Citywealth News

09 Mar 2010

New trust legislation offers flexibility and will benefit future generations, says law firm Boodle Hatfield

The Perpetuities and Accumulation Act 2009 comes into force on 6 April 2010 and lifts the restriction on the accumulation of trust income, which is currently restricted to just 21 years in most cases. From 6 April, new trusts will be permitted to roll up trust income throughout the lifetime of the trust, with no requirement for the trustees to distribute income to the beneficiaries. Read more...

09 Mar 2010

Merrill Lynch Wealth Management: the worst is over for Greece?

It is possible that the worst is over for Greece. Some good news emerged last week as the Greek government managed to sell €5 billion of new debt in 10-year maturity bonds. Part of the reason for the relative success of the issue was the Greek government’s announcement of additional budget austerity measures. Read more...

08 Mar 2010

Citywealth survey 2010 - losses more in Switzerland

“There is a feeling that London is the best at what they do, and that the wealth industry has an unmatched strength and depth which is difficult to beat which has been largely true historically, but things are rapidly changing. For those looking for growth, and wealth creation opportunities, in the old economies of the West this is forecast to be sluggish in the coming decade. By contrast, in the Middle East and Asia and other emerging parts of the world the growth is forecast to be high. So, the axis is shifting inexorably Eastwards so inevitably will the wealth management industry." Read more...

08 Mar 2010

Guernsey sees funds business increase in first quarter after drop

“We can continue to be cautiously optimistic about our funds sector,” said Peter Niven, Chief Executive of Guernsey Finance. Read more...