Asset management chiefs share six industry concerns for 2018
The asset and wealth management industry is about to usher in a period of disruption, with cyber security threats a big concern, chief executives across the sector have warned.
Asia
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Chinese life insurance slump hits Hong Kong
Life and annuity revenue premium rose over 10%, year-on-year, during 2017 despite the flow of money from mainland China levelling off, figures from the Hong Kong Insurance Authority reveal.
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DeVere chief: ‘STM was the best of a bad bunch’
DeVere founder and chief executive Nigel Green said he bought a 24% stake in financial services group STM after struggling to find a good European provider to invest in, referring to the company as the “best of a bad bunch”.
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Australia’s Macquarie Group to buy Luxembourg asset manager
The investment management division of Macquarie Group is to acquire Luxembourg-based ValueInvest Asset Management for an undisclosed sum.
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Cryptocurrency exchange puts $250k bounty on hackers
Anyone with information that leads to the arrest of would-be cryptocurrency thieves stands to collect $250,000, after the exchange that was attacked placed a bounty on the hackers’ heads.
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Hong Kong’s ‘Toy King’ billionaire sues Convoy director
A Hong Kong billionaire has launched a HK$309m (£28.4m, $39.4m, €31.8m) lawsuit against his business partner and former Convoy director Roy Cho Kawi-chee, who has not been seen since November.
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EU adding two Commonwealth, one US territory to tax blacklist
EU officials are set to add the Bahamas, St Kitts and Nevis and the US Virgin Islands to its tax haven blacklist, taking the total number of jurisdictions on the list to nine.
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Eastspring establishes onshore presence in China
Eastspring Investments has joined the growing list of foreign asset managers who have set up an investment management wholly-foreign owned enterprises (IM Wfoe) in China.
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China’s wealthy send $172bn offshore in three years
A “staggering” $172bn in Chinese funds have been deposited offshore by non-bank institutions in just three years, according to a report by Knight Frank.
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Aviva fires up Hong Kong joint venture with Tencent
Aviva Asia will launch a Hong Kong joint venture in the first half of 2018, as the group shifts its investment focus to high growth markets.
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EU tax haven blacklist to dwindle to six
EU finance ministers are expected to remove three more jurisdictions from the EU tax haven blacklist, meaning it has shrunk from 17 to just six since its inception in December.
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PEOPLE MOVES: SJP, Guernsey Finance, Pensionhelp
St James’s Place hires a partner from Odyssey Asset Management, Guernsey Finance appoints a permanent representative in Hong Kong and Pensionhelp snares an ex-Financial Conduct Authority (FCA) heavyweight.