No Brexit shockwaves in China markets, HSBC GAM says
Brexit has not had an impact on China’s markets, and valuations are historically cheap, according HSBC Global Asset Management.
Regions
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UK pension transfers back under the microscope
The UK regulator is planning to take a fresh look at how it calculates levels of redress when unsuitable advice is given on the transfer of defined benefit (DB) pension schemes. While advisers claim it’s not just DB schemes that are facing issues, with some defined contribution (DC) pension transfers also proving problematic.
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Standard Life suspends property-linked life bond withdrawals
Customers with investments in Standard Life’s assurance bonds have been told they cannot access their money if any part – however small – of their funds are in ill-fated UK commercial property funds.
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Belize offshore bank sees a run on deposits after Fatca probe
An offshore bank in Belize, owned by prominent UK businessman Lord Ashcroft, has seen a sharp outflow of deposits following a US crackdown on tax evasion.
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Singapore regulator sets up fintech advisory panel
The Monetary Authority of Singapore (Mas) has set up an international technology advisory panel (Itap) to discuss fintech developments around the world and how Singapore can harness new technologies to enhance its financial services industry.
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HSBC and Standard Chartered shares jump despite profit slides
Shares in HSBC jumped 3.6% in London on Wednesday despite it revealing a 29% slide in profits to $9.7bn (£7.3bn, €8.7bn) for the first half.
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Referendum uncertainty triggered £3.5bn net outflow
The uncertainty stemming from the United Kingdom’s referendum on European Union membership was the main driver of a £3.5bn ($4.6bn, €4.1bn) net outflow from UK asset managers in June, according to the Investment Association.
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Ireland’s ITC expands into Malta with Qrops and EU-wide pension
Irish pension trustee firm ITC International Pensions has moved into Malta with the launch of a new Qrops offering as well as the first commercially available EU-wide workplace pension scheme on the island.
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Japan announces $45bn fiscal stimulus package
Japan is set to launch $45bn (£34bn, €40.2bn) of new fiscal stimulus measures after Prime Minister Shinzo Abe and the cabinet gave the plan the go ahead.
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Expats in Saudi Arabia to face cap on moving money abroad
Expats living in Saudi Arabia sending money back to their home countries could face a cap in line with their earnings as the Kingdom looks to tighten rules around personal wealth leaving the country.
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Nikko AM to launch global credit Ucits fund
Japanese fund group Nikko Asset Management plans to launch a Luxembourg-domiciled Global Credit Ucits fund on Wednesday which will invest in a worldwide portfolio of corporate bonds and target a 4% absolute return.
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Ex-boss of failed UK platform Avalon charged with fraud
The former boss of collapsed UK platform Avalon Investment Services is to appear in court next week in connection with alleged fraud offences, British authorities have confirmed.