Thursday 31 March 2011

Swiss miss out as Arab capital flies to London - Maktoob News

London is gaining in the battle for rich Middle Eastern families seeking shelter from political unrest at home, as its private banks and top end property sector tempt them away from Switzerland.

Money is moving out of the Middle East and a larger share is heading to London, wealth managers in both countries say, mostly speaking on condition of anonymity because of the sensitivity of discussing their clients.

"It is true, the larger families are avoiding Switzerland," said a Geneva-based asset manager with clients in the region.

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