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DESPITE ITS GLITZY new image as the latest hotspot to host a night-time Formula One race around glamorous casinos, Singapore – the tropical island republic dubbed southeast Asia’s Monaco by private bankers – hides a post-global financial crisis secret. It’s a touchy subject at private banking heavyweight UBS, which at the market’s pre-meltdown peak ran 1,000 client relationship managers hawking all manner of exotic investments to regional tycoons in a heady atmosphere one former operative described as a “zoo” and a “boiler room”.
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