The Hong Kong arm of Canada’s Sun Life Financial is to acquire the pension business of FWD Group and enter into an exclusive 15-year distribution agreement that will allow Sun Life HK to distribute its pension products through FWD’s agency force in Hong Kong.
Hong Kong-licensed online broker 8 Securities plans to launch a second generation ETF robo-adviser in the current quarter with lower fees to attract cost-sensitive investors.
Old Mutual International has named a managing director for its Isle of Man operations, while Architas has poached Seneca IM’s head of retail for a new role and added Axa Wealth’s head of investing to its roster. The Hong Kong and Australian regulators also announced senior appointments.
The patchwork of global financial regulations present a key challenge when an asset manager wants to expand, said Mirae Asset Global Investments (HK) president and chief executive Jung Ho Rhee.
Canada-based financial services group Manulife has agreed to make Hong Kong insurer QBE its exclusive supplier of general insurance products in the special administrative region.
Recruiting more diverse IFAs is key to tapping new markets and growing business, but attracting fresh blood into the industry remains a challenge, industry experts have said.
Insurance companies in Hong Kong reported a 3.5% increase in assets under management to HK$468bn (£45.6bn, $60.3bn) during 2015, compared with a decrease of 1.6% for the jurisdiction’s combined fund management business.
Mark Christal, chief executive officer of Hong Kong for Old Mutual International, part of Old Mutual Wealth, on the shifting sands of Hong Kong’s regulatory landscape, its impact on all participants in financial services within the region, and the challenges facing product providers, advisers and end clients.
US-based AQR Capital Management is to open an office in Hong Kong to focus on sales and client servicing while evaluating China’s investor base.
Generali Global Health, the international health insurance arm of Italian insurer Assicurazioni Generali has launched a new flagship health insurance plan in Hong Kong.
MetLife Hong Kong is on course to exceed its 2016 recruitment target of adding 1,000 new agents to its already 700-strong workforce.
Italian insurer Generali has strengthened its presence in Hong Kong with the launch of a new company that will offer a range of life insurance and unit-linked products to high net worth individuals and mass affluent customers.
