Money still leaving China-focused funds
One year after the surprise yuan devaluation and subsequent market crash, $4.5bn has flowed out of funds focused on China equities, according to data from Morningstar.
Regions
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Single premium sales drive Singapore life industry growth
A strong second quarter saw Singapore’s life insurance industry report 13% growth in new business premiums between January and June 2016, with single premiums up 28% compared with a year ago.
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UK insurers’ fortunes vary in investment industry first half
The half year numbers out from three of the UK’s largest insurance companies over the past few days illustrate the increasing importance of backing the right asset management horse.
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Asia spares Prudential’s blushes in half year results
Growth in its Asian operations helped UK insurance giant Prudential post a forcast-beating 6% rise in first-half operating profit to £2.06bn ($2.69bn, €2.4bn), helping offset a drop in profits from its M&G asset management business.
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Aviva says property trust will stay shut until 2017
Aviva Investors has advised that its property trust will stay closed to trading for another six to eight months.
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Solvency II ‘life support’ is a step in the wrong direction
Solvency II is a step in the wrong direction that will keep some companies alive that would be better giving themselves a decent burial and consolidating themselves out of the market now, according to industry consultant Ned Cazalet.
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Nearly all Australian advisers open to using smart beta
The majority of financial advisers working in Australia would consider investments in smart beta strategies, a new survey by asset manager VanEck has found.
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Harry Potter star loses £1m legal battle against HMRC
British actor Rupert Grint has lost his battle against HM Revenue & Customs (HMRC) for a £1m (€1.17m, $1.3m) refund after a court threw out his appeal to protect his earnings from the top rate of tax.
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Record number of Chinese candidates taking CFA course
The number of would-be investment managers in China entering the Chartered Financial Analyst (CFA) programme reached a record high in 2016, overtaking new registrations from the US for the first time, latest figures from the CFA institute show.
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Korean insurer Hanwha to pump $134m into Indonesian expansion
Hanwha Life, South Korea’s second largest life insurer, is set to pump KRW150bn (£102m, €121m, $134m) into its Indonesian arm in a bid to expand its foothold in the country’s booming insurance sector.
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Abu Dhabi and S. Africa regulators sign partnership deal
South Africa’s Financial Services Board (FSB) and the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) have agreed to collaborate more on regulatory matters and facilitate the exchange of information between the countries.
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STM sees bumper July following Qrops fee waiver
Waiving the establishment fee for new qualifying recognised overseas pension schemes (Qrops) saw STM Group’s new business applications hit their highest level for 12 months in July.