Switzerland’s Global Share of Cross Border Assets Under Management

“According to the Swiss Bankers’ Association banks in Switzerland hold CHF 6.65 trillion ($6.5 trillion) in assets under management, of which 48 percent originated from abroad: this made Switzerland the world leader in global cross-border asset management, with a 25 percent share of that market”

“In 1713, long before Switzerland existed as a federal state, the Great Council of Geneva adoptedregulations prohibiting bankers, who were already harbouring substantial deposits belonging to European aristocracy, from revealing details about their clients.7 Catholic French kings, among the earliest known clients of Geneva banks, enjoyed these banks’ traditions of secrecy partly because they did not want to be seen to be dealing with ‘heretical’ Protestant bankers. A centuries-old tradition of ‘unlimited liability’ – where partners were personally liable for bank losses – further bolstered their reputation for solidity”. Link

source:chrome-extension://oemmndcbldboiebfnladdacbdfmadadm/http://www.financialsecrecyindex.com/PDF/Switzerland.pdf

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