Hong Kong advisers says no to fee-based model
A majority of the industry responding to the SFC’s proposal on “enhancing industry regulation” were against introducing the fee-based model in Hong Kong.
Asia
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The plus and minus of China’s new foreign ownership rules
China recently announced it would ease foreign ownership limits for fund management firms, but huge challenges await foreign players that want to enter China’s retail investor market, industry sources said.
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China to allow full foreign ownership of insurance companies
In a move to grow its status as a major global finance hub, the Chinese government has announced it will raise foreign ownership limits in insurance companies to 51% in three years’ time, while full foreign ownership will be allowed in five years.
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Six jailed for 45 years for eco investment scam
Six members of a crime group have been jailed for a total of 45 years for devising a fake eco-investment scheme as a tax break for wealthy investors, often using the law firm at the heart of the Panama Papers.
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Paradise Papers: expect regulation despite little wrongdoing
While the Paradise Papers reveal little in the way of wrongdoing, they will likely stoke political appetites for increasing regulatory scrutiny of the wealth management industry, says an analyst from research firm GlobalData.
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PEOPLE MOVES: Rothschild, Moore Stephens, Fidelity Int’l
A BlackRock alum has joined Edmond de Rothschild Asset Management as global head of business development. Accountancy network Moore Stephens has launched a US tax offering in London and appointed a triple qualified tax specialist to head it up. Fidelity International has lost a 13-year veteran.
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‘Greying Singapore’ embracing life insurance
Singapore’s life insurers have reported a strong 2017 sales with three-quarters of Singaporeans now covered.
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The Fry Group launches Singapore discretionary service
Global financial advisory group The Fry Group has launched a discretionary investment service in Singapore, giving clients the option to delegate some or all of their ongoing investment decisions to the firm.
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Charles Schwab targets Asian investors with Singapore office
US investment and financial planning firm Charles Schwab has opened an office in Singapore to provide local and Asian investors greater access to the US market.
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Bullish T Rowe overweights Japan equities
For the first time in a decade, T Rowe Price’s global equity strategy has an overweight versus the benchmark to Japan equities. Laurence Taylor, portfolio specialist, explains why.
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PEOPLE MOVES: Aviva Investors, VAM Funds, Robeco
Aviva Investors has appointed a head of marketing for Asia Pacific, while Vam Funds has named an investment director. A JP Morgan and Goldman Sachs alum has joined Robeco as head of global distribution and marketing.
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Thai capital adequacy reforms welcomed by advisers
Moves by Thailand’s regulator the Securities and Exchange Commission to boost capital requirements have been welcomed by expat advisers.