 2015 to 2020, placed a big bet on the region by creating g a standalone Asian unit led by Indonesian banker Helman Sitohang. Former UBS CEO Ralph Hamers said in March that in Asia, more than anywhere globally, the interplay between wealth management and investment banking was important to lure clients. That working combination helped Credit Suisse regularly top equity capital markets and M&A league tables in Southeast Asian markets. UBS regional chief Edmund Koh told an industry event in July that the Swiss bank will manage about $800 billion of assets in Asia this year, Asia Private Banker reported.
Persons: Sergio Ermotti, Tidjane Thiam, Helman Sitohang, Ralph Hamers, Edmund Koh, Ermotti, Francesco De Ferrari, Benjamin Cavalli, Lisa Jucca, Thomas Shum Organizations: Reuters, UBS, Credit Suisse, Suisse, Credit Suisse’s, Credit, Asia, Banker, HSBC, HK, Thomson Locations: SINGAPORE, Indonesia, Swiss, Asia
☆ UBS just reshuffled its leadership ranks after buying Credit Suisse. See the new power players in charge of the $1.7 trillion Swiss banking behemoth.
  + stars: | 2023-06-12 | by ( Michelle Abrego | Kaja Whitehouse | ) www.businessinsider.com   time to read: +11 min
The merger between Credit Suisse and UBS creates a new Swiss banking behemoth with $1.7 trillion in assets. Investment bank leadersThe president of UBS's investment bank, Robert Karofsky, circulated a memo on Monday announcing his new leadership team. Ebert, co-head of markets at Credit Suisse, was also named head of Credit Suisse for the Investment Bank, reporting to Karofsky. UBS global wealth management president Iqbal Khan revealed the appointments to its critical wealth business in an internal memo titled "Becoming a global wealth powerhouse." Members of the current Credit Suisse wealth management leadership team will report to both Yves-Alain and to their respective UBS global wealth management regional leader.
Persons: Yves, Alain Sommerhalder, Michael Ebert, Robert Karofsky, Ebert, Karofsky, Marco Valla, Valla, Javier Oficialdegui, Mike, I've, George Athanasopoulos, Jason Barron, Ros L'Esperance, Dan Dowd, Taichi Takahashi, Chris Leone, Julie Beavan, Tricia Hazelwood, Jeff Hinton, Kurt Anthony, Laurence Braham, Richard Hardegree, Richard Casavechia, Ozzie Ramos, Jason Williams, Neil Meyer, Ken Tittle, Iqbal Khan, Francesco De Ferrari, Khan, Reuters Yves, Alain, Wiwi Gutmannsbauer, Benjamin Cavalli, Cavalli, Kinner, Amy Lo, Jin Yee Young, Young, Hatecke, UBS's Anton Simonet, Christl, Jason Chandler, Sergio Ermotti, Ralph Hamers, Ermotti, MICHELE LIMINA, Todd Tuckner, Sarah Youngwood, Michelle Bereaux, Stefan Seiler, Christian Bluhm, Damian Vogel, Ulrich Körner Organizations: UBS, Credit Suisse, Suisse, Credit, Wall Street, Investment, Investment Bank, Barclays, Global Banking, Investment Bank Management, Global Markets, Global Research, IB, Resource Management, Staff, MUFG Securities, Reuters, Yves, Deutsche, Switzerland, Swiss Re, Getty Locations: Switzerland's, Swiss, Americas, Asia, Singapore, Switzerland, Europe, Middle East, Africa, America, AFP
☆ Credit Suisse obtains key approval to launch wealth business in China
  + stars: | 2023-03-08 | by ( Selena Li | ) www.reuters.com   time to read: +2 min
HONG KONG, March 8 (Reuters) - Credit Suisse (CSGN.S) has received regulatory green light from China after years of waiting to launch a full-fledged wealth management business in the world's second-biggest economy, according to a company memo reviewed by Reuters. The expansion comes after the lender suffered worse-than-expected global wealth outflows of 92.7 billion Swiss francs ($98.29 billion) in the fourth quarter. Credit Suisse Securities (China), the company's China joint venture, recently obtained an investment consultancy license, which allows it to create and distribute equity research products onshore and to engage in investment advisory services, according to the memo. Credit Suisse "plans to double the number of relationship managers in China in 2023," said Benjamin Cavalli, the company's head of wealth management for Asia Pacific, without providing details on how many relationship managers it currently has. Total assets at Credit Suisse's wealth division fell to 540.5 billion Swiss francs by the end of last year from 742.6 billion francs a year earlier.
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