Tuesday, 28 April 2015
Last updated 2 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.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…