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Problems Currently Facing Fund Managers

Jan Straatman, Global CIO of Lombard Odier, made some interesting comments regarding the “problems” currently faced by fund managers, at the CFA Institute Fifth Annual European Investment Conference held in Prague, 18-19 October 2012 Although there have been a proliferation of new asset classes in the last two decades, the globalisation of the capital markets through company expansion and orchestrated multi-national monetary policy has reduced the diversification impact across asset…




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Swiss Tax Map

Red = negative deviation from the mean Blue = positive deviation from the mean White = neutral      


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Largest Coca-Cola Bottler in Europe Coming To Zug For Tax Reasons?

Coca-Cola Hellenic Group, one of the largest bottlers of The Coca-Cola Company’s products in the world, and the biggest in Europe is transferring its HQ from Athens to Zug, Switzerland. Coca-Cola Hellenic operations span 28 countries, serving more than 560 million people. The company was previously headquartered in Athens but had already been active in Switzerland with three bottling plants prior to the move, having started operations in Switzerland in 1936….


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Effect If Foreign Holding Companies Lose Their Advantageous Tax Status

According to the Canton of Geneva based on a CREA-Study (french), the effect, the decision to discontinue the advantageous tax status foreign holding companies enjoy, would be substantial and very negative for Genevas’ finances. Most of the holding companies that would be affected are active in the finance and trade sector. They employ close to 20k employees which is 8.1% of all jobs in Geneva. Yesterday I wrote: “Some small questions marks…


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Is the Property Market in Switzerland Forming a Top?

Real Estate in Switzerland is looking decidedly fully priced in absolute terms. People are paying these lofty prices with the same arguments I heard from people I was working with on the trading desk in London, shortly before the major correction across the UK struck and images of the demise of Northern Trust went around the world. 1. The population is growing 2. Space is getting rarer 3. Long term…


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Will Dividend Payout Hold Up Going Forward

Payout ratios in the US are at multi-decade lows, leaving room for increases while at the same time demonstrating relatively small downside potential, the above chart would suggest. This of course also applies to the equities we watch in Europe and Switzerland in particular. In the words of BlackRock: The key is to focus on companies with strong balance sheets, exposure to fast-growing emerging markets and a track record of dividend…