Ex-Convey insurance broker behind bars for commission scam
Two Hong Kong-based insurance brokers face jail sentences for conning Zurich International Life of ILAS commissions totalling HK $600,000.
Hong Kong
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Hong Kong plans to extend resolution powers to unregulated firms
Unregulated financial firms in Hong Kong will now be included in the city’s budding resolution regime, which will give the regulators greater powers to minimise the impact failed institutions have on the local economy.
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Manulife AM Hong Kong boss steps down
The vice-president for Manulife Asset Management’s investment funds operation in Hong Kong is to quit the company.
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Gibraltar signs cooperation deal with Hong Kong on AIFs
The Gibraltar Financial Services Commission has signed agreements with the two major regulatory authorities in Hong Kong to improve cooperation in supervising the activities of alternative investment funds (AIFs).
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Hong Kong pilots scheme to streamline fund approval process
Hong Kong’s financial regulator is looking to speed up the application process for distributing funds across the region by piloting a new initiative.
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Investor visa issues leave thousands in limbo
The world’s most popular investor visa programs face uncertain futures and leave many prospective immigrants in limbo, warned the chair of the Global Investor Immigration Council (GIIC).
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Zurich hires Asia Pacific market chief for Global Life arm
Zurich Insurance has named Paula Choi as its chief market manager for its Global Life business in the Asia Pacific region.
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FPI exits all markets bar Asia, ME and South Africa
Friends Provident International is abandoning all of its global operations, excluding Hong Kong, Singapore, Dubai, and the ‘permitted jurisdictions’ of South Africa and Qatar.
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Manulife seals pension distribution deal with StanChart
Standard Chartered and Manulife have embarked on a 15-year distribution partnership to exclusively offer Manulife’s Mandatory Provident Fund (MPF) product to Standard Chartered customers in Hong Kong.
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Global head of HSBC GAM relocates to Hong Kong
The chief executive of HSBC Global Asset Management, Sridhar Chandrasekharan, has relocated to Hong Kong from the firm’s headquarters in St James, London, to tap the region’s stronger growth outlook.
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SFC licence jump linked to rise in private bankers in HK
Advisers suspect the influx of applications for intermediary licences in Hong Kong is due to an increase in private bankers and asset managers in the region.
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Industry to bounce back as HK settles to ILAS changes, says FPI
Demand for investment-linked assurance schemes in Hong Kong dived following January’s ban on indemnity commission, but FPI’s James Tan is confident the industry will move in a positive direction once all players are settled into the changes.