Latest issue of Campden FO: Is banking secrecy over?

What do you do if you’ve got a spare $2 trillion and want to deposit it somewhere safe? You might chose a financial sector based on size and opt to bank it somewhere like New York or London. If you’re in Asia, you could go for Singapore, Hong Kong, or even Tokyo. Miami might be popular with some Latin Americans, and Dubai if you’re in the Middle East.

But none of those places have the same security, confidentiality, financial expertise and downright élan of Switzerland. Hardly surprising then that $2.1 trillion of global wealth has been banked with Switzerland-based financial institutions, making the Alpine nation the biggest offshore centre in the world.

That all sounds simple but unfortunately, it isn’t. Switzerland’s financial sector is under scrutiny more than ever due to its renowned banking secrecy – one of the main reasons it attracted so much money in the first place. Covert accounts have already caused the collapse of one bank and startled others into cleaning up their act. Most of the country’s big banks now think banking secrecy as we know it is over.

This quarter’s CampdenFO looks at how the Swiss financial service’s sector is coping with the phasing out of banking secrecy. And asks whether this upheaval is a game changer for the country’s key industry. Switzerland is also the focus of this quarter’s philanthropic feature. No other country in Europe can boost as many foundations per capita as Switzerland and the sector is booming.

As a corollary to the Swiss financial sector article, CampdenFO also has a special focus on offshore centres and looks at how they are adapting to a world demanding greater transparency.

We bring you two profiles on family offices in this quarter’s FO, with a feature on the new relationship between LGL Partners and Forbes Family Trust, and one on Paris-based Quilvest.

This quarter, our investment section takes a look at distressed debt. There is a lot of this asset around these days and some investors reckon there is money to be made from it. 

Launched in 2008, CampdenFO is the only global magazine dedicated to covering the growing market of private single and multifamily offices.

Published quarterly, CampdenFO is quickly setting the agenda in this hard-to-reach space by examining current trends, governance and investment best practice, wealth management and exclusive interviews with influential family offices. CampdenFO is a controlled circulation publication that is delivered exclusively to 5,500 qualified single and multi family offices.