China’s banks seek Hong Kong wealth management operations
Mid-tier Chinese banks plan to expand wealth management activities in Hong Kong to serve mainland high net worth individuals (HNWIs), industry players said.
Mid-tier Chinese banks plan to expand wealth management activities in Hong Kong to serve mainland high net worth individuals (HNWIs), industry players said.
This year has marked a turnaround in the fortunes of emerging markets, driven by an increase in global risk appetite, a hike in commodity prices and an easing of concerns over the slowdown in the Chinese economy.
Retail investors in China may be allowed to invest in mutual fund-of-funds later this year after the release of a consultation paper from the China Securities Regulatory Commission (CSRC).
Chinese regulators have approved Hang Seng Bank’s application to take a majority stake in a new asset manager, making the newly-formed company the first onshore fund house with a majority stake held by a non-mainland entity.
For the third time since 2013, the US index provider rejected the inclusion of China A-shares in its flagship emerging market indices, highlighting key unresolved issues.
China’s miscommunication to the markets and lack of transparency in carrying out financial reforms are investment risks for the region, according to Monica Defend, Pioneer Investments head of global asset allocation research.
The vote on Brexit is now less than two weeks away and markets are increasingly feeling the ill effects of the uncertainty.
China is the fastest-growing mutual fund market globally, with mutual-fund assets that nearly quadrupled over the last four years, the ratings firm said.
Blackrock, Nomura AM and Avanda IM have all received new RQFII quotas for investing in China after the scheme was expanded by RMB21.2bn ($3.22bn, £2.24bn) in April, according to the latest data from State Administration of Foreign Exchange.
China’s currency depreciation trend playing out in 2016 looks set to continue, according to Jade Fu, investment manager at Heartwood Investment Management.
The passive products are gathering momentum in Asia, which is still in the early stages of ETF adoption, said Deborah Fuhr, managing partner of UK-based research consultancy ETFGI.
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