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Jonathan Glassberg, founder of JB Drax Honoré, lost $2.5 million after investing in the fraudulent Direct Lending Income Fund, recommended by his UBS advisor. The Singapore Supreme Court criticized UBS for its misleading marketing but ruled the bank bore no responsibility, citing Glassberg's extensive investment experience. The fund collapsed in 2019 after the SEC revealed it had falsified loan values.
Orascom Development Holding's withdrawal from the stock exchange has left small shareholders dismayed, as the buyback offer of 5.60 francs per share starkly contrasts with the initial trading price of 152 francs in 2008. Despite owning valuable land, the company's declining operational performance and market interest have led to a significant drop in valuation. Naguib Sawiris, the chairman, insists that the delisting will allow for a more strategic focus without the pressure of quarterly reporting, while some experts argue the fair value of the shares is closer to 30 francs.
Ueli Maurer, the former finance minister, expressed concerns that UBS has become "too big" for Switzerland following its takeover of Credit Suisse. He emphasized the need to minimize risks associated with the bank, suggesting that shareholders should take responsibility rather than taxpayers. Maurer acknowledged UBS's importance to the Swiss economy but warned of potential future risks amid global economic uncertainties.
Gisèle Vlietstra has resigned as president of the Swiss Investor Protection Association, with her signing authority transferred to board member Arik Röschke. The association, which advocates for transparency in Swiss companies, has not publicly acknowledged this leadership change, and Vlietstra's current residence is reportedly in Monaco, despite being listed elsewhere.
Stefan Bollinger begins his tenure as CEO of Bank Julius Baer amid rising costs and an oversized executive board, now comprising 15 members. With a cost/income ratio of 71%, Bollinger faces the challenge of streamlining operations to meet the bank's goal of reducing this figure below 64% by the end of 2025. The bank's recent history, marked by the Benko scandal, has left it with a market capitalization of 12 billion francs, similar to pre-scandal levels.
Banco BTG Pactual has acquired Julius Baer's Brazilian wealth management business, Julius Baer Brasil Gestão de Patrimônio e Consultoria de Valores Mobiliários Ltda., for 91 million francs, significantly below earlier estimates. The deal, expected to close in Q1 2025, will not affect Julius Baer's international offshore operations, which will continue to serve Brazilian clients from other locations.
Andermatt's new luxury shopping street, Furkagasse, opened amid a festive rush but struggled with low customer traffic, even during peak holiday times. While the resort operator, Andermatt Swiss Alps, reported overall satisfaction, many luxury retailers are operating as pop-ups, awaiting a clearer picture of business viability by April. Samih Sawiris aims to integrate this new district with the old village, but achieving this vision will require community support and time.
Barclays Switzerland, managing around 16 billion francs, has seen a significant increase in inquiries from wealthy clients migrating from the UK to countries like Switzerland, Dubai, and Monaco, amid changing tax policies. The bank is committed to long-term growth in Switzerland, expanding its presence with new offices and focusing on integrated support for ultra-high-net-worth individuals and their families. The seasonal office in Verbier enhances visibility and business opportunities as more clients seek vacation homes in popular resorts.
Credit Suisse faced severe criticism following an expert report detailing governance failures in the launch of its Greensill supply chain funds. The report highlighted inadequate risk management, conflicts of interest, and a lack of oversight from the Board of Directors, leading to significant breaches of conduct obligations. FINMA has mandated a restructuring of the Board to ensure members possess relevant expertise and experience.
A retired UBS executive, P. A., has had his account terminated without explanation, despite an unwritten rule against such actions for retired employees. UBS cites its right to terminate accounts under its General Terms and Conditions, as it reviews client relationships to cut costs. This trend reflects a broader strategy to eliminate unprofitable clients following the Credit Suisse acquisition.
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ubs advisor faces backlash after recommending fraudulent investment to client
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Credit Suisse High Yield Bond Fund, Inc.
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07:46 16.01.2025
Orascom Development Holding withdraws from stock exchange impacting small shareholders
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05:54 13.01.2025
former finance minister warns UBS poses risks to swiss economy
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05:38 13.01.2025
Gisèle Vlietstra resigns as president of Swiss investor protection association
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06:46 10.01.2025
new ceo stefan bollinger faces cost challenges at julius baer bank
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06:57 09.01.2025
btg pactual acquires julius baer's brazil private banking business
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06:47 07.01.2025
luxury shopping street in andermatt struggles for customer attention during holidays
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10:21 05.01.2025
barclays private bank expands presence in switzerland amid wealthy client migration
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06:44 03.01.2025
credit suisse faces scrutiny over governance failures in greensill fund scandal
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10:19 30.12.2024
ubs terminates account of retired executive raising concerns over client treatment
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