SHARE
Newswire

Are you looking for your next career? Banks, Private Banks, IFAs, Fund Management Co.? Search for wealth & investment Jobs here or join thousands of leading financial professionals to receive the latest news and updates here

Caproasia Online Logo 1 Square 400 by 400Top Headlines in the Last 7 Days

(7th – 13th March 2016)

 


No. 1 J. Safra Sarasin Loses Appeal and Pays Sum of US$35 Million

Swiss Private Bank J. Safra Sarasin has lost the first appeals issued against them by the Court of the Dubai International Financial Centre (DIFC). This development in the legal battle between the Al Khorafi family and the private banking has now come to an end with this appeal decision.

The case involved over $200 million of structured investment note made made by Al Khorafi family under the advice of J. Safra Sarasin.

 

No. 2 Falcon Private Bank CEO Denies Wrong-doing

Several Swiss banks, including Falcon have come under scrutiny for transactions involving 1Malaysia Development Bhd. fund or 1MDB. Some of the transactions between the Malaysian fund and Falcon’s Abu Dhabi owner, International Petroleum Investment Co or IPIC were routed through Falcon accounts, investigators believe.

Falcon Private Bank’s CEO, Eduardo Leemann said the Zurich based wealth- management firms operates independently from its Abu Dhabi owner and that the emirate plays a minor role in helping it gain new business or clients.

Advertisement


 

No. 3 Tycoon Oei Hong Leong Lodges Case against Goldman Sachs

Mr Oei Hong Leong is pursuing his case against Goldman Sachs over “exotic” currency trades that resulted in losses of US$34 million. The United States Commodity Trading Futures Commission had issued a letter on 29 Jan, asking Goldman Sachs to respond to Mr Oei’s complaint. The deadline given by the commission was 29 Feb.

It is understood that Goldman Sachs requested for an extension.

 

No. 4  Standard Chartered offers Private Investment Funds to HNW clients

Standard Chartered Bank has opened a new scheme to enable high net worth clients to access private equity investments. It is termed as Pegasus Series programme and is only open to private banking clients.

Anna Marrs, chief executive of Commercial & Private Banking said the program was launched in response to clients particularly family offices across Asia in private equity.

 

No. 5 Millennial Entrepreneurs are Most Common in the Middle East

HSBC Private Bank found that 63% of the business owners they screened in the Middle East are age 35 or younger. That’s followed by China and Hong Kong where millennials make up just under half of all entrepreneurs in each place.

The results are based on a survey of 2,800 respondents, all of whom are entrepreneurs with a net worth of US$250,000 or higher. The average was US$4.6 million.

 

No. 6 Goldman’s Ex-Southeast Asia Head Subpoenaed

A former Goldman Sachs Group Inc banker has become entangled in the investigation of the Malaysian state investment fund.

Tim Leissner was issued a subpoena about the matter in late February just days after Goldman Sachs confirmed he had left the firm. He was most recently chairman of Goldman Sachs Southeast Asia operations but had taken personal leave and relocated to Los Angeles early this year.

Subpoenaed: a writ commanding a person designated in it to appear in court under a penalty for failure

No. 7 Macquarie Bank Licence Curbed by ASIC

The Australian Securities and Investments Commission (ASIC) has imposed conditions on Macquarie Bank’s financial services licence after it found that the bank had broken rules on withdrawals from client trust accounts.

 

Credits: The Sydney Morning Herald, Bloomberg, The Wall Street Journal, International Investment, PR Newswire, HSBC Private Bank

 



Caproasia Online is an E-Magazine for Wealth Managers, Private Bankers & Investment Professionals.  View latest jobs in Banks, Private Banks, IFAs, Fund Management at the Jobs Center or join thousands of leading financial professionals to receive the latest news and updates here

For content usage and citations, kindly provide a backlink or whenever possible – Source: Caproasia Online.