China’s Lufax launches offshore retail platform in Singapore
Lu International, a subsidiary of Shanghai-based wealth manager Lufax Holdings, is launching its first direct-to-consumer online investment platform for Chinese overseas retail clients.
Asia
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Non-resident Indians face tough new disclosure rules
Non-resident Indians around the world will have to disclose offshore bank account details in tax returns for the first time this year, as part of a tough transparency crackdown by their home country’s tax office.
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Winners of inaugural Global Education Trust Awards unveiled
A professional body granting qualifications for competence and ethical behaviour in the financial advisory sector has announced the recipients of its awards aimed at rewarding financial literacy among university students.
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China GDP growth surprises on the upside
China has posted better than expected growth over the second quarter, leading analysts to speculate it could have greater momentum moving forward.
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Aberdeen launches multi-asset funds in Singapore
Aberdeen Asset Management has launched two multi-asset funds in Singapore, the firm’s first such funds to be offered in the city-state.
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Deutsche AM terminates 16 Hong Kong ETFs
Deutsche Asset Management is delisting 16 ETFs in Hong Kong, cutting the number of exchange-traded funds it has listed in the special administrative region in half, according to data from the Hong Kong Exchange and Clearing.
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UBS AM granted private fund license in China
Swiss bank UBS has announced that its Chinese asset management arm has been granted a license to manage money for institutions and wealthy investors onshore in China.
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Jailed 1MDB banker sentenced to four more years for cheating
A Singapore court has found former BSI Singapore banker Yeo Jiawei guilty of further charges of money laundering and cheating in relation to billions of dollars allegedly misappropriated from the 1Malaysia Development Berhad (1MDB) state fund.
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Hong Kong and France strike deal on mutual recognition of funds
Hong Kong’s Securities and Futures Commission (SFC) and France’s Autorité des Marchés Financiers (AMF) have signed a memorandum of understanding linking their mutual fund markets.
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Sony Life to set up shop in Singapore’s insurance market
Japan’s Sony Life Insurance has announced it plans to open dozens of locations in Singapore’s malls where it will offer clients policies from multiple insurers.
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Singapore watchdog restores ‘mystery shoppers’ for advisers
The Monetary Authority of Singapore (MAS) will be sending mystery shoppers to financial advisers as part of its efforts to boost enforcement, according to Merlyn Ee, the regulator’s executive director for capital markets intermediaries.
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Singapore’s asset management industry up 7% in 2016
Singapore’s asset management industry saw healthy growth of 7% last year, with managed assets hitting S$2.7trn ($1.96trn, $2.5trn, €2.23trn), according to new figures from the Monetary Authority of Singapore (MAS)