Latest Intelligence in Switzerland

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Type Product title / description Pub Price
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Switzerland sticks to bank secrecy, for now

Switzerland is resisting pressure from the EU and says it will not follow Luxembourg in abandoning bank secrecy. The fact that the country eventually, albeit reluctantly, signed a FATCA agreement with the US indicates that if Switzerland wants to survive as an offshore financial center it will eventually have to accommodate EU demands for greater transparency.

Published By Datamonitor
17 Apr 2013
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FATCA: UK follows in US's footsteps

The Cayman Islands has announced that it will implement a FATCA Model 1 intergovernmental agreement with the US and that it will seek similar automatic exchanges of information with the UK. The announcement marks the latest major offshore jurisdiction to enter into a FATCA agreement with the US and, unsurprisingly, also with the UK.

Published By Datamonitor
05 Apr 2013
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Switzerland welcomes Italy's stalemate

Swiss private banks have been hit hard by the post-financial crisis regulatory environment, which is trying to curb tax avoidance and evasion through the use of offshore centers. The uncertain political situation emerging from the recent Italian elections will almost certainly boost Italian HNW inflows into Swiss banks, providing some temporary relief.

Published By Datamonitor
26 Feb 2013
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Asia Pacific booking centers overtake Switzerland

The recent scandals that have engulfed the most prominent Swiss wealth managers, instigating outflows of billions of Swiss francs to other wealth centers, have impacted the role of Switzerland as a top booking center for global HNW individuals. This has contributed to the emergence of Singapore and Hong Kong as among the foremost wealth centers globally in terms of assets held.

Published By Datamonitor
15 Jan 2013
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Auf Wiedersehen Wegelin

Wegelin, Switzerland's oldest private bank, has ceased operations and transferred most of its non-US clients and employees to co-operative lender Raiffeisen. The bank was accused by the US Internal Revenue Service of aiding US citizens to avoid millions of dollars in taxes, and is only the latest episode in the agency's global crusade against tax evasion.

Published By Datamonitor
04 Jan 2013
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FATCA refugees seek friendly private banks

US clients turned away by private banks are creating a new customer segment and a niche market is developing. The large US high net worth expat population in the UK is leading the growth of this market, but battle-wounded Switzerland is also catching on.

Published By Datamonitor
21 Nov 2012
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Israel holds a growing appeal for Swiss wealth managers

The Israeli wealth market may only be the 30th largest in the world, but the penetration of HNWs in the adult population and a growing propensity to deposit money in Switzerland mean Israeli HNWs are of increasing significance for Swiss wealth managers. As a result, more Swiss banks are opening up onshore operations in Israel, with media reports suggesting Pictet & Cie will soon follow suit.

Published By Datamonitor
26 Oct 2012
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Julius Baer and Bank of America Merrill Lynch: shaking up the world order of global wealth managers?

Julius Baer has agreed to acquire Merrill Lynch's non-US wealth management operations from Bank of America. The deal is sizable, seeing Julius Baer boost AUM by around 40%, and could see it edge into the top 10 largest wealth managers globally. Despite the divestment, Bank of America is set to remain as the third largest wealth manager in the world, thanks to its significant US operations.

Published By Datamonitor
15 Aug 2012
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UK and India pressure wealthy individuals to repatriate their assets from offshore centers

Since the onset of the financial crisis in 2008, the disclosure of undeclared offshore assets has come to the forefront of public discourse, resulting in active efforts by governments and tax offices in North America, Europe, and even some of the emerging markets to address the matter. Wealth managers should be able to benefit from the changing rules.

Published By Datamonitor
30 May 2012
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New drinks review: QR branding sees wine embrace the smartphone era

The emergence of QR codes in line with growing consumer take-up of smartphone technology is offering diverse marketing and branding opportunities to consumer goods companies, as evidenced by the sparkling wine launch that headlines this month's rundown of drinks innovations. Meanwhile, new flavors are emerging in the gin segment and novel formats are being explored for liqueurs and bottled water.

Published By Datamonitor
14 May 2012

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