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Switzerland

December 14, 2010

Philippe Gaydoul, grandson of Swiss supermarket entrepreneur, Karl Schweri, is one of three prominent financiers linked to the launch of a new bank in Switzerland.

Philippe Gaydoul, grandson of Swiss supermarket entrepreneur, Karl Schweri, is one of three prominent financiers linked to the launch of a new bank in Switzerland.
 
Reports in the Swiss media say Gaydoul has teamed up with Marcel Rohner, the controversial former chief executive of UBS, and Thomas Matter, the former boss of local bank Swissfirst.
 
Gaydoul will take a 9.5% stake in the new venture, which has yet to be named.
 

September 6, 2010

Residential property deals of more than $20 million remain buoyant, but family offices are steering clear of commercial real estate reports David Bain.

When one of France's wealthiest families wanted to buy a new property in Europe, without hesitation they chose London. After a few months they finally settled upon a £30 million townhouse in Kensington with 10 bedrooms and nearly as many reception rooms. Charles McDowell, who runs his own property consultancy putting deals like the above together, says big deals have been little affected by the turmoil of the last few years, and if anything have been stronger than ever in the last few months.

August 5, 2010

Swatch Group, the iconic family-controlled watchmaker, announced record half-year results yesterday both in terms of sales and profits.

Swatch Group, the iconic family-controlled watchmaker, announced record half-year results yesterday both in terms of sales and profits.

This news will be welcomed by new family chairman Nayla Hayek (pictured), who was elected to the position in June following the unexpected death of her father, Swatch founder Nicolas Hayek. (Continue reading here)

July 22, 2010

Today’s second quarter results from Credit Suisse showed that Switzerland’s biggest bank in terms of market capitalisation continues to attract money from the world’s wealthy, including business-owning families and family offices, writes David Bain.

Today's second quarter results from Credit Suisse showed that Switzerland's biggest bank in terms of market capitalisation continues to attract money from the world's wealthy, including business-owning families and family offices, writes David Bain.
 
Nearly SFr12 billion of net new money flowed into the bank's core private-banking unit in the quarter, which compliments the already SFr13 billion that swelled the private bank's assets under management in the first quarter.
 

July 21, 2010

Despite having sold 350 million watches since 1983, the Swatch Group could easily have lost its bearings following the recent death of founder Nicolas Hayek, write Peter Leach and Alexandra Sharpe.

Despite having sold 350 million watches since 1983, the Swatch Group could easily have lost its bearings following the recent death of Nicolas Hayek, the founder and widely heralded savior of the Swiss watch industry, write Peter Leach and Alexandra Sharpe.

April 9, 2010

Raymond J Baer, founding family member and chairman of Julius Baer Group Ltd, launched an impassioned defence of Switzerland as a financial centre at the company’s AGM yesterday, but predicted that lessons learned by investors from the financial crisis would not be remembered in the future.

Raymond J Baer (pictured), founding family member and chairman of Julius Baer Group Ltd, launched an impassioned defence of Switzerland as a financial centre at the company's AGM yesterday, but predicted that lessons learned by investors from the financial crisis would not be remembered in the future.

August 20, 2009

UBS has been forced to reveal the names of 4,450 wealthy Americans who hold offshore accounts in Switzerland in order to settle a dispute between the bank and the US government.

UBS has been forced to reveal the names of 4,450 wealthy Americans who hold offshore accounts in Switzerland in order to settle a dispute between the bank and the US government.
 
This is the final instalment in an ongoing dispute and marks a triumph for the US government's attempts to crack down on tax evasion. The account details must be handed over to US tax investigators within the next 12 months.
 

August 12, 2009

Despite having reached an agreement in principle over the main issues in the US/UBS tax evasion case, the two parties may still go to court as they are unable to agree on legal details, delaying an overall agreement.

Despite having reached an agreement in principle over the main issues in the US/UBS tax evasion case, the two parties may still go to court as they are unable to agree on legal details, delaying an overall agreement.

Judge Alan Gold will ask the two today if they have reached an acceptable deal and if not the case will go to trial as early as next month.

August 3, 2009

Switzerland and the US reached an agreement on Friday over the long-running tax evasion case between the US government and UBS.

Switzerland and the US reached an agreement on Friday over the long-running tax evasion case between the US government and UBS.

Details of the settlement have not yet been disclosed but US media reports suggest UBS will be forced to reveal the names of thousands of private banking clients, including wealthy families, who hold offshore accounts in Switzerland.

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