Only 24% of Hong Kong’s growing number of affluent investors trust financial advisers, which compares to around 45% of those in the US, according to Michael Fong, managing director at Charles Schwab in Hong Kong.
Legal & General Group is to sell its 26% stake in IndiaFirst Life Insurance to private equity firm Warburg Pincus.
ANZ Bank New Zealand has agreed to sell its life insurance business to US-listed health insurance giant Cigna for NZ$700m ($485.4m, €419m, £368m), the second non-core business the group has shed in under a month.
In a shock announcement the head of the UK’s pensions regulator resigns, Charles Stanley appoints an investment manager from Quilter Cheviot and Hawksford hires a former police officer.
Index provider MSCI formally included around 230 China A-shares into its three widely-tracked indices on Friday, but fund managers see a minimal impact on the A-share market.
US-listed Noah Holdings is exploring a Singapore wealth management office and has reported a 24% increase in overall profit for the first quarter.
Bahrain’s government has announced it is working on a law that will allow foreigners to obtain 10 year “self-sponsored” visas, in an attempt to boost the jurisdiction’s position as a foreign investment destination.
Wealth manager Noah Holdings was fined by Hong Kong’s regulator for failure to comply with several requirements, including know-your-client and due diligence matters.
UBS Wealth Management is recommending clients allocate up to 20% of their assets to hedge funds as a diversifier, especially in an environment where interest rates and volatility are increasing, according to the firm’s executives.
Investing in disruptive companies requires a blend of new entrants with established companies to minimise risks, according to Wesley Lebeau, Paris-based thematic equities portfolio manager at CPR Asset Management, a subsidiary of Amundi Asset Management.
An Australian financial adviser who funnelled his clients’ money into a failed abalone farm has been charged with six counts of fraud totalling approximately A$5.9m (£3.3m, €3.8m, $4.4m).
Asset management firm Schroders has taken a minority equity stake in WeInvest, a Singapore based digital wealth adviser.
