Complaints to Britain’s FOS show signs of easing
Britain’s Financial Ombudsman Service received 4,359 complaints relating to life, pensions and investment business in the second half of 2015.
Companies
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Two Swiss private banks agree deal to build global giant
Zurich-based private bank, EFG International, has agreed a deal with Brazilian bank BTG Pactual to buy its Lugarno-based private banking unit BSI, one of the oldest Swiss banks, for about CHF1.33bn ($1.34 bn, £940m) in cash and stock.
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HSBC Q4 numbers disappoint on bank levy, oil losses
A disappointing fourth quarter saw HSBC report a 7% drop in adjusted pre-tax profit to $20.4bn for the full year to end 2015
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HNW client base from China increasing in Hong Kong, BEA says
Personal wealth is flowing out of China as domestic investors grow increasingly concerned over the markets and economic growth, according to Bank of East Asia.
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Social impact investor surpasses £100m in capital raised
Capital raised by clients of UK-based social impact investment intermediary ClearySo surpassed £100m ($143.2m, €128.7m) this month, with £60m coming directly from the company’s network of institutional and high-net-worth individual investors.
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Second property-backed Chinese asset manager defaults
Xin Qi, a Chinese asset management firm backed by property projects, has defaulted on CNY1.9bn (£203m, $291m, €261m) worth of investments, affecting thousands of retail investors across mainland China.
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Standard Life posts jump in offshore bond sales
Standard Life increased offshore bond assets on its wrap platform by 23% last year although operating profits from its European business, which includes the Dublin-based international bond business, declined.
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Australia’s AMP gets profit boost from wealth management
A strong performance from its wealth management arm helped Australian insurance group AMP boost profits by 10% in the year to 31 December 2015.
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Model Portfolio Manager tool launched on Novia platform
International intermediaries platform Novia Global launched its new Model Portfolio Manager (MPM) tool on Thursday, making it available to users of the company’s wealth management service.
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Zurich to divest 25% stake in Openwork
Zurich Insurance Company will divest its 25% stake in financial services partnership Openwork within the next four years, under an agreement that will see Openwork continue to distribute Zurich product lines in the UK.
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Momentum buys London & Capital DFM business
Momentum UK, has expanded into the British DFM market with the acquisition of London & Capital’s Adviser Solutions business for an undisclosed sum.
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OPINION: London vs Hong Kong – out of the frying pan…?
Even by the very nature of its name, HSBC has always been the most Asian-facing of the multinational super banks, so why does it want to extend its stay in London?