Wire
FT: Liechtenstein offering amnesty
Prince Max of Liechtenstein is enticing wealthy investors up and down Britain to come clean over assets hidden abroad by promoting his tax haven's "unique and attractive" amnesty.
Reuters: Rothschild plans to double
LONDON (Reuters) - Anglo-French banking group Rothschild ROT.UL plans to at least double the size of its British private banking arm following an aggressive hiring spree of senior bankers poached from Morgan Stanley's wealth division.
Tel: Billion-dollar hedge funds fall 15%
London's share of the hedge fund "billion dollar club" has dropped by more than 15pc since last year, despite the sector's recovery in recent months.
WBrief: Credit Suisse CEO on 'stolen data'
Credit Suisse’s chief executive has said he was not aware of any theft of client data that could have brought names of the bank's clients into the hands of German tax authorities, according to a newspaper interview over the weekend.
Bloomberg: Deutsche looking at ex-pat Indians
March 4 (Bloomberg) -- Deutsche Bank AG, Germany’s biggest bank, plans to double the assets it manages for wealthy Indians living overseas to $10 billion in three years and will hire more bankers in Asia to capture the growing market.
FT: HMRC to name tax evaders
A fresh assault on tax evasion has been launched by HM Revenue & Custom after new legislation allowing the publication of names and details of individuals and companies came into force on Wednesday.
WBrief: Schroders PB profits down 50%
Profits at the private banking arm of Schroders, the London-listed firm, slid by almost half to £20.1 million (around $30.3 million) in 2009 from £39.7 million in the previous year, hit by provision for doubtful debt, it said today.
Times: Prokhorov loses £36m deposit
A lump sum of €40 million (£36 million) will buy a sumptuous mansion on the French Riviera. Russia’s richest man lost that amount — and a lot of face — yesterday when a court refused to return his deposit on the grandest villa of them all.
Reuters: Sarasin profits up 6% '09
ZURICH, March 2 (Reuters) - Private bank Sarasin (BSAN.S) set ambitious new targets for assets under management after booking a 6 percent rise in full-year profit as it attracted new client money from embattled rival Swiss wealth managers.
WBrief: HSBC PB profits down 21%
The private banking division of HSBC, the UK-listed bank, said today that its pre-tax profit for 2009 was $1.1 billion, a year-on-year fall of 21 per cent.
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Q
I am growing increasingly worried about the effect of inflation on my portfolio, following the recent announcement that the CPI has risen sharply to 3.5%. What is the likelihood of significant inflation in the coming year and what strategies should I put in place to plan for this?
A
Firstly, it is important to note that inflation and deflation can co-exist within an economy. The CPI only indicates the net inflation/deflation. However, investors need to know what parts of the economy are inflating and what parts are deflating as this decides whether there is net wealth creation or net wealth destruction.
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