September 2007

Airbus A380 For Private Jet – Report Denied

(September 7, 2007)

Reports in French newspaper Le Figaro that an Airbus A380 has been purchased for private use for over $300 million by a Russian billionaire have been denied by his spokesman. Le Figaro, said that Roman Abramovich was the buyer behind an order for an Airbus A380 VIP, which was unveiled by Airbus at the Paris Air Show in June this year. The A380, which is due to enter service with Singapore Airlines next month, is the world’s biggest airliner, capable of carrying over 800 passengers and measuring 73m in length. The cost of the A380 is above $300 million, but Le Figaro stated that the Billionaire is said to have ordered A380 VIP, which provides for special customization and is priced much higher. According to the Russian Daily, Kommersant, the purchase would not be out of character, as Abramovich is famous for his affection to the most extravagant possessions. He has ordered the world biggest yacht already.  Abramovich is one of the wealthiest Russions and is the governor of Chukotka and owner of Britain’s Chelsea football club. Airbus reports 173 orders by 14 customers for the A380 and despite reported delays are stating that delivery schedules for Singapore Airlines, Emirates Airlines and Qantas are on track.  

Private Jets Used To Woo Financial Clients – Take Notice Van Kampen

(September 6, 2007)

Money managers have found a new tool in landing high-net-worth clients:  Private Jet Travel.  Previously reserved for the corporate world, jet travel has exploded over the last 18 months in the private sector. How big is the explosion?  Seven years ago, there were approximately 6,000 business jets; today, that number has almost doubled.  Estimates are that 20 percent to 30 percent of the air traffic over New York comes from corporate jets, according to David Castelveter, a spokesman for the Air Transport Association. Reports are that private banks and niche Financial Advisors are chartering Private Jets to draw in new clients.  Bank of New York Mellon uses its private jet to take higher-end clients to Super Bowl and other events. With card programs, such as the Marquis Jet Card, costing  approximately $140,000 for 25 hours of flight time, it will not be long until we see Mutual Funds in this game:  be on the lookout for your invite from American Funds and Van Kampen.