China to lift 50% foreign ownership cap on life insurers
China is considering easing the 50% ownership cap on overseas life insurers buying domestic companies in the biggest shakeup of the industry in almost two decades.
Asia
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South Korea’s ING Life Insurance applies for IPO listing
Seoul-based ING Life Insurance Korea, South Korea’s fifth-largest life insurer, has applied for an initial public offering (IPO).
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Forecasts frustrated by too many unknowns
Caution should prevail while economists struggle with forecasts in a climate of too many unknowns, according to François Duhen, chief economist and strategist at Swiss banking group Crédit Mutuel-CIC.
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China’s ‘barbaric’ insurers continue to invest in risky assets
Life insurers in China will continue to invest in risky assets, despite a recent clampdown by the country’s insurance regulator amid a string of high-profile suspensions over stock market speculation, according to a report by Moody’s Investors Service.
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Sales of life products in Singapore grow by 15%
Singapore’s life insurance industry continued to grow in the fourth quarter of last year driven by rising sales in annual premium products, latest figures show.
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HSBC GAM launches Asian high income product
HSBC GAM has launched a new product called the Asia High Income Bond Fund, which is said to have a balanced approach between the firm’s existing Asian bond and high yield strategy.
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HK regulator continues crackdown with ex-HSBC adviser ban
Hong Kong’s Securities and Futures Commission (SFC) has reprimanded, banned or taken action against 13 companies and individuals since the start of 2017, most recently banning a former HSBC adviser from re-entering the financial services sector for life.
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Guaranteed funds ordered to change their names in China
The 151 guaranteed funds sold in China, will henceforth be called “risk-hedging strategy funds” to reflect their potential risks, according to the new guidelines released by the China Securities Regulatory Commission.
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ETF Securities targets Australia following Hong Kong exit
UK-based ETF Securities has said it will focus on expanding its presence in Australia following the asset manager’s exit from Hong Kong earlier this year.
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Former Westpac banker jailed for property Ponzi scam
A former Westpac banker in Australia has been sent to jail for three years for encouraging elderly and vulnerable customers to borrow over A$2.5m (£1.5m, $1.9m) to invest in a Tasmanian property development, which turned out to be a Ponzi scheme.
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China’s asset management industry tops $7.5trn
Assets under management across mainland China rose by 36% to 51.8trn renmimbi ($7.53trn, £6.0trn) in 2016 according to data from the semi-official Asset Management Association of China (AMAC).
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Japanese funds to watch based on their AUM
Seeking returns from some of Japan’s undervalued big companies, replicating indices, and using a benchmark-agnostic approach are some of the favoured strategies of Japanese funds with substantial assets under management.