Mon, Sep 1, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Comment: Switzerland may cease being the financial centre it once was

Thursday, August 23, 2012

Benedicte Gravrand, Opalesque Geneva: Myet Zaki, author of several books on the Swiss financial system and chief editor of Bilan, a Geneva-based financial weekly, forecasts gloom and doom for Switzerland, which she says will be weakened by the end of banking secrecy, financial scandals, job losses, unemployment and recession.

An article in L’Illustré late last month mentions the UBS France employee who was recently implicated in a case of tax evasion, several banks who denounced their own associates to the American authorities, banks' CDs which were stolen and sold to some European countries, and Geneva money managers who were engaged in the Libor scandal – as examples of the ongoing problems the Swiss financial place is having to deal with. A recent example comes to mind: Wegelin, Switzerland's oldest bank, which was accused by a New York court of helping its clients dodge American taxes on $1.2bn in offshore accounts (Source).

With its well-deserved reputation for stability, neutrality, first-class service and honest administration, Switzerland is home to almost one third of the world’s $7tln in offshore assets, wrote Charles Lewis Sizemore in Investment International i......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing
  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Study shows what resonates with investors: 'Unwavering', 'passionate' beats 'committed', 'dedicated' and more surprises[more]

    Komfie Manalo, Opalesque Asia: A new study by Pershing Square, a unit of BNY Mellon company, showed that an effective value proposition strengthens audience connections and fosters growth, yet many advisors have had little objective guidance in formulating such statements until now. In the

  2. Comment – Why you should avoid the hottest hedge fund hands, Swedroe attacks Hussman over risk management, relative value strategy[more]

    Why you should avoid the hottest hedge fund hands FromCNBC/Yahoo.com: Investors who don't have money with Pershing Square Capital Management are likely salivating at the hedge fund's industry-leading 26 percent return from January through July. But investing with Bill Ackman and other to

  3. Hedge fund assets decline in July - eVestment[more]

    Bailey McCann, Opalesque New York: Total assets in hedge funds declined in July and dropped 0.49%, marking the industry's second monthly asset decline in 2014, according to the latest asset flows data from eVestment. Despite the asset decline, total industry AUM remained above the $3 trillion

  4. AIMA makes 'the case for hedge funds'[more]

    Bailey McCann, Opalesque New York: The Alternative Investment Management Association (AIMA), the global hedge fund industry body,

  5. Managed futures' global diversification is important in next phase of economic recovery[more]

    Komfie Manalo, Opalesque Asia: The global diversification provided by managed futures may prove to be extremely valuable as the markets enter the next phase of the economic recovery, said Campbell & Company, a pioneer in absolute return invest