This article is by Alex Pigliucci, the global managing director of Accenture Wealth and Asset Management Services.

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"Of the expected... redundancies, approximately 45% will come from the investment bank, 35% from wealth management and Swiss bank, 10% from global asset management, and 10% from wealth management Americas, " the bank said in its statement.

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"People have to have relationships -- not just from doing well in the front office but to asset management and private wealth management in particular, " says Hollands.

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Unlike British banks, HSBC and Barclays, Allied Irish did not get a boost from buoyant investment bank earnings, with revenues from asset management, investment banking and wealth management all down.

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The Asset Management Group segment includes personal wealth management for high net worth and ultra high net worth clients and institutional asset management.

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Harvey A. Rowen is the president of Starmont Asset Management, an independent wealth management firm, and is the former chief executive officer of the Merrill Lynch Bank and Trust Company and of the Charles Schwab Trust Company.

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Secondly there is the credit risk issue attached to the mushrooming of wealth-management products, an asset class of uncertain size and quality which banks created in order to attract deposits with higher rates of return.

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The unemployment situation is precarious, as "anything from Washington that might seem negative for business may spook management into slowing down expansion efforts and inventory replenishment, " says Marc Lowlicht, wealth management division head at Further Lane Asset Management .

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But they might notice that the rise in the share price, and in the wealth of management, is all to do with the perceived value of an asset, 45% of Verizone Wireless, which Vodafone doesn't actually manage.

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