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Barclays has hired four investment representatives who will be based at the bank’s New York wealth and investment management division. Mark Leyton is joining as a managing director from Deutsche Bank’s private wealth management division, where he has been creating customised solutions for ultra-high net worth individuals, corporate executives and professional investors. Zach Shillingford, a [...]
The Financial Services Authority (FSA) has been examining the impact of the collapse of Lehman Brothers a year ago on investors in the UK structured products market.
Working with the Financial Ombudsman Service, the regulator has been looking at the circumstances under which structured products, backed by the investment bank, were sold.
Promotional literature, clarity of information, quality of advice, sales systems and controls, and the involvement of plan managers, providers and advisers have all been scrutinised under the “Wider Implications” process, in a move aimed a
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t securing the best outcome for consumers.
Investigations have now come to a point where the FSA says it is appropriate to lift the hold on individual adjudications of complaints forthwith.
The Authority has also confirmed that it will be taking action against certain firms as a result of its findings.
Retail policy director, Dan Waters, explains: “In light of the progress we have made, we believe our regulatory action can now progress alongside the Ombudsman adjudicating on individual complaints without prejudicing either, so individual cases referred to the Ombudsman can now proceed.”
However, Mr Waters warns that the review covers a “hugely complex” area and there is still “much to do”.
Further news is expected next month.
Commerzbank has announced that it is selling the Kleinwort Benson business to RHJ International, a financial holding company, which will acquire both Kleinwort Benson Channel Islands Holding Limited and Kleinwort Benson Private Bank Limited corporation.
The deal still requires the regulatory green light, and should it be forthcoming is expected to close during the first quarter of next year.
The sale is part of the agreement regarding the Special Fund Financial Market Stabilization (SoFFin) with the EU Commission.
After the takeover of Dresdner Bank, Commerzbank has opted to pri
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marily focus upon Private Customers and Mittelstandsbank, the client-focused investment banking business, in addition to Central and Eastern Europe.
The deal comes shortly after Commerzbank announced the sale of Dresdner Van Moer Courtens and the Belgian branch of its subsidiary Commerzbank International S.A. Luxembourg (CISAL).
Earlier in the year Commerzbank also sold the Global Agency Securities Lending business of Dresdner Bank to Deutsche Bank.
The Queen’s Diamond Jubilee year, to be celebrated in 2012 alongside the London Olympics, could see the introduction of a new Bank Holiday.
The TUC and various voluntary organisation are calling for a “Community Day” Bank Holiday some time in late October, in recognition of the role of volunteers in sustaining community life.
Executive director of Community Service Volunteers, Dame Elisabeth Hoodless, is hoping to inspire the nation by linking a new public holiday to October’s Make a Difference Day, when people are invited to experience being a volunteer for t
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he first time.
An addition break would also come as welcome relief for workers facing the August to Christmas run without the prospect of a long weekend.
American customers of UBS awaiting a knock at the door from tax authorities will be forewarned, The Times has reported.
According to the newspaper, clients whose account details could be handed over for tax evasion investigations can now ask the bank if they will be exposed, following a ruling by a Swiss court.
In June of last year, prosecutors began examining the possibility that US nationals had been helped to evade tax by staff at the Swiss investment bank.
In November, UBS admitted to having colluded in fraud and has since settled $780 million in fines and other penalties un
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der an agreement with the US Securities and Exchange Commission, Department of Justice and a Federal court.
Last month, it emerged that US authorities are investigating over 150 clients of the bank when a document was filed in a Florida court that is in the process of sentencing former UBS banker, Bradley Birkenfeld, for helping American clients hide their wealth.
A further 4,450 names are reported to be in the offing and US authorities have said they are primed to increase their investigations.
However, under a new ruling by a Swiss court, UBS is obliged to tell clients if their business with the bank fits the criteria for a tax-evasion list, and the bank says it will contact clients as soon as such accounts are identified.
US banking giant Citi has declared that the sale of Nikko Cordial Securities to Sumitomo Mitsui Banking Corporation has been successfully completed.
The transaction’s total cash value was Â¥776bn (approximately $8.7bn), and consists of the purchase price of the transferred business (Â¥545bn), the price of some Japanese-listed equity securities held by Nikko Cordial Securities (Â¥30bn), plus around Â¥201bn of excess cash in the form of repaid outstanding debts to Citi.
Some 7,800 employees are affected by the transaction, which will have the effect of giving Citi an immaterial p
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ost-tax result for the fourth quarter of this year.
Citi and Sumitomo Mitsui Financial have also signed a strategic alliance agreement, primarily to build upon the established relationship of Citigroup Global Markets Japan and Nikko Cordial Securities, to the benefit of customers in Japan and across the world.
Investment advisers stand between trillions of dollars of pension money and the investment professionals who want a piece of it.
Even with low-cost generics and discounting by big chains, many Americans still find themselves unable to afford their prescription medications.

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