Asset management for U.S. clients
Swiss asset managers are being forced to rethink their strategies in the face of increasing pressure from U.S. tax authorities. Specialists looking to continue and expand their activities in the U.S. have joined forces to set up the Swiss Registered Investment Advisor Association (SRIAA).
Benedikt Kaiser (Partner, Kaiser Partner) with Michael Burkhard (SRIAA Chairman) in “Private — Das Geld-Magazin”:
“In April 2007, former UBS investment advisor Bradley Birkenfeld provided the United States Internal Revenue Service (IRS) with detailed information on thousands of offshore accounts operated by his bank in which wealthy Americans had hidden their assets from the taxman. This triggered the UBS tax evasion scandal, which initially led to UBS surrendering data on 4,450 clients to the U.S. government and being fined USD 780 million. Shortly after that…”
Read the full article in German Vermögensverwaltung für US-Kunden Private – Das Geld-Magazin (04-2015).