Markets shrug off North Korea threats, for now
Global markets have shown little alarm over North Korea’s missile tests and Donald Trump’s rhetoric so far. Nevertheless, investors should hedge their tail risks, advises Dave Lafferty of Natixis GAM.
Asia
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China tightens grip on fund industry
Private fund managers in China who raise money from retail investors could face sanctions under provisional regulations released by the country’s state council, according to a circular from the government.
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Financial adviser numbers surge in Malaysia
The number of firms engaged in financial planning in Malaysia has increased by 45% since 2015, while the number of licensed financial planners has grown by around 23%, according to Ahmad Fairuz Zainol Abidin, Malaysia’s Securities Commission deputy chief executive.
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Cazenove name is no more in Asia wealth manager rebrand
Cazenove Capital’s Asian wealth and private banking business is to be renamed Schroders Wealth Management.
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Australia’s CommBank arms combine to launch Portfolio Service
Two units of Australia’s largest bank have teamed up to launch an online portal aimed at financial advisers servicing high net worth clients.
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Expensive funds don’t earn their fees
In a quick comparison of the most and least expensive mutual funds, our sister publication, Fund Selector Asia, has found that on average those with high fees in Hong Kong and Singapore tend to underperform more often than those with low fees.
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Hong Kong and Dubai market watchdogs partner on fintech
Hong Kong and Dubai-based securities watchdogs have penned a cooperation agreement on fintech innovation.
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Asia’s wealthy reveal doubts about financial advisers
High net worth individuals in Hong Kong and Singapore are much more aware of the human-related risks associated with wealth advisers compared to their global counterparts, according to a survey conducted by Factset and Scorpio Partnership.
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Taiwan warns taxpayers to declare overseas income
Taiwan’s Ministry of Finance has called on taxpayers receiving overseas income to declare it voluntarily in order to avoid facing fines of up to three times the tax evaded.
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Chinese prosecutor war on ‘financial crocodiles’ gathers pace
China’s top prosecutor has vowed to intensify a crackdown on financial crimes disrupting the country’s securities and futures markets.
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India’s Centrum Group gets broking licence, plans expansion
Indian financial conglomerate Centrum Group has obtained an insurance broking licence from the Insurance Regulatory and Development Authority of India (IRDAI), with which it plans to expand its business.
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Aussie watchdog reports 300% jump in misconduct compensation
Client compensations for misconduct in the Australian financial services industry nearly tripled to A$618.8m (£381.2m, $490m, €416.2m) in the first half of the year, figures contained in the Australian Securities and Investments Commission (Asic) biannual enforcement report show.