The exchange of the asset Manager Iqbal Khan (43) from Credit Suisse to UBS gives rise to speculation: Builds, UBS CEO Sergio Ermotti (59) him to be his successor?
Because the New one has a decisive advantage: Khan can AIA. No Banker in Switzerland can deal with the automatic exchange of information (AEOI) is better than he is. No one knows precisely how a major Swiss Bank to survive in the age of the AIA.
The international Agreement required the banks, the tax authorities all the accounts of the customer with foreign residence to be disclosed. With the AIA buried the Federal Council and Parliament, the Swiss Bank secret. Into force the law entered into force at the beginning of 2017. By the end of 2018, the banks had time, the data of their foreign customers, to gather and report. Meanwhile, the AIA is in full swing.
From a Nobody to the head of the wealth management
Just as the Parliament of the introduction of the new rules in 2015, agreed to, made the CS Iqbal Khan at the head of its International asset management. It was a Surprise: The Swiss of Pakistani descent was in the Banker scene is a Nobody.
But he was a qualified accountant and had worked at the consulting firm Ernst & Young as head of Financial Services, and he had a Master’s degree in international economic law – exactly the right conditions for what the CS-to-peak expected from the future head of their Wealth management, asset management.
the change of strategy in the CS
It was the time when the new Credit-Suisse-CEO Tidjane Thiam made a change in strategy away from investment banking was back to the core business of asset management. To successfully get this done, had to be the end of banking secrecy, and the upcoming introduction of the AIA taken into account. Was CS President Urs Rohner aware of – he had worked for several years as a lawyer in the United States.
The Computer of the Credit Suisse ran into this time is hot, in order to identify all the assets that were affected by the exchange of information.
And in the middle stood the young Iqbal Khan. Since 2015, he proven the right way to deal with the AIA, as well as rising regulatory requirements and the global asset management the CS on it.
, Only 40 percent of foreign assets
The effects of the AIA were steep. A study by the University of Zurich from the year 2015, showed that the discussions about a possible exchange of information led to the deduction of foreign assets.
When it was clear that the AIA comes from flowed more and more money from Swiss Bank accounts, the customers from over 100 of the AIA participating States included. 2015 earnings in Swiss Bank accounts, 60 per cent of foreign assets, today there are still 40 per cent.
The introduction of the exchange of information not only to foreign assets of Swiss banks went. There are also deposits of Swiss customers returned, they had parked in foreign banks. Because the disclosure obligation applies to all AIA-countries. It was pointless to hide assets in Luxembourg, Liechtenstein or the Caymans before the Swiss tax administration. So, back fins, and to a great extent. Because by the end of 2018, these assets could be by means of supplementary taxes legalize. Alone, these payments included, finally, the handsome sum of 50 billion francs.
Successfully through the delicate phase of adjustment, the controlled
The return of domestic assets in Swiss vaults cushioned the outflow of foreign assets, something. But because the Swiss market is limited, the international asset management Central. And it is precisely in this area, the introduction of the AIA, is a core theme.
Iqbal Khan has managed to control the CS successfully through the difficult period of adjustment. Even more: It increased income and pre-tax profits massively.
UBS was, however, especially with the controversial merger of their American with the global asset management was the talk of the.
asset management as a problem child for investors
Although they managed a total of very many assets, but the revenues are stagnant: The core business of asset management has become the problem child of the investors.
Iqbal Khan has change in Hand, the to.
Because he has great experience in how to make without Bank secret profits.