Northern Trust’s long history gives it an advantage over younger rivals, believes wealth management boss Steven Fradkin, who sees the firm’s future competitors as processing and technology companies rather than private banks
Regions

Investors worried US market could run out of steam
The US economy appears healthy but stocks are expensive compared to Europe and investors are concerned equities’ six-year bull run could come shuddering to a halt

QE shows ECB is serious about threat of deflation
Quantitative easing will give a boost to Europe's economy but may need to continue into 2017 to counter deflationary pressures

Will the ECB’s QE bazooka send European stocks higher?
As the ECB turns on the QE tap, what does this mean for stockmarkets? Macro Watch’s Richard Duncan and Raoul Ruparel from Open Europe give their views

HSBC claims Swiss client list slashed since 2007
HSBC admits that it suffered from “control failures” in the past, but insists it has taken steps to clean up its act and its current client base

‘Perfect story’ scuppers Swiss brand clean-up
Switzerland’s private banks have been trying to remodel themselves but the HSBC affair is the latest in a series of setbacks proving they still have a long way to go

Bargains to be found as emerging markets fall out of fashion
Most private banks are underweight emerging market equities following a torrid couple of years for these economies, but attractive valuations could represent something of a buying opportunity

Swiss stagger under weight of franc fallout
The profitability of Swiss private banks will be hit by the SNB’s withdrawal of the currency ceiling and could speed up the shift of some operations overseas

Value to be found in emerging market equities
With emerging market equities trading at a discount to developed markets, investors are now prioritising value over growth when choosing stocks

Berenberg battles for bigger slice of global private banking business
Peter Raskin, who runs Berenberg’s international operations out of London, explains why the German stalwart is determined to increase its global presence
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