All articles by Verdict Staff
Verdict Staff
India gives tax-dodging HNW amnesty lifeline
India has offered amnesty to 100 high net worth (HNW) citizens with secret HSBC accounts in Switzerland, according to media reports. Bloomberg has reported that the countrys income tax department will not charge nationals if they transfer the money in their Swiss accounts back to India and pay off owed taxes. India, like the US and UK, is seeking to clamp down on HNWIs with undeclared offshore assets as part of a joint effort to tackle tax evasion
Mariner Wealth Advisors acquirs majority interest in Orizon Investment Counsel
US-based wealth management firm, Mariner Wealth Advisors has expanded its wealth advisory team by acquiring a majority interest in the wealth management division of US-based financial services provider Orizon Investment Counsel.
Concert Wealth hires adviser team
US-based Concert Wealth Management, that works with independent advisers, has hired a team of veteran advisers who manage roughly US$100 million in client assets.
RBC Global Asset Management launches low price options for HNWI
US-based RBC Global Asset Management has launched Series H and Series I units for a broad range of investment solutions, including RBC Funds, PH&N Funds, BlueBay Funds and RBC Corporate Class Funds, that would serve as low price options for HNWI.
Vontobel to axe private banking unit jobs
Switzerland-based private bank Vontobel is planning to cut jobs in order to lower costs as the industry tries to regain its lost revenue due to pressure on the country to stop harbouring tax evaders.
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Huge amount of black money stashed away in US, Europe, claims Switzerland
In the wake of facing criticisms for being a safe haven to alleged black money from abroad, Switzerland has claimed that the maximum instances of corrupt assets that are being concealed under corporate veil have been found in US and the European nation.
Wealthy individuals opt hedge funds, avoid funds of funds
HNWIs who had started avoiding hedge funds after 2008 citing poor performance and the inability to get their money back when they wanted it are returning to the sector, though they are avoiding funds of funds and channelling their money through independent firms or bank platforms, Financial News stated.
Generali appoints JP Morgan for BSI sale
The move confirmed Genaralis intentions to get the fresh capital it needs by divesting itself of the Lugano-based private bank, as PBI revealed last month
Commonwealth Financial Nework, IPS AdvisorPro partner to develop software for advisors
US-based Commonwealth Financial Network has partnered with IPS AdvisorPro to offer advisors software for developing compliant, professional investment policy statements.
HMRC convicts UK millionaire using stolen data
The UK tax regulator, HMRC, has secured its first conviction using data linked to the theft of clients accounts from HSBC Private Bank in Switzerland in March 2010. Property developer Michael Shanly, who is estimated to be worth £157m ($243m), was found guilty of tax avoidance on July 4 at Wood Green Crown Court, London in the first successful case of its kind.