$14.2tn global offshore market relocates to more legitimate and safe shores

The total amount of deposits and mutual funds held by non-residents in 12 of the largest offshore centers reached a post-crisis high of $14.2tn in 2011. However, this was still below the 2007 peak. Increased pressure on offshore centers to clean up their acts has limited their role as bases for tax avoidance for companies and individuals, to the benefit of safe havens such as the US and the UK.

Published By Datamonitor

A Spanish offshore tax amnesty will have to be very lenient to encourage uptake

As part of Spain's tough new austerity package, the government has announced plans to launch an offshore tax amnesty. Such amnesties have been highly successful in other Western European countries such as the UK and Italy, but Spain will have to work hard to encourage wealthy individuals back into the struggling domestic banking sector.

Published By Datamonitor

ANZ National: offshoring may damage reputation

According to the financial workers union, ANZ National has announced that it will cut 100 local jobs, offshoring 90 of the positions to India. The union also claimed that the bank turned its back on prior public commitments to provide all affected workers with alternative roles. ANZ National's decisions will ultimately damage its public image, while also hurting the team morale of its workers.

Published By Datamonitor

Asia will pull in wealth as the rest of the world pushes it away

The shift in gravity of the wealth management market will continue its slide east in 2011, with more international clients being serviced from Singapore and Hong Kong. While neither city will rival the US, the UK, or even Switzerland in terms of global client assets under management, 2011 will see the gap narrow as growth in wealth managed from these cities accelerates ahead of the market.

Published By Datamonitor

Can Hong Kong develop as a private banking hub, or has Singapore won the race?

The Hong Kong government has announced plans to develop the special administrative region into a private banking hub. However, Singapore is a step ahead, and Hong Kong may find it difficult to rival its neighbor, which is already being called the Switzerland of Asia.

Published By Datamonitor

Credit Suisse: integration, not originality, is path to recovery

In its second quarter 2006 results, Credit Suisse said group profits more than doubled compared to the prior-year period. Yet while investors were understandably disappointed by a decline in trading revenues, they should wait to see whether the company's long term transition to a leaner, fitter bank can give it the impetus to catch rivals such as UBS.

Published By Datamonitor

Davos: the tide is turning against tax havens

What the 2009 World Economic Forum meeting in Davos lacked in consensus it certainly made up for in doom-mongering. One clear message came through from world leaders: the need for greater regulation and transparency in the new financial system. Although offshore centers are a thorn in the side of the newly corporative vision, they still have an important role to play in the global financial world.

Published By Datamonitor

Global savings and investments: offshore fund assets set for 17% growth

Published By Datamonitor

Goldman Sachs Facebook fiasco highlights the value of offshore investment

Goldman Sachs has altered its plans to offer shares in Facebook after the amount of publicity the proposal attracted raised fears that the private placement might contravene US securities regulations. US-based investors will now be excluded from the offering, a move which highlights the key role that offshore investments can play in a high net worth individual's portfolio.

Published By Datamonitor

Insurance market witnesses important BPO deals

Indian outsourcers WNS and HCL Technologies have each acquired separate strategic assets, including the offshore unit of insurance giant Aviva and the financial services division of UK outsourcer Liberata. These deals have highlighted three important trends within the industry: the move away from captives, the increasing focus on the insurance vertical and the maturity of the Indian BPO market.

Published By Datamonitor