Rothschild exits Hong Kong amid Asian private bank closures
The exodus of private banks from the Asian region continues as Edmond de Rothschild (Suisse) announces that it plans to close its Hong Kong branch.
Author: Kirsten Hastings
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Tax avoidance vs evasion debate “immoral” and “inconsistent”
The gap between tax avoidance and evasion is disappearing and it is “immoral” to refer to it in the modern tax debate, said Richard Murphy, professor in practice in international political economy at City, University of London.
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PEOPLE MOVES: Swiss Life, Columbia Threadneedle, Legg Mason
Swiss Life’s chief executive for Switzerland is to depart next year, with his successor already identified. Columbia Threadneedle has also named a chief executive, tasked with covering Emea and asset management. Legg Mason’s head of UK sales is set to depart, with a search underway for his replacement.
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UK and Hong Kong regulators agree fintech cooperation
The Hong Kong Monetary Authority (HKMA) and the UK’s Financial Conduct Authority (FCA) are to “foster collaboration between the two regulatory authorities in promoting financial innovation”.
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PEOPLE MOVES: Amundi, Moneyfarm, Deutsche Bank
Amundi has bolstered its multi-asset leadership, with Moneyfarm banking on industry experience in its CIO and CFO appointments. Deutsche Bank, meanwhile, is looking to innovate with two senior hires.
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Schroders unveils first credit income fund
Schroders has launched the Schroder ISF1 Global Credit Income fund, its first credit income fund.
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Pacific Investments launches asset management business
Sir John Beckwith’s Pacific Investments group has launched Pacific Asset Management (PAM), which will initially focus on the multi-asset retail space, with institutional fund launches planned at a later stage.
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PEOPLE MOVES: StanChart, FPI, Aviva
Standard Chartered’s Asean and south Asia chief executive has stepped down with immediate effect. Friends Provident International has appointed a regional sales director for Singapore, while Aviva has hired a tech industry heavy hitter for a new communications role.
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PortfolioMetrix and Praemium announce partnership
Discretionary investment manager PortfolioMetrix has launched a strategic partnership with UK and international discretionary platform Praemium.
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Singapore’s 55% commission cap ‘good news’ for some advisers
The impact of Singapore’s 55% cap on commission payments may not be as severe or restrictive as once thought, and may even see some advisers slightly better off, an industry source told International Adviser.
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Old Mutual Global Investors plans style premia fund
Old Mutual Global Investors (OMGI), part of Old Mutual Wealth, plans to launch the Old Mutual Style Premia Absolute Return Fund (Star) at the beginning of December.
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Lombard International granted Singapore licence
Lombard International, the global wealth structuring solutions provider, has been granted a Financial Adviser’s licence by the Monetary Authority of Singapore (Mas).