UBS wraps most of its wealth management business into Frankfurt hub December 1, 2016 UBS today revealed it is consolidating the majority of its wealth management business into one legal entity in Frankfurt. The move will merge together the Swiss banking giant's subsidiaries across Germany, Italy, Luxembourg (which included the branches in Austria, Denmark and Sweden already), the Netherlands and Spain. UBS hopes the move will help to simplify its [...]
City Moves for 1 December 2016 | Who’s switching jobs December 1, 2016 NEON Neon has appointed Geoff Riddell as its new non-executive chairman. Geoff brings with him over three decades of experience in the international and London insurance markets. He is currently chairman of Pool Re, having joined its board in 2015. He previously held several senior managerial roles at Zurich, where he was chief executive and [...]
Switzerland has voted against plans to abandon nuclear power by 2029 November 27, 2016 Switzerland has rejected plans to quickly phase out nuclear power generation. Voters went to the polls in a referendum today to vote on whether to limit the age of nuclear power stations to 45, effectively banning them by 2029. Swiss voters were projected to have rejected the plans by 54 per cent to 46 per cent, [...]
Charles Taylor snaps up two of Zurich’s life books but its shares plummet November 22, 2016 Shares in Charles Taylor fell over 13 per cent today after its purchase of two of Zurich's £323m life assurance businesses failed to impress investors. Announcing the acquisition today, the insurance services provider said the purchases – of Zurich International Life Limited and Allied Dunbar International Fund Managers Limited – were part of its strategy to make "tactical [...]
Spirit of the financial age – 30 years after the City’s Big Bang October 27, 2016 The Big Bang City revolution of 1986 — exactly thirty years ago — was a game-changer that allowed the City to become not only de-regulated but a brave new world of graduate opportunity. Today, it is very different: with much tightened regulation, tough new ‘ring fencing’ of the old casino banking system (separating investment banking [...]
Credit Suisse and Italian authorities agree to settle after offshore transfer investigation October 21, 2016 Credit Suisse has paid €110m (£98m) to settle allegations by Italian prosecutors that it helped clients divert undisclosed funds to offshore bank accounts. Italian authorities believed that the Swiss bank had helped some 13,000 clients transfer up to €14bn abroad using certain insurance products. An investigation has been running since 2014 and under Italian law today's settlement does not constitute an [...]
Audi Q2 review: specs, handling, engine, comparisons – the lowdown on the new mini Q7 October 3, 2016 You probably know about the Audi Q7, maybe you even drive one. Designed to offer Americans a cultured way to get around in a four-wheel-drive SUV, the big Audi ticks all the boxes, including the one that still defines an enduring attitude to cars in America: biggest is best. Of course, the Q7 is totally [...]
These universities have been ranked as the world’s best (and the UK wins) September 21, 2016 Britain’s boffins may find time to vacate their libraries and science labs this evening – for they have reason to celebrate. The University of Oxford has become the first UK institution to top the Times Higher Education’s (THE) World University Rankings table, leapfrogging a US rival. Oxford knocked five-time champion California Institute of Technology into [...]
Beta version of pensions dashboard due by next March after Treasury signs agreement with 11 largest insurers September 11, 2016 A prototype of the government's long-awaited pensions dashboard is due to be ready by March next year, after the UK's biggest pension providers gave the project a green light. The Treasury has secured an agreement from the 11 groups, including Aviva, HSBC, Royal London, Standard Life and Zurich, to build the prototype, while the Association [...]
City Moves for 9 September 2016 | Who’s switching jobs September 9, 2016 UBS Asset Management UBS Asset Management has appointed Pedro Coelho as head of UBS ETFs Spain. In his role, Pedro will be responsible for business development for ETFs and will aim to grow and strengthen the professional client relationships in all key market segments. Pedro started his career in the financial sector in 2000 in Lisbon and before [...]