Nordstrom Inc., the Seattle-based retailer whose shares have surged 17 percent since June, has produced a new billionaire.
by
Karen DeMasters
Monaco has more ultra-high-net-worth people per capita than any other
country-more than double the number of the first runner up, according to
Wealth-X.
by
Karen DeMasters
Tiger 21's ultra-high-net worth members increasingly are selecting
public equities as their favorite investment option, according to a new
survey.
by
Kathy Lynch
New wealth management appointments have been made by U.S. Bank and BNY Mellon.
The race is on for wealthy Americans to save on taxes before Jan. 1, as President Obama's re-election means his administration will push to let Bush-era tax cuts expire for high earners.
by
Karen DeMasters
Luminous Capital LLC, an independent wealth advisory firm started by a
group of Merrill Lynch employees in 2008, is being sold to a subsidiary of First
Republic Bank.
by Jay E. Rivlin and Toni Ann Kruse
Many clients are eager to take advantage of the $5.12 million gift exemption before it expires but are hesitant to part with such a significant portion of
assets...
U.S. millionaires would rather
match the stock market through an exchange-traded index fund than try to
beat it using higher-fee hedge funds or Warren Buffett's Berkshire Hathaway.
by
Kathy Lynch
BNY Mellon has appointed a new private banker in its Manhattan office.
by
Karen DeMasters
Investors worth $25 million or more are more likely to
donate $100,000 to charity than spend it on jewelry,
collectibles, boats or other discretionary items, according to a Spectrem study.
Lance Armstrong may lose as much as $200 million in future earning
potential, more than the wealth he accumulated in a championship cycling
career now gutted by revelations of doping.
One of the biggest oil deals in history has made Viktor Vekselberg the richest man in Russia.
Billionaire John
Paulson and the Paulson Family Foundation are donating $100 million to
the Central Park Conservancy, the largest parks donation ever.
Thomas Steyer, the founder of $20 billion hedge fund Farallon Capital
Management LLC, will exit the firm after more than a quarter century to
focus on public service.
Albert Ueltschi, a
pilot who founded aviation-training company FlightSafety in 1951,
expanded it into an international powerhouse and sold it to Warren
Buffett for $1.5 billion, has died...
Surging demand
for $100 Zara dresses and $3,000 Prada handbags in emerging markets has
created three new billionaires who hail from countries at the center of
the European debt crisis.
John Mack is going into business
with a 77-year-old tax lawyer who oversees more than $15 billion in
investment assets for clients such as ex-basketball star Magic Johnson.
Sell.
That's the
message from some financial advisors, who are telling wealthy clients
that the remainder of 2012 amounts to a last-chance sale on federal tax
rates.
by
Karen DeMasters
A key for a financial advisor to gain ultra-high-net-worth clients is to
know the client before you meet him, says David Friedman, president and
co-founder of Wealth-X.
by
Kathy Lynch
Insurance advisor Frank Crystal & Company has changed its name to Crystal & Company.