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Top Headlines in the Last 7 Days 

(19th – 25th Jun 2017)

No. 1 Rothschild Fined in 1MDB Case

The local arm of Edmond de Rothschild has been fined by Luxembourg regulators for the handling of funds linked to Malaysian investment fund 1MDB.

Authorities have confirmed that Edmond de Rothschild has been fined nearly 9 million euros for failing to take proper safeguards against money laundering. Learn More …

 

No. 2 Indonesia to Get Access to Taxpayers Financial Date in Hong Kong

Indonesia and Hong Kong have agreed on an exchange of information that will provide Indonesia tax office access on taxpayer who have accounts in Hong Kong.

Indonesia’s tax office has promised it will step up scrutiny on wealthy Indonesians not participating in the country’s tax amnesty programme. Learn More …

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No. 3 Number of High Net Worth Individuals in China has Risen Nearly 9 Times Since a Decade Ago

According to the 2017 China Private Wealth Report by Bain Consulting and China Merchants Bank, Chinese with at least 10 million yuan or US$1.47 million of investable assets has hit 1.6 million personnel in 2016, up from 180,000 in 2006.

The overall value of the private wealth market increased to 165 trillion yuan in 2016, growing at 21 percent annually in 2014-2016. Learn More …

 

No. 4 Fullerton Fund Management Makes Changes to Senior Investment Team

Fullerton Fund Management has announced changes to its senior investment leadership team, with the new appointments of Ken Goh as the Head of Equities and Vincent Chan as the Co-Head of Multi-Asset.

In addition, Ong Guat Cheng has been promoted to Head of Fixed Income. The three asset class heads will report directly to Patrick Yeo, Fullerton’s Chief Investment Officer (CIO). Learn More …

 

No. 5 Japan’s Largest Bank to Consider Cutting Headcount

Mitsubishi UFJ Financial Group is considering cutting about 10,000 positions over a decade as low interest rates and competition squeeze profit.

Mitsubishi UFJ Financial Group says it would cut 120 billion yen of costs over several years such as using financial technology to add digital banking channels and streamline back office functions. Learn More …

 

No. 6 SFC Bans Ex-JP Morgan Staff

The Securities and Futures Commission (SFC) in Hong Kong has banned Fok Chi Kin, ex-Vice President of JP Morgan Funds (Asia) from entering the industry for eight months from 20th June 2017 to 19th February 2018.

An internal investigation by JP Morgan Funds (Asia) revealed Fok transferring proprietary information and client data without permission on several occasions prior to and immediately after his departure. Learn More …

 

No. 7 UBS Reports Millennials Could Hold US$24 Trillion of Wealth by 2020

According to a report by UBS, millennials could hold as much as $24 trillion in wealth in 3 years time.

The wealth of this group which ranges from 21 to 35 is driven by inheritance, entrepreneurial activities and income gains. Learn More …

 

No. 8 Rothschild & Co Releases Financial Results for Year 2016/2017 

Rothschild Private Wealth & Asset Management revenue for the year to March 2017 was €405 million, up 7% from (2015/2016: €379 million).

The increase is mainly due to the merger with Compagnie Financière Martin Maurel (CFMM) and contributed €24 million of revenue. Learn More …

 

No. 9 MetLife Hires Marketing Veteran

MetLife has hired ex-Citi Marketing Head and he will join the company as Senior Vice President and Chief Marketing Officer of Asia.

Sanjeev Kapur will be reporting to Esther Lee, MetLife Executive Vice President and Global Chief Marketing Officer and Chris Townsend, President of Asia. Learn More …

 

No. 10 Northern Trust Announces Senior Hires in Australia

Northern Trust has made three key senior hires across Sydney and Melbourne for business expansion and increased product capabilities.

Tania Tuxford and David McWilliams, have been hired as business development managers in Northern Trust’s Sydney and Melbourne offices respectively to drive future growth across its asset servicing business. Learn More …

 

Credits: Bloomberg, Reuters, Fullerton Fund Management Press Release, Northern Trust Press Release, SFC HK Press Release, finews asia

Jun 2017 Headlines



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