Customers with investments in Standard Life’s assurance bonds have been told they cannot access their money if any part – however small – of their funds are in ill-fated UK commercial property funds.
An offshore bank in Belize, owned by prominent UK businessman Lord Ashcroft, has seen a sharp outflow of deposits following a US crackdown on tax evasion.
The Monetary Authority of Singapore (Mas) has set up an international technology advisory panel (Itap) to discuss fintech developments around the world and how Singapore can harness new technologies to enhance its financial services industry.
Shares in HSBC jumped 3.6% in London on Wednesday despite it revealing a 29% slide in profits to $9.7bn (£7.3bn, €8.7bn) for the first half.
Asset manager Architas reported a 52% increase in total assets in the first half of 2016, while parent company Axa Group recorded stable revenue and underlying earnings, with net income up 4% against the same period last year.
Jersey’s Financial Services Commission (JFSC) and the island’s government have proposed a new and universal professional investor definition, phasing out unregulated ETFs, and rebranding and amending the jurisdiction’s very private funds regime.
Irish pension trustee firm ITC International Pensions has moved into Malta with the launch of a new Qrops offering as well as the first commercially available EU-wide workplace pension scheme on the island.
Old Mutual International has named a managing director for its Isle of Man operations, while Architas has poached Seneca IM’s head of retail for a new role and added Axa Wealth’s head of investing to its roster. The Hong Kong and Australian regulators also announced senior appointments.
The patchwork of global financial regulations present a key challenge when an asset manager wants to expand, said Mirae Asset Global Investments (HK) president and chief executive Jung Ho Rhee.
Expats living in Saudi Arabia sending money back to their home countries could face a cap in line with their earnings as the Kingdom looks to tighten rules around personal wealth leaving the country.
Japanese fund group Nikko Asset Management plans to launch a Luxembourg-domiciled Global Credit Ucits fund on Wednesday which will invest in a worldwide portfolio of corporate bonds and target a 4% absolute return.
Novia Global, the online wealth management service, has added multi-currency exchange traded funds in sterling, US dollar and euro to its platform.
