Credit Suisse’s investment bank in Hong Kong will pay a total of $77m (£58.2m, €65.9m) to settle criminal and civil proceedings taken by the US Department of Justice and the Securities and Exchange Commission (SEC) for its role in a corrupt hiring scheme.
A landmark court case means that same sex couples in civil partnerships will be eligible for spousal visas in Hong Kong.
Credit Suisse has agreed to pay a penalty of $47m (£35.1m, €40.1m) to the US Department of Justice (DOJ) to end an investigation into whether it hired employees in Asia in return for investment banking business and regulatory green lights.
Only 24% of Hong Kong’s growing number of affluent investors trust financial advisers, which compares to around 45% of those in the US, according to Michael Fong, managing director at Charles Schwab in Hong Kong.
US-listed Noah Holdings is exploring a Singapore wealth management office and has reported a 24% increase in overall profit for the first quarter.
Wealth manager Noah Holdings was fined by Hong Kong’s regulator for failure to comply with several requirements, including know-your-client and due diligence matters.
Swathes of Asia’s greatest family fortunes held in alternative assets like fine art or watches are being overlooked by financial planners, according to an experienced trustee.
Switzerland will start automatically exchanging financial account information with Singapore and Hong Kong from Autumn 2019 and with other financial centres from 2020.
Everbright Sun Hung Kai, a subsidiary of Hong Kong-listed Everbright Securities, has expanded its wealth management service to attract more high net worth clients in Hong Kong.
Despite a spate of China ETF delistings in Hong Kong, Vanguard is about to launch its first China-focused exchange traded fund in Hong Kong.
China’s securities regulator has announced a four-fold increase in the daily trading quotas for Stock Connect, the programme that links the Shanghai and Shenzen stock exchanges with their Hong Kong counterpart.
In separate moves, Hong Kong’s Securities and Futures Commission (SFC) this month has gone after UBS, Deutsche Bank and brokerage firm CLSA for regulatory breaches.
