ABN Amro’s private bank set to excel as alternative intermediary to wealthy clients
Thu May 3, 2012
Dutch bank teams up with Lyxor to offer open-architecture ‘pick and mix’ platform
By Claire Makin
In late 2008, Marc de Kloe was seconded to ABN Amro from Fortis
to look after alternative investments at the stricken
group’s private bank. At the time, all hell was
breaking loose in the financial world after Lehman
Brothers’ shock collapse, and Dutch giant ABN Amro
itself was in the final throes of a disastrous takeover and
breakup by Royal Bank of Scotland, Belgian group Fortis, and
Banco Santander. But in eerie contrast to the frantic activity
elsewhere, nothing much was happening in de Kloe’s
part of the business as almost nobody was left.
De Kloe was working in global product development at Fortis
MeesPierson in Amsterdam. But as Fortis crumbled under a
mountain of takeover-related debt, the Dutch government stepped
in to rescue what was left of ABN Amro, with parts of Fortis
included in the final package.
Wealth management now formed...
ISSN: 2151-1845 / CDC10004H
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