Industry
Australian regulator ends legal case against two LM directors
The Australian corporate regulator has abandoned a civil penalty action against two former directors of the collapsed Queensland-based fund manager LM Investment Management (LMIM).
Tax & Regulation | 26 Sep 16
Clinton proposes 65% inheritance tax for billionaires
US presidential candidate Hillary Clinton has proposed raising inheritance tax paid by ultra-rich Americans to 65% on property valued at more than $500m (£385m, €445m), in a bid to appeal to the supporters of her former Democratic rival, Bernie Sanders.
Zurich buys Macquarie Life’s risk business
The Federal Court of Australia has approved the transfer of Macquarie Life’s risk insurance portfolio to Zurich Australia, a move that will see the Swiss firm become Australia’s fourth biggest retail insurer in the IFA segment.
Middle East | 26 Sep 16
Asset managers, life co’s seek clarity on new UAE fund laws
Life companies are calling for more clarity on how new laws covering mutual funds offered for sale within their products in the UAE will work in practice, while asset managers have begun the process of deciding which products to offer.
Prudential’s Gerry Brown to retire after 40-year career
Prudential’s tax industry stalwart Gerry Brown has announced he will retire at the end of the month following a 40-year career in offshore financial services.