PEOPLE MOVES: Zurich, Wellington Management, Kleinwort Hambros
Insurance giant names UK chief executive, while investment firm replaces retiring CEO
Insurance giant names UK chief executive, while investment firm replaces retiring CEO
It is in ‘advanced negotiations’ to sell and transfer its client portfolios, front-office and subsidiaries
The deal will expand its client base and add about $1bn in client assets
The government of the United Arab Emirates has issued a decree paving the way for its new value added tax (VAT) system to be implemented from 1 January 2018, which will cover the financial services sector.
Swiss private bank Edmond de Rothschild has been fined nearly €9m (£7.9m, $10m) by Luxembourg’s financial regulator for its handling of funds reportedly linked to beleaguered sovereign wealth fund 1Malaysia Development Berhad.
The Monetary Authority of Singapore (Mas) has fined Credit Suisse and United Overseas Bank (UOB) and issued prohibition orders against three people following a two-year investigation into scandal-plagued wealth fund 1Malaysia Development Berhad.
Switzerland’s financial regulator is continuing its money laundering investigation into UBS Group and three other private banks in relation to Malaysian sovereign wealth fund 1MDB.
Former Goldman Sachs director Tim Leissner has been banned from working in Singapore’s financial services industry for 10 years for his involvement with stricken Malaysian sovereign wealth fund 1MDB, with further prohibition orders expected.
The first westerner to be charged in connection with the 1MDB scandal has been sentenced to 28 weeks in jail and fined S$128,000 (£73,352, $89,174, €84,235) by a Singapore court.
Swiss private bank Julius Baer is reportedly hoovering up bankers from the defunct Singapore branch of BSI Bank. The US Securities and Exchange Commission has announced two more resignations, while JP Morgan Asset Management has created a chief executive and country head role in Australia.
The Monetary Authority of Singapore (MAS) has ordered that Falcon Private Bank in Singapore be shut down for serious failures in anti-money laundering (AML) controls and improper conduct by senior management at the Singapore branch, as well as the head office in Switzerland.
Schroders has created a global head of strategy role, while Royal London has appointed a managing director of its Ireland business. Fidelity International is bidding adieu to a veteran portfolio manager, with Indosuez naming a new chief executive.