Mobility paves Samsung’s silver path
The Korean giant’s early bet on mobile phones helped it hit the $10-bn mark in India, but in its 25th year it ...
Swiss banks are among the world’s biggest wealth managers, favoured in part for Switzerland’s economic and political stability. The Swiss franc is also popular as a haven investment - ARND WIEGMANN
Swiss private banks have seen a sharp rise in British clients who are moving assets offshore to escape a chaotic Brexit, several sources familiar with the situation told Reuters.
“In recent months the number of accounts opened from Britain has trebled,” one person at the wealth management arm of a large international bank in Switzerland said.
Swiss banks do not disclose details of their clients but the sources said that most of the accounts opened by British-based clients were for high net-worth British nationals wanting to shift some assets to safe-haven Switzerland.
This trend had clearly intensified in recent weeks, a source at a large Swiss bank said.
Wealthy Britons wanted to protect their assets also against the possibility of a high-tax Labour government coming to power soon, another source said.
The British pound has lost 17-18 per cent against the dollar and the euro since the UK’s vote on EU membership in June 2016. With just weeks to go before Britain’s deadline to leave the EU on October 31, the terms of the UK’s departure, and possible ramifications for its economy, are still unclear.
One Swiss private banker said his bank had also drawn more customers from Britain over the past 3-6 months. A source at the Swiss wealth management arm of a second international bank said rich Britons were particularly afraid that the Labour Party, led by Jeremy Corbyn, would win an expected UK election soon and find ways to get a share of their money.
“More than anything else, people are afraid of Corbyn,” the person said.
Swiss banks like UBS and Credit Suisse are among the world’s biggest wealth managers, favoured in part for Switzerland’s economic and political stability. The Swiss franc is also popular as a safe-haven investment at times of uncertainty.
Statistics compiled by the Bank for International Settlements (BIS) show Britons held nearly $19 billion in Switzerland as of the end of March, the most recent figures available. That is off peaks of around $30 billion during the financial crisis.
Luxembourg is another attractive offshore market for wealthy Britons. British residents had parked more than $14 billion in Luxembourg as of the end of March, and the trend had been on the rise since in the past three years, BIS data show.
The Korean giant’s early bet on mobile phones helped it hit the $10-bn mark in India, but in its 25th year it ...
Antrix should adopt a different tactic than merely fighting over jurisdiction: Experts
Invest in relationships, enterprise, behaviour, effort and learning
From different types of osmoses to new membranes, researchers have come up with ways of drawing water
Only half the Sensex stocks have bettered the index’s return in the last 10,000-point journey
High valuation and stiff competition from larger players are a dampener
Investors with a short-term perspective can buy The New India Assurance Company (NIACL) stock at current ...
₹1490 • HDFC Bank S1S2R1R2COMMENT 1475146015051520 Fresh short positions are recommended with a stiff ...
What makes the new crop of young Indian cricketers such game-changing winners? Over and above their talent, ...
In these isolated times when people yearn for a slice of the familiar, amateur and professional chefs are ...
‘You ready to go to work?’ Joe Biden had asked Kamala Harris before naming her as his running mate. ‘Oh my ...
Writer Narendra’s latest book, rich with vignettes from Bastar and his native village in Uttar Pradesh, ...
Digital is becoming dominant media, but are companies and their ad agencies transforming fast enough to make a ...
Slow Network, promoted by journalist-lyricist Neelesh Misra, pushes rural products and experiences
How marketers can use the traditional exchange of festive wishes meaningfully
For Fortune, a brand celebrating its 20th anniversary, it was a rude shock to become the butt of social media ...
Three years after its inception, compliance with GST procedures remains a headache for exporters, job workers ...
Corporate social responsibility (CSR) initiatives of companies are altering the prospects for wooden toys of ...
Aequs Aerospace to create space for large-scale manufacture of toys at Koppal
And it has every reason to smile. Covid-19 has triggered a consumer shift towards branded products as ...
Please Email the Editor