Saturday, 23 August 2014
Last updated 16 hours ago
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.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note