Home · Newsletter · Links · 
Deutsch/English/Español

Achivo comentarios de inversiones

Anlagekommentar April 2020

Autor: Heino Hoch
Fecha: abril 2020

Anlagekommentar April 2020

Diversifikation in Stresszeiten

Der Kontrast könnte kaum grösser sein. Nach einem sehr erfreulichen Anlagejahr 2019 werden die Nerven der Investoren im ersten Quartal 2020 auf eine harte Probe gestellt. Die globale Ausbreitung des sogenannten Coronavirus hat kurzfristig die Kontrolle über unser aller Leben getroffen. In Zeiten wie diesen wird die Robustheit eines jeden Portfolios einem Härtetest unterzogen. Und wie schon in der Finanz- und Wirtschaftskrise zeigt sich, dass Korrellationen in Stresszeiten ansteigen und dass fehlende Marktliquidität zu deutlichen Verzerrungen führen kann. Nach Abwägen von Chancen und Risiken setzen wir nur marginale Änderungen um und raten zu einem schrittweisen Rebalancing.

Asset Allokation Update: Download complete report
Anlagekommentar April 2020



Anlagekommentar Januar 2020

Autor: Heino Hoch
Fecha: diciembre 2019

Anlagekommentar Januar 2020

Leichte Strategieanpassung - Konstante Taktik

Die Finanzmärkte blicken auf ein äusserst erfreuliches Anlagejahr 2019 zurück. Die führenden Notenbanken änderten den zuvor eingeschlagenen Kurs und sorgten mit neuerlichen Liquiditätsspritzen für sinkende Zinsen und steigende Aktienbewertungen. Gemischte Portfolios verzeichneten also sowohl auf der Anleihen- als auch der Aktienseite deutliche Gewinne. Die enttäuschende Performance des Vorjahres konnte entsprechend kompensiert werden. Einmal mehr wird deutlich, dass sich die Orientierung an der für die längere Frist definierten Strategie auszahlt .

Download complete report



Anlagekommentar Oktober 2019

Autor: Heino Hoch
Fecha: octubre 2019

Anlagekommentar Oktober 2019
Diversifikation bleibt zentral - Die Börsenhausse geht weiter, und Investoren werden mit überdurchschnittlichen Erträgen für das enttäuschende Vorjahr und für die zu ertragende kurzfristige Volatilität entschädigt. Die Konjunktur hat sich über die letzten Monate deutlich abgekühlt, und der Industriesektor scheint sich in einer Rezession zu befinden. Die global hohe Beschäftigungsquote sowie die anhaltend expansive Geldpolitik aber halten den Konsumenten bei Laune. Doch angesichts der rekordtiefen Zinsen werden die Rufe nach Konjunkturpakten lauter, und ein Umdenken in der Fiskalpolitik zeichnet sich ab. Wir halten an unserer ausgewogenen Anlagepolitik fest.

Asset Allokation Update: Download complete report
Anlagekommentar Oktober 2019



Anlagekommentar Juli 2019

Autor: Heino Hoch
Fecha: julio 2019

Anlagekommentar Juli 2019

Gewinne bei Anleihen mitnehmen

Das erste Halbjahr 2019 bescherte Investoren überdurchschnittlich hohe Erträge und entschädigte für das enttäuschende Vorjahr. Der deutliche Zinsrückgang über praktisch das gesamte Laufzeitenspektrum sorgte einerseits für deutlich höhere Anleihenpreise, während gleichzeitig risikoreichere Anlagen wie Aktien durch die Hoffnung auf eine baldige Konjunkturbelebung profitieren.

Asset Allokation Update: Download complete report
Anlagekommentar Juli 2019



Investment April 2019

Autor: Heino Hoch
Fecha: abril 2019

Investment April 2019

Take profits from equities

The stock market recovery we expected has materialised and our short-term overweight has paid off. For the next few months we recommend a neutral allocation. The increased equity weighting and lengthening of duration we embarked upon last year have enabled us to benefit somewhat from the sharp fall in yields. Before adding to our positions, however, we will wait for more favourable buy-in opportunities, remaining underweighted for the time being.

Asset Allokation Update: Download complete report
Investment April 2019



Comentario de inversiones Octubre de 2018

Autor: Heino Hoch
Fecha: diciembre 2018

Comentario de inversiones Octubre de 2018

La diversificación es prioritaria

Sigue la escalada del conflicto comercial entre EE.UU. y China. Los nuevos aranceles estadounidenses reciben una respuesta inmediata en forma de represalias por parte de las autoridades chinas. El fin es imprevisible y Europa también podría volver a estar en las miras de Trump en cualquier momento. Sólo con los países colindantes México y Canadá, una solución parece palpable en un futuro cercano. Los mercados financieros reaccionan con una mayor volatilidad y los inversores se esfuerzan constantemente por averiguar el impacto de las medidas anunciadas en la economía real y, en definitiva, los beneficios de las empresas: una tarea nada fácil. A pesar de la valoración aparentemente más atractiva parece prematuro aumentar la cuota de acciones. Mantenemos una ponderación neutra..

Download complete report



Comentario de inversiones Enero de 2019

Autor: Heino Hoch
Fecha: diciembre 2018

Comentario de inversiones Enero de 2019

Preferimos las acciones

Las bajadas de las cotizaciones más recientes en los mercados de acciones nos parecen exageradas y consideramos que las cotizaciones notablemente más bajas son una oportunidad de comprar a medio plazo. En los empréstitos continuamos el trasvase hacia una mayor calidad y duración más larga iniciado durante el año. No efectuamos cambios en el sector de las materias primas. Los fondos de cobertura decepcionan una vez más, por lo que no descartamos una mayor reducción de la cuota en un futuro cercano.

Download complete report



Comentario de inversiones Julio de 2018

Autor: Heino Hoch
Fecha: junio 2018

Comentario de inversiones Julio de 2018

Reducir algo el riesgo

La retórica y las medidas adoptadas en el conflicto comercial internacional van en aumento. Dado que EE.UU. plantea nuevos aranceles constantemente, China, a su vez, anuncia represalias cualitativas. Mientras que el munto intenta adivinar a qué se refiere, la moneda china se ha devaluado un 5% frente al dólar estadounidense en cuestión de pocas semanas. También hay un riesgo de escalación del conflicto entre EE.UU. y Europa, dado que los europeos han anunciado aranceles por tejanos, güisqui y motos.

Asset Allokation Update: Download complete report
Comentario de inversiones Julio de 2018



Comentario de inversiones Abril de 2018

Autor: Heino Hoch
Fecha: marzo 2018

Comentario de inversiones Abril de 2018

La volatilidad ha vuelto

En las primeras semanas de 2018 pudo observarse la continuación de las tendencias del año anterior. Los datos económicos positivos causaron un auge de los mercados de acciones, pero también una subida de los intereses. El ambiente cambió con la publicación de los datos del mercado laboral estadounidense a principios de febrero. Los inversores temían un rápido aumento de la inflación impulsado por los sueldos más altos que pódria causar una reacción del FED más fuerte de lo esperado en materia de política monetaria.

Download complete report



Comentario de inversiones Enero de 2018

Autor: Heino Hoch
Fecha: diciembre 2017

Comentario de inversiones Enero de 2018

Enfocando la diversificación

Los mercados financieros cierran el año 2017 con aumentos sorprendentemente fuertes. Como era de esperar, los mercados de acciones registraron los mayores auges, pero las inversiones más arriesgadas también significaron réditos por encima de la media para los inversores. Dado que el auge conyuntural ya tiene algunos años y cabe esperar una mayor volatilidad en el futuro, la importancia de la diversificación adecuada de la cartera va en aumento.

 

Asset Allokation Update: Download complete report
Comentario de inversiones Enero de 2018



Comentario de inversiones Octubre de 2017

Autor: Heino Hoch
Fecha: octubre 2017

Posicionamiento equilibrado

Los réditos que pudieron obtenerse en los mercados financieros en los primeros nueve meses del año nos han sorprendido positivamente y probablemente también a la mayoria de los inversores. Los empréstitos - salvo los bonos del estado de la mejor calidad - sorprendentemente también han contribuido considerablemente al rendimiento por encima de la media de la cartera mixta. Sin embargo, los mayores aumentos, una vez más, se registraron en los mercados de acciones. Mantenemos un posicionamiento equilibrado y algo cíclico.

Asset Allokation Update: Download complete report
Posicionamiento equilibrado



Comentario de inversiones Julio 2017

Autor: Heino Hoch
Fecha: julio 2017

Comentario de inversiones Julio 2017

Toma de beneficios en acciones

Los datos económicos positivos y el aumento de los beneficios de empresas hicieron que las cotizaciones subieran considerablemente en el primer semestre. En las elecciones generales y presidenciales en Europa ganaron partidos establecidos mientras que los populistas quedaron por debajo de las expectativas. Los mercados reaccionaron de forma positiva, dado que los representantes del establishment político garantizan la estabilidad y previsibilidad. Aprovechamos las subidas para recoger beneficios y a finales de mayo reducimos la cuota de acciones a una ponderación neutra. Es posible que se produzcan mayores incrementos, pero con el auge también ha aumentado la altura de caída en caso de una posible corrección. Seguimos infraponderados en empréstitos y esperamos un aumento de los intereses en todos los plazos. Nuestra reticencia en materias primas fue acertada. Nos mantenemos al margen, salvo en caso del oro que sirve de garantía para choques inesperados. Además seguimos infraponderados en el yen y el euro.

Download complete report



Comentario de inversiones Abril 2017

Autor: Heino Hoch
Fecha: abril 2017

Las acciones siguen favorecidas

Los indicadores económicos sorprendentemente positivos junto a un aumento de los beneficios de empresas y una política monetaria expansiva continuada a nivel global son las razones por las que mantenemos nuestra preferencia por las acciones. Seguimos infraponderados en los títulos con intereses. Además preferimos los empréstitos con una vida residual relativamente corta para minimizar el riesgo de aumento de intereses. En las materias primas vemos con escepticismo el futuro desarrollo de los precios y nos quedamos al margen, menos en cuanto al oro, que sirve de garantía para sustos inesperados. Nuestra predilección por el USD tampoco cambia por el momento.

Asset Allokation Update: Download complete report
Las acciones siguen favorecidas



Comentario de inversiones Enero 2017

Autor: Heino Hoch
Fecha: diciembre 2016

Seguimos preferiendo las acciones frente a los bonos

Los indicadores económicos más recientes pronostican una aceleración del crecimiento global. Eso nos llevó a adaptar nuestra política de inversión. Aumentamos nuestra cuota de acciones a “sobreponderar”, reducimos paulatinamente la fuerte infraponderación de los empréstitos debido al aumento de los intereses y seguimos “alcistas” en cuanto al dólar estadounidense. En las clases de inversiones alternativas seguimos reduciendo nuestra exposición frente a los "Hedge Funds".

Download complete report



Comentario de inversiones Octubre 2016

Autor: Heino Hoch
Fecha: octubre 2016

Retiradas de beneficios después de la subida veraniega

El susto del BREXIT sólo perturbó los mercados brevemente. Pocos días después del referéndum, el nerviosismo de lo inversores se calmó. Los economistas esperan una desaceleración considerable del crecimiento, pero hasta la fecha pudieron evitarse fallas excesivas, también gracias a la actuación decidida del Banco de Inglaterra.

Download complete report



Comentario de Inversiones Julio 2016

Autor: Heino Hoch
Fecha: julio 2016

El BREXIT mantiene ocupados a los mercados financieros

El referéndum del BREXIT ha pasado, pero la incertidumbre no ha desaparecido como se esperaba. Al contrario, debido a las declaraciones después del resultado cabe esperar una mayor volatilidad de los mercados financieros en las próximas semanas. A medio plazo se impondrá una perspectiva pragmática tanto en la política como en la economía y finalmente en los mercados financieros.

Download complete report



Comentario de Inversiones Abril 2016

Autor: Heino Hoch
Fecha: abril 2016

Aprovechar el rebote para reducir el riesgo

Dado que a finales de enero aumentamos la cuota de acciones debido al ajuste que consideramos excesivo, aprovechamos la recuperación de las últimas semanas para volver a reducir nuestra exposición a una cuota neutral. La exageración y el estado de ánimo excesivamente negativo de los inversores son cosas del pasado.

Download complete report



Comentario de Inversiones Enero 2016

Autor: Heino Hoch
Fecha: Enero 2016


Asset Allocation update (ingles): Download complete report
Comentario de inversiones: Download complete report



3er Comentario de Inversiones 2015

Autor: Heino Hoch
Fecha: Octubre 2015


Continúa la preferencia por las acciones y por el Dólar
El entorno de inversiones sigue confirmando la preferencia por las inversiones de alto riesgo; en especial las acciones parecen seguir siendo la inversión más atractiva. Éstas predominan a pesar de las recientes turbulencias provocadas por el temor de una marcada moderación en China. El alto pago de intereses sobre obligaciones de alta calidad no compensa suficientemente los riesgos incurridos por la duración de los mismos.

Download complete report



2ndo Comentario de Inversiones 2015

Autor: Christian Verling, Andreas Mosimann
Fecha: 29 de junio 2015


Entorno económico
Una opera clásica, asi como un tema musical moderno presentado por artistas calificados en su género, merecen una buena y seria crítica. Pero lo que pasa desde hace meses entre Grecia y la Union Europea desfortunadamente es una simple telenovela. Ni los ministros financieros involucrados directamente, ni las élites políticas de ambos lados, dejan una buena impresión. Es bueno saber que independiente a como termine esta historia, esto no tendrá ningun impacto importante en la situación general económica de Europa.  La única conclusión podría ser, realizar que la Unión Europea tiene una capacidad muy limitada de intervenir en situaciones complicadas.
Es por esto que hemos evitado comentar demasiado sobre este tema en nuestro comentario de inversión. Por lo tanto, no vale la pena esperar con ansiedad el final de este teatro al aire libre.  Le deseamos un verano descansado y despreocupado y que pueda cargar mucha energía para el segundo semestre del año. Saludos cordiales Christian Verling.

Download complete report



1er Comentario de Inversiones 2015

Autor: Christian Verling, Andreas Mosimann
Fecha: 7 de abril 2015


El traje nuevo del Emperador
Recientemente, los intereses negativos han generado nuevos productos bajo el nombre „Liquid Alternatives“. Estos productos pueden ser fuente de intereses así como líquidos. A la vez, se plantea la pregunta: ­­¿Qué exactamente significa liquidez? Como dice Howard Marx de Oaktree ... Un activo debe ser vendible rápidamente en el mercado y por un precio parecido al anterior para que sea considerado como líquido. La mayoría de los activos líquidos están listados, es decir tienen un mercado, pero pocos pueden ser ofrecidos a gran escala sin sufrir un „efecto negativo sobre el precio“. Desde este punto de vista, en tiempo de crisis las inversiones deberán ser reinterpretadas ya que en este caso el simple alistamiento de los porcentajes los cuales en teoría pueden ser liquidados dentro de un día, una semana o dentro de un mes no sería suficiente.

Download complete report



3er comentario de inversiones 2014

Author: Silvio Clavadetscher, Andreas Mosimann
Date: 10 de junio 2014

¿Cuál riesgo?
Hasta el momento, este año la bolsa no da motivo de preocupación. A pesar de las turbulencias geopolíticas en Ucrania, en Siria, Irak, Tailandia, Vietnam, por mencionar solo los más importantes, los índices bursátiles alcanzan nuevos niveles record. Luego de un largo período difícil, principalmente los inversionistas privados nuevamente disfrutan de un poco de rendimiento y aumentan sus inversiones en acciones, inclusive flotan sin preocupaciones en el presente auge, el cual es resaltado por las agencia de noticias con nuevos comunicados con respecto al crecimiento económico cada vez más activo.

Download complete report



2° comentario de inversiones 2014

Author: Christian Verling, Silvio Clavadetscher, Andreas Mosimann
Date: March 25, 2014


El Caribe de Putin
La chiquillada de Wladimir Putins en Crimea ha provocado fuertes protestas en Washington y ha estropeado el intento de Barack Obama de ordenar de nuevo y de manera positiva las relaciones complicadas entre Rusia y los Estados Unidos. En esto, Putin, a grandes rasgos, solo sigue el ejemplo estadounidense: Moscú quiere una área de influencia hegemónica en la región eruasiática tal y como Washington lo exigió en Latinoamérica y en el Caribe. Aunque la doctrina anunciada en 1823 por el Presidente James Monroe, y la cual lleva su nombre, al inicio fue un intento para evitar que Latinoamérica y el Caribe estuvieron bajo la influencia de las naciones europeas imperiales, posteriormente sirvió como justificación dudosa para diversas intervenciones estadounidenses y fue hasta en Noviembre del 2013 que el Ministro de Asunto Exteriores John Kerry la declaró muerta.

Download complete report



Quarterly Report 31 March 2012

Author: Silvio Clavadetscher
Date: May 9, 2012, 14:52


According to the leading economic indicators published in the first quarter of 2012, the global economy seems to have grown by 3% in the first three months of the year. This is slightly weaker than in the first quarters of 2011 (+3.72%) and 2010 (+5.5%). Currently, the engine of the global economy is the US (see graph), whose economy benefited from historically mild weather and the normalization of the labor market in the past quarter. In the past two years, the US economy reported good growth figures for the first quarter before contracting towards the middle of the year as the government’s stimulation programs came to an end. Further government support programs then followed, which had a positive impact on the economy. We are expecting a similar scenario for the US in 2012.

Download complete report



Quarterly Report 31 of December 2011

Author: Silvio Clavadetscher
Date: March 6, 2012, 14:52


At the beginning of 2011 we expected the industrialized nations to be confronted with weak growth rates again in 2011. After massive interventions by the Fed and the US government, we believed that the US economy would see the strongest growth among the industrialized nations, but we still expected only moderate growth rates for the US of 2.5% to 3%. Because of the euro crisis we revised our estimate for US growth slightly downwards last summer by 0.5% to between 2% and 2.5%.

Download complete report



Quarterly Report 30 June 2011

Author: Silvio Clavadetscher
Date: August 22, 2011, 18:31


Over the past quarter a number of important global leading indicators, such as the Global Purchasing Managers Index (see chart), fell sharply. This suggests that the global economy could weaken. In our last Quarterly Report we pointed out that the global economic upturn had already peaked, and could now ease. In the USA in particular, leading indicators have fallen markedly due to the strong price of oil, and economic growth is likely to turn out weaker in the 2nd quarter.

Download complete report



Quaterly Report 31 March 2011

Author: Silvio Clavadetscher
Date: May 10, 2011, 18:28


The global economy continued to improve during this quarter. Leading indicators, such as the global Purchasing Managers’ Index for the manufacturing industry, nevertheless suggest that the upswing of the global economy may already have reached its peak.

Download complete report



Quarterly Report 31 December 2010

Author: Silvio Clavadetscher
Date: February 9, 2011, 14:32


Two years on from the deep recession, the global economy is split between strong and weak economies. Many emerging countries such as China, India and Indonesia are once again posting strong growth. Core Eurozone countries such as Germany, as well as Sweden, have also become engines of growth. In the case of other countries such as the USA and Great Britain, however, the recovery still rests on shaky foundations. Southern European countries have been surviving only with the help of the EU and the IMF. For this reason the 4th quarter of 2010 was characterised by economic measures going in opposite directions.

Download complete report



Quarterly Report 30 September 2010

Author: Silvio Clavadetscher
Date: November 2, 2010, 19:08


We maintain our opinion, that the global recovery, specifically in the US, is still frail. In the US, unemployment figures are high (around 9%) and small-to-medium businesses (the largest contributors to employment) are pessimistic on the economy and not hiring. It is possible the Fed will announce QE2 in November, should the economy falter. Because the de-leveraging process takes time we maintain our view that a Japanese-like scenario with slow growth and high unemployment in the US and Europe for the next 3 to 5 years is likely.

Download complete report



Quarterly Report 30 June 2010

Author: Silvio Clavadetscher
Date: July 23, 2010, 15:48


Thanks to massive government economic stimulus packages and the build-up of inventories, the global economic recovery continued during the first quarter of 2010. We remain of the view that the global economy could weaken towards the middle of the year (see chart). This is because many economic stimulus packages will have run their course (also see Quarterly Report March 2010 / December 2008). Leading indicators such as the global purchasing manager and business climate indices are already pointing to a downturn in the global economy. In the US the housing market could come under renewed pressure, as the government’s support measures for the housing market were phased out at the end of April. A flagging property market would have a negative impact on the economy at large...

Download complete report



Quarterly report - March 31, 2010

Author: Silvio Clavadetscher
Date: May 7, 2010, 10:54


The global economy continued to expand in the fourth quarter of 2009 thanks to the massive stimulus packages established by governments and the build-up of inventories. We remain of the view that the global economy could come under pressure again towards the middle of the year, due to the phasing out of stimulus packages in conjunction with higher inventory levels. This is because private consumption, in particular in the USA, will be constrained by the need to reduce debt levels for a considerable period to come.

Download complete report



Quarterly Report - June 30, 2009

Author: Silvio Clavadetscher
Date: July 10, 2009, 14:16


A number of leading indicators improved during the last quarter. In the United States, the purchasing managers’ index (ISM) for industry has been rising for the last four months. Private consumption is no longer declining at an annualized rate of 4%, as it was at the end of 2008, and improved slightly. This upturn is driven by the mammoth stimulus packages enacted by governments. In the last quarterly report, we mentioned that governments were using these stimulus packages to do everything they could to stop the economy from sliding into a depression and thus enable it to recover in the short term. We are still convinced (see last quarterly report) that massive government economic stimuli like these do not have a permanent effect. The economy could grow in the short to medium term, but we are bound to see another downturn in the medium to long term.

Download complete report



Quarterly Report - March 31, 2009

Author: Silvio Clavadetscher
Date: May 25, 2009, 15:51


Consumer confidence in the economy fell to new historic lows worldwide in Q1 2009 as the jobless rate rose sharply. The mood at companies brightened slightly from their previous gloom thanks to massive government intervention. Retail sales dropped less than expected in February following an unexpected increase in January. The growth in retail sales can be traced to price discounts at companies, which are reducing their inventories dramatically. Orders for durables rose unexpectedly in February after declining to a record low in January for the sixth consecutive month. In terms of general observations, economic indicators have declined less drastically since the start of the year or have recovered slightly from their historic lows. If the leading indicators continue to gain ground over the next two or three months, we can confidently say that the economy has bottomed out.

Download complete report



Quarterly Report 31 of December 2008

Author: Christian Verling
Date: January 12, 2009, 12:16


Economic Environment (Review)
The most important US economic data sank to their lowest levels for many decades, and reflect the current weak state of the US economy. In November, for example, the sentiment barometer for the service sector compiled by Supply Management fell to the lowest level recorded since data was first collected in 1997. The sentiment within the manufacturing sector, as measured by the Chicago Purchasing Manager Index, also recorded its sharpest decline in November since April 1982. Consumer sentiment in the USA presents a similar picture. This fell to a level last seen in 1975. The number of US citizens claiming unemployment benefit rose to 6.7 % at the end of November. The global economy posted a similarly gloomy performance; all indicators point towards recession, with some of the most important falling to the lowest level recorded in decades. In addition, the economies of the emerging markets were not immune to these developments, being also hit by the ongoing financial crisis.
Despite the worldwide interest rate cuts and the massive support for banks provided by governments, commercial banks remain reluctant to pass on the flow of liquidity. Instead of using the money to ease the credit crunch, banks have been depositing the money with the Federal Reserve or have been investing in safe Treasury Bills. This is having dramatic consequences on the real economy. In November alone, US commercial banks bought treasury bills worth $100 billion. In comparison to 2007, this represents a rise of over 60%.The difference between the return on three-month Libor and the return on US three-month Treasury Bills (T-Bills) is called the TED spread, and is a good mood indicator for the level of trust amongst banks. The higher the TED spread, the less the banks trust each other The TED spread eased slightly in recent days. This indicates that confidence has improved slightly amongst banks. However, the TED spread remains at a high level.

Download complete report



Good marks for the Financial Market Authority Liechtenstein

Author: Judith Hoop
Date: July 29, 2008, 15:06


The International Monetary Fund (IMF), which assessed the Financial Market Authority in 2007, has announced its positive findings. The IMF final report, published the end of June 2008, gives good marks to the Liechtenstein supervisory authorities. Already in the general report on the Liechtenstein financial center, which was published in March, the IMF had certified the Principality of Liechtenstein’s high standards in its fight against money laundering and financing of terrorism.
The Financial Market Authority Liechtenstein (FMA) has made substantial progress on the path toward a modern and internationally recognized supervisory authority. Moreover, information exchange and cooperation between the FMA and foreign supervisory authorities functions smoothly. These are the summarized findings of the IMF assessment, which focused on banking supervision, securities supervision, and measures against money laundering and financing of terrorism. The IMF classifies Liechtenstein as an Offshore Financial Center (OFC), since many Liechtenstein financial intermediaries mainly offer services to non-residents. At the end of 2007, the FMA counted 2,089 financial intermediaries subject to FMA supervision. The IMF assessment of banking supervision was carried out on the basis of the recommendations by the Basel Committee on Banking Supervision, while securities supervision was analyzed with respect to compliance with the standards of the International Organization of Securities Commissions (IOSCO).
Given the financial and company services offered by the Liechtenstein financial sector, the IMF identified a particular risk of money laundering. In addition to the specializations in wealth management, fiduciary services, and life insurance products, the Liechtenstein financial center has experienced an expansion in non-banking services over the past few years, including investment undertakings and insurances. About 90% of business is offered to non-residents, who are attracted by access to discreet and flexible legal forms, bank secrecy, and attractive tax possibilities in a stable and well-regulated environment. Using risk-based counter-measures, the supervisory authorities strive to combat the risks of money laundering and financing of terrorism. Accordingly to the IMF assessment, not all available measures already meet the required standards, but the IMF assessors expect Liechtenstein to be able to close the remaining gaps with its implementation of the 3rd EU Money Laundering Directive.
In their 2008 report, the IMF assessors point out that Liechtenstein had been placed on a list of non-cooperative countries in 2000 by the FATF, the Financial Action Task Force of the OECD, but had been taken off this list again only one year later. Since then, the authorities have made substantial progress toward compliance with the FATF recommendations, which the IMF already praised during its first assessment in 2002. The progress identified at that time has since been continued by way of legislative amendments and new institutional structures. The IMF found cooperation among national authorities in the fight against money laundering and financing of terrorism to be effective. The capacity and willingness of Liechtenstein to cooperate internationally and to exchange available information has improved significantly. To achieve further improvements, the IMF calls for the legal foundations for information exchange with foreign supervisory authorities to be strengthened. The IMF also criticizes that the available legal remedies may delay the surrender of information.
Already at the beginning of March, when the first general IMF report was presented, Prime Minister Otmar Hasler noted with satisfaction that the IMF had given the Liechtenstein financial center good marks with respect to supervision and anti-money-laundering. The IMF report confirmed the reform path taken after the 2001 financial crisis, which was now being further pursued with the revision of foundation law and tax law. The report confirmed the Prime Minister’s belief that the creation of the independent and integrated Financial Market Authority (FMA) constituted an important step toward high-quality supervision and regulation of the financial center. The Government has responded positively to the IMF recommendations to intensify the prevention and prosecution of money laundering. As Prime Minister Otmar Hasler emphasized, the implementation of the 3rd EU Money Laundering Directive would encompass most of these recommendations.

Source: http://www.liechtenstein.li/en/fl-portal-aktuell?newsid=16235



Is the legal fiscal confiscation of many countries legitimate?

Author: Christian Verling
Date: June 23, 2008, 15:03


The latest international media developments around the topics of money laundering, tax issues and banking secrecy leave behind a mixed bag of sensations. On the one hand it is felt that a coordinated attempt to put pressure on international financial centers is made by various OECD countries in the lead of Germany and the US, which seem mainly oriented at either distracting from problems at home or at least try to fix some fiscal shortcomings. The result of this was, that the OECD committee visiting Hong Kong in spring did not receive a pleasant welcome and were left behind with a message that such behaviour when dealing with confidential information as shown by Germany, would not be seen as to strengthen relations with Hong Kong. Talks regarding exchange of information with the up and coming Asian financial centre have taken a hard hit and will most likely remain closed. On the other hand, Liechtenstein has received a very positive report during the recent visit by the IMF regarding the efforts by the financial market authorities to combat money laundering. Also, Liechtenstein has signed the Schengen/Dublin accord on February 28, 2008, it has revised it's Foundation law and is implementing the 3rd EU directive on money laundering. It has fully implemented the MiFID regulations as first European country within the accords and it has received reconfirmation of it's Triple A country rating by Standard & Poor's. Then not long after things calmed down in Liechtenstein, the Swiss Banks started to feel the pressure, which resulted in the latest media hype on UBS regarding their involvement in a Florida tax case, which may well be used in order to bring Swiss Banking secrecy and along with it, the Liechtenstein banking secrecy to the discussion table again. In any case, the arguments will continue and international financial centers will have to strengthen their capacity to properly display their efforts undertaken. The discussion will sooner or later have to change focus from a legalistic view, hich currently dominates, what is legal off-shore may not be legal onshore, versus the real topic at hand, "is the fiscal confiscation of many countries legitimate ?" We feel, that a fiscal charge to citizens should be in balance with the economic value the citizen receives from his governement. Unfortunately, in many countries, there is a substantial inbalance in what you pay for and what you get for your money. This is pure economics and until the countries will change their economic performance, the capital involved will relentlessly flow towards the places where such economic balance exists.



Financial market turmoils, are you worried enough?

Author: Christian Verling
Date: January 28, 2008, 8:33


Excerpt from Stephen S. Roach, Chairman Morgan Stanley Asia
America’s recession has global implications — in contrast to the implications of the overly optimistic decoupling scenario. This is likely to be a big deal for the broader global economy.
So far, the world has held up relatively well in the face of a pre-recession downshift in the U.S. economy. That is about to change. America’s recession is in the process of shifting from homebuilding activity–its least global sector — to consumer demand, its most global sector. For the rest of the world, this transition will come as a rude awakening. Many have been banking on a "global decoupling" — in essence, resilience elsewhere in the world in the face of a U.S. demand shock. In particular, there is hope that young consumers from rapidly growing developing economies can fill the void left by weakness in U.S. consumers.
Don’t count on it. The U.S. consumer is, by far, the biggest consumer in the world. Americans spent over $9.5 trillion last year, whereas the Chinese consumer spent around $1 trillion and Indian consumers another $650 billion. Given the huge scale of U.S. consumption, it is almost mathematically impossible for Chinese and Indian consumers to fill the void left by a meaningful pullback of the American consumer. For export-led developing economies in Asia, as well as for Japan, a weakening of U.S. consumption represents a softening in one of their biggest destinations of end-market demand. Lacking in vigor from domestic private consumption, the likelihood of growth slowdowns in externally-dependent Asian economies is quite high.



Happy New Year!

Author: Christian Verling
Date: December 27, 2007, 15:36


With January 2008 we start a new chapter in our company's history by implementing this new homepage for our clients. We hope you enjoy this refreshing and informative style.