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Bloomberg – Switzerland is the world’s most attractive financial center for the “mobile wealthy,” beating London, Singapore and New York, according to a new survey by Scorpio Partnership.
The Alpine nation ranks highest for economic and political stability, legal issues, children’s education and infrastructure, the London-based wealth management adviser said. Switzerland placed fifth for tax and immigration, behind Monaco, Singapore, Cayman and Hong Kong.
“To the mobile wealthy, Switzerland is very nearly all things to all people,” said Scorpio Director Stephen Wall. It “has been and will continue to be the biggest beneficiary of moves away from London.”
Reuters – China Zhongwang Holdings, Asia’s biggest maker of aluminium extrusion products, began marketing on Monday for a Hong Kong IPO to raise as much as $1.58 billion in what would be the world’s largest new listing so far this year.
The company, which generates a large share of its business from the transport sector, including railways, is a beneficiary of Beijing’s 4 trillion yuan ($585 billion) economic stimulus package, a big chunk of which is being spent on infrastructure.
Caymen Net News- On Monday, 21 July, lawyers representing PricewaterhouseCoopers filed a formal petition in Grand Court to put the liquidation of several failed hedge funds under court supervision.
Chief Justice, Anthony Smellie, granted all of the petitions, which will now put the court in charge of overseeing the liquidation of the four collapsed funds. The lawyers said that it would be in the “public’s interests” to have the liquidation be under court supervision.
In June the Cayman Islands Monetary Authority (CIMA) confirmed that the “Grand Island” funds were put into voluntary liquidation by the funds’ shareholders. Three of the four funds involved were registered with CIMA in 2006 and one other was an unregulated fund, not registered with CIMA.
When lawyers representing PwC commented to Chief Justice Smellie about the media attention being given to the case he replied simply, “It’s not every day a local fund gets into trouble.”
