The Dutch bank ABN Amro is to sell its private banking operations in Hong Kong, Singapore and Dubai totalling $20bn (£15.7bn, €18.6bn) in assets under management to LGT, the two groups announced in separate statements on Tuesday.
Robo-advisers in Asia are increasingly targeting clients traditionally serviced by the region’s wealth managers, despite the age-old assumption that wealthy individuals prefer face-to-face advisers.
Prudential has kicked off a review of its £45bn ($57.2bn, €53.6bn) pension liabilities business in a move that could see the break up of its UK, US and Asian operations.
Switzerland and Hong Kong have signed a deal which will allow eligible mutual funds to be distributed in each other’s markets through a streamlined vetting process.
An ex-Goldman Sachs banker is facing a ban from Singapore’s securities industry , while Standard Chartered and Coutts have been hit with record fines for their roles in Malaysia’s 1MDB scandal.
Australian-listed financial services firm IOOF Holdings has indicated it is interested in buying the ANZ bank’s domestic wealth management business.
St James’s Place has expanded its presence in Asia as it moves from servicing expats and looks to target the region’s high net-worth individuals (HNWIs), said Mike Gravestock, partnership director for Asia and international.
Hong Kong’s enhanced fee disclosure proposals should not have a big impact on banks and fund houses, but may impact smaller intermediaries, according to industry players.
The impact of Singapore’s 55% cap on commission payments may not be as severe or restrictive as once thought, and may even see some advisers slightly better off, an industry source told International Adviser.
Lombard International, the global wealth structuring solutions provider, has been granted a Financial Adviser’s licence by the Monetary Authority of Singapore (Mas).
Bank of Singapore (BoS), a subsidiary of one of Singapore’s largest banks, has completed the acquisition of the wealth and investment management business of Barclays in Singapore and Hong Kong.
UK-based Maseco Wealth, the specialist wealth manager for US expat clients, is to target Asia with the launch of an independently owned business in Hong Kong.
