- April 21, 2010 - IMF Proposes Global Taxes On Banks
Already hit by one-off taxes in some nations eager to fill yawning budgetary black holes, the world’s banking system may face the prospect of global taxes as proposed by the International Monetary Fund, media reports said.
Under the IMF proposals, all institutions would pay a bank levy - initially at a flat-rate - and also face a further tax on profits and pay.
Reports did not elaborate on the definitions that governments would use to stipulate what kind of institution would be liable for a tax – such as whether the firms to be taxed would have to be deposit-taking instituti.
- April 20, 2010 - Adam & Co Stresses The Importance Of Trust
At a time when financial scandal is again roiling the markets, the head of UK private bank Adam & Co is enthusiastically stressing its image of being trustworthy and a firm that does not punt its balance sheet on the latest economic fashion.
Adam & Co - founded in 1983 - has its origins in Scotland, with three offices in the country plus two in England (including London) and an international branch in Guernsey. Compared with the big-hitters like Bank of America and UBS, Adam & Co is a relative minnow with £1.
- April 20, 2010 - The Goldman Sachs Affair - What It May Mean For Wealth Managers
Just when we thought the worst of scandals from this financial turmoil had passed, here comes Goldman Sachs’ alleged outrage of dishonestly playing both sides of a market on products it was selling.
The fine details of the scandal need not detain us here, which given the complexity of the details, is just as well. What interests this publication, however, is whether, and how, the affair will affect wealth managers and their clients.
- April 20, 2010 - SEC Move Vs Goldman Will Unleash Flood Of Lawsuits - Withers
A lawyer leading the contentious practice group at Withers in London predicts a flood of lawsuits will be filed against Goldman Sachs after the US regulator recently accused the Wall Street titan of fraud in the sale of complex derivative products.
The move by the SEC will embolden investors waiting for a regulator to act and give the green light for any lawsuits, Harvey Knight, a consultant at the international law firm, told this publication.
Knight's predictions already bore fruit after the Financial Services Authority, the UK regulator, launched its own i.
- April 20, 2010 - AIG Considers Suing Goldman Sachs, UK Regulator Starts Probe
AIG is considering pursuing Goldman Sachs over losses incurred on $6 billion of insurance deals on mortgage-backed securities similar to the one that has led to fraud charges against the US bank, according to the Financial Times.
AIG’s move over the deals that caused it a loss of about $2 billion shows how last Friday’s decision by the Securities and Exchange Commission to file civil fraud charges against Goldman could spark actions from investors who lost money on mortgage-backed securities.
As reported elsewhere by WealthBriefing today, lawyers have predicted that the SEC’.
- April 20, 2010 - Constellation Shooting For $10 Billion In AUM By 2013
Constellation Wealth Advisors believes its time has come.
The three-year old New York-based wealth management firm, which bills itself as an “independent multi-family investment office,” sees 2010 as a break-out year that will begin a push to more than double assets under management from $4 billion to around $10 billion in three years.
Since January, Constellation has hired four new advisors and brought in Steve Bono as principal responsible for business development in the firm’s Menlo Park, California office.
- April 19, 2010 - Financial, Political Shockwaves Spread From Goldman Sachs Scandal
The unfolding scandal at Goldman Sachs which broke shortly before the weekend continued to send shockwaves around the financial and political world today, with lawyers predicting a wave of lawsuits.
The Wall Street firm is due to report first-quarter results this week. Even before the scandal broke, the results were expected to attract hostile media and political attention due to an expected big jump in profits and potential large bonus payouts.
- April 6, 2010 - UBP Poised To Launch New Fund As It Recovers From Madoff Saga
Switzerland’s Union Bancaire Privée is close to launching a $300 million fund of managed accounts, in a bid to attract investors back into its fund of funds business, media reports said.
A spokesperson for UBP declined to comment when contacted by WealthBriefing, saying that the fund had not been registered yet.
UBP has been looking to shake up its business after it was one of the wealth management institutions that were hit by the $65 billion Ponzi scheme fraud of Bernard Madoff.
- April 6, 2010 - Executive Moves - March 2010
United Kingdon
Standard Life Investments appointed Colin Clark as a director within its global client group.
Prior to the appointment Clark was a firm’s non-executive director for over five years. He has also worked at Merrill Lynch Investment Managers and Mercury Asset Management.
- March 25, 2010 - Swiss Banks Go Prospecting In Asia, Latin America
Swiss banks such as Credit Suisse and Julius Baer have stressed how they are expanding into Asia, Latin America and other fast-growing regions, bolstering their standing as domestic markets come under pressure, the Wall Street Journal reported.
Julius Baer’s chief financial officer Dieter Enkelmann said yesterday that the private bank will continue to build Asia into its "second home market," adding that the firm remains committed to Switzerland, the publication said.
Julius Baer, which has recently been an active acquirer and has opened new offices in South Americ.
