Switzerland’s private banks come to terms with past (from FT)

Switzerland’s private banks come to terms with past

For five years since the US forced Switzerland’s biggest bank, UBS to pay a $780m fine for helping American clients evade taxes, the spectre of further punishments has hung over the Swiss private banking sector.  There are now signs that this limbo may be easing. Last summer, the US Department of Justice set up a programme allowing Swiss banks that had undeclared American customers, but were not already under investigation, to put the past behind them in exchange for paying hefty fines and handing over information about their activities in the US. More than 100 financial institutions have signed up…

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The New Rules For Distribution of Funds in Switzerland

The New Rules For Distribution of Funds in Switzerland

The Swiss law on Collective Investment Schemes (CISA) has been revised and came into effect in March 2013. The objective of this revision was to adapt Swiss law to the upcoming effects of AIFMD in Europe and to set a clear landscape for all activities relating to the fund management business, be it the management companies, the investor landscape or distribution activities relating to these investors…

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Banque Cramer buys Valartis Group’s wealth management business (from Reuters)

Banque Cramer buys Valartis Group’s wealth management business

Banque Cramer & Cie said it will acquire Valartis Group’s Swiss wealth management business for an undisclosed cash sum and a 25 percent stake in its parent company.  The latest in a slew of mergers and acquisitions among Swiss banks faced with a drop in client numbers after a loosening of the country’s secrecy laws will nearly double Cramer’s assets under management to 4.8 billion Swiss francs…

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NBAD Appoints Head of Investment Group in Switzerland

NBAD Private Bank the wholly-owned Swiss subsidiary of the National Bank Of Abu Dhabi (NBAD), has appointed Tony Zeiger as the Head of Investment Group.  In this position, Mr. Zeiger will define and manage the investment advisory strategy of NBAD’s Private Bank (Suisse) SA and lead the investment team which provides strategic and tactical asset allocation advice to NBAD’s Private Banking clients…

Link to Article at Zawya.com