Hong Kong regulator targets big guns
In separate moves, Hong Kong’s Securities and Futures Commission (SFC) this month has gone after UBS, Deutsche Bank and brokerage firm CLSA for regulatory breaches.
UBS
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PEOPLE MOVES: FSCS, UBS Group, Julius Baer International
The UK’s lifeboat scheme has named a new chair, UBS Group has appointed a former Morgan Stanley chief executive to head up its Saudi ultra-high net worth business and Julius Baer International has hired five from Barclays Wealth and Investment Management.
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PEOPLE MOVES: UBS, Franklin Templeton, Succession
UBS is to replace its head of wealth planning, Succession names a new chief executive to replace its founder who died and Franklin Templeton appoints a head of distribution in the Nordics.
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UBS man connected to Baer hot seat
Veteran private banker Jürg Zeltner, UBS’s wealth management chief excluding North America, has been touted as Boris Collardi’s successor as chief executive of Julius Baer.
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PEOPLE MOVES: St James’s Place, 7IM, Deutsche Bank
St James’s Place appoints senior adviser in Asia, 7IM sacks its chief investment officer and Deutsche Bank adds two wealth management teams for Asia push.
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UBS AM launches onshore fund in China
UBS Asset Management’s Shanghai-based wholly foreign-owned enterprise (WFOE) has launched an onshore equity fund for domestic high net worth individuals and institutional investors in China.
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Billionaires buying up sports clubs
The ultra-wealthy are investing in sport at a rate higher than ever before, with more than 140 of the top sports clubs globally now being owned by 109 billionaires, according to a joint UBS Group and PwC report.
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China adds 101 billionaires
There were nearly three times as many new Chinese billionaires than US ones last year, helping to make Asia home to the most billionaires for the first time and driving the global population to 1,542, according to a report from UBS and PwC.
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UBS offices raided by 130 investigators over tax evasion
An investigation into alleged tax evasion by about 2,000 UBS Group clients saw German prosecutors conduct a series of raids on Tuesday and Wednesday.
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New Hong Kong wealth firm led by ex-UHNW exec
A former UBS director of ultra-high net worth (UHNW) assets is part of a team behind the newly-established DC Wealth Management (HK).
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PEOPLE MOVES: White House, Legal & General, DIFC
Political firework Anthony “the Mooch” Scaramucci may return to the investment world after being fired as White House communications director. Legal & General Insurance has created a managing director role focusing on fintech, while a former deputy chief justice of the DIFC court has died.
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UBS AM granted private fund license in China
Swiss bank UBS has announced that its Chinese asset management arm has been granted a license to manage money for institutions and wealthy investors onshore in China.