Swiss asset managers are likely to lose
about 47 bn Swiss francs ($51.1 bn) as their clients are going to make large
withdrawals ahead of tax arrangements with UK and Germany presumed to be
implemented in 2013. Cash outflows are expected to surge during forthcoming 18
months. Bankers estimate potential capital outflows to be around 25%-30% of
non-declared securities. Switzerland this year signed accord with UK and
Germany that taxation of undeclared accounts will be allowed without disclosing
client's identity.