Sat, Apr 20, 2019
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

BlackRock's Munich offices raided in tax fraud investigation

Thursday, November 08, 2018

B.G., Opalesque Geneva:

In the last years, German fiscal authorities have been conducting systematic investigations against domestic and foreign banks on suspicion of tax evasion due to cum/ex share trades. And the latest to be investigated is BlackRock, the world's biggest fund manager, which Munich offices were searched by criminal prosecutors on Tuesday.

A BlackRock spokesman said the company was "fully cooperating with an ongoing investigation relating to cum/ex transactions in the period 2007-2011". BlackRock oversees $6.44tln in assets on behalf of investors worldwide.

A person familiar with the details of the investigation told The Financial Times that BlackRock had not been accused of tax fraud and itself is not a target of the criminal investigation. The investigators are looking for information about BlackRock's share-lending activities between 2007 and 2011, which might have enabled cum/ex transactions by other parties. The source said that BlackRock does not directly lend shares to traders but to large banks, which then pass them to hedge funds and others.

Cum/ex trades The cum/ex trades that are being challenged are allegedly tax-driven share transactio......................

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. Institutional Investors: Here's how much public pensions are in the hole by per U.S. resident, Swedish pension giant awards $1.5bn PE mandate, CalSTRS on lookout for private equity investment consultants, Baltimore Fire & Police commits to LaSalle value-added real estate fund, US, European institutional investors plan to pile into China's capital markets, survey finds[more]

    Here's how much public pensions are in the hole by per U.S. resident From Value Walk: A lthough some government agencies have demonstrated a desire to deal with the pension crisis, the problem of unfunded liabilities continues to get worse year after year. A new report pegs U.S. public pe

  2. YieldStreet acquires Carlyle-backed Athena for $170m to add art financing to its alternative investment platform[more]

    Laxman Pai, Opalesque Asia: Yieldstreet, a closely held digital wealth management platform, acquires Athena Art Finance from Carlyle Group and co-investors in a deal valued at $170m. With this acquisition, YieldStreet, which raised $62m in February to further open to a wider base of investors

  3. Europe: KKR strikes hedge fund gold with British billionaire pair, Net outflows continue at Swiss asset manager GAM, Swiss fintech launches hedge fund platform, Cash-flush buyout firms target Europe in take-private scramble[more]

    KKR strikes hedge fund gold with British billionaire pair From Bloomberg: A pair of 200-year-old wooden elephants adorn the London lobby of one of the financial world's biggest beasts. The carvings guard the Chelsea office of fast-growing $39 billion hedge fund Marshall Wace. Co-foun

  4. Performance: BlueMountain was one of the biggest losers of the first quarter[more]

    From Institutional Investor: BlueMountain Capital Management - the hedge fund firm fighting a proxy battle over the future of bankrupt California power company PG&E - has another problem.Its main fund, BlueMountain Credit Alternatives, is down 4 percent for the year through April 5, according to HSB

  5. Opalesque Exclusive: Alternative UCITS trends: asset outflow and growth in quant strategies[more]

    B. G., Opalesque Geneva: The market for alternative UCITS, the more hedge fund-type of UCITS funds, has doubled since 2008, but underwent its first outflow since then in 2018. According to LuxHedge's database, it now stands at €400bn ($452bn), with about 1,400 funds. Despite the outflo