New York, NY and Dallas, TX (PRWEB) September 13, 2004
GlobeTax the leading outsource provider of foreign withholding tax recovery services to the investment and financial services community, announced today the formation of a strategic alliance with Capital Institutional Services, Inc. (CAPIS), a global leader in agency brokerage services and independent research distribution.
"CAPISÂ well respected industry reputation, strong client relationships and considerable industry coverage will enable GlobeTax to service a much wider segment within the institutional investment arena,Â said Len Lipton, Vice President of Marketing for GlobeTax.
Through this affiliation, CAPISÂ sales and marketing force will be able to offer its clients and prospects direct access to GlobeTaxÂs expertise in an area which often does not receive the attention it deserves, the retrieval of excess withholdings on dividend payments in foreign markets.
ÂWe are very excited to be working with CAPIS. The needs of their clientele are very similar to our own and we look forward to adding value to their offerings,Â said Martin S. Foont, President of GlobeTax.
It is estimated that foreign governments are withholding as much as two hundred billion dollars a year on dividend payments from cross-border investments. Much of these withholdings are recoverable because of treaties that exist between pairs of countries which entitle investors (in certain markets) to lower rates of taxation. However, the task of retrieving those funds can be particularly onerous because of the myriad of ever-changing rules and regulations of foreign tax authorities, only small a fraction of those entitlements is ever actually recouped by the beneficial owners of the investments.
ÂCAPISÂ alliance with GlobeTax is a natural fit with our focus on providing innovative solutions to the institutional marketplace. This relationship goes along with our commitment to help our clients stay ahead of constantly evolving regulatory and competitive trends in this dynamic marketplace,Â said Dax Ainsworth, CAPIS Director of Research and Marketing.
For additional information please contact Len Lipton, Vice President of Marketing for GlobeTax at 212.747.9100 or Dax Ainsworth, Director of Research and Marketing for CAPIS 800.247.6729.
About Capital Institutional Services, Inc.
A leading U.S. institutional brokerage firm specializing in global agency trading, advanced order execution solutions, and independent research distribution for asset managers and Plan Sponsors, Capital Institutional Services, Inc. (CAPIS) has successfully developed and provided an array of brokerage solutions specifically tailored to the institutional marketplace since 1977. CAPIS executes all trades on an agency basis, eliminating any conflict of interest; and plan sponsors, investment managers and broker-dealers have come to trust CAPIS for its expertise in directed brokerage, transition management and commission recapture relationships.
CAPIS is a member of the New York Stock Exchange, American Stock Exchange, Pacific Stock Exchange, the National Association of Securities Dealers, and SIPC, and maintains offices in Dallas and New York. For more information, visit http://www.capis.com or call 800.247.6729.
Director of Research and Marketing
Globe Tax Services Inc., headquartered in New York, is the worldÂs largest independent provider of withholding tax recovery services to the investment and financial services community including; custodians, fund managers, pensions, charities and others since 1992. For more information, visit http://www.globetax.com or call 212.747.9100.
Vice President of Marketing
# # #