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3Q 2012





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Welcome to the Second Edition of the Options Group Private Wealth Management Perspective. In this issue we bring to you perspectives on the changing faces of Swiss offshore wealth management, the rise of the Asian offshore wealth management industry and the challenges facing all banks within this industry. Finally we address the ways banks need to adapt in terms of relationship management expertise and how this can be addressed from a human capital perspective. With this, and all future editions of Options Groups PWM Perspective, we welcome and encourage comments and discussion. This and subsequent editions will also be available on our website for download at

SwITZERLAND HAS BEEN SYNONYmOUS with wealth management and offshore tax shelters
since the country opened is first private bank in 1741.i Despite significant changes in the global economy since that time, Switzerland has retained its prestigious reputation, and continues to hold the largest share of high net worth assets globally. However, in recent years and accelerated by the most recent market downturn, the historic heart of private banking - lack of full disclosure and consequent underpayment of taxes has been subject to regulatory reforms which threaten Switzerlands leading position. Historically Swiss law took a somewhat liberal view towards tax evasion - it was not truly perceived as a crime. This, coupled with high end client services, attracted some of the worlds wealthiest and most discerning clients. They preferred that their assets not be heavily scrutinised by regulatory authorities, a situation which was afforded to them by the Swiss numbered account banking model. It also meant that Swiss banks were unable to assist authorities in any investigation. This is no longer the case. 2009 saw the beginning of legal action being taken against banks suspected of helping clients to hide money in Swiss accounts. The US Dept of Justice led the charge, levying a $780mn fine against a Swiss bank, in exchange for a deferred prosecution agreement and the provision of client details to the IRS.ii The domino effect of the US agreement meant that the UK, Italy, France, Germany, India and Australia all followed suit; attempting to persuade their wealthy citizens to report their offshore accounts in return for waived or lowered penalties, tax amnesties and immunity from prosecution. Some reports indicated that these attempts delivered billions of dollars in lost taxes. Since 2009, there has been a significant increase in the number of Tax Information Exchange Agreements (TIEAs) being signed. The TIEA was conceived as an agreement to promote international cooperation in tax matters through exchange of information, to address harmful tax practices.iii Between 2000 until 2004 only thirteen TIEAs were signed, however as a consequence of the economic downturn and ongoing repercussions, almost 500 have been signed in the last three years.iv Within these were a large number of so-called black and grey tax havens, including Bermuda, Bahamas, the British Virgin Islands as well as Switzerland and Liechtenstein.



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The Hidden Billions

Beginning with the collapse of Lehman Brothers in 2008 and the subsequent global market decline, governments have been more aggressively seeking ways to offset their growing deficits, including investigating any existing sources which may have been overlooked during better economic times. With good reason debt is at an all-time high, as illustrated below:

NATIONAL DEBT, 2008 - 2012 (wITH pROJECTIONS fOR 2013)

Source: OECD Economic Outlook No.91, OECD Economic Outlook, Statistics & Projections

Even the largest global economies have had to focus their efforts on identifying overlooked sources of revenue and garnering the attendant, politically-positive headlines, which could help them offset rising deficit. So why the focused attack on wealth management? As a comparatively small segment of the banking industry, it has come under intense scrutiny. One could perceive that it has been driven in large part by a media-peddled image - that of the super-rich who have, for generation upon generation, escaped paying their taxes and dues. So is this a fair illustration? Looking objectively at the figures, it is possible to see that there is some substance to the medias focus. According to a 2011 Booz & Company survey, deposits by Western UHNW and HNW individuals totalled CHF850bn of which an average of 61.5% was undeclared.v Broken down further; German deposits of CHF210bn included CHF126bn undeclared, from the UKs deposits of CHF60bn, CHF38bn is assumed to be Media perception was in fact reality; there were large sums of under-taxed assets which, though clearly not capable of bringing about the end to financial deficits and political woes, would address some of the general publics backlash against the wealthy, whilst adding some much needed money to the shrinking coffers. For example, as a result of the Italian tax amnesty in 2009, 80bn was raised from an estimated 500bn undeclared offshore assets.vii



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James Bowen Xiaofeng Zhong Thierry Mequillet Timon Tam Hang Rene Burgisser Akshay Jaitly Michael Blake Ranjit Khanna Dina Bsiesu Serge Fehr Stuart Milne Daniel Savary Pierre Pinel Thomas Egger Selim Feghali Cindy Chang Stella Lau Akos Kiraly Ian Pollock

Partner CEO Hong Kong and North Asia ex Japan CEO MD, Head Investment Consulting North Asia Head Private Banking Head NRI North Asia General Manager Asia Head Southeast Asia Managing Director, Middle East Head of Region Geneva, Domestic Private Banking CEO India Head EMME Chief Investment Officer & Head Strategist for PWM Partner Head of Office Segment Head, UNHW Greater China Executive Director, UHNW Director, UHNW Russia & CIS CEO

Agenda Invest Geneva Amundi Hong Kong Amundi Hong Kong Bank Sarasin Singapore Basler Kantonalbank Zurich

UBS London Credit Agricole Hong Kong Internal Promotion China Construction Bank Hong Kong Internal Promotion

BNP Paribas Wealth Hong Kong Axis Bank Hong Kong Coutts Hong Kong Coutts Singapore Credit Agricole Suisse Geneva Credit Suisse Geneva HSBC Mumbai Julius Baer Zurich Mirabuad & Cie Geneva Parkview Advisors Zurich Quilvest Geneva UBS Hong Kong UBS Hong Kong UBS Singapore VP Bank Singapore Internal Promotion Internal Promotion Standard Chartered Geneva Internal Promotion Internal Promotion Clariden Leu Zurich BNP Paribas Wealth Geneva UBS Zurich HSBC Geneva Credit Suisse Hong Kong Credit Suisse Hong Kong UBS Zurich VP Bank Hong Kong

SOURCES: ABS Alert, Alternative Investment News, Alpha Magazine, Asiamoney, Bloomberg, Bond Week, The Boston Consulting Group, BusinessWeek, Derivatives Intelligence, Dow Jones, eFinance, Euromoney, Financial News, Financial Times, Fortune, Investment Dealers Digest, New York Times, PE Week, Risk, Thomson Reuters, The Wall Street Journal, WealthBriefing

OpTIONS GROUp 2012/2013


To Be Released December 2012 Contact your Options Group Consultant for Details



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A swathe of regulations quickly passed in a number of jurisdictions, all addressing the tax evasion that was seen to be rife in the Swiss wealth management industry. France led the way; the government reached a revised tax treaty with Switzerland in August 2007, making it clear they would actively pursue Swiss bank account holders who did not regulate their tax affairs within a prescribed period of time. In the UK, Schedule 10 was appended to the Finance Act (2007), dealing specifically with penalties for nondeclaration or deliberate concealment of offshore income. The UK tax disclosure pact was signed with Switzerland in October 2011. This required UK citizens with offshore accounts in Switzerland to settle their outstanding tax bills in lump sum payments of between 19-34% of funds held. Germany passed a similar pact in September 2011 which was later amended in April 2012. The amendment offered those with significant tax amounts outstanding the opportunity to bring their affairs in order by means of voluntary disclosure or by making an anonymous single payment. By 2012, the effects of the additional pacts and regulations have forced the Swiss wealth management industry to make significant revisions to key tenets of its culture. These revisions have raised questions as to whether Switzerland can remain the global wealth management capital as a white money haven, particularly when it must now compete with the emerging East; Hong Kong, Singapore and Indonesia.

Historically the epicentre of wealth management, Switzerland has come under sustained scrutiny in the past few years; moving from being a haven for the wealthy to being tarred as a repository for billions in undeclared assets. In light of this shifting landscape, both Swiss and international banks have been forced to re-evaluate their business models, placing the emphasis on value added services and investment management. James Persse, Managing Director at the Geneva office of Barclays Suisse, comments, Swiss banks, and particularly those that focus on traditional European markets, have had to drastically change their business models to one of service orientation, execution excellence and asset management performance. This requires a shift in mentality from the inherent historic view of automatic Swiss banking superiority to one of competition with new wealth management jurisdictions. Persses comments are echoed by Alexander Friedmann, CIO of UBS. In a recent interview, he stated that the emphasis going forward for his firm will be on investment management. Friedman said; The core of this place is wealth management. So unless we outperform as investment managers, the business model has to come up with something new. viii Where UBS goes, others tend to follow. The importance of increased service for clients is similarly reinforced by Philip Harris, Royal Bank of Canadas Head of UK Wealth Management, who said that the three tiers of focus for the bank are wealth appreciation, wealth preservation and wealth distribution. Emphasising the brave new world of full tax disclosure and transparent wealth management Harris commented that business models are not predicated on tax avoidance. The focus will be compliant confidentiality; the setting up of legitimate structures rather than the cloak of secrecy used by other jurisdictions. When asked whether he thought that Switzerland would



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remain competitive Harris said, Yes it will have to be. Banking is one of its principal exports which Switzerland cannot turn its back on. A new order is being developed; Switzerland will not be foolish enough to stand in the way. According to the State Secretariat for Economic Affairs (SECO) (see table below) we can see that the Swiss banking industry contributed 10.3% of GDP in 2011.ix The significance of this contribution underpins Harriss sentiments.


Source: Swiss Banking Association

Retaining the Platinum Edge

Switzerlands private wealth management legacy and prestige is one of its greatest assets in the fight to retain dominance. Heiner Weber, Head of Geneva for Falcon Private Bank, said, Switzerland has unique strengths in operations, human capital, legal and economic environment. On the operational side I would like to highlight the quality of the IT systems and the SIX clearing system; the professionals adhere to a high standard, are service minded, multilingual, have a risk management culture and are used to working in different markets and booking centres. The paths that banks are following are twofold. First, an increased emphasis on onshore banking and second, carefully navigating regulatory line in terms of what can be offered to clients based on their jurisdictions. Between the demands of infrastructure, compliance and risk management, and staff retraining, operating costs have been on the rise and are expected to continue for the foreseeable future. To add further pressure on industry revenues, this increased emphasis on onshore banking has reduced its ability to offer offshore banking to US citizens. For example, as a consequence of the actions in 2009 of the US Department of Justice, a number of Swiss banks no longer provide any offshore facilities to US citizens.x Christian Bouille, Executive Director at Banco Ita on this topic, advised that the best available solution [for banks] is to think locally, establishing an onshore presence where they can get closer to clients [and] can provide services and financial solutions which are 100% compliant with local regulations. Indeed we are already seeing banks doing this. When asked whether there would continue to be a rise in offshore banking for emerging economies, his view was in the affirmative but, in a completely different way. Offshore banking has the importance of the diversification of risk and will be more connected to clients business needs...this is where offshore banking has the potential to grow.

Zurich Perspective
Simi Dhody, newly promoted Partner of the Private Wealth Management practice and head of the Options Group Zurich office, says there is a continued drive toward specialisation - in both market and expertise. New client coverage models require hires with strong investment competence and the ability to communicate effectively with clients. Given current market and global economic conditions things are likely to get


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worse before they get better - I believe that there will be significant consolidation and contraction as we face the regulatory and economic challenges ahead.

Bouille discusses his views on Asias wealth management future, bearing in mind that regulators are putting more and more pressure on the system, I cannot see Asia retaining its current offshore status in the long run. It is a booming market that benefits from huge commercial inflows from Europe and the US. Asia is building up expertise in private banking but I would say that their advantage is really on the commercial side. I believe that Switzerland will remain one of the most valuable private banking hubs in the world based on experience and flexibility. Bouilles emphasis on the experience and flexibility available in Switzerland mirrors the view expressed by all our Swiss-based commentators, both in terms of what Switzerland already has in place, and what changes need to be made for it to remain at the forefront of wealth management. Weber expands on this, I do believe that Switzerland is the preferred booking centre for UHNW families. It is true though, that the growth in Chinese or Asian centa-millionaires is staggering, and those new Asian UHNW clients will most likely book a large part of their assets in Asia.

Domestic Asian Growth

In addition to wealthy individuals seeking new jurisdictions in order to diversify, the boom and development in Asia has been underpinned by the emergence of a local middle class. Chinas increasingly liberalised approach to individual wealth has created conditions which have enabled the proliferation of millionaires. This will ultimately result in more even distribution of national wealth rather than a monopoly of superrich families, as in Russia post-1991. James Persse takes up this thread, ...currently services can be provided locally from Singapore meaning no need for services catering to Asian clients out of Switzerland. The nascent wealth management sector in Asia is ideally located to capture this local wealth rather than focusing all of its attention on attracting grey money. Philip Harris echoes this; with China seeing a growth of a middle class, a great deal more money is staying locally. No one is too late in terms of servicing that client base.






10,000+ 100+ 120+




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The International Impact of Asian Growth

According to the 2011 CapGemini/Merrill Lynch World Wealth Report, the wealth of the HNWI in the Asia Pacific region grew 9.7% in 2010 to over $2.8tn compared with Europes 6.3% growth to $10.3tn.xi It is clear why many wealth management firms have focused their expansion plans East. In 2011, a Bain and Company survey estimated that 60% of mainland Chinas residents with $15mn or more have either already left the country or have made plans to leave. Many of these families have already sent their children overseas to complete their education.xii The advent of the wealthy middle class in China may be of less benefit to Switzerland but could still be a positive for London. Harris said, London is still the global hub; London super-prime property is viewed by many international investors as better than T-Bills. Investor visas from Hong Kong and China are on the increase although as yet, no Chinese mortgage requests. We sense that this is only a matter of time; Kensington and Chelsea have long been the preferred pied a terre purchase locations for wealthy Russians; Chinese investors cannot be far behind. It hasnt happened yet, however - over the past 12 months, the main international buyers in London have been from Russia, India, Italy, the US and France, according to Knight Frank research.xiii Unsurprisingly, the local view of Asias strengths differs markedly from that espoused in Switzerland. Marco Bardelli, CEO Asia of UBI Singapore, states that, capabilities in main Asia offshore centres are now at best-in-class levels and the proximity to growth opportunities that lie within the region are also aspects that investors are taking into consideration. Contrary to certain expectations, regulations in the core Asian jurisdictions are increasingly convergent with the core aspects of regulations in Switzerland. Instead of becoming a grey money jurisdiction, Singapore especially is notable less for the differences in regulatory approach, than for its similarities with other global jurisdictions. On this last, Marcos view is, ...this will ultimately benefit customers but also those players who will quickly adapt in successful fashion to the upcoming new environment. Much like our European commentators, Bardelli believes that Switzerland could remain the worlds most important private banking centre, however, it will be just a matter of time before [Asia], and especially Singapore, will surpass Switzerland. A well defined regulatory environment is also giving Hong Kong and Singapore the necessary international recognition in order to be world class players.

As with any major shift within an industry, the competitors with the best talent have a distinct advantage. In this particular case, the evolving tax and regulatory landscapes have been a steep learning curve for all, and it would be difficult to say whether any one bank currently has an edge in terms of expertise. Despite the stresses and costs of adapting to this brave new world, banks must not lose sight of the fact that human capital is their most precious asset. It can be very tempting in such a risk-averse environment to shy away from making big hires, which can be perceived as potentially risky decisions. When a bank limits its hiring programme - fails to bring in fresh talent, revenue generators and business developers - this creates a stagnant business, which ultimately hurts morale and reduces profitability. Bardelli believes, the concentration of global functions of important players in the two hubs is a good catalyst for the attraction...of talent in this part of the world, recognising the continued importance of the human capital element. He continues more training will be a mantra for the years to come within the various HR departments, especially [for those on the] front line.



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Hiring at all levels is now typically taking significantly longer than pre-2007, as a result of both lengthened recruitment processes and increased due diligence by both hiring institutions and candidates. Whilst we applaud increased rigour in hiring - one of the keys drivers to ensure right fit for both sides - when taken to extremes this leads to unnecessarily drawn-out processes and increases the chance of losing a hire. A balance needs to be struck between due diligence, thoroughness and commercialism.

Key Trends
Options Group has seen a marked premium now being placed on client-facing bankers with highly developed technical and product expertise. Tax knowledge has been growing in demand, although as previously mentioned, tax was not typically the domain of banks, a thorough understanding of UHNW tax issues has become a necessary facet of any team in order to remain truly competitive. We are seeing an increase in compliance levels being ranked alongside major commercial achievements on the resumes of senior bankers. They must not only demonstrate the ability to attract assets, retain clients and develop a strong revenue stream; this has to be done whilst maintaining high compliance standards. Another growing trend is cross-selling. Banks are developing teams specialising in offering UHNW clients a broader portfolio of products and services including those traditionally offered to institutional clients. Private client commercial advisory and M&A teams - often joint ventures between the wealth and investment banking arms - continue to be developed across EMEA. Although certain institutions - Credit Suisse being a prime example - have embraced the one bank structure for some time, we have noticed recently other large wealth management institutions beginning to adopt this type of holistic approach. In a difficult hiring market, it is increasingly critical for firms and their search partners to work towards achieving short and long term goals. Heiner Weber has a strong view on this, ...for a recruiting bank, it is essential to be accompanied by the right executive search firm; which is for me a firm who has my interests at heart, which means a firm that is as interested as I am, that the candidates will be successful in my bank in the long term. That is the major characteristic Im looking for. We couldnt agree more. As the wealth management industry continues to evolve, search firms must also modify their approach, focusing on those candidates with the ability, skills and flexibility to effectively navigate both current and future challenges. These talents can require months or even years to identify.

We have witnessed significant changes in the wealth management industry over the past decade, particularly post-crisis. If we work on the assumption that Swiss banks change their model in the manner we have discussed; despite the wealth management industry in Asia continuing its expansion and providing stiff competition and challenge to the Swiss banking status quo, Switzerland should remain the global capital of wealth management. Currently the full impact of the growing population of millionaires in Asia has yet to be seen, therefore it is not yet clear whether there will emerge a new globally dominant jurisdiction. Swiss banks, in order to retain their leading position, must continue to create a new class of sophisticated private bankers with an emphasis on asset management and transparency. The key question remains, how do firms identify and attract these individuals?



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What change in compensation are private bankers expecting in 2012? What are the highest priorities when considering switching firms? How do your peers feel they have performed this year?
To see the answers to these questions, please take our survey. Click on the link below or copy and paste it into your browser. The survey takes no more than ten minutes to complete and in exchange for your participation,you can elect to receive the statistical results of the survey when released later this year. Instructions are provided at the end of the survey and all responses are anonymous.


Options Group, with fourteen global locations and dedicated private wealth management teams in Zurich, London and Hong Kong, bridges the gap between clients needs and candidate selection. Our specialists are dedicated private wealth management consultants with local expertise who leverage our global network to provide comprehensive unbiased information to our clients and our candidates. We believe that long term, fruitful working relationships with clients are built over time on trust, commitment and ready delivery of market expertise. Over and above traditional search work we provide our clients with a broad portfolio of services including market mapping, competitive compensation analysis and compensation forecasting. In addition to our Private Wealth Management Quarterly Perspective, Options Group publishes daily newsletters, quarterly hedge fund reviews, global candidate surveys and our Annual Compensation Report. Please contact your Options Group consultant for additional information.

The Rise of the Family Office: Options Group examines the principal differences and benefits of single family offices, multi-family offices and specialist family office units at full service banks from the perspectives of both clients and bankers. We will also discuss growth trends and our forecasts for these businesses in 2013.



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Simi Dhody - Partner, Private Wealth Management - Zurich Simi manages Options Groups Global Private Wealth Management Practice as well as the firms Zurich office. She has been in Zurich since 2002 and has several years experience within financial services executive search. Simi currently covers senior mandates in Continental Europe, the Middle East, UK, India, and Latin America. She began her career with the Oberoi chain of hotels and helped them set up their corporate marketing system across India. Simi attended St. Stephens College at Delhi University and graduated with an Honors degree in Economics. She also received a Post Graduate Diploma in Marketing Management from the Chartered Institute of Marketing in London. She is fluent in English, Hindi, and Bengali and is conversant in German and French. +41 79 501 0960 +44 7557 127 288

Lyssa Barber - Director, Private Wealth Management - London Lyssa is based in London and is responsible for private wealth management executive search, focusing on senior level, front office mandates in the UK, Europe and the Middle East. She joined Options Group with eight years experience in wealth management executive search and over 13 years experience across broader recruitment disciplines, including M&A, corporate finance and technology. She was previously head of private wealth recruiting at a boutique search firm. Lyssa holds a PGCE from Oxford University Dept. of Educational Studies and a BA (Hons.) in French and English. Geoff Bevan - Director, Private Wealth Management - Hong Kong Geoffrey brings with him over 5 years of specialist recruitment experience in the Asia Pacific Market and is one of the top 4 most recognized Private Wealth Management search consultants in Hong Kong and Singapore. Geoffrey has extensive executive search experience, initially with Hong Kong-based Morgan McKinley, where he was specializing in middle-office mandates. He later joined MRIC (Chinas largest Executive search firm) as the Head of Private Wealth Management for Asia. Geoff was most recently running the Hong Kong Private Banking practice of Execuzen and also heading the Asset Management business for Asia ex-Japan. He graduated with from Yonsei University and speaks English and conversational Korean. Elizabeth McLoughlin - Vice President, Market Intelligence - London Elizabeth has worked in executive search research since 2005 managing research Capital Markets, Investment Banking and the Buy Side across global financial hubs. Elizabeth joined Options Group in 2010 to help develop and build the EMEA Investment Banking business and is now responsible for the EMEA Private Equity business. She joined Options Group after working at the Omerta Group where she was responsible for FICC and Investment Banking across CEEMEA. She has a first class honours degree in Classical and Archaeological Studies from the University of Kent with a Masters (Distinction) in Historical Film Theory. +852 9853 8300 +44 7818 557 467



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In addition to executive search and market intelligence, Options Group, in conjunction with its specialist unit HR-Squared Consultants, provides clients with advice on strategic human capital demands. These include but are not limited to: Compensation Review & Benchmarking Headcount & Gender Analysis Global Recruitment Trends and Analysis Hiring & Onboarding Process Review
Jim Ward - Partner, Newport Beach Jim is currently an Executive Director and Head of Options Groups Asset Management practice, based in Newport Beach. Jim is also a Managing Director at HRSquared Consultants. Prior to joining Options Group in 2010, Jim served as Executive Vice President, Head of Human Resources for Pacific Investment Management Company (PIMCO). At PIMCO, his responsibilities included global supervision of executive search projects for a broad spectrum of financial services talent. Jim has over twenty years of experience in Human Resources, including domestic and international positions. Jim began his career with Salomon Brothers, where he held executive level positions in their New York, Tokyo and Hong Kong offices. During his seven years in Asia, he led the expansion of Salomons business throughout the Asia Pacific region. Jim holds a Masters Degree in HR Management from The University of Houston. He has written numerous articles on HR related topics and previously served on the Advisory Committee of the Center for Human Resources at Wharton. Amy Margolis - Senior Advisor, New York Amy Margolis joined Options Group as a Senior Advisor in December 2011 where she is helping to launch its Human Resources practice, HR-Squared Consultants. Prior to joining Options Group, Amy recently completed a consulting assignment with Prime Services at Credit Suisse where she was a part of the Advanced Prime Services Consulting Team. Previously, Amy spent 28 years at Merrill Lynch where she was a Managing Director and Head of the firms Global Markets Financing & Services Talent & Human Resources Consulting Group. In this role, she served as a senior consulting resource to Merrill Lynchs clients on a wide range of talent issues, including recruiting, training and development, compensation and benefits. From 1996-2002, Amy served as president of the Board of Trustees for the Susan G. Komen Foundation of New Jersey, and was its 2008 honoree for the annual Pink Tie Ball. She graduated from the University of Hartford where she obtained a BS in psychology and behavioral sciences. Stefan Agius - Vice President, London Stefan joined Options Group in 2010 as a member of the EMEA Equities Executive Search team, consulting our global sell-side and buy-side client base. He is also a member of HR-Squared Consultants. Prior to Options Group, Stefan co-founded Melita Associates, a boutique career and executive search consultancy firm focused on sourcing Equity Derivative Sales professionals from the major sell-side and buy-side financial services firms in Europe. Prior to this, he worked at Global Executive Search. Stefan began his career as a Senior Statistician at the National Statistics Office in Malta, focusing on analyzing data as well as drawing up and issuing reports assessing the agricultural situation in Malta in view of its EU accession in 2004. Stefan holds a B.Com (Hons) degree in Banking and Finance from the University of Malta, and an MSc degree in HRD and Performance Mgt. from the University of Leicester. +1 949 706 1096 +1 212 716 1481 +44 7526 214 418



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NB: 471 TIEAs have been agreed between 20th January 2009 and 15th May 2012, ctp/exchangeofinformation/taxinformationexchangeagreementstieas.htm

Carlos Ammann, Andreas Lenzhofer, Daniel Diemers, Stefan Kramer, Booz & Co. The Future of Swiss Offshore Private Banking, Accessing the Impact of the New Abgeltungssteuer-Abkommer (Withdrawing Tax Agreements) for Switzerlands Private Banking Industry? (2011)

Carlos Ammann, Andreas Lenzhofer, Daniel Diemers, Stefan Kramer, Booz & Co. The Future of Swiss Offshore Private Banking, Accessing the Impact of the New Abgeltungssteuer-Abkommer (Withdrawing Tax Agreements) for Switzerlands Private Banking Industry? (2011)

Italy Tax Amnesty Yields Record 80bn (23rd December 2009); Hidden Swiss funds must return in Italian tax amnesty (12th October 2009)

Elena Logutenkova, UBS Seeing Moat of Secrecy Run Dry Vows Results news/2012-08-20/ubs-seeing-moat-of-secrecy-run-dry-vows-results-to-lure-wealthy.html (21st August 2012)
viii ix

Lynnley Browning, UBS to pay $780million fine over offshore services business/worldbusiness/18iht-UBS.20289166.html (18th February 2009)
x xi

World Wealth Report (2011)

China Private Wealth Report, Chinas private banking industry: Competitions is getting fierce http://www. (2011)
xii xiii

We would like to acknowledge with kind thanks all the professionals whose valuable insights have made this piece possible.



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