Mark Paine to take over the Meyado Group
Wealth management firm Meyado is to see a change at the top after Singapore chief executive Mark Paine announced plans to buy out the shares of the group’s founder and chairman Martin Young.
Wealth management firm Meyado is to see a change at the top after Singapore chief executive Mark Paine announced plans to buy out the shares of the group’s founder and chairman Martin Young.
A former BSI Bank wealth planner went on trial in Singapore on Monday for attempting to pervert the course of justice as part of the investigations into the 1Malaysia Development Bhd (1MDB) money laundering scandal.
Hong Kong’s Securities and Futures Commission (SFC) has cancelled the licences of Richmond Asset Management and its owner Graham Frank Bibby and banned him from re-entering the industry for 10 years.
The trend of banks offloading assets continues as Singapore-based DBS acquires ANZ’s WM and retail units in Asia, adding S$23bn ($16.5bn, £13.5bn, €15bn) of wealth assets, which includes S$6bn from high net worth individuals.
Asian equities have enjoyed a good rally in the third quarter of this year, with a strong performance from technology stocks, but volatility is likely to remain, says Lena Tsymbaluk, research analyst at Morningstar
Singapore outpaced Hong Kong for sales of unit-linked investment and savings products in the first half of 2016. As the industry awaits third quarter data, Bryan Low of Provisca reflects on the trends seen in the figures so far.
China Everbright Bank and Shanghai Pudong Development Bank, have confirmed plans to set up a presence in Luxembourg to serve the European market which, when given regulatory approval, will bring the total number of Chinese banks in the Grand Duchy to eight.
Australia’s financial services regulator has told the country’s ‘Big Four’ and leading wealth manager AMP to repay at least A$178m (£111m, €125m, $136m) to more than 200,000 customers after charging them for financial advice they did not receive.
The Malaysian-based wealth management firm, Farringdon Group, said it plans to launch Asia’s fist Shariah-compliant robo-adviser in December.
Disruption of the funds management industry through the application of financial technology (fintech) is likely to come from mainland China, according to ICI Global, the international arm of the Investment Company Institute.
The director of the newly-rebranded bdhSterling has revealed that the advisory firm has seen a dramatic increase in the number of clients looking transfer their pension into a recognised overseas pension schemes (Rops).
Australian expats living in the US may have to pay taxes on their superannuation pension accounts, following changes to the Internal Revenue Service’s (IRS) reporting requirements for such schemes.