Bloomberg News

SWISS DAYBOOK: Julius Baer Client Advisers Indicted in U.S.

October 12, 2011

Oct. 12 (Bloomberg) -- Two Julius Baer Group Ltd. client advisers were charged yesterday with helping U.S. customers of the Swiss bank evade taxes, according to an indictment and a person familiar with the matter.

The Zurich-based bank said in a statement that it cannot comment on the indictments or the U.S. investigation, adding that it’s one of Swiss financial institutions “supporting the ongoing negotiations between the U.S. and Switzerland and is cooperating with the U.S. government investigation.

EQUITIES: *The Swiss franc needs to drop to avoid ‘serious’ harm, Swisscom chief executive Says *UBS is seeking to raise a collateralized loan obligation with a target size of $400 million to be managed by American Money Management Corp., according to three people with knowledge of the deal *Oridion Systems Ltd. said it received a warning letter from the U.S. Food and Drug Administration about quality of purchased items

MARKETS: *The SMI climbed 0.2 percent to 5,732.19 *The SPI rose 0.2 percent to 5,180.07 *The Stoxx Europe 600 Index fell 0.3 percent to 235.28 *The MSCI Asia-Pacific Index was up 0.1 percent at 07:48 a.m. Zurich time *Euro-franc traded at 1.24045 at 07:49 a.m. Zurich time

--Editor: Dylan Griffiths, Matthias Wabl

To contact the reporter on this story: Elena Logutenkova in Zurich at elogutenkova@bloomberg.net

To contact the editor responsible for this story: Matthias Wabl at mwabl@bloomberg.net


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