New Jersey's high taxes drive out wealthy residents, slowing the state's
recovery, said Charles Steindel, the treasury department's chief
economist.
Credit Suisse Group AG told U.S.
clients it is giving confidential client account data to the Swiss tax
authorities, who will decide whether to disclose it to the Internal
Revenue Service.
North America's super rich will outnumber Asians with a net worth of at
least $30 million for the next 20 years, according to a report from
Wealth-X.
A $40.4 million Gustav Klimt painting underpinned a rebound in art
auctions as Sotheby's sold $200 million of Impressionist and
modern works, beating a sale the previous day by Christie's.
by
Jim McConville
UBS Wealth Management Americas (WMA) announced today that the Desai
Group has joined the firm's Private Wealth Management (PWM) office in Chicago.
by Bruce W. Fraser
In the often cloistered world of private equity, a subtle but major
shift is occurring in the balance of power between general and limited
partners.
Wells Fargo & Co., the fourth-largest U.S. bank by assets, is
courting families worth $50 million or more with the start of its Abbot
Downing advisory unit.
Home prices in the Hamptons, the Long Island beach towns that attract
summering Manhattanites, surged 22 percent in the third quarter from a
year earlier as demand climbed for luxury properties.
Swiss banks will probably settle a U.S. offshore tax
evasion probe by paying billions of dollars and handing over names of
thousands of Americans, according to people
familiar with the matter.
Martin Frankel's 17-year prison sentence for looting $209 million from
seven U.S. insurance companies was upheld by the federal appeals court
in Manhattan.
Hurricane and earthquake "peak risks" avoided by reinsurers offer an
opportunity for investors willing to fill the gap, according to a hedge fund specializing on insurance-linked investments.
A sculpture of 100 fish by Damien Hirst was snapped up with a price tag
of $2.8 million. A Takashi Murakami painting of a Chinese lion dog also hit the $2 million mark in
Paris.
The number of family offices is set to triple in Asia within the next
decade, outpacing growth in other regions, according to Citigroup Inc.
Raj Rajaratnam, the Galleon Group LLC co-founder whom prosecutors called
"the modern face of illegal insider trading," was sentenced to 11 years
in prison, one of the longest terms ever for insider...
Howard Buffett, the son of
Warren Buffett, said Wall Street protesters were provoked by abuses
from corporations amid a widening disparity between rich and poor.
Billionaire collectors are gathering for the contemporary-art market's
latest test as volatile financial markets threaten to slow big-ticket
spending.
Harvard University lost its top spot for the first time in eight years
in a global ranking of higher education institutions, being overtaken by
the California Institute of Technology.
by
Karen DeMasters
Risk Paradigm Group (RPg) is launching a family wealth advisory business
and offering a new fund to complement its existing offerings.
Equilar, a provider of executive compensation data, is offering those
who manage money a social-networking tool to attract high-net-worth
clients.
UBS AG may struggle to regain its position as the world's biggest wealth
manager after the $2.3 billion trading loss at its investment bank.
