China’s reported crackdown on capital outflows by restricting the use of a major credit card to purchase insurance products in Hong Kong hit shares of some of the region’s top insurers on Wednesday.
China’s foreign exchange regulator has officially implemented a new capital and risk regime for insurance companies, according to the Chinese news agency Xinhua.
Hong Kong Exchanges and Clearing (HKEX) has outlined plans to push ahead with the introduction of a ‘Bond Connect’ scheme to give foreign investors wider access to the Chinese debt market, similar to the way the Stock Connect program bolsters trading between Hong Kong and Shanghai.
Hong Kong’s Securities and Futures Commission (SFC) has frozen a total of HK$600,000 ($77,000, £54,000) in the bank accounts of three suspected boiler rooms.
Charles Barrows has been named the new managing director of Friends Provident International Hong Kong with immediate effect, following a restructure which saw the departure of former Asia chief James Tan.
Announcements from two Hong Kong regulatory bodies could make the already challenging IFA market even more confusing and difficult to navigate in 2016.
State Street Global Advisors (SSGA), the asset management arm of State Street Corp, have appointed June Wong as senior managing director and head of its Asia ex-Japan business.
Old Mutual International has created a new head of distribution development role in London to help support international financial advisers seeking to transform their businesses to deal with the changes sweeping the sector.
Financial intermediaries in Hong Kong will be liable for client damages claims if it is found that they have sold or recommended a financial product that is not reasonably suitable.
Manulife Asset Management has extended its recent hiring spree in Asia by bringing over professionals from BNY Mellon and HSBC Global Asset Management to fill two positions.
The lack of a significant IFA industry and the concentration of fund distribution channels in the banking sector could hamper Hong Kong’s ambition of becoming the world’s leading fund distribution centre, according to an official report.
Eastspring Investments, the investment management arm of Prudential, has appointed King Lun Au chief executive of Eastspring Investments Hong Kong.
