JPMorgan cuts Asia wealth management workforce by 5%
JPMorgan Chase has cut around 30 jobs at its Asian wealth management businesses in Hong Kong and Singapore, as the US bank increases its focus on a smaller pool of wealthier clients.
Companies
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Meyado acquires assets of Portfolio Builders in Singapore
Meyado Private Wealth Management, which is headquartered in London, said its Singapore operation has bought the assets of local financial advisory firm Portfolio Builders for an undisclosed sum.
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KBL epb buys Dutch private bank from BNP Paribas WM
KBL European Private Bankers (KBL epb) has entered into a preliminary agreement with BNP Paribas Wealth Management to acquire Insinger de Beaufort, a Dutch private bank.
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Aegon sells two-thirds of UK annuity book
Dutch-headquartered life group Aegon is selling two-thirds of its UK annuity book to insurer Rothesay Life.
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Australia’s NAB restructures HNW business
The National Australia Bank Group, one of the country’s big four banks, has restructured its high net worth (HNW) business, which will see its private banking arm renamed NAB Private.
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Sarah Lord scales new heights in professional development
Killik & Co’s Sarah Lord talks about her thirst for personal and professional development, her belief in the fees-based model and her time in the United Arab Emirates, where commission is still king.
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Transparency and technology at the forefront of change, says everyone
Deadlines to implement business changes thanks to new regulations are coming thick and fast. So how are international life companies and global intermediaries changing their business models as a result?
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Barclays HK and Singapore wealth businesses sold to OCBC
Oversea-Chinese Banking Corp’s (OCBC) private banking subsidiary, Bank of Singapore, is to acquire Barclays’ wealth and investment management (WIM) businesses in Singapore and Hong Kong for around $320m (£226.5m, €281.2m).
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Bedell Trust plans int’l markets push funded by buyout
Jersey-headquartered Bedell Trust has announced a management buyout of its business by private equity firm Inflexion, to fund expansion in to Asia after recently acquiring a majority stake in the Singapore Trust Company (STC).
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Lombard Int’l takes a bite out of the Big Apple
Lombard International has opened its first office in New York City, identifying it as a key financial centre for new and existing clients.
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Allianz sells S. Korean life insurance and investment arms
Allianz has agreed to sell its South Korean life insurance unit and Allianz Global Investors Korea to China’s Anbang Insurance Group.
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Zedra opens new Hong Kong office
Trust and fiduciary specialist Zedra has revealed plans to expand into the Asian market after announcing the opening of a new office in Hong Kong.