Switzerland’s initiative to cap immigration will damage Swiss wealth managers’ chances of maintaining open access to European Union markets, according to Nicolas Pictet.
Pictet & Cie. Group SCA, Switzerland’s largest closely held private bank, has opened a branch office in Munich as part of a move to expand business with German clients.
Safra Group’s Swiss unit said it wants to grow in Switzerland after acquiring Bank Sarasin, a private wealth and asset manager.
Pictet & Cie and Banque J. Safra, two Geneva-based private banks, were sued for $216 million by the trustee liquidating the former investment firm of con man Bernard Madoff .
A popular vote that may force Switzerland’s government to enact limits on foreign workers would weaken the pool of talent for Swiss financial-services companies, according to a bank lobby group.
H. Ty Warner, the billionaire creator of Beanie Babies plush toys, pleaded guilty last month to evading taxes on secret Swiss bank accounts that held as much as $107 million.
Swiss private bank Pictet & Cie was sued by Saudi Arabian company Al Rushaid Petroleum Investment Corp., which said its employees got help from the bank in a bribery scheme.
UBS AG, the world’s biggest wealth manager, is targeting millionaire clients in oil-rich Nigeria and Angola as Swiss rival Credit Suisse Group AG withdraws from some African markets.
Pictet & Cie, Switzerland’s largest closely held private bank, was used by three Americans charged in a scheme to hide millions of dollars in assets from U.S. tax authorities, prosecutors said.
Swiss banks, the haven of choice for the wealthy until last year’s purge against financial secrecy, are winning funds as mounting debt in Europe spooks investors.