Swiss banks in the spotlight as Panama fallout continues
Switzerland’s financial institutions must clamp down on money laundering, the country’s financial watchdog FINMA has warned.
US
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US gov challenging MetLife’s ‘too big to fail’ court win
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.
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High yield rebound may be short-lived
Recent high yield bond market gains may dwindle due to volatility and weak global growth, according to Nicolo Carpaneda, investment director, fixed income at M&G.
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Lombard Int’l takes a bite out of the Big Apple
Lombard International has opened its first office in New York City, identifying it as a key financial centre for new and existing clients.
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Investors sell off as markets trough
European investors did themselves a disservice in February. They sold out of pretty much all asset classes when markets hit (in some cases) multi-year lows before recovering their losses in the past couple of weeks. The outflows mainly hit active funds, as ETFs saw modest net inflows.
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Global open-ended fund assets show consistent growth – Efama
Worldwide assets in open-ended funds were €36.9trn (£29.2trn, $41.3trn) at the end of 2015, having outperformed every quarter in 2014, according to the European Fund and Asset Management Association (Efama).
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Alternative funds could outsize fixed income by end of 2016
More assets will be invested in alternative investment funds than in fixed income globally by year-end if the current fund flows trend persists. Net flows into alternative funds saw double-digit growth for the second year in a row, according to a Morningstar report.
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US tax authorities demand Singapore bank records
The US Internal Revenue Service (IRS) wants Singapore to waive its bank secrecy laws and push UBS into releasing financial information of a US citizen.
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FATCA exceptions agreed by Swiss and US authorities
Accounts held by the lawyers or notaries of clients in Switzerland are now exempt from the United States’ Foreign Account Tax Compliance Act (FATCA) following the signing of an agreement by the countries’ authorities in February.
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Lombard Int’l sets up dual US-UK wealth solution
Lombard International Assurance, a provider of wealth structuring solutions for high net worth clients, has launched a new wealth planning product designed to meet the needs of US taxpayers and prospective US residents currently residing in the UK.
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MetLife in talks to sell US retail adviser business
MetLife, the largest life insurer in the US, confirmed on Thursday that it is in talks to sell its roughly 4,000-strong adviser force MetLife Premier Client Group to Massachusetts-based MassMutual Financial Group.
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Fund Selector: The ‘fangtastic’ four
2015 was the weakest year for US equities since 2008, the exception being the technology sector that was buoyed by the ‘Fangs’ – Facebook, Amazon, Netflix and Google.