The United States and Switzerland have reached an agreement on the sharing of client investment information

The United States and Switzerland have ended a years-long standoff over sharing client investment information that will give the United States a clearer picture of assets held in the European banking hub, according to the Financial Times. The agreement follows inspections by the US Securities and Exchange Commission of at least eight Swiss companies that do business through US entities, including smaller management firms and Vontobel, a larger investment group, three people familiar with the matter said. The two countries have a complicated relationship over information about US clients, who have long stashed assets in Swiss accounts to avoid US taxes. Swiss companies paid billions of dollars in fines after the two countries agreed on information sharing in 2013. The US also lifted a moratorium on approving new Swiss investment advisers for US wealth management on Tuesday.