During the session, panellists discussed financial regulation, corporate governance, and jurisdictional competition, and agreed that collaboration between international finance centres was highly desirable.
According to sources, HSBC has been asked by Indian authorities to show cause why action should not be initiated against it in case of non-cooperation with regard to "suspected tax evaders and offenders of tax crimes"
He said BSI was a Lugano-based Swiss private bank that became part of Brazilian group BTG Pactual last year, and was previously owned by Italian insurance giant, Assicurazione Generali SPA.
His comments come as the centre of gravity of such institutions has shifted palpably from west to east, and as Asia is developing its own bodies to rival those in the west, such as the China-led Asian Infrastructure Investment Bank.
Having gained regulatory approval, the 13 strong Luxembourg team will continue to serve existing clients, supported by Gentoo’s 29 employees based in Guernsey. The company will be renamed Gentoo Financial Services (Luxembourg) S. A.
The number of wealthy Russian investors employing a conservative wealth management strategy has more than quadrupled in two years, according to a report due to be released by Campden Research next week.
UBS AG, the world's biggest wealth manager, expects Asia Pacific assets to account for as much as 30 per cent of the funds it oversees within the next 10 years, the Swiss bank's chief executive said.