Summit Notebook

Exclusive outtakes from industry leaders

Tax evaders on the run

  By Neil Chatterjee
    The U.S. has promised it will hunt down tax evaders.
    And it seems tax evaders are on the run.
    DBS bank, based in the growing offshore financial centre of
Singapore, told Reuters it had been approached by U.S. citizens
asking for its private banking services. But when told they would
have to sign U.S. tax declaration forms, the potential clients
disappeared.  
    Swiss banks also approached DBS on the hope they could
offload troublesome U.S. clients to a location that so far has
not been reached by the strong arms of Washington or Brussels.
    DBS said no thanks. In fact many private banks and boutique
advisors now seem to be avoiding U.S. clients.
    Will this spread to other nationalities, as governments
invest in tax spies and tax havens invest in white paint?
    Is this the end of offshore private private banking?

from Funds Hub:

Watch Pi Capital CEO David Giampaolo give his investment outlook

Giampaolo was speaking today at the London leg of the Reuters Hedge Fund and Private Equity Summit.

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from Funds Hub:

Watch hedge fund manager Colin McLean give his market outlook

McLean was speaking today at London leg of the Reuters Hedge Fund and Private Equity Summit.

from Funds Hub:

$3 trillion of hedge fund talent? “Absolute nonsense!”

The once-booming hedge fund industry has shrunk rapidly over the past 9 months to roughly $1-$1.4 trillion, as investors have pulled out their cash following some pretty lacklustre returns.

kfd05However, according to Mark Kary, chief executive of Polar Capital, the industry never really deserved to have grown to the best part of $3 trillion in the first place.

Hedge funds get that shrinking feeling

Photo

rtr1yerw.jpgThere’s no shortage of commentators lining up to opine on how much the troubled hedge fund industry is likely to shrink as the credit crisis unfolds.

So when someone talks about the industry being in “meltdown”, it is good to see they are backing up their dramatic views with some dramatic actions.

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