Rich get richer: global high net worth wealth hits $64trn
The global wealth of high net worth individuals rose by 7.5% in 2016, presenting an opportunity for wealth managers and technology firms, according to the Capgemini World Wealth Report 2017.
Asia
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Value Partners in fund distribution pact with Forbes
Hong Kong’s Value Partners has formed a strategic partnership to distribute funds with media company Forbes, which is branching into financial services.
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Hong Kong fund industry tax concerns under review
The Hong Kong Government will be conducting a comprehensive review of the existing tax concessions applicable to the fund industry, according to Paul Chan, Hong Kong’s financial secretary.
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Are snap elections a game changer for Japanese equities?
Japanese equity fund managers are backing small and mid cap companies in the tech space as well as ‘online disrupters’ ahead of the snap election to be held in October.
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Adviser recruitment under scrutiny in Singapore
In a bid to curb mis-selling and provide a framework for how advisory businesses can recruit from rival firms, Singapore’s Life Insurance Association (LIA) is reviewing its policies and is planning to issue new guidelines.
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Partnerships key to growing AUM in India
A strong local partnership is an important part of building up assets under management in India, with eight of the 10 largest fund managers in the country being joint ventures, according to a report from Boston-based research firm Cerulli Associates.
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Levy to hit Hong Kong life insurance
Insurance policyholders in Hong Kong will be hit with a rising levy on premiums from 1 January 2018, the special administrative region’s new Insurance Authority (IA) has confirmed.
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Analysis: Nexus targets expats amid big changes in Asia
A major international life company acquisition, a Singapore advice firm pushing into the expat space and a new insurance regulator in Hong Kong mean more change for Asia.
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AIA pays $2.4bn for Aussie and New Zealand life insurers
The Commonwealth Bank of Australia has sold its life insurance businesses in Australia and New Zealand to AIA Group for A$3bn (£1.8bn, $2.4bn, €2bn).
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Indonesia hunting for hidden wealth
Indonesia’s mammoth $368bn tax haul has been followed by new regulations aimed at tracing and taxing money that was not declared during the nine-month amnesty that ended in March.
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Foreign insurers forced to meet Malaysian 70% ownership cap
Insurance companies in Malaysia are looking to sell just under a third of their local businesses to comply with a 70% cap on foreign ownership.
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Online insurer ZhongAn eyes life market
Online-only insurer ZhongAn Online Property and Casualty Insurance is planning to offer life insurance and healthcare products to accelerate growth after going public in Hong Kong.