Swiss-Hong Kong fund recognition scheme garners interest
The planned Switzerland-Hong Kong mutual fund recognition scheme has already begun to attract interest from Asian fund managers interested in the lucrative Swiss market.
The planned Switzerland-Hong Kong mutual fund recognition scheme has already begun to attract interest from Asian fund managers interested in the lucrative Swiss market.
US-based Northern Trust Corp is to buy UBS Asset Management’s fund administration servicing units in Luxembourg and Switzerland.
Switzerland’s financial regulator has fined Coutts & Co, which counts the Queen among its clients, for violating money-laundering rules and illegally profiting from transactions associated with 1Malaysia Development Bhd (1MDB).
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.
Geneva-based asset manager Quaero Capital is bringing its specialist fund that invests in European companies with family shareholders to Asia.
Zurich-based fund information provider fundinfo and its partner ifund services have launched Digital-Advisor, a fund selector that analyses both active and passive funds and match them to an investor’s preferences.
Jerome Cahuzac, a cosmetic surgeon and former French budget minister tasked with cracking down on tax evasion, has been jailed for three years after he was found guilty of tax fraud and money laundering.
Switzerland and Hong Kong have signed a deal which will allow eligible mutual funds to be distributed in each other’s markets through a streamlined vetting process.
A French prosecutor has called for HSBC to stand trial for helping clients hide more than €180bn (£161.3bn, $199.8bn) in offshore tax havens from the country’s tax authorities, French news agency AFP has reported.
With Credit Suisse ending direct client coverage out of the Channel Islands, the Swiss bank has set up a wealth management firm with local financial service provider Stenham Group, that will act as an external asset manager (EAM) for the bank regionally and elsewhere.
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.
Two former bankers for Switzerland’s BSI Bank have been charged by the Singapore police as part of their investigation into 1Malaysia Development Bhd (1MDB).