Swiss Banks Call For Alpine Hedge Fund Push

Jan 18 2008 | 8:45am ET

If hedge funds are the future of wealth management, Switzerland could be in a lot of trouble.

That’s the warning issued yesterday by some of the country’s private banks, who fear that their country is in danger of losing its place as a world financial center, especially as a haven for the very wealthy. The group issued several suggestions to ensure that the term “Swiss bank” won’t be an anachronism by 2015.

“The masterplan… is a precondition for survival for us as private bankers,” Jacques Rossier, of the Geneva private bank Lombard Odier Darier Hentsch & Cie, said.

Among the bankers’ recommendations are tax incentives for hedge fund managers and simplified registration procedures. It also urged the Swiss Federal Banking Commission to study up on alternative investments, hiring experts in the sector.

Switzerland’s private banks are the largest repositories of foreign wealth in the world, with some US$460 billion under management. But hedge funds manage about US$2 trillion worldwide, with almost all based in the United States, Britain and Asia.

 


In Depth

Debunking Conventional Investment Wisdom

Feb 8 2017 | 3:22pm ET

Due diligence in the hedge fund world has long involved some combination of the...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

The Future of Private Equity: New Opportunities, New Challenges

Feb 3 2017 | 6:41pm ET

The private equity industry’s astonishing rebound since the financial crisis has...

 

From the current issue of