- Managers of Wealth - Europe - Wealth, private banking and asset management news and opinion

UBS traders fined £1.3m for unauthorised trading

UBS rogue traders Sachin Karpe and Laila Karan have been fined £1.3m and banned from working in the City for carrying out billions of pounds of unauthorised trades.

7IM: Third party model portfolios threatened by FSA rules

Sheridan, chief executive of 7IM, said that under the FSA’s paper on centralised investment propositions (CIPs) if an adviser puts a client in a DFM-provided model portfolio they need either discretionary authority or the client needs to sign an agr

Proskauer hires Dewey City steering group duo

All three partners were in the Dewey team acting for creditors of bankrupt financial derivatives broker MF Global, with this ongoing instruction cited as a cue for their decision to join Proskauer together.

UK Bribery Act – There's a New Constable in Town

He has taken office promising, in remarks to the Financial Times, to "rebalance the relationship between prosecution and civil settlement" and focus on "strategically significant cases". This would suggest a departure in approach from

Jailed fraudster Michael Brown's links to Pritchard Stockbrokers

Fraudster and Lib Dem donor Brown controlled broker linked to former Rangers owner Craig Whyte during his 2005/06 crime spree

Barclays backs RBS share deal for voters

Barclays is known to have discussed the plan with UKFI, which manages the Government’s stakes in the two banks, and it is also known that the Treasury is aware of its involvement.

Analysis: HSBC victory in UK case a relief to money-laundering monitors

Wednesday's High Court judgment is also a relief to financial firm professionals who feared the impact of a Shah victory on their processes for suspicious activity reporting.

Northern Rock sale costs $762m on taxpayers

Making the bank back into a customer-owned lender or selling the shares would have made less money, it said.

Serious Crime Office 'offered to drop investigation of property tycoons in return for donation'

Property tycoons the Tchenguiz brothers were told that a criminal investigation against them would be dropped if they made a multi-million pound donation to charity, it has been alleged.

FSA crackdown on Ucis to hit private wealth management hardest

The UK Financial Services Authority's (FSA) draft of new regulations preventing unregulated collective investment schemes (Ucis) being marketed to retail investors will have most impact on the UK private wealth management sector, according to market

JP Morgan hit by lawsuit over 'clandestine conversion' that caused $2bn trading loss

Jamie Dimon, JP Morgan’s chairman and chief executive, and Douglas Braunstein, the bank’s finance director, are accused of breaching fiduciary duty to investors and wasting the bank’s assets in a suit filed in New York by Californian sha

Lloyds Banking Said to Suspend Two Traders Amid Libor Probe

Foreign-exchange derivatives trader Alexandre Dube and interest-rate derivatives trader John Argent, both based in London, were sent home about two months ago, said the people, who declined to be identified because they weren’t authorized to discuss

BNP Paribas CEO open to new regulation -Le Monde

BNP Paribas' chief executive told Le Monde newspaper he was open to regulatory reforms advocated by Socialist French President Francois Hollande, saying they could help bolster public support for the country's much maligned banking sector.

BGC executive banned from City over dishonesty concerns

The FSA believes that he is not a fit and proper person due to concerns over his honesty, integrity and reputation.

LG bolsters real estate team with hires from Herbies and Linklaters

Innes-Taylor has been at Linklaters since 1986, making partner in 1995, and focuses on the acquisition, funding, development, letting and disposal of all types of commercial real estate.

FSA fines Swiss private bank £525k for money laundering failings

Failure to take reasonable care to establish and maintain adequate AML systems and controls went on for three years, the FSA said, and the firm was exposed to an ‘unacceptable’ risk of money laundering.

Money laundering: 'Swiss 5 times faster'

Swiss government's official agency for monitoring money laundering cases has said it replied within an average of five days to inquiries from Financial Intelligence Units (FIUs) of foreign governments in 2011, but the average response time for its ow

Occupy London protesters target British Bankers Association

The activists, who were marking a year since the start of the Spanish protest movement called los Indignados, rolled a makeshift dice to decide which banks to visit during the day. Last year, los Indignados occupied plazas across Spain in opposition to au

Italian Property Tax Slammed As 'Odious And Inequitable'

Rinaldi pointed out that, in most cases, those Italians “have made sacrifices and earned money for Italy through their remittances.” He added that, in Parliament, MEPs are hearing the profound dissatisfaction of Italians around Europe.

Swiss bank whistle-blowers said to have handed over data to UK

The authorities are examining the data before writing to U.K.-resident account holders and sharing the information with other countries, said the people, who declined to be named because the matter is confidential.

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