Managers of Wealth

Barclays faces new criminal inquiry by UK fraud office

The bank said last night that the UK’s main prosecutor of corruption had opened a formal criminal inquiry into the issue.

UK court to rule on Russian oligarchs' battle

Judge Elizabeth Gloster will rule on whether Boris Berezovsky was extorted out of his business empire by Roman Abramovich, the owner of Chelsea football club.

Athens Closes in on Wealthy Tax Evaders

Modelled on Switzerland's agreements with Germany, Great Britain and Austria, the deal is aimed at the billions of euros Athens estimates that wealthy Greeks have parked in the Alpine country to avoid taxes back home.

Morgan Stanley Win on Brokerage Would Be Pyrrhic Victory

Morgan Stanley’s $9 billion valuation implies the joint venture’s profit could shrink by as much as 12 percent annually over the long term, according to Goldman Sachs Group Inc. analysts.

Baker & McKenzie Retains Global Top Spot With Record Revenues

Baker’s profit per partner fell 9 percent to a three-year low of $1.09 million, however, with the firm’s profit margin dropping 4 percentage points to 34 percent.

Barclays Said to Face Possible U.K. SFO Probe Over Qatar Fees

The Serious Fraud Office, which prosecutes bribery and white collar crime, may inform the London-based bank about its decision on a probe this week, according to the people, who declined to be identified because the discussions are private.

FSA targets wealth managers in new review

The FSA has launched a second thematic review into the suitability of client portfolios that could lead to regulatory action against wealth management firms.

Singapore: Banks warned against European tax evaders

A German media report put an unwelcome spotlight on Singapore, Asia's prominent wealth management centre, earlier this month, saying that some Swiss bankers had advised clients to transfer funds there before the implementation of a deal to tax German

France To Clamp Down On 'Unfair' ISF Tax Breaks

France’s solidarity tax imposed on wealth currently serves to generate in the region of EUR4bn a year for the state.

French banks investigate potential breach of U.S. sanctions

Neither would confirm whether the inquiries concerned U.S. sanctions against Iran, which have led to investigations at rival banks such as UniCredit and RBS and have already cost Standard Chartered a hefty fine.

SEC charges former Sky Bell hedge fund manager Gary Marks for misrepresentations

In its complaint, the Securities and Exchange Commission (SEC) accused Marks of recommending various funds of funds through Sky Bell Asset

Standard Life: Advisers struggle to explain post-RDR charges

Survey of insurer’s ‘account managers’ suggests disclosure is key RDR concern for advisers.

Regulators should avoid product control, Citigroup CEO says

CEO says dividing Citibank would be an ‘artificial separation’

Merrill brokers’ pay deal goes to US judge for approval

The judge said she will rule later on preliminary approval.

US investigates UniCredit over sanctions ‎

Unicredit has confirmed it is co-operating with a US investigation into a possible breach of sanctions.

Zero Tolerance For Helping Tax Evaders, Says UBS

"The bank requires that all employees in the cross-border asset management business abide by legal fundamentals, including the German-Swiss tax deal […] Whoever transgresses is severely sanctioned”, Mr Weber told German newspaper Handels

Husband Sues Advest, Credit Suisse, And Two Stockbrokers Over Wife's Unauthorized Withdrawals

Respondents requested the expungement of the matter from Respondents Bilski’s and Clish’s Central Registration Depository records (“CRD”).

Intesa Luxembourg banker probed in tax evasion case

The magistrates have now put the chief executive of Intesa's Luxembourg unit Societe Europeenne de Banque (SEB), Marco Bus, and an Italian broker and former Intesa employee, Alessandro Jelmoni, under investigation.

German Windfall Wealth Tax Said To Be Constitutional

According to legal expert Joachim Wieland, the deciding factor in the matter is whether or not the state has an exceptional financial need for such a one-off levy, for example to save the country’s banks, to bail out other countries, or to reduce bo

FSA cracks down on fine wine funds after pensioners sold pups

The products span from life policy investments, to alternative asset classes, such as fine wine, art, Indonesian timber, green energy funds and wind farms.

Legal,Regulation,Tax & Compliance