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Guernsey is at the forefront of standards on tax transparency and information exchange, according to Tony Mancini, Head of Tax at KPMG in Guernsey.
Interviewed by Caroline Hyde on Bloomberg’s Countdown show, Mancini was questioned on how Guernsey was responding to calls for the Crown Dependencies of Guernsey, Jersey and the Isle of Man and other British Overseas Territories to establish public registers of offshore firms. Mancini responded by pointing out that the steps already taken by Guernsey put it ahead of others, including the UK.
“If you are a UK resident or anywhere [else] for that matter and you
A plethora of new regulation coming down the pipeline but how is it impacting fund distribution, asks Dominic Wheatley, Chief Executive of Guernsey Finance.
Since the global financial crisis there has been a plethora of new regulation and legislation coming down the pipeline which, to a greater or lesser degree, is impacting international asset management.
This includes the US’ Foreign Account Tax Compliance Act (FATCA), measures from Organisation of Economic Cooperation and Development (OECD), such as the Common Reporting Standard (CRS) and the Base Erosion and Profit Shifting (BEPS) project, and the European Union’s Markets in Financial Instruments Directive (MiFID)
Dermot Butler, former Chairman of Custom House Group, and Lancelot Frick, Principal of Frick Capital, have formed SwissRepCo to help non-Swiss fund managers market their funds in the country following recent regulatory changes.
FINMA, the Swiss Financial Market Supervisory Authority recently changed its rules to stipulate that any foreign hedge fund, looking to raise assets in Switzerland from qualified investors, must appoint a Swiss-based legal representative and Swiss bank as paying agent: the new rule came into place on 1 March 2013 and deferred under certain circumstances to 1 March 2015.
After more than 45 years in the financial
The TCW Group, a global asset management firm, has appointed Felice Shiroma, as a senior portfolio specialist and client portfolio manager for the TCW Relative Value Group.
In this capacity, she is responsible for managing client relationships and representing the firm’s Relative Value equity products, including the TCW Relative Value Large Cap, the TCW Relative Value Dividend Appreciation, and the TCW Relative Value Mid Cap strategies and funds. Shiroma is based in TCW’s New York office and reports to Diane Jaffee, CFA, Group Managing Director of US Equities and Senior Portfolio Manager.
“Having worked in the industry for 25 years
Diamond Hill Investment Group has appointed Tom Skowron as a portfolio specialist.
Skowron will primarily be focused on supporting Diamond Hill's fixed income strategies working closely with Strategic Income portfolio managers Bill Zox, CFA and John McClain, CFA. He brings 23 years of investment industry experience, most recently with JPMorgan Asset Management's High Yield team in Cincinnati, Ohio.
"Tom brings broad experience across multiple investment strategies," says Lisa Wesolek, Chief Operating Officer and Head of Distribution. "We are especially excited about his experience with the high yield asset class and expect him to immediately add value for our fixed income
The US Commodity Futures Trading Commission is providing no-action relief, subject to specified conditions, to registered provisionally swap dealers from compliance with certain Commission regulations.
The relief is provided to swap dealers from compliance with certain Commission regulations related to business conduct standards with counterparties and swap trading relationship documentation when entering into swaps with certain special purpose vehicles in existence prior to 10 October, 2013.
bfinance has made two new appointments to its investment teams – Witold Witkiewicz joins as a Director in Private Markets and John Amoasi joins as a Senior Associate in Fixed Income.
Prior to joining bfinance, Witold was a portfolio manager, co-managing the funds of Aeriance Investments, a European real estate debt platform with transactions in excess of EUR1bn. He also managed a discretionary long/short account of global REITs equities which was ranked in the top 10 globally in its category by BarclayHedge. Prior to that he was Head of European Credit at Woodbourne Investment Management, a US based hedge fund
MarketAxess Holdings has enhanced its European credit trading platform with the addition of a further four market-making broker-dealers.
The new dealers providing liquidity to institutional investors in European credit are: Australia and New Zealand Bank (ANZ), Canadian Imperial Bank of Commerce (CIBC), Mizuho, and Toronto-Dominion (TD). This brings the total number of broker-dealers on the European platform to 34.
Through its Singapore branch, MarketAxess Europe has also recently enhanced liquidity in Asian credit with the addition of DBS Bank. This brings the total number of broker-dealers providing liquidity for Asia Credit during Asia trading hours to 26.
Today, over 90
Redi2 Technologies, the premier provider of hosted fee billing and revenue management solutions to the global financial services industry, announced today that
Pershing LLC, a Bank of New York Mellon company, has licensed the Redi2 Revenue Manager[WMSP] enterprise billing system (EBS).
Revenue Manager is designed to handle the processing of over one million accounts for broker-dealer clients whose advisers offer asset-based advisory billing solutions to their end investors via Redi2's hosted revenue management platform in conjunction with Pershing's mainframe processing capabilities.
Pershing consolidated four legacy, standalone asset-based billing systems into Redi2's hosted platform, which is integrated into Pershing's NetX360® platform.
Joe Truelove (pictured), Head of Fund Services at Carey Group explores the uses of offshore stock exchanges, such as the Channel Islands Securities Exchange…
The key reasons for listing a company on an offshore stock exchange are in principle the same as those of listing a company on an onshore exchange – to raise capital or to give existing shareholders an opportunity to sell their shares to unknown third parties in a transparent manner.
Both the Channel Islands Securities Exchange (CISE) and the Cayman Stock Exchange (CSX) are exchanges recognised by HMRC. Under the Individual Savings Account (ISA) rules, investors
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