SWFI First Read, March 15, 2019
Posted on 03/15/2019
Morgan Stanley Merges Units of International Wealth with Private Wealth
New York-based Morgan Stanley is merging its international wealth management group with its private wealth management group. Ileana Musa and Greg Gatesman were named co-heads of Morgan Stanley’s international wealth management business and will report to Mandell Crawley.
PensionDanmark Merges Alternatives and Private Debt Departments
PensionDanmark merged its alternatives and private debt departments into one unit. Kim Nielsen was named the new head of the unit. Kim Nielsen was head of private debt since 2016.
Takumi Shibata to Exit Nikko Asset Management as CEO
Nikko Asset Management President and CEO Takumi Shibata will leave his role, effective April 1, 2019. Shibata was named CEO in 2014. The CEO role is being divided into two co-CEOs. These future co-CEOs of the firm are Hideo Abe and Junichi Sayato. Hideo Abe will also hold the title of president, while Sayato will hold the chairman title.
Swedbank Sweating Over $10 Billion in Questionable Flows
Sweden’s main television broadcaster SVT reported that Swedbank AB allegedly used for about 95 billion SEK in questionable transactions. SVT cites an internal review handled by the bank in 2018. Swedbank AB issued a statement to the country’s stock exchange saying it “takes its responsibilities to prevent and detect money laundering very seriously.”