Daily News Analysis
8 May 2013
The Securities and Exchange Commission has charged four individuals with ties to a New York brokerage firm for paying bribes to a high-ranking Venezuelan finance official to secure bond trading business. DAP Global, a unit of Direct Access Partners, generated over $66 million in revenue for DAP through transaction fees on trade executions in Venezuelan sovereign or state-sponsored bonds for Banco de Desarrollo Económico y Social de Venezuela, which is based in Caracas, the SEC’s complaint says . A portion of this revenue was allegedly kicked back to María de los Ángeles González de Hern.
30 April 2013
Two individuals have been charged by the Manhattan US Attorney in the US government’s crackdown on finance professionals assisting US citizens to evade taxes via offshore accounts. Edgar Paltzer, 56, who was a partner at a Swiss law firm and a registered attorney in New York State, and Stefan Buck, 32, formerly head of private banking at Bank Frey, face one count each of conspiring with US taxpayers and others to hide millions of dollars in offshore accounts and evade US taxes on income earned . According to the indictment, Paltzer began practicing at the Swiss law firm (which is unnamed) in 1998 in the fields of international private client work, wealth transfer planning, succession, trusts and foundations.
16 April 2013
The Securities and Exchange Commission has charged the Denver-based owner of an investment firm with insider trading. The SEC says that Scott Reiman, founder and president of the investment firm Hexagon, received repeated tips about Delta Petroleum from the chief executive of a private investment firm, Tracinda, which was making a large investment in the oil and gas firm . Tracinda’s $684 million investment was made public on December 31, 2007, causing Delta Petroleum’s stock price to jump nearly 20 per cent.
16 April 2013
The Securities and Exchange Commission has charged a former employee of a brokerage in Connecticut with purposefully entering false orders on behalf of a client, a move which ultimately caused the brokerage to shut down due to losses. David Miller, an institutional sales trader living in Rockville Centre, NY, worked at Rochdale Securities . He has agreed to a partial settlement of the SEC's charges, and is pleading guilty in a parallel criminal case.
10 April 2013
The eldest son of a Taiwanese businessman has filed a lawsuit to void a transfer of $15 billion of assets which were switched to Bermuda-based offshore, non-charitable trusts, which he says threaten loss of control over a business empire. The son is Dr Winston Wong, offspring of the late Yung-Ching Wang, who founded Taiwan's Formosa Plastics Group . The suit, filed in the Supreme Court o.
2 April 2013
Mexico is home to the world’s richest man in the form of telecoms magnate Carlos Slim, but its wealth management market has not received the attention of Brazil’s. That may be changing as the emerging economy garners attention from the industry.
27 March 2013
GenSpring Family Offices is in some ways a poster child for the multi-family office industry: it grew assets under management very quickly for many years but has recently had to tackle problems that come with this increasing scale.
12 March 2013
In this digital age, with stories of data thefts, security breaches and zealous government assaults on what they see as illegitimate secrecy, the issue of how to handle data protection is one of the most important facing the wealth management industry.
4 March 2013
A rising number of young individuals are “taking the reins” on their families’ philanthropic efforts, says Rebecca Eastmond, head of philanthropic services for EMEA at JP Morgan Private Bank.
25 January 2013
As digital technology and accessible air travel combine to make communicating across borders easier, many people are taking the opportunity to live lives that make the most of global opportunities: in investments, colleges, the job market and - consequently - love. Indeed, transnational marriages are on the rise around the world . “With globalization, it’s easy for [people] to travel, so there are now a lot of transnational marriages,” says Evie Jeang, managing partner ofIdeal Legal Group, who is capitalizing on this in her practice.
News and Features
Comment and Analysis
The UK's Financial Conduct Authority has fined JP Morgan International Bank a total of £3.08 million (around $4.6 million) for systems and controls failings at its wealth management business.
23 May 2013
Here Diane Harrison, principal and owner of Panegyric Marketing, argues that the debate over fees in the hedge fund industry often focuses on the wrong topics.
20 March 2013
Here, Jimmy Chang, a senior portfolio manager and a managing director of Rockefeller & Co, discusses some issues around investing in the current environment.
4 April 2013
The period between 2008 and 2012 saw an uptick in risk reviewing business at New York’s Rothstein Kass Family Offices Group, says partner Evan Jehle.
9 April 2013
Building functionality into a family’s business affairs involves defining each person’s role but it’s never easy to think differently about family members who were children at the dinner table, but are now adults around the board table.
8 April 2013
Marc Odo, director of research at software and business intelligence firm Informa Investment Solutions, discusses why diversification failed during the credit crisis.
25 March 2013