The Isle of Man and Jersey have formally committed to provide beneficial ownership information to law enforcement and tax authorities in the UK, with Guernsey set to follow suit after its upcoming general election.
HM Revenue & Customs and the UK’s National Crime Agency will work with investigators, compliance specialists, the Serious Fraud Office and the Financial Conduct Authority (FCA) to deal with the fallout of the Panama Papers.
The Isle of Man is to set up a central database of beneficial ownership information that it will share with law enforcement agencies in the UK.
Killik & Co’s Sarah Lord talks about her thirst for personal and professional development, her belief in the fees-based model and her time in the United Arab Emirates, where commission is still king.
Switzerland’s financial institutions must clamp down on money laundering, the country’s financial watchdog FINMA has warned.
The US Treasury has confirmed that it will appeal a federal court judgment that insurer MetLife is not a systemically important financial institutions (Sifi) and therefore should not face tougher regulatory oversight.
Oversea-Chinese Banking Corp’s (OCBC) private banking subsidiary, Bank of Singapore, is to acquire Barclays’ wealth and investment management (WIM) businesses in Singapore and Hong Kong for around $320m (£226.5m, €281.2m).
Axa Group has announced a high-profile return and a senior appointment. A new role of managing director UK has been created at Investec Wealth & Investment, while significant departures have been announced by Miton and Argonaut.
Allianz has agreed to sell its South Korean life insurance unit and Allianz Global Investors Korea to China’s Anbang Insurance Group.
Amundi subsidiary CPR Asset Management has named a new chief executive, with Cazenove’s new chief investment officer joining from Architas. Northern Trust AM has a new head of Asia Pacific, while the chief executive of newly rebranded Al Hilal is to depart.
Swiss private banking group Julius Baer has acquired an additional 60.1% stake in Milan-based Kairos Investment Management for €276m (£220.9m, $314.3m), taking its total ownership to 80%.
Isle of Man-based pensions provider Boal & Co’s recent lowering of its Qrops fees is not indicative of an industry-wide shift that would see the cost of Qrops fall.
