Investor Overseas services (IOS) - important offshore financial company into the 1960er-Jahren.

Preface

The history of the IOS is from extraordinary complexity. By systematic masking of deposited sums of money and backers and those always use of funds settled in one nearly obscure structure by dozens of subsidiaries, banks, insurance and unit trust fund, which can be pursued, in the most diverse tax havens, were not to be reconstructed complete never the events and money rivers. The clearing-up of all procedures and the later liquidation of the IOS and their subsidiaries and unit trust fund were again made more difficult by the actions of the last large shareholder, Robert Vesco. Those on 1969/1970 of referred money must be multiplied approximately by the sixfold, in order to show the today's order of magnitude inflation-adjusted. The rate of exchange US-$/Deutsche Mark stood for 1969/1970 for instance with 1 US-$ = 4 DM.

1956 to 1959

The IOS consisted in the first years of Berne pool of broadcasting corporations Cornfeld and unites gradually from it enlisted coworkers for the door door sales of American share funds. The American Cornfeld came at the beginning of of 1956 from New York to Paris. There it noticed to it that there was an attractive target group for the sales of share funds in Europe: after the end of the 2.Weltkrieges approx. 800,000 stationed US soldiers. At the same time it registered a large number of abroad living US civilians, who were on the search for an occupation. From this group he recruited first its Mitarbeiter.Am beginning by Cornfeld of portions of the IPC fund of walter Benedick was sold, with which Cornfeld had become acquainted with the fundamentals of sale of share funds and above all the structure and the function mode of a structure distributing organization starting from 1952 up to its removal to of Paris. Afterwards portions of the Dreyfuss fund were sold, after Cornfeld had received the exclusive right to distribute for Europe. The Dreyfuss fund enjoyed end/at the beginning of the 60's of the 50's by spectacular increases in value of a high popularity,1958 turned out the IOS with the French authorities in conflict, which assumed an illegal sales of American fund certificates to French citizens. As consequence of this conflict Cornfeld in the autumn moved 1958 with its coworkers to Geneva. Cornfeld noticed fast the fact that he could earn substantially more moneys, if he did not only sell fund portions, but even operated its own fund management company. It decided to structure the IOS in the future as a fund management company with own funds. The necessary knowledge supplied with to it a man, who ascended fast to the second man of the IOS and which should be head behind the amazing expansion of the society in the 60's: Edward M. Cowett. Cowett had come at the end of of 1959 to the IOS. As a learned attorney, who had specialized in security laws and some time was active as advisors of the Dreyfuss funds, it had the necessary knowledge, in order to organize the growth of the society. The number three of the IOS became all CAN gate, which controlled the sales organization with the representatives.

1960 to 1964

On 9 April 1960 the IOS was registered for the first time formally as corporation, as IOS Ltd. with seat in Panama. The choice of the registered place of business in the most diverse tax havens should pull itself like a red thread by the further history of the IOS. Apart from the fiscal advantages if at all only rudimentary regulations existed for accounting and for providing a balance in these offshore registered places of business. Also laws for independent control of a society and protection regulations in favor of the capital investors were often missing. Cornfeld and Cowett an important instrument developed beginning of 1960, in order to bind the constantly growing crowd of the representatives closely to the society, the stick option plan. Under this plan the representatives acquired portions of the society according to a complicated formula (depending upon rank and sales impacts) to make in hope, this with a later stock exchange course of the IOS money.

On 5 January 1961 the first IOS own fund was presented in Luxembourg, the IIT (international Investment Trust). The value of the IIT fell until October 1962 of the bond issuing price from 5 $ to 3,53 $. In later sales folders of the IIT the depreciation was masked, as with value comparison computations the lowest point of the IIT was accepted from October 1962 as initial value. The IIT became 1967 to 1969 popular and should be at the end of of 1969 also over 700 millions $ fund assets the largest fund of the IOS. At this time belonged more than half of the IIT fortune to German investors.

In the autumn 1962 Cornfeld and Cowett developed the idea of a fund, which should throw still higher fees off in favor of the fund management company. This fund should invest exclusively into other funds. With its entry in Ontario/Canada the find was OF of find (FOF) born, the first roof fund of the Investmentgeschichte. In the subsequent years in this fund to substantial extent plant funds were purpose-alienated against the investment regulations and to high risks within the range of option dealings, real estates and within the range of the raw material development were exposed. At the beginning of of 1967 came Cornfeld and Cowett an idea to the further increase of the incomes of the IOS. The means find of the OF of find were invested no more in strange fund, but in of the IOS created so-called private owner funds with only one partner, the IOS. By the various fees became up to 20 % of the customer deposits before the investment of funds to retain. This for conditions at that time large load made an above average success of these funds improbably. At the end of of 1964 already administered the FOF a capital of 100 millions $. 1969 he should administer briefly 800 Mio.$ of over 188.000 investors.

1963 created the IOS with the investor bank in Luxembourg the first own bank. 1964 took place the acquisition of the Overseas development bank in Geneva and the entrance in the real estate and insurance transaction.

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