When IBS last visited the subject of FATCA, we suggested that the name of the IRS be changed from 'Internal Revenue Service' to 'International Revenue Service'. FATCA has continued to tax the brightest minds in the compliance sector in the intervening period but what has become increasingly clear is that it is just one piece in a number of new regulations that will reshape the wealth management industry beyond recognition in the next few years.
Wealth managers and private banks must choose whether to invest whole-heartedly in compliance and new technologies or else contemplate exiting the industry.
The wealth management industry is now at an inflection point, states Ian Woodhouse, consultant at PricewaterhouseCoopers (PwC). And it is up to the players to determine which way they go. Woodhouse shares his observations from PwC's recent '2013 Private Banking and Wealth Management Survey'.
When Latvia-based private bank, Bank M2M Europe, spun off from Latvian Business Bank earlier this year, it inherited the Forpost core system from Lithuanian vendor, Forbis, which was mid-implementation. How has this project fared, and does the platform fit the bank's new life and strategy?
When Van Lanschot Belgium needed to take action to keep up with its contemporaries, it had to decide whether to upgrade its legacy portfolio management solution or completely change it. The private bank tells IBS why it opted for the former.
When Abu Dhabi-based First Gulf Bank launched its wealth management business in 2007, it had no automated investment accounting system to speak of, instead relying solely on manual processing. After a slow start, the growing volumes forced the bank into a significant cultural change, underpinned by Indian vendor Miles Software.
Private banking software provider, Avaloq, has released its own version of a BPO offering based on its well-established core banking solution. How does this differ from existing outsource offerings on the market?
Having acquired front-to-back office solutions provider, Peterevans, last year, UK wealth sector outsource heavyweight, Equiniti, is bringing to market a broader offering. How and why did it seek to do so?
What goes up must stay up. At least that appears to be the case when surveying the volume of regulation targeted at private banks and wealth managers. FATCA is a prime example.
Thurleigh Investment Managers has a settled relationship with Pulse Software, a UK-based supplier it contracted to replace Sungard's Ambit Private Banking System a couple of years ago. How is it getting on?
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