FT: Swiss pres presses US to stop UBS pursuit

WASHINGTON, April 25 – Swiss President Hans-Rudolf Merz asked US Treasury Secretary Timothy Geithner on Saturday to drop a legal case involving clients of UBS bank in return for a new tax accord the two countries are about to negotiate.

From the Financial Times:

Mr Merz told reporters the new tax agreement would need to be adopted by lawmakers in both countries and perhaps be put to referendum in Switzerland, where it could stumble if the US tax evasion case was still hanging over UBS.

Wealth

Will California’s ‘billionaire tax’ trigger an UHNW exodus? Wealth managers weigh in

As trillions move to the next generation, GCC families face unprecedented pressure to plan succession sooner rather than later

Wealth

Succession planning in the GCC: Experts warn families can no longer afford to delay

Panellists at the Spear’s Summit highlight Abu Dhabi’s growing appeal as a base for family offices managing capital and making day-to-day investment decisions

Wealth

Abu Dhabi’s family office boom: why the emirate is attracting active global investors

Mr Merz, who met Mr Geithner in Washington on the sidelines of the International Monetary Fund’s semi-annual meetings, told reporters Mr Geithner understood the point and said he would consider it, even if he could not reply immediately.

To read the full story, visit ft.com