People On The Move
John C. Siciliano has joined New York Life as senior managing director and head of the firm's investment boutiques. He will be responsible for all activities related to the firm's external asset management business, including the operations and activities of Madison Square Investors LLC, MacKay Shields LLC, McMorgan & Company LLC, New York Life Capital Partners LLC and Institutional Capital LLC.
Nadine Givens has joined Indianapolis-based BKD Advisors LLC as senior managing advisor and office director. She has 24 years of experience in the wealth management business and specializes in integrated wealth management for high-net-worth families.
Christopher P. Bray, David B. Kearns and Richard H. Stevens have formed the private wealth management firm of Willow Street Advisors LLC, with offices in Naples, Fla., and Akron, Ohio. The firm is focused on serving affluent individuals and families by providing comprehensive investment management, tax consulting and estate planning services.
Millionaires Net Worth Down 30%
Millionaires have seen 30% of their wealth disappear as a result of the nation's financial crisis, but that apparently didn't darken their outlook.
In separate reports, the Spectrem Group found that millionaires suffered deep losses, yet ended the year on a good note as measured by the Spectrem Millionaire Investor Index (SMII).
In December, the SMII rose 16 points, its largest one-month advance since the index was created in February 2004. Spectrem noted that even with the gain, millionaires are still more pessimistic than they were a year ago.
"Millionaires and the affluent ended a dismal year on a relatively positive note, posting solid improvements in their investment outlook from record lows," says Spectrem Group President George H. Walper Jr. "Nonetheless, with both groups far more pessimistic than a year ago and the economy still ranking as their No. 1 concern, the New Year appears off to a shaky start for the wealthiest Americans."
In its report on the attitudes of affluent investors, Spectrem found that 17% of millionaires have absorbed asset declines of more than 40% as a result of the 2008 market collapse. Polling data was taken in November.
GenSpring Acquires Cymric
GenSpring Family Offices, a Palm Beach, Fla.-based wealth management firm for ultra high-net-worth families, announced it has acquired Cymric Family Office Services.
Cymric, based in Costa Mesa, Calif., was an independent multifamily office serving clients in California and other states. The combined firms have more than $17 billion under advisement, according to GenSpring.