Old Mutual ‘planning to exit’ China via joint venture sale
Old Mutual is reportedly pulling out of China after putting its stake in a joint venture with a local life insurer up for sale.
Asia
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Hong Kong signs data-sharing deal with South Africa and Portugal
Hong Kong has agreed to an automatic exchange of information with South Africa and Portugal amid mounting pressure from the OECD and the European Union.
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Wealth management apprenticeship scheme launched in Hong Kong
An initiative designed to provide professional training and employment opportunities for young people interested in careers in private wealth management has been launched in Hong Kong.
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Singapore investors report N America property scheme to police
Five Singaporeans, including two people in their 70s, who invested in a company offering attractive returns on real estate investments in the US and Canada, have reported the company to the police.
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China’s Harvest Global launches its first Ucits fund
Harvest Global Investments (HGI), the international arm China’s Harvest Fund Management, has launched its first Ucits-compliant sub-fund, Harvest China Evolution Equity Fund.
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Tensions rise as Praemium face off approaches
Ousted Praemium chief executive Michael Ohanessian’s “aggressive” relationship with the board and his unwillingness to “make necessary changes in his behaviour” are why shareholders should vote against his reinstatement, chairman Greg Camm has said.
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Aus court condemns advice firm’s commission-style breaches
An Australian court has ruled against advisory firm NSG over its commission-style pay packages, which encouraged financial advisers to sell products rather than provide the best advice to clients.
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HSBC Singapore becomes a ‘direct life insurer’
HSBC Insurance (Singapore), the life insurance arm of the banking giant, is officially a Tier 1 insurer under rules set out by financial services regulator.
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Singapore insurers can now sell advice-free life policies online
Life insurers in Singapore can now offer life policies online that can be sold without financial advice, according to new guidelines released by the Monetary Authority of Singapore (MAS).
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Lack of data ESG’s biggest challenge
Lack of robust data and reporting standards hinders ESG implementation, according to Lou Maiuri, executive vice president at State Street.
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From shock to success: building The Fry Group’s reputation
James Sutton and David Pugh left the UK in search of fresh challenges in Asia. They discovered a marked difference in the quality of financial advice being offered there and set about ensuring The Fry Group raised the standard.
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MSCI changes tack on including China A-share in indexes
Index provider MSCI has outlined new proposals designed to overcome issues preventing it from adding the shares of mainland Chinese companies to several key equity indexes, which should effectively allow a limited number of stocks to be included.