News

Sharing boss gets car as gift

The employees of a company whose boss gave them a well-publicised big raise have bought him a new Tesla. The Seattle Times reports that Gravity Payments CEO Dan Price posted the news of the gift on Facebook on Thursday, saying “Gravity employees saved up and pitched in over the past six months and bought me […]

India’s fund making slow start

India’s maiden sovereign wealth fund National Investment and Infrastructure Fund (NIIF) has identified the first eight projects it plans to invest in. These include the Konkan Railways project, a power transmission project in the north region, and a few road projects, said a senior official of India Infrastructure Finance Co. Ltd (IIFCL). There has been […]

Investors hoard cash ahead of US vote

Wealthy U.S. investors are holding record cash balances out of fear that the U.S. presidential election will wreak havoc on their retirement accounts, a senior UBS Group AG executive said. Bob McCann, who chairs the Swiss bank’s Americas division, said in an interview this week that clients are confident about the economy but hesitant to […]

UBS keeps top spot

UBS kept its ranking as the world’s biggest private bank last year, a study by wealth management researcher Scorpio Partnership showed on Thursday. With $1,737.5 billion of assets under management, UBS retained its highly-prized first place in 2015, staying nearly $300 billion ahead Bank of America Merrill Lynch which replaced Morgan Stanley in second place. […]

Property fund lifts suspension

One of the UK property funds which banned investors from taking money out after the Brexit vote has now lifted the suspension. Aberdeen Asset Management announced the move this morning, eight days after being forced to gate its fund after a flood of redemption requests. It has already cut the value of the fund, which […]

Global identification system upgrades

The Global Legal Entity Identifier Foundation (GLEIF) has announced the launch of its new data challenge facility, extending the ability to trigger updates of Legal Entity Identifier (LEI) data to all interested parties. The data challenge facility offers all LEI data users an easy and convenient means to trigger the verification and, where required, speedy […]

Singapore ‘best for business’

Singapore is the safest nation to do business, according to global risk management company Pinkerton’s new tool to help corporate clients assess threats on a country-by-country basis. The Pinkerton Risk Index Report, which the Ann Arbor, Michigan-based unit of Securitas AB announced on Tuesday, lists Switzerland as the second-safest country. The United States ranked seventh. […]

Osborne got HSBC off criminal charges

The US government decided not to pursue criminal charges against HSBC for allowing terrorists and drug dealers to launder millions of dollars after George Osborne and the UK banking regulator intervened to warn that prosecuting Britain’s biggest bank could lead to a “global financial disaster”. A Congressional financial services committee report said the UK interventions […]

More Chinese seek foreign investments

According to a report from China Industrial Bank and The Boston Consulting Group on Chinese private banking development in 2016, despite the slowing Chinese economic growth, the wealth of high net worth individuals is rising steadily. It is estimated that China’s high net worth families will reach 3.88 million by 2020 and their investable financial […]

Credit Suisse closes Russian unit

Swiss multinational bank Credit Suisse has announced plans to shut down its private banking unit in Russia and redirect client accounts to Switzerland, according to Forbes Russia. The bank will continue to operate in the country, but its range of private services for wealthy clients will be limited to investment advice. Customers who want to […]