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.
The Hong Kong Securities and Futures Commission (SFC) investigated 226 intermediaries for misconduct in 2015/16, up from 187 the previous year.
Schroder Investment Management (Hong Kong) and State Street Global Advisors have been fined by Hong Kong’s Securities and Futures Commission (SFC) for two separate regulatory breaches.
Schroders has announced a host of senior moves in Asia Pacific, with Deutsche Bank reporting a high-level departure in the region. Old Mutual Wealth has named the head of its Financial Adviser School, while the firm’s Global Investors division is losing its absolute return manager following a difference of opinion.
Hong Kong’s Securities and Futures Commission (SFC) has signed an agreement with the Financial Industry Regulatory Authority (FINRA) of the United States regarding the supervision and oversight of regulated entities operating cross border between the two jurisdictions.
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.
Former Standard Life head David Nish joins HSBC’s board of directors, while Hong Kong’s SFC appoints new director of enforcement. Manulife Hong Kong’s hires former Axa executive to head up its IT operations.
The Securities and Futures Commission has established a fintech contact point and set up an advisory group as fintech momentum builds.
Hong Kong’s securities regulator has announced a leadership change at its intermediaries division. BNP Paribas Investment Partners names a new head of emerging market fixed income, while Credit Suisse’s global head of macro products is rumoured to be departing.
Hong Kong’s main securities regulator has announced plans to allow a limited range of leveraged and inverse products, which are effectively higher risk exchange traded funds (ETFs), to be sold to the public.
Announcements from two Hong Kong regulatory bodies could make the already challenging IFA market even more confusing and difficult to navigate in 2016.
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.
