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...
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