City bankers’ pay outstrips foreign peers May 17, 2010 SENIOR bankers in London can expect to earn twice as much as their Swiss counterparts, despite recent tax hikes. Financial recruitment specialist Selby Jennings said that even after factoring in the bumper 50 per cent tax rate for workers earning more than £150,000 a year bankers fare far better in the UK. A typical senior [...]
A job well done from Ernie April 26, 2010 WHEN Ernie Els was brought in to modify the greens at Wentworth it was done in the hope of attracting the top names to the PGA Championship. So when Padraig Harrington and Ian Poulter confirmed their entries for next month’s tournament, it proved a worthwhile exercise. Harrington has not featured in the last three PGA’s [...]
Grounded commercial flights create a boon for private jets April 20, 2010 A RAFT of private jet and helicopter companies have cashed in on the chaos generated by thousands of grounded commercial liners as they transported stranded business passengers to and from mainland Europe. Operators, including NetJets, Ocean Sky and Jet Aviation have seen the number of requests sky rocket as most of Europe continues to face [...]
FUND MANAGEMENT NEWS April 20, 2010 MORNINGSTAR RATES NEW FUNDS Fund information company Morningstar has just assigned ratings to four funds available for sale in the UK. GLG’s Japan CoreAlpha Equity fund receives an elite rating thanks to the experience of fund managers Stephen Harker and Neil Edwards who are “talented stock pickers who have put their long experience to excellent [...]
In the summer Switzerland’s mountains burst into life April 11, 2010 I’VE been skiing just once, when I was 11. My chief memories are of floundering in a snowdrift as my Austrian instructor sped off cursing my inability to stay upright, and the fact that by the end of the week I still hadn’t even mastered the snowplough. It really wasn’t for me. Since then, the [...]
CITY MOVES | WHO’S SWITCHING JOBS April 8, 2010 Merrill Lynch Wealth Management Nick Booth has joined the wealth management firm as a business development director within the Merrill Lynch Portfolio Managers division. Booth, who will be based in Jersey, will focus on ultra high net worth clients and trust companies in the Channel Islands, working closely with the wealth structuring and advisory teams. [...]
Resolution says deals will come after cash injection March 24, 2010 INSURANCE acquisition vehicle Resolution insisted its takeover strategy was on track as it announced a £180m boost to its war chest. Clive Cowdery’s firm yesterday used its first set of results since absorbing Friends Provident to allay investors’ impatience for another deal, which has caused its share price to slide since November. Describing Resolution’s demotion [...]
UBS gives its bosses £34m bonus packet March 15, 2010 SWISS bank UBS handed its senior executives SFr55m (£34m) in bonuses and awards in 2009, a large increase on 2008’s figure despite a third consecutive year of losses. Including base salaries, total compensation for the Zurich-based institution’s 13 board members reached SFr68.7m – more than seven times the sum paid out a year earlier. UBS [...]
CITY MOVES | WHO’S SWITCHING JOBS March 9, 2010 RBC Wealth Management Jonathan Gold is joining the wealth management firm, part of the Royal Bank of Canada, as a director in its London-based UK onshore business. Gold was previously a vice president at Alliance Bernstein Global Wealth Management. He specialises in tax-efficient investment planning, philanthropy, cross-border issues and charities. BoA Merrill Lynch The bank [...]
Bankers escape the City to avoid the UK super tax February 28, 2010 UP to 200 Credit Suisse investment bankers could be relocated to Switzerland in order to avoid the 50 per cent “super tax” implemented by the Government earlier this year. The tax covers bonuses awarded between 9 December 2009 and 5 April next year. Swiss newspaper NZZ am Sonntag also said UBS was considering a similar [...]