Word: swiss
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...million, 200 million or half a billion years later, you get a series of snapshots. Combine them, says Loeb, and "you'll be able to make a 3-D picture of hydrogen gas as the universe evolves. At some point, you'll start to see holes, like Swiss cheese," as the gas clouds become ionized and transparent. Precisely how the holes grow and merge over time will help determine whether the clearing out is being done by small galaxies, big black holes or something entirely different--and depending on which it is, some theorists could be vindicated and others refuted...
...largest financial institutions?among them HSBC, UBS and Citigroup?are expanding their Singapore presence. Credit Suisse, for example, currently employs roughly 500 private bankers in Singapore, more than any place outside Switzerland?and the bank has plans to hire 100 more this year. Bank Julius Baer, the venerable Swiss private bank, has similarly high expectations. "We're trying to position Singapore as a second leg [after Zurich] to our operation," says Thomas Meier, head of the company's private-banking arm in Asia. Says Didier von Daeniken, head of private banking for Credit Suisse in Southeast Asia: "The [Singapore] government...
...That doesn't mean that legions of rich Europeans are suddenly closing their Swiss accounts and moving their money to Singapore. After Switzerland implemented the withholding tax, "very little happened in terms of asset migration," says Sebastian Dovey, managing partner of Scorpio Partnership, a London-based consultancy to the wealth-management industry. "The big gain for Singapore is not to take assets away from Europe," he says. "The big gain is to attract assets from within its own region. And [Singapore] is doing that tremendously." For now, though, it still has a long way to go before it can claim...
...rosy future: Citigroup Private Bank, a division of U.S. financial-services giant Citigroup, says it has already captured half of Asia's approximately 88 billionaires as clients, even as it launches operations in the relatively untapped markets of China and India. Also expanding their Asia footprints are Swiss behemoths such as Credit Suisse and UBS. The latter, which is already the world's largest private bank with $1.32 trillion in assets under management, had just 153 private bankers in Asia Pacific six years ago; earlier this year that number reached 600, most of them working in Hong Kong and Singapore...
...Last year, Asia's HNWIs were worth a total of $7.6 trillion, according to Merrill Lynch and Capgemini. That large number belies popular misconceptions about the private-banking industry. To the uninitiated, private banking is an exclusive little world of secret Swiss bank accounts and starchy "wealth advisers" plotting corporate takeovers and tax dodges with their superwealthy clients over lobster and Ch?teau Margaux. While the banks do offer many perks, it is no longer such a rarefied niche market. For many financial institutions, private banking is increasingly crucial to the bottom line. For example, 46% of Credit Suisse's pretax...