Its a common question for all ''How swiss banks works' ? Here is the description about the SWISS BANKING which gives powerful information about all the structures and business. Content includes start up and present scenario about the banking in swiss.
Its a common question for all ''How swiss banks works' ? Here is the description about the SWISS BANKING which gives powerful information about all the structures and business. Content includes start up and present scenario about the banking in swiss.
Investor Presentation Caixa Geral de Depósitos
- Long Term Commitment to the Portuguese Economy and Society
- Customer – Centered Business
- Support the Corporate Sector, Strong Focus on SME
- Promotion of Human Talent and Teamwork
- Highest Ethical Standards
- Innovation
- Social Responsibility and Global Sustainability
In this 6th edition of Capital V we bring you the views of three entrepreneurs from a sector that is pointed out by many as the way forward to Luxembourg: Fintech.
Given the need for diversification the country faces, Fintech is seen by many end result of Luxembourg’s many useful features: very high-speed internet, secured data centres and a unique Financial sector’s know how.
Are we ready for the shift in mindset that this will imply? Will the more traditional practices welcome this new world? If we want to continue to be a leader in finance, the answer must
be “yes”.
LPEA is also changing! Along with the celebration of our 5th anniversary, we are rolling out a new logo that represents our positioning and Luxembourg’s PE/VC toolbox.
Enjoy the reading.
Montello Real Estate Opportunity Fund Institutional June FactsheetMontello
The Montello Real Estate Opportunity Fund is a Luxembourg regulated SICAV-SIF, set up in partnership with some of the top names in the industry. CBRE will act as transaction manager, while Luxembourg Fund Partners and Apex Fund Services are assisting with the operation and administration. PwC will audit the Fund and ABN AMRO is the custodian bank.
Capital V #9 Swancap: Seeking Every Opportunity for Higer ReturnsLPEA
Featured articles:
About the LPEA Insights: 360 GP View
News: Deals / Brexit / EQT Ventures Fund
Enovos & CREOS launch new Corporate VC
Private Loan Funds
Private Equity's Business Model is changing
Interview Swancap (COVER)
Shortcomings in Buyout Firm’s Self-evaluation of their Performance
Tax: Permanent Establishement for AIF Managers
IT Tools for PE Professionals
Climate Finance
Region Profile: Africa
Lifestyle: Marathon in Luxembourg
Photo Gallery
Market Figures
Events’ Calenda
This event will cover the trading and investment opportunities between Liberia and Sweden as one of the all-important events in recent years between Liberia and Sweden.
Bankmed DIFC 2016 Conference Presentation by Bruno Gremez and Samir Kasmi of ...Bruno Gremez
Joined presentation by Bruno Gremez of CT&F and Bankmed at DIFC about impacts of oil developments on the region and the opportunities it offers Dubai as a trading hub.
In this presentation Wouter Debeyne share information about how the UK Trade & Investments brings together the work of the Foreign & Commonwealth Office and the Department for Business, Innovation and Skills, through commercial Officers based in most Embassies, Consulates and High Commissions around the world
Investor Presentation Caixa Geral de Depósitos
- Long Term Commitment to the Portuguese Economy and Society
- Customer – Centered Business
- Support the Corporate Sector, Strong Focus on SME
- Promotion of Human Talent and Teamwork
- Highest Ethical Standards
- Innovation
- Social Responsibility and Global Sustainability
In this 6th edition of Capital V we bring you the views of three entrepreneurs from a sector that is pointed out by many as the way forward to Luxembourg: Fintech.
Given the need for diversification the country faces, Fintech is seen by many end result of Luxembourg’s many useful features: very high-speed internet, secured data centres and a unique Financial sector’s know how.
Are we ready for the shift in mindset that this will imply? Will the more traditional practices welcome this new world? If we want to continue to be a leader in finance, the answer must
be “yes”.
LPEA is also changing! Along with the celebration of our 5th anniversary, we are rolling out a new logo that represents our positioning and Luxembourg’s PE/VC toolbox.
Enjoy the reading.
Montello Real Estate Opportunity Fund Institutional June FactsheetMontello
The Montello Real Estate Opportunity Fund is a Luxembourg regulated SICAV-SIF, set up in partnership with some of the top names in the industry. CBRE will act as transaction manager, while Luxembourg Fund Partners and Apex Fund Services are assisting with the operation and administration. PwC will audit the Fund and ABN AMRO is the custodian bank.
Capital V #9 Swancap: Seeking Every Opportunity for Higer ReturnsLPEA
Featured articles:
About the LPEA Insights: 360 GP View
News: Deals / Brexit / EQT Ventures Fund
Enovos & CREOS launch new Corporate VC
Private Loan Funds
Private Equity's Business Model is changing
Interview Swancap (COVER)
Shortcomings in Buyout Firm’s Self-evaluation of their Performance
Tax: Permanent Establishement for AIF Managers
IT Tools for PE Professionals
Climate Finance
Region Profile: Africa
Lifestyle: Marathon in Luxembourg
Photo Gallery
Market Figures
Events’ Calenda
This event will cover the trading and investment opportunities between Liberia and Sweden as one of the all-important events in recent years between Liberia and Sweden.
Bankmed DIFC 2016 Conference Presentation by Bruno Gremez and Samir Kasmi of ...Bruno Gremez
Joined presentation by Bruno Gremez of CT&F and Bankmed at DIFC about impacts of oil developments on the region and the opportunities it offers Dubai as a trading hub.
In this presentation Wouter Debeyne share information about how the UK Trade & Investments brings together the work of the Foreign & Commonwealth Office and the Department for Business, Innovation and Skills, through commercial Officers based in most Embassies, Consulates and High Commissions around the world
Wealthy investors are allocating more of their funds to property investments and it is increasing every year.
More infographics at: http://www.crowdinvest.com/blog/infographics/
Benjamin Alderson manages deVere USA, Inc., as president and CEO, providing a global clientele with strategic investment guidance. As part of his work, Benjamin Alderson regularly studies shifts and trends in global investing.
Investment Trends: Where to invest your attention in 2015 OurCrowd
As 2015 gets underway, investors are already planning their portfolio moves for the year. With all the noise out there, how does an investor decide what to focus on and which sectors are investable?
Join Zack Miller, Head of the Investor Community at OurCrowd, and David Stark, Principal at OurCrowd, as they discuss investment trends and opportunities for 2015. Their compilation is based on what OurCrowd's deal flow team -- which vetted 3,000+ startups since we launched -- is seeing on the ground.
The report summarizes the monthly investment trends, investments by scale, investments by business type/period,
investor companies, and annual M&A status in 2015 based on publicly released 233 deals of startups’ investments,
40 deals of M&A information.
This investment trends report excludes undisclosed investment cases as all data were based on publicly released information
over the last year.
Henderson Rowe can provide balanced solutions for clients to meet their individual Tier 1 investment objectives. This includes Home Office-compliant portfolios that reflect various time constraints, risk tolerance, individual aims and objectives. Henderson Rowe will work closely with your immigration adviser throughout the period of the investment, characterising a service that we believe sets us apart from our competitors. We encourage potential Tier 1 investors to contact us for further information.
Montello Real Estate Opportunity Fund Summary InfoMontello
The Montello Real Estate Opportunity Fund is advised by Montello Capital Advisors Limited (“Montello”), part of the Montello group, which is one of the leading real estate financiers in the UK.
Cordium held a webinar on 31st March 2016 Operating in the UK made easy for US Firms
For managers based in the US, the UK’s local regulatory, taxation and reporting regimes, can seem unfamiliar and feel like a serious barrier to entry to building a presence in the UK. Combine that with regulator-imposed capital requirements and labor-friendly employment legislation, the whole exercise can feel daunting and frustrating.
Cordium has a 20 year history of helping firms to find their way through the maze of local and cross-border issues. Over the years we have deployed our specialist compliance, reporting, tax and prudential resources to complement your internal teams, legal counsel and other advisers. Our clients have been able to start operating in London quickly, whilst being secure in the knowledge that they are compliant with all local requirements, and have a structure that ensures satisfaction of all initial and ongoing regulatory obligations. If speed-to-market is important, or FCA substance requirements are a challenge, Mirabella’s hosting solutions can solve the problem, whether as an indefinite solution or just as a stop gap until either FCA authorisation is granted or the business achieves commercial sustainability.
The webinar discussed the challenges of setting up and operating in London and how Cordium can make it easy.
Cordium was delighted to be joined by guest speaker Karthik Iyer who is the Asset Management and Capital Markets Lead at UK Trade & Investment, a UK government body focussed on inward investment into the UK.
The presentation was followed by a live question and answer session.
Burgis & Bullock - Guide to Mergers and Acquisitions in the UKTIAG_Alliance
The UK is a highly attractive place to do business as evidenced by the large levels of inward investment into the country seen over the last few years. For overseas companies wishing to set up operations and trade there are a number of highly useful guides to doing business in the UK produced by the accounting and law firm members of the TAG Alliances (www.tiagnet.com and www.taglaw.com).
However, one of the most common methods for international companies to seek a presence in the UK is through acquisition. Having advised and supported overseas businesses to acquire UK companies we have observed there are many subtle, and not so subtle, variations in how different countries conduct M&A activity. This includes not just the obvious legal differences, but also variances in style, custom, market practice, the role of advisers, and the process undertaken.
This guide does not cover the strategic and commercial aspects of an effective acquisition strategy that would be common across the globe, such as defining your acquisition criteria, target analysis, valuations, negotiations, and post-acquisition integration. The document is designed to provide non-UK acquirers with an overview of the legal and regulatory regime governing M&A activity in the UK together with an understanding of the processes and transaction issues that are most commonly encountered in this country. It is no substitute for good quality professional advice, but should help buyers to plan their M&A strategy for maximum effectiveness.
Slides that accompanied the Q3 2019 Quarterly Investment Briefing for West of England on 28th November. The event saw presentations from Paul Jones (British Business Bank), Simon Tutton & Fuschia Curry (Deepbridge Capital), Rosie Bennett (SETsquared) and Harry Destecroix (UnitDX/Carbometrics/Ziylo)
Slides 61-63 include information about those 26 companies that are actively raising investment in Q4 2019. Check out the disclaimer - these aren't recommendations, just information.
Hedge Fund Association Supports The House’s Approval of Expanded Accredited I...Mitch Ackles
Hedge Fund Association Supports The House’s Approval of Expanded Accredited Investor Definition, Following December 5th Bi-Partisan Passage of H.S. 6247
Help For Children’s 19th Annual New York Gala Set for March 2, 2017Mitch Ackles
Help For Children’s 19th Annual New York Gala Set for March 2, 2017
Proceeds from the Alternative Investment Industry’s Premier Charity Gala to Empower Programs that Protect Children in New York, New Jersey and Connecticut
Help For Children Appoints Two New Members to Global Board of DirectorsMitch Ackles
Help For Children is pleased to announce the appointment of two new members to its Global Board of Directors. Joining the Board are Jennifer Collins and Mark Salameh, effective June 22, 2016.
Hedge Fund Association 2016 Sponsorship Opportunities Mitch Ackles
Overview: In 2016 HFA will continue to deliver an exciting roster of symposiums, conferences, golf outings,
webinars, and thought leadership programs. HFA’s sponsorship opportunities are designed to help reach your
target audience, accelerate new business development and elevate your brand.
Crown Global Managing Director Jay Judas Chosen to Speak at Upcoming Lion Str...Mitch Ackles
Mr. Judas Will Lead Two ‘Deep Dive’ Sessions Devoted to International Opportunities: Working with Foreign National and Multi-Cultural Clients, and a Panel Discussion Focused on Private Placement Life Insurance
Alternative Investment Industry Trio to Host Wall Street Jam Session to Supp...Mitch Ackles
Alternative Investment Industry veterans Sarah Colvin of Twin Capital Management; Tom Munster of Clinton Group; and Elana Margulies Snyderman of EisnerAmper, will host the inaugural Wall Street Unplugged (WSU) 2015 Jam Session Monday evening, November 9th at Turtle Bay NYC on 987 Second Avenue in New York to raise money for three children's’ charities: Juvenile Diabetes Research Foundation (JDRF), Toys for Tots and Phyt Cares.
On November 9-10, 2015, Hedgeopolis New York, the Hedge Fund Association’s Annual Member Conference co-hosted by Agecroft Partners, will gather hundreds of alternative investment professionals for one and a half days of panel discussions by some of the world’s most influential investors. Speakers include decision makers at pension funds, funds of hedge funds, endowments, foundations and family offices. Attendees will enjoy many hours to connect with investors and fellow HFA members.
Charity A Leg To Stand On's (ALTSO's) 12th Annual Hedge Fund Rocktoberfest - ...Mitch Ackles
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Industry leaders and gifted musicians performed live rock and roll and acoustic music at Capitale to raise funds for ALTSO, which provides free treatment to children who have lost their limbs in traumatic accidents or suffer from congenital disabilities. The 4th Annual Rocktoberfest - Chicago will take place this Thursday October 22 at City Winery will unite approximately 400 Midwest industry executives in further support of ALTSO’s mission.
New York and Chicago Finance Communities Join Together To Support The Childre...Mitch Ackles
New York and Chicago Finance Communities Join Together To Support The Children’s Charity A Leg To Stand On At Hedge Fund Rocktoberfest – NYC Taking Place In New York City On Oct. 15 and Rocktoberfest – Chicago On Oct. 22 http://bit.ly/1hD6aTd
Finance & Hedge Fund Executives Will Unite at Rocktoberfest Events in New Yor...Mitch Ackles
Charity A Leg To Stand On (ALTSO) will hold its 12th Annual Hedge Fund Rocktoberfest – NYC on Thursday, October 15 at Capitale at 130 Bowery and its 4th Annual Rocktoberfest - Chicago on Thursday, October 22 at City Winery at 1200 W. Randolph Road in Chicago. The events will feature bands like New York Rock Exchange with members from Green Key Technologies, Fat Tail with members from Goldman Sachs, Mayer Brown and Jamison Capital, The Cause with members from Credit Suisse and Pangea Business Solutions, Mo’ Beta Blues Band with members from Drury Capital and new band Six Floors Under comprised entirely of members from Societe Generale.
10 Commandments for Achieving Operational ExcellenceMitch Ackles
This white paper is intended to provide a useful framework and guide for all Investment Management Firms.
Over the past 20 years the investment management industry, and specifically hedge funds, has achieved tremendous growth. As assets under management increased, so did diversification in strategies and investments. During that time investors have become very sophisticated in their selection of investments as well as the operational due diligence process. This growth and sophistication has reinforced the critical role of operational executives, and their teams’ responsibility to effectively manage the operational infrastructure. These are the people, functions and technology that are an integral part of keeping these firms thriving.
I have been on the operational side of the hedge fund business for 23 years, holding various senior positions. The first 8 years I had the privilege of being at Tiger Management, one of the premier firms at that time. The people I worked with were brilliant, the standards were high, the positive energy was contagious, and I felt honored to be a part of it. My background includes leading Global Operations for Tiger Management and Highbridge Capital, as well as having several COO positions for emerging managers.
I’ve witnessed and participated in the evolution of the operational side of hedge funds. In the early years hedge funds launched with mainly portfolio managers and traders, and relied heavily on their prime brokers to fulfill their back office needs. As assets grew so did the investment process, and subsequently, it was imperative to start building out an “operations group” within a hedge fund. Expansion from U.S. to foreign investments began, as well as diversifying from only equities and bonds to now including all types of derivatives and over the counter contracts. Also happening was the addition of multiple prime brokers to meet their “shorting” requirements. All these changes were occurring simultaneously.
The investment side of the business was growing so rapidly that the operations side had to quickly adapt to meet the challenge. As this expansion was happening the prime brokers were not as equipped to take on these new investments since their early model was built principally to support equity investments. Additionally, with hedge funds now engaging with multiple prime brokers, supporting them was even more challenging. Therefore, hedge fund operations, especially the larger firms, were taking back some of these functions from prime brokers to manage them more closely.
A Leg To Stand On (ALTSO) Jam Sessions in New York & Chicago Feature Hedge Fu...Mitch Ackles
Hedge Fund Rocktoberfest, the annual fundraiser for children's charity A Leg To Stand On (ALTSO), will celebrate its 12th anniversary on Thursday, October 15 at Capitale on 130 Bowery in New York City and its 4th anniversary on Thursday, October 22 at City Winery at 1200 W. Randolph Road in Chicago. Hedge fund industry executives and other financial services professionals will perform rock and roll and acoustic music to raise money for ALTSO, which provides prosthetic limbs and corrective, life-altering surgeries to children with limb disabilities in emerging market countries.
Trident Fund Services, a division of the Trident Trust Group, is a leading independent provider of fund administration services to the alternative investment funds industry, with offices located in 10 fund domiciles in Asia, the Caribbean, Europe and the United States.
OpsCheck Task Management for Operational ExcellenceMitch Ackles
OpsCheck is a web-based application developed to centralize, manage and warehouse all the tasks that support business operations for alternative investment firms. OpsCheck enhances management oversight, promotes continuous improvements, and builds a culture of operational excellence. It’s easy to configure, very customizable, inexpensive, and can support firms of any size with hierarchical as well as flat line organizational structures. OpsCheck will immediately strengthen your command over your operational infrastructure. Learn more at http://www.opscheck.com
Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
➢ 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
➢ SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
➢FreenBecky 1st Fan Meeting in Vietnam
➢CHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
➢ WOW K-Music Festival 2023
➢ Winner [CROSS] Tour in HCM
➢ Super Show 9 in HCM with Super Junior
➢ HCMC - Gyeongsangbuk-do Culture and Tourism Festival
➢ Korean Vietnam Partnership - Fair with LG
➢ Korean President visits Samsung Electronics R&D Center
➢ Vietnam Food Expo with Lotte Wellfood
"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
Tata Group Dials Taiwan for Its Chipmaking Ambition in Gujarat’s DholeraAvirahi City Dholera
The Tata Group, a titan of Indian industry, is making waves with its advanced talks with Taiwanese chipmakers Powerchip Semiconductor Manufacturing Corporation (PSMC) and UMC Group. The goal? Establishing a cutting-edge semiconductor fabrication unit (fab) in Dholera, Gujarat. This isn’t just any project; it’s a potential game changer for India’s chipmaking aspirations and a boon for investors seeking promising residential projects in dholera sir.
Visit : https://www.avirahi.com/blog/tata-group-dials-taiwan-for-its-chipmaking-ambition-in-gujarats-dholera/
Premium MEAN Stack Development Solutions for Modern BusinessesSynapseIndia
Stay ahead of the curve with our premium MEAN Stack Development Solutions. Our expert developers utilize MongoDB, Express.js, AngularJS, and Node.js to create modern and responsive web applications. Trust us for cutting-edge solutions that drive your business growth and success.
Know more: https://www.synapseindia.com/technology/mean-stack-development-company.html
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
2. The UK is the largest fund
management centre in Europe
and the second largest globally
accounting for over 8.4 percent of
global funds under management
£6.2trn
Total assets managed in the UK
£2.2trn
Assets managed in the UK
on behalf of overseas clients
£775bn
UK-managed funds
domiciled overseas
£770bn
Managed in UK authorised
funds (OEICs and unit trusts)
3. Fund management in the UK 01
The UK is a leading global
financial services centre,
and the most internationally-
focused financial marketplace
in the world.
It is no surprise then, that more overseas financial
institutions and investors choose to do business in,
and with, the UK than any other country.
Contents
Foreword 02
UK fund management:
an introduction 05
The UK – your springboard
to global growth 06
Size of the UK fund
management sector 08
Types of clients 12
Alternative funds 14
Sovereign Wealth Funds 17
Global position of UK 18
Most attractive locations
for relocating 20
Advantages of the UK as
a fund management centre 22
London and the UK 23
Business locations
across the UK 24
UK tax regime 26
Tax administration 28
Fund domicile 30
Supporting Trade
and Investment 34
One stop shop 35
Growing your business and
leveraging opportunities
internationally 36
Contact the team 37
4. 02 Fund management in the UK
Foreword
Financial services are thriving in the UK.
We are a leading global financial services centre,
and the most internationally-focused financial
marketplace in the world.
The UK has an unrivalled
concentration of capital and
capabilities, as well as a
regulatory system that is
effective, fair and principled.
No wonder that more overseas
financial institutions and
investors choose to do business
in, and with, the UK than any
other country. The UK is one
of the largest markets in the
world for fund management,
and we remain Europe’s leading
centre for fund management.
The UK Government is
committed to strengthening the
UK’s position as an investment
destination of choice for
investment managers, and we
are committed to making the
UK one of the most competitive
places in the world for the
investment management sector.
We are proud that we are one
of the most open economies in
the world. Businesses from all
over the globe can come here
and invest, knowing that they
will be free to pursue their
interests in a stable and
supportive environment.
We already have a strong offer.
We have a transparent legal
system and a highly skilled and
educated workforce, and we are
one of the most connected
places in the world. Financial
business in the UK is overseen
by a well-respected securities
market regulator – the Financial
Conduct Authority – so investors
can have confidence in the
strength and impartiality of
our regulatory system.
Our priority as the UK
Government is to build on our
strengths. We are committed to
making the UK one of the world’s
most competitive places for the
investment management
industry, to attract more fund
managers to our shores, and to
create the right environment for
those already here to succeed
and to capitalise on global
opportunities. Opportunities
such as those in Asia: the UK was
awarded the first RQFII quota
outside of Greater China in
October 2013, allowing British-
based firms to invest directly
into Chinese markets.
7. Fund management in the UK 05
UK fund management:
an introduction
The UK is by far the largest European centre for
investment management. Assets under management
have increased for the fifth successive year, to a
record £6.2 trillion at the end of 2013.
UKTI is the Government
department charged with helping
companies set up in the UK and
helping those already here to
expand internationally. The UKTI
Financial Services Organisation
is set up to assist fund managers
seeking to establish a presence
here in the UK and to harness
opportunities for those already
here, in this important and
thriving sector.
According to TheCityUK,
the representative body for
the UK-based financial and
professional services industries,
the 14 percent increase during
the last year was due both to an
inflow of new funds and strong
investment returns.
Of the total assets under
management, some £2.2 trillion
are now managed on behalf of
foreign clients, making the UK
the leading global centre by
this measure.
The UK is also becoming a more
important location as a fund
domicile. Of the top five locations
in terms of fund domicile in
Europe, the UK saw the biggest
increase in assets in 2013.
Nearly two-thirds of funds
under management came from
institutional clients. Retail clients
generated a further 16 percent,
with the remainder accounted
for by private client funds
and alternative funds. In an
international context, UK funds
under management accounted
for 8.4 percent of global fund
management assets.
As the leading global centre for
cross-border financial services,
London and the wider UK are
well positioned to capture a
growing share of business from
the international markets which
offer the greatest potential for
growth. These include the BRIC
nations, GCC countries and
Turkey, as well as other Asian
markets and Latin American
economies.
London continues to develop
as the global hub for Renminbi
(RMB) business outside China,
and the UK continues to support
the internationalisation of RMB
by the Chinese authorities.
The fund management sector
will play an important role in
this, lending weight to the
internationalisation of the RMB.
Under strategic direction from
the Treasury-led Financial
Services Trade & Investment
Board (FSTIB), UK Trade &
Investment is working, together
with HM Treasury, and in
partnership with TheCityUK,
the Investment Management
Association (IMA) and the wider
fund management industry,
to extend the promotion of the
fund management industry
overseas, and providing hands-
on, practical assistance to fund
managers seeking to establish
a presence in the UK.
Sue Langley, OBE
Chief Executive Officer,
UKTI Financial Services
Organisation
35%
Total of European assets under
management that are managed
in the UK, December 2012
8. 06 Fund management in the UK
The UK – your springboard
to global growth
The UK is the number-one destination for foreign
direct investment in Europe – second in the world
only to the USA.
The UK is well established as
one of the world’s major trading
nations. According to the Centre
for Business and Economic
Research (CEBR), the UK is the
sixth largest economy in the
world with a GDP of around
US$2.65 trillion (World Economic
League Table 2013).
The UK is also one of the leading
business locations in the world
and the top destination in Europe
for Foreign Direct Investment.
A rich and diverse market with
world-class industries including
Life Sciences, ICT, Creative,
Financial and Professional
Business Services, Aerospace
and Automotive engineering,
the UK offers an attractive
location for businesses with
easy access to customers,
product innovators, suppliers
and partners.
The UK maintains this leading
position by creating a range
of highly attractive conditions
for business and investment.
The UK Government’s Plan for
Growth drives coordinated
action that seeks to create the
most competitive tax system in
the G20, make the UK the best
place in Europe to start, finance
and grow a business, encourage
investment and exports and
create a highly skilled workforce
that is the most flexible in
Europe. The legal system
supports and protects business
interests, and cuts to
bureaucracy are reducing
burdens on business.
A recent survey of international
business leaders found investor
confidence in the UK is the
strongest in Europe1
, while the
World Bank has said it is easier to
do business here than any other
major economy in the continent.
With extensive air, rail, port and
road networks, and as a member
of the EU, the UK provides ready
market access to Europe.
The UK also has a highly skilled
workforce and four of the top ten
universities in the world2
. In
addition, the UK has a world-
class business infrastructure,
with a legal system known to
handle commercial disputes.
English law is widely used in
international contracts.
Last year, UKTI had a hand in
more than 80 percent of the
inward investment projects
landing in the UK. And our
service doesn’t stop once you are
established in the UK; it continues
as your business expands
internationally, supporting
foreign investors with the same
range of services as any other
UK-based company – including
support to internationalise
around the world.
1
A.T. Kearney 201 4. Foreign
Direct Investment Confidence
Index: Ready for Take off
2
QS Top University Rankings
Financial gateway
to Europe
The UK represents an
ideal gateway to Europe,
which offers:
• access to over 500 million
potential investors
• the second largest fund
management market in
the world, with more than
£15 trillion of assets
under management
• passporting benefits: under
EU rules, fund managers
can register funds in one
Member State and then
freely market them across
the whole of the EU.
Source: The City UK
10. 08 Fund management in the UK
Size of the UK fund
management sector
Not only is the UK’s fund management industry
the largest in Europe in absolute terms, it also
continues to show strong growth year on year.
The UK is one of the leading
global locations, and by far the
largest European centre for fund
management. Assets under
management within the industry
increased for the fifth successive
year, to a record £6.2 trillion at
the end of 2013. The 14 percent
increase during the year was due
both to an inflow of new funds
and strong investment returns.
Nearly two-thirds of funds under
management came from
institutional clients – retail clients
generated a further 16 percent,
with the remainder accounted-
for by private client funds and
alternative funds.
While London is central to
the UK’s strong international
position, other British cities,
such as Edinburgh, Glasgow,
Aberdeen, Manchester,
Liverpool, Cardiff and
Birmingham, are also important
centres for fund management.
In a global context, the UK is
a major player in the fund
management industry. Funds
under management in the UK
accounted for 8.4 percent of
total fund management assets
around the world at the end of
2013, which globally are worth
some $146 trillion.
11. Fund management in the UK 09
Figure 1
Wider asset management industry
UK assets that are managed
by Investment Management
Association (IMA) members
grew by 13 percent during the
year, reaching £5 trillion at the
end of 2013. £2 trillion of this
total was managed on behalf
of overseas clients. There was
also strong growth over the last
year in UK authorised funds,
which increased by 16 percent,
from £662 billion in 2012 to
£770 billion in 2013.
12. 10 Fund management in the UK
The IMA’s members represent
the majority of the UK asset
management industry in terms
of size of assets. Including those
assets which are not managed by
IMA members, it is estimated
that the value of the entire asset
management industry in the UK
is over £6 trillion.
Figure 2
Funds under management in the UK
(% share of UK funds, end-2013)
£6,193bn
Source: Investment Management
Association, TheCityUK estimates
Institutional clients 64%
Retail clients 16%
Private clients 10%
Alternative funds 10%
UK clients Overseas clients
£bn 2012 2013
Managed by IMA1
members firms2
4,389 4,957
Institutional clients
– insurance companies
– corporate pension funds
– other (local authorities, charities, etc.)
3,611
987
1,694
930
3,958
1,029
1,832
1,098
Retail clients 778 999
Other funds3
490 598
– Hedge funds
– Property funds
– Private equity funds
234
140
117
252
217
129
Private clients funds 548 638
Total funds under management in the UK 5,427 6,193
1
Investment Management Association
2
Excluding private clients
3
Figures have been adjusted to take account of double-counting
Source: IMA, ComPeer, Eurohedge, BVCA, IPO, TheCityUK estimates
Figure 3
Assets managed in the UK by Domicile
(% share of UK funds, end-2013)
£6,193bn Source: TheCityUK estimates based
on Investment Management Association data
UK clients 64%
Overseas institutional and
retail clients 29%
Overseas private clients and
alternative funds 7%
13. Fund management in the UK 11
The UK is the leading centre for
fund management in Europe,
accounting for 35 percent of
assets under management, more
than the next two largest centres
combined. Globally the UK is
second only to the United States.
Figure 4
Assets under management in Europe
(December 2012)
Country Net assets Market share
1 UK 5,449 35%
2 France 2,977 19%
3 Germany 1,618 10%
4 Italy 841 5%
5 Netherlands 469 3%
6 Belgium 225 1%
7 Other 3,857 26%
Source: EFAMA
14. 12 Fund management in the UK
Types of clients
UK-based investment management firms
manage many different types of funds for
a wide range of different clients.
Institutional clients
Funds that are managed on
behalf of institutional clients
(including insurance funds,
pension funds, local authority
and charity funds) have become
increasingly predominant in
recent years, and currently
account for around two-thirds
of UK funds under management.
According to the Investment
Management Association,
pension funds remain the
largest of these types of funds
(36 percent), followed by
insurance funds (20 percent).
Retail clients
Funds that are managed on
behalf of retail clients increased
by 28 percent in 2013, to a record
£999 billion. The overall figure
for investment funds managed
in the UK is around £1.5 trillion,
as some products are sold to
a range of institutional clients.
Around a half of these funds
are domiciled in the UK.
Private clients
Private clients make up a
significant part of the UK market,
with assets of £638 billion at the
end of 2013. This figure includes
assets managed by private client
firms such as stockbrokers, and
private client departments of
banks and fund managers.
15. Fund management in the UK 13
36%
Pension Funds constitute
the largest client type
Pension funds remained the
largest client type (36 percent)
followed by insurance companies
(20 percent). Insurance assets
managed in-house continued to
fall, as the industry moved away
from the in-house model and
towards less vertically integrated
structures. The overall retail
and institutional split has been
reasonably stable since 2005,
averaging 20/80.
Figure 7
Assets managed in the UK by client type
(2005–2013)
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0
2005 2006 2007 2008 2009 2010 2011 2012 2013
Pension funds
Insurance
Other institutional
Retail
Private clients
Source: IMA Survey
16. 14 Fund management in the UK
Alternative funds
London is the second largest global centre for
hedge funds, and one of the leading centres
for private equity and property funds.
Alternative funds were worth
around £600 billion in 2013,
accounting for around
10 percent of UK funds under
management1
.
With an 18 percent share, London
is the second largest global
centre for hedge funds, and one
of the leading centres for private
equity and property funds.
London is also an important
centre for sovereign wealth
funds, as a clearing house and
location from where some
of these funds are managed.
4%
of hedge fund institutional
capital invested worldwide
comes from London-based
investors
Hedge funds
London is the second largest
global centre for hedge fund
managers after New York. Its
share of the global hedge fund
industry more than doubled
in the decade up to 2013 to
18 percent. The UK is the largest
European centre for the
management of hedge funds
with over four-fifths of European
hedge fund investments
managed out of the UK.
Hedge funds’ assets under
management in the UK totalled
a record $2.3 trillion at the end
of 2013, surpassing for the first
time the pre-crisis peak in 2007.
1
Adjusting for double counting
18. 16 Fund management in the UK
UK Private Equity
and Venture Capital
Private equity funds managed
in the UK currently have
around £147 billion assets under
management, including around
£48 billion dry-powder of which
around £20 billion is destined for
the UK.
Private equity funds managed
in the UK raised £11.2 billion of
funds in 2013, nearly double that
of 2012 (£5.9 billion). The vast
majority (around £9 billion) of
this fundraising came from
overseas investors – over three
times higher than the previous
year’s £1.7 billion. The biggest
sources of fundraising in 2013
were pension funds (£2.9 billion);
sovereign wealth funds
(£1.9 billion); and funds of
funds (£1.4 billion).
Property Funds
As property investment has
become simpler and real estate
has become a more attractive
asset class, the property fund
sector has seen sharp growth
recently with £63 billion worth
of UK commercial real estate,
accounting for a third of all
institutional investment, now
being held by UK collective
investment schemes.
Figure 8
Holdings in commercial property
by investor type
£bn
2013
% change
2003-13
% of
total
Overseas investors 94 129 24
UK institutions (insurance
companies and pension funds)
75 -16 19
UK collective investment schemes 63 134 16
UK REITs and
companies
listed property 55 38 14
UK private property companies 53 6 14
UK other 18 -4 5
UK traditional estates/charities 17 24 4
UK private investors 10 20 3
TOTAL 385 34 100
19. Fund management in the UK 17
Sovereign Wealth Funds
The UK is the most internationally focused
marketplace in the world accounting for
around one-sixth of global Sovereign Wealth
Funds’ direct investment since 2005.
The UK – and London in
particular – is an important
centre in the management of
sovereign wealth funds’ assets,
as a clearing house and location
where a number of these funds
are managed.
A number of large Sovereign
Wealth Funds (SWFs) such as
the Kuwait Investment Authority,
Brunei Investment Agency, Abu
Dhabi Investment Authority and
Temasek/General Investment
Corporation of Singapore have
local representative offices
in London. The International
Forum of Sovereign Wealth
Funds, a group of 26 funds led
by China, Russia and the Gulf
States, has relocated its
Secretariat in London.
The UK has also been a major
recipient of SWF investment in
recent years, accounting for
around one-sixth of global SWFs’
direct investment since 2005.
Investments into UK
infrastructure have been
particularly prominent. SWFs
have holdings of UK utility assets
such as China Investment
Corporation and Abu Dhabi
Investment Authority’s
investments in Kemble Water
which owns Thames Water.
Since May 2012, UK registered
Gingko Tree Investment Ltd,
a wholly owned unit of China’s
State Administration of Foreign
Exchange, has invested more
than $1.6 billion in at least
four deals, including a water
utility, student housing, and
office buildings in London
and Manchester.
20. 18 Fund management in the UK
Global position of UK
Trends around the world point to continued
growth in the fund management industry, and
firms basing themselves in the UK are in a
good position to make the most of that growth.
The UK is one of the most
open markets in the world
for fund management. This
means that UK-based firms
are well positioned to gain
new international business,
particularly in emerging
markets, where growth
prospects look strongest. The
UK Government is committed
to ensuring that the UK remains
an open and competitive market
for international investment.
Reforms of state pension
systems around the world, with
increased privatisation, should
provide UK-based firms with
more cross-border investment
opportunities. Fund managers
in the UK are also well placed
to contract further business from
external appointments, with the
easing of investment restrictions
and diversification of international
fund managers’ portfolios.
Over the past few years,
there has been substantial
restructuring among UK fund
managers, strengthening their
international links. There is
likely to be further restructuring
globally among the main fund
management firms, geared
to expanding the pool of
resources available, developing
sophisticated distribution
systems and improving quality
of service.
22. Most attractive locations
for relocating/expanding
asset management operations
5 Sao Paulo
4 New York
1 London
Ranking
1 London 75
2 Hong Kong 52
3 Singapore 33
4 New York 18
5 Sao Paulo 10
6 = Moscow 7
6 = Paris 7
8 Luxembourg 6
9 Geneva 5
10 = Helsinki 4
10 = Shanghai 4
10 = Zurich 4
Source: The Banker
20 Fund management in the UK
23. FFFuuunnnd md md maaannnaaagggeeemmmeeennnt it it in tn tn thhhe Ue Ue UKKK 212121
2 Hong Kong
3 Singapore
24. 22 Fund management in the UK
Advantages of the UK as
a fund management centre
There are good reasons why the UK is a
leading global centre for fund managers,
and the top jurisdiction in Europe for funds
under management.
• The UK is a leading global
financial services centre and
the single most internationally
focused financial marketplace
in the world, trading more
dollars each day than the whole
US, and twice as many euros as
the Eurozone.
• The UK financial services
industry continues to offer a
number of compelling reasons
for overseas firms to invest,
including the UK’s expertise
and skills base, its robust legal
and regulatory framework, its
liquid capital markets, its
transparency in financial
reporting and its geographic
position and language.
• The UK has a strong and
responsive regulatory
environment that is effective,
fair and principled. The UK
securities and markets
regulator, the Financial
Conduct Authority (FCA) is
internationally renowned
for its high standards of
investor protection.
• The UK is very open to
business and one of the
easiest places in the world to
do business. 40 percent of the
asset management firms in
London are owned by overseas
investors. More than a third
of funds, or some £2.2 trillion,
are held on behalf of
overseas investors.
• The UK was the first financial
centre outside Asia to be
awarded an Renminbi Qualified
Foreign Institutional Investor
(RQFII) licence by the Chinese
Authorities, allowing Renminbi
(RMB) raised outside mainland
China to be invested onshore.
More than half of all offshore
RMB trading now takes place in
the UK. That is more than in all
other RMB centres combined.
• Funds that are domiciled in
the UK can take advantage of
some 120 double taxation
agreements, more than in any
other country, which improves
investor returns.
• The UK has a strategic
geographic location being on
the doorstep of Europe, and
with strong links to the Middle
East, Asia, Africa and beyond.
• The UK has state-of-the-art
support services for front,
middle and back office
functions across the UK
regions, making cost
efficiencies possible.
• We have an innovative
ecosystem that promotes
innovation and product
development, for example
in relation to Islamic Finance
and Renminbi trading.
• The UK has an unrivalled
concentration of capital and
capabilities; and a deep
and diverse talent pool that
supports all aspects of the
fund management value
chain. UK fund managers can
support a wide variety of
different investment styles and
strategies, and have a proven
track record for innovation.
• Access to a wider range of
audiences and target clients,
products and legal structures,
for example through
institutional, retail, UCITS
and AIFMD, hedge and
alternative funds.
25. Fund management in the UK 23
London and the UK
In London, the UK can boast the financial capital
of the world. But with major financial centres
throughout its regions, there is much more to the
UK than just its capital city.
As Europe’s financial hub,
the UK offers a competitive
regime for all types of
investment management activity.
And as the world’s pre-eminent
financial centre, more assets
are managed through London
than anywhere else.
London accounts for over
80 percent of UK-based assets
under management, and it is
a leading centre for services
such as administration, prime
brokerage, custody and auditing.
London is the location of some
significant clusters in the fund
management industry, with
concentrations of skills,
experience and expertise. But
London is not the only place in
the UK where this is the case.
Scotland, for example, has also
improved its position in recent
years: according to Scottish
Financial Enterprise, the Scottish
investment management
industry now accounts for
managed funds totalling
around £800 billion.
Indeed, about a third of those
people who are directly employed
in the UK’s fund management
sector are located outside
London. Manchester and
Liverpool, with their strong
concentrations of wealth
management firms, are jointly
the UK’s third largest cluster after
Edinburgh. Cardiff, meanwhile,
is a key location for the pensions,
banking and insurance industries.
Birmingham’s relative proximity
to London has also seen it
emerge as an important centre
for investment management,
anchored by the presence of a
number of major global fund
management firms.
80%
London accounts for over
80 percent of UK-based
assets under management
26. 24 Fund management in the UK
Business locations
across the UK
Across the UK are some major centres of
expertise and experience in fund management,
with regions and cities often having their own
particular areas of expertise within the industry.
Scotland
Scotland is a renowned centre
of excellence in investment
management, with its origins
dating back to the nineteenth
century.
Scotland is home to the global
headquarters of some of Europe’s
largest fund management
companies, as well as the
operations of a wide range of
international fund management
companies. In addition, there is
a strong mix of independent and
boutique fund management
companies located there.
The strength of the fund
management sector in Scotland
has also led to the creation of a
thriving fund servicing sector,
with six of the top 10 largest
global fund administration
companies having significant
operations in Scotland.
Belfast
Belfast and the wider region offer
a competitive cost base, and the
availability of a highly educated
workforce has made it a location
of choice for a number of the
world’s largest financial and
associated professional services
firms in recent years. Since 2010,
Belfast has also been chosen as a
location for centres of excellence
by international fund
administration firms. The
attractiveness of Belfast is likely
to increase, as the clustering
effect adds to the availability of
the skills required by international
financial services companies.
28. 26 Fund management in the UK
UK tax regime
An internationally competitive tax regime,
the UK has one of the most competitive tax
regimes in the world for both funds and
asset managers.
The UK government is
committed to creating the most
competitive tax regime in the
G20 and has reformed the
corporate tax system to make it
more attractive to international
business. The Government’s
reforms are shifting perceptions
of the UK tax regime.
21%
(20% from 2015) – corporation
tax rate in the UK, lower than
in France and Germany
Figure 13
How UK domestic tax regime for
companies compares
UK France Germany
Corporation Tax Rate 21% (20% from
April 2015)
33.33% 29.58%
WHT on domestic Dividends 0% 30% 25%
Dividend income
Exemption
100% 95% 95%
Gain exemption 100% 88% 95%
Tax clearances Yes in certain
circumstances
No No
Source: Grant Thornton UK LLP
With a clear strategy
for reform, based on
principles that underpin
a modern, transparent,
efficient tax system, the
UK provides the certainty
needed for long term
financial planning
and investment.
30. 28 Fund management in the UK
Tax administration
HM Revenue & Customs (HMRC) is a respected,
world-class organisation and maintains excellent
relationships with businesses.
HMRC is the UK Government
Department responsible for the
administration of all aspects of
the UK tax system for businesses
and individuals, including both
direct and indirect taxes.
The Government recognises that
the way in which corporation tax
is administered and collected is
a fundamental part of a
competitive tax regime.
Working collaboratively
with business
HMRC aims to work collaboratively
with businesses to ensure a
commercially aware and efficient
risk-based approach to dealing
with business tax matters.
HMRC’s relationships with
large corporate taxpayers are
delivered through Customer
Relationship Managers (CRMs).
CRMs are encouraged to meet
with taxpayers to discuss any
issues face to face as opposed
to relying only on written
communication. HMRC aims
to be fully transparent in
its approach in order to
build a trusted relationship
with business.
Providing certainty
HMRC is able to provide
non-statutory clearances to
businesses on most matters
of material uncertainty.
HMRC recognises the importance
of speed of response where
transactions are moving quickly
and is committed to responding
to all clearance applications
within 28 days. Faster responses
can sometimes be achieved
where the commercial
background to a particular
transaction means that this
is essential.
For multinationals that are
considering setting up in the
UK for the first time, HMRC’s
dedicated Inward Investment
Support Team is available to
appoint a CRM and address areas
of uncertainty in advance of
establishing a UK presence.
31. A principled and robust
approach
The primary aim of the tax
system is to raise revenue, and
therefore provide the fiscal
stability that is a precondition
for business success.
HMRC takes a principled and
robust stance against tax
avoidance. A range of UK
anti-avoidance rules exists
to counteract the effect of
arrangements that try to
exploit tax rules to achieve
unintended results.
HMRC works within international
organisations to promote the
development of sustainable
tax policy and administration
across the globe. It is a leading
contributor to the OECD’s Tax
and Development Task Force
and the Government supports
ongoing work by the OECD on
base erosion and profit shifting.
At the same time, the
Government believes that the
corporate tax system can be
and is an asset for the UK.
Key elements of UK tax
competitiveness
Tax Administration
• Certainty of tax policy
• Open engagement with
authorities
• Low compliance costs
• Established tax regime
Domestic tax
• Low headline rate
• Taxable base
• Interest deductibility
• Incentives
• R&D and other industry-
specific reliefs
• Capital allowances
• Innovation
Cross Border
• Treaty network
• Dividend, gains and branch
exemptions
• Targeted Controlled Foreign
Companies (CFC) rules
• Investment manager
exemption**
**The Investment Management
Exemption (IME) allows non-UK
investment funds to appoint
a UK based investment manager
without creating a risk of UK
taxation for the fund.
29Fund management in the UK
32. 30 Fund management in the UK
Fund domicile
While the UK is largely known as a centre
for management of international funds, the UK
Government is committed to supporting fund
managers who choose to domicile in this country.
• This is already being
recognised by companies that
have increased their business
in the UK. Of the top 5 locations
in terms of fund domicile in
Europe, the UK saw the biggest
increase in assets in 2013
(10.9 percent), ahead of
Luxembourg (9.7 percent),
Ireland (9.5 percent), Germany
(9.2 percent) and France
(1.3 percent). At the end of 2013,
total assets under management
in UK-domiciled authorised
funds were £770 billion with
more in alternative funds.
• Luxembourg and Ireland
compete on fund domicile but
not fund management. The UK
is therefore the only hub that
offers the advantages and
cost savings of locating fund
management and fund domicile
all in one place.
• The UK Government has
committed to simplify and
streamline taxes for the sector
and investors. In particular, the
Government demonstrated its
commitment by abolishing a
key tax that had affected UK
domiciled funds at an annual
cost of £150 million. The
abolition has been welcomed by
the industry and investors alike.
• The Government has also
abolished the stamp duty
and Stamp Duty Reserve
Tax charge on the purchase
of shares in UK domiciled
exchange traded funds.
• Withholding tax on income
distribution from bond funds
has been abolished for
overseas investors.
The UK Government has
committed to simplify
and streamline taxes on
the sector and investors.
34. 32 Fund management in the UK
Figure 16
Tax comparison of UK, Ireland and Luxembourg as domiciles for UCITS
UK Ireland Luxembourg
Structures •
•
•
•
Open Ended Investment
Company
Authorised unit trust
Authorised Contractual
Scheme – co-ownership
Authorised Contractual
Scheme – partnership
•
•
•
•
Variable Capital
Investment Company
Unit trust
Common Contractual
Limited partnership
Fund
•
•
•
Société d’Investissement
à Capital Variable
Fond Commun de Placement
Limited partnership
Taxation of
UK individuals
•
•
•
Dividends up to 30.55 percent
(up to 45 percent if a
bond fund)
Gains on disposal are subject
to capital gains tax up to
28 percent
No withholding tax unless
fund is a bond fund (if so,
exemptions available for
pension funds, corporates,
non-residents and others).
•
•
•
•
Dividends up to 30.55
percent (up to 45 percent
if a bond fund)
Gains same if the fund applies
for reporting status.
No withholding tax
Non-domiciled UK residents
can benefit from the
remittance basis of taxation
i.e. taxed when proceeds are
remitted to the UK rather than
on an arising basis.
•
•
•
•
Dividends up to 30.55 percent
(up to 45 percent if a bond
fund)
Gains same if the fund applies
for reporting status.
No withholding tax
Non-domiciled UK residents
can benefit from the
remittance basis of taxation
i.e. taxed when proceeds are
remitted to the UK rather
than on an arising basis.
Fund level tax •
•
Exempt from capital gains tax.
Subject to corporation tax at
20 percent on taxable income
but generally no tax for equity
funds or bond funds (consider
carefully balanced funds e.g.
equity with some holdings of
bonds, cash and derivatives).
• Exempt from income
capital gains tax
and •
•
Exempt from income
and capital gains tax
Luxembourg tax d’abonnement
(0.01 to 0.05 percent),
some exemptions
Investment
level tax
• Wide treaty access for
tax-transparent funds
non • Some treaty access for
tax-transparent funds
non • Some treaty access for
tax-transparent funds
non
Stamp Duty • n/a – exemptions now available • n/a • n/a
VAT ‘Special Investment
e.g. UCITS
Funds’ ‘Special Investment
e.g. UCITS
Funds’ ‘Special Investment
e.g. UCITS
Funds’
Source: KPMG
36. 34 Fund management in the UK
Supporting Trade
and Investment
If you are thinking of the UK as a place in which,
or from which, to do business, help is available
to make the process of setting-up easier.
UK Trade & Investment (UKTI)
is a UK national government
department that offers free
support and independent advice
to overseas companies looking to
invest or locate in the UK.
Within that, UKTI Financial
Services Organisation (UKTI FSO)
offers full support for asset
managers wishing to establish a
presence in the UK.
The UKTI FSO acts as a single
body for companies to engage
with, as they plan to grow in, and
from, the UK. While the UKTI
FSO covers the full spectrum
of financial and professional
services, the FSO focuses
particularly on areas with the
greatest potential for future
growth or opportunities in the UK,
including asset management,
financial technology, insurance,
back and middle office, Islamic
finance and RMB
internationalisation.
the FSO focuses
particularly on areas
with the greatest
potential for future
growth or opportunities
for the UK.
37. Fund management in the UK 35
One Stop Shop
Concierge Service
A One Stop Shop Concierge Service gives you
all the help you need to set up in the UK.
Working with colleagues across
UKTI’s overseas network, the
UKTI Financial Services
Organisation offers a One Stop
Shop Concierge Service for fund
managers wishing to set up in
the UK, bringing together access
to all of the service providers
required to establish a presence
here in the UK, from accountants
and legal advisers to the
regulator and Government,
to provide a comprehensive
package of assistance.
The One Stop Shop Concierge
Service provides a number of
services to overseas companies.
These include:
• Help navigating the process
of setting up an investment
management company in the
UK, including help in obtaining
authorisation from the UK
regulatory authorities.
• Introductions to the
professional services
providers who are on hand
to assist in the application
process, as well as taking you
through the practical steps that
a company needs to go through
to establish a presence in the
UK, including registering a
company, corporate structure
and opening a bank account.
• Accessing market
opportunities: help
international companies
quantify and assess market
opportunities in the UK
and Europe.
• Access and introductions to
the right people: working with
every UK government
department to support
business to access a vast
network of industry experts
and local partners.
• Bespoke market research:
compile in-depth factual reports
tailored to your needs, including
market entry support, research
and development collaborations
and cost analysis.
• Helping select the best
market location: provide
practical help with site
selection through visits to
locations and premises with
regional experts on hand
to offer advice.
• Tax advice: UKTI can help
facilitate the provision of
information about the UK
tax system, incentives and
administrative processes.
• Support with applying for
visas and entry to the UK:
provide practical support and
advice on the UK immigration
system, how it works and the
different visa categories.
• Finding top quality staff:
guidance on staff recruitment
and locating the required
skills base.
• Ongoing government support:
continued support after your
business is established in the
UK, providing assistance on
expansion and representing
your interests in government.
38. 36 Fund management in the UK
Growing your business and leveraging
opportunities internationally
Once here, UKTI FSO can also help your business
grow internationally.
We provide expert trade advice
and practical support to UK
based companies wishing to grow
their business overseas. UKTI has
professional advisers both within
the UK and across more than 100
international markets. Through
a range of unique services,
including participation on
outward missions and providing
bespoke market intelligence,
we can help companies enter
overseas markets and get to
grips quickly with overseas
business practice.
We also offer sector and market
specific advice and support
through a range of on-going
government initiatives and
bespoke activities.