Managers of Wealth

Millions in fines against UBS and Credit Suisse for text messaging

From 2018 to 2021, employees of the fined financial firms routinely communicated about business matters using messaging applications on their personal devices.

Saltus: Nearly 80% of HNWIs weren’t asking for tax cuts

Prior to Friday's Budget, nearly 80% of wealthy individuals said in a survey that they were paying the right amount or not enough tax.

FCA aware of Schroder trust valuation mistake

The company’s shares have, in fact, dropped by nearly 60 per cent in the period since the IPO.

The Rise of Fiscal Dominance

It should not be forgotten that, as the global financial crisis unfolded, the US Federal Reserve led the response by cutting interest rates to zero and deploying its balance sheet for the first time in its history to battle the deflationary shock.

Mini-Budget: Chancellor scraps 45% income tax rate

Tax rate to fall from 45% to 40% for those earning more than £150,000.

Fed ready to bring the pain in inflation fight

US central bank delivers unprecedented third back-to-back 75 basis point hike and signals inflation battle far from over.

Morgan Stanley Pays $35M SEC Fine Over Data Security

About 15 million clients’ details were compromised over a five-year period starting 2015.

Swiss private bank EFG sued by ex-basketball star

The three-time champion in the American professional league NBA accuses a customer advisor of the predecessor bank Banca della Svizzera Italiana (BSI) of colluding with his personal financial advisor Paolo Banfi and embezzling 11 million dollars.

Waiting for clarity on an Italian government

Italy’s consumer prices rose 8.4% in July, compared with a year earlier. Inflation in the eurozone rose by an annualised 9.1% in August, from 8.9% in July, estimates Eurostat, the EU’s statistics agency.

New U.K. leader's policies keeping managers on guard

Prime Minister Liz Truss plans to cap energy prices and also wants to cut taxes

CSSF issues communication on requirements according to SFDR and SFDR RTS.

Luxembourg’s Commission de Surveillance du Secteur Financier has issued a communication to the investment fund industry on regulatory requirements in relation to Regulation 2019/2088 on sustainability-related disclosures in the financial services se

'The SNB rate hike slapped the ECB in the face': PineBridge chief economist

‘Negative interest rates were really dumb,’ according to Markus Schomer.

SIX Benefiting from Sino-American Audit Debate

Last month American and Chinese officials agreed to allow Chinese accounting firms to share more information with US regulators about the finances of Chinese companies listed on U.S. stock exchanges.

Top Credit Suisse Lawyer Markus Diethelm Faces Crucial First Test

Starting this week, Credit Suisse faces a three-week trial in the Singapore courts that could end up having it cough up several hundred million more dollars in a case that has already cost it plenty.

Ex-Georgia PM Accuses Credit Suisse of Mishandling Assets

In an opening statement, Ivanishvili’s lawyers said the trustee had calculated losses totaling $818.2 million, below the original estimate of $1.27 billion.

SFDR to determine future fund flows in Europe despite greenwashing concerns

Article 9 funds saw inflows in Q2

Credit Suisse chief Ulrich Körner faces early test in $800mn Singapore trial

Georgia’s former prime minister Bidzina Ivanishvili has already won $608mn in related case

Credit Suisse court spat with billionaire kicks off in Singapore

The dispute with Ivanishvili adds to the problems the newly appointed chief executive officer Ulrich Koerner and chairman Axel Lehmann are keen to resolve as the bank reels from reputational hits in the last 2 years.

Swiss Sberbank goes to entrepreneurs with Lebanese roots

The transaction has received the approval of the authorities responsible for the sanctions provisions in Switzerland and abroad, Finma said.

UAE wealth firms fined for regulatory breaches

Watchdog said it is ‘committed’ to make companies comply with the rules

Legal,Regulation,Tax & Compliance