Regulatory and tax squabbles and the desire to deepen domestic fund industries are some of the high hurdles for passporting programmes, says Daniel Caleghin, head of wealth management strategy for Asia-Pacific at Deloitte subsidiary Casey Quirk.
Hong Kong and Singapore ranked first and third as the most competitive countries in the world, with Switzerland coming in second, according to the 2017 IMD World Competitiveness Ranking.
The Financial Conduct Authority has entered into a co-operation agreement with Hong Kong’s Securities and Futures Commission (SFC) to support innovation in fintech.
Standard Life lost £5m (€5.9m, $6.4m) last year from its wholly-owned business in Hong Kong as it confirmed that more than 800 jobs will be lost after it merges with Aberdeen Asset Management.
A Switzerland-Hong Kong fund recognition scheme is looking to gain traction in Asia, following closer links between the two countries in recent months.
Hong Kong’s Securities and Futures Commission (SFC) has proposed a set of suitability requirements for online platforms and robo-advisers which sell ‘complex’ investment products.
Fund manager Capital Group is teaming up with AIA Hong Kong to introduce long-term investment solutions through the AIA investment linked assurance scheme (Ilas).
Industry veteran Peter Mann has reappeared at Momentum UK, while Russell Investments is banking on an ex-BlackRock man to head up its Europe, Middle East and Africa region. Hermes has named a head of fixed income.
Hong Kong’s multi-millionaires failed to adjust their portfolios in time to benefit from strong equity markets after the 2016 US presidential election, a Citi survey revealed.
Hong Kong, Dubai and Singapore are some of the most expensive cities in the world when it comes to how much people have to earn to pay rent but they do not top the list, research from UK property selling start-up Nested has found.
UBS Asset Management has launched a Hong Kong mutual fund platform, setting sights on distribution into the onshore China market, said Markus Egloff, head of wholesale client coverage for Asia ex-Japan.
Mirae Asset Global Investments (HK) has launched a Luxembourg-domiciled Asia Pacific multi-asset income fund targeted to institutional investors and high-net-worth individuals.
