In a misconduct case more than a decade old, HSBC Private Bank is appealing against a record HK$605m regulatory fine (£53.7m, $77.9m, €67.8m) and the possible revocation of its license to advise on securities.
Aviva Investors has bolstered its global equities team, with Brooks Macdonald luring its new investment director from Quilter Cheviot. Old Mutual Wealth has made two significant UK regional appointments, while Deutsche Bank’s Americas chief executive has announced his departure.
Banks and financial institutions in Hong Kong must “strictly comply” with existing money laundering laws requiring them to disclose the identities of their customers and what they intend to do with their money.
The China Insurance Regulatory Commission (CIRC) has warned that Hong Kong insurance products are not protected under mainland law, as the mainland insurance industry tries to claw back business from Hong Kong.
Hong Kong’s Securities and Futures Commission has banned former HSBC staff member Andrew Chow Ho-cheung from re-entering the industry for life after he was convicted for fraud and theft.
DeVere Group Hong Kong Ltd, which is no longer owned by the deVere Group, has been fined by the Hong Kong insurance regulator after a lengthy investigation into various breaches of its regulations.
Returns from mainland funds might look attractive to overseas investors, but be aware of the differences in product design and investment style, said Morningstar China director of manager research, Rachel Wang.
Amundi Asset Management’s first ETF launch in Asia tracks the biggest Hong Kong-listed companies and has a non-China focus.
Oversea-Chinese Banking Corp’s (OCBC) private banking subsidiary, Bank of Singapore, is to acquire Barclays’ wealth and investment management (WIM) businesses in Singapore and Hong Kong for around $320m (£226.5m, €281.2m).
Trust and fiduciary specialist Zedra has revealed plans to expand into the Asian market after announcing the opening of a new office in Hong Kong.
Leveraged and inverse exchange traded funds, which are expected to be launched in Hong Kong later this year, are likely to boost trading in ETF products in the territory, according to research firm Cerulli Associates.
The Liechtenstein-based private banking arm of Swiss firm Valartis Group is being sold to Hong Kong luxury watch retailer, Citychamp Watch & Jewellery Group.
