Indonesia’s life premiums jump 28% in Q1
Premiums in the Indonesian life industry soared by 28% in the first quarter of this year, compared to the same period in 2016, according to latest data released from the Financial Services Authority (OJK).
Asia
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Credit Suisse and UOB fined as 1MDB probe hits two years
The Monetary Authority of Singapore (Mas) has fined Credit Suisse and United Overseas Bank (UOB) and issued prohibition orders against three people following a two-year investigation into scandal-plagued wealth fund 1Malaysia Development Berhad.
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Collapsed Australian investment firm bosses fined over A$600m
Five former executives connected to collapsed Australian finance group MFS have been ordered to pay more than A$600m (£350m, $450m, €400m) in compensation to investors by the Supreme Court in the state of Queensland.
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Sharp fall in premiums bite Japan’s ‘top four’ life insurers
Japan’s four largest life insurers have reported a 16% decline in combined domestic premium income in the fiscal year ending 31 March 2017.
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Vanguard to target retail investors in China
US mutual fund giant Vanguard has launched a wholly-owned operation in China to target the fast-growing retail investment market in the world’s second largest economy.
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Five views on Moody’s downgrade of China
Asset managers comment on Moody’s decision to lower China’s sovereign credit rating by one notch to A1 from Aa3, with stable outlook.
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OCBC opens Indonesia wealth unit amid tax amnesty success
Singapore’s OCBC Bank has launched an onshore private banking business, spurred by Indonesia’s tax amnesty.
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China’s HNA looks to buy a stake in Value Partners
Chinese conglomerate HNA Group is looking to buy a stake in Hong Kong fund management firm Value Partners, making it the company’s fourth investment in an asset manager in the past six months.
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Majority of emerging markets funds in Asia underperform
More than half of emerging market equity funds available for sale in Hong Kong and Singapore underperform the MSCI Emerging Markets Index, FE data shows.
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China to lift curbs on foreign fund offshore investments
China is set to lift a two-year suspension on foreign funds raising money in the country to invest overseas, a sign that Beijing is loosening its grip on personal wealth leaving the country.
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Regulatory delays bite Philippine’s fund industry
Local fund managers in the Philippines are still waiting for a series of key regulatory changes that could drive industry growth, according to Valerie Pama, Manila-based president of Sun Life Asset Management in the Philippines.
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Advice failures cost Australian banks $150m in fines
Australia’s largest banks and leading wealth manager AMP have so far paid A$60m towards a A$200m (£114,48, €133,563, $148,720) fine for charging customers for financial advice they did not receive, according to the country’s financial services regulator.