The World of Private Banking

Cassis, Youssef; Cottrell, P. L.; Fraser, Iain L.

doi:10.4324/9781315236520

Cited by 4 publications

(4 citation statements)

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“…Private banking services have typically been the ABS backbone, offering wealth services for the super‐rich, brokering across global financial centers such as London, Hong Kong, Switzerland, the Cayman Islands, and the British Virgin Islands (Cassis & Cottrell 2009; Beaverstock et al . 2013).…”

Section: Mapping Professional Action In Global Wealth Chainsmentioning

confidence: 99%

“…Private banking services have typically been the ABS backbone, offering wealth services for the super-rich, brokering across global financial centers such as London, Hong Kong, Switzerland, the Cayman Islands, and the British Virgin Islands (Cassis & Cottrell 2009;Beaverstock et al 2013). Given the normalization of these services professional work is largely incidental, building on established practices created through prior professional jurisdictional expansion.…”

Section: Professional Action In Abssmentioning

confidence: 99%

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Professional action in global wealth chains

Christensen

Seabrooke

Wigan

2020

Regulation & Governance

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This article provides a framework for explaining professional action in multi‐jurisdictional tax and finance environments, focusing on how relationships between clients, professionals, and regulators shape market structures. Given the complexity of tax and financial regulations within and across national systems, professionals experienced in accounting, financial, legal, and policy systems have opportunities to engage to increase information asymmetries rather than lower them. This article draws on the recent literature on Global Wealth Chains to theorize how professionals develop action profiles to exploit opportunity structures through information gaps. We develop a theoretical framework for understanding how professionals may intentionally, and as a matter of strategy, exploit information gaps in different socio‐economic contexts. We provide case vignettes of client‐professional‐regulator relationships in multi‐jurisdictional tax and finance management, highlighting how professional action shapes wealth chains and attempts at regulatory intervention. Our theoretical contribution is to link micro‐level interactions to macro‐level structures of wealth creation and protection in the transnational economic and legal order.

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Section: Mapping Professional Action In Global Wealth Chainsmentioning

confidence: 99%

Section: Professional Action In Abssmentioning

confidence: 99%

Professional action in global wealth chains

Christensen

Seabrooke

Wigan

2020

Regulation & Governance

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“…The PWMI socially engineers its workforce so that it closely aligns with the characteristics of its clients: which include being white, wealthy (or the potential to be so through inheritance), having access to influential social networks, and political elites (Cassis et al, 2009). Most wealth managers are white and male from a narrow range of social and educational backgrounds that enhance the reputation, culture, and exclusivity of their employer (Pak, 2013;McDowell, 2011).…”

Section: Wealth Management As An Apparatus Of White Privilegementioning

confidence: 99%

The US Racial Wealth Gap and the Implications for Financial Inclusion and Wealth Management Policies

Burton¹

2018

J. Soc. Pol.

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This paper contributes to debates on economic inequality and ethnic and racial dimensions of social policy by focusing on the US racial wealth gap and assessing in what ways the private wealth management industry has contributed to this gap and reinforced white supremacy. The combined effects of the private wealth management industry reproducing whiteness and the industry being embedded in whiteness act as a barrier to developing a wider understanding of the savings and investment behaviour of people of colour. The paper addresses the role of public policy in closing the gap for investment advice, whether it should become a direct provider, or a facilitator to encourage the wider engagement of existing market participants.

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“…Uprkos tome, vekovima, deonice u centralnim bankama širom sveta, a posledično i uticaj na emitovanje novca i mogućnost stvaranja vrednosti ni iz čega, imala je grupa porodica, zaklonjena iza privatnih banaka u svom vlasništvu. 6 Tek nakon II svetskog rata usledio je zamah nacionalizacije emisionih institucija. (Hadžić, 2009, str.…”

Section: Problem Održivosti Aktuelnog Poretka Globalnih Finansijaunclassified

Global financial order as a challenge to national security

Stevanović¹,

Djurdjevic²

2016

Ekonomija

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The World of Private Banking

Cited by 4 publications

References 0 publications

Professional action in global wealth chains

Professional action in global wealth chains

The US Racial Wealth Gap and the Implications for Financial Inclusion and Wealth Management Policies

Global financial order as a challenge to national security

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