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

U.S. Treasury Moves on Reinsurance Loophole

Apr 24 2015 | 5:11pm ET

The U.S. Treasury Department has released proposed rules aimed at limiting the ability...

Lifestyle

Puerto Rico Woos The Rich But So Far Gains Little

Apr 17 2015 | 2:45am ET

Hedge fund manager Rob Rill grins. He has just had word that U.S. financial regulators...

Guest Contributor

Opportunities Ahead: Asian Fixed Income and Currency Markets

Apr 24 2015 | 6:18am ET

For hedge funds focusing on Asia, the policy uncertainty, unclear interest rate...

 

Editor's Note