Top Headlines in the Last 7 Days
(3rd – 9th Oct 2016)
No. 1 Falcon Private Bank is Not up for Sale Amid 1MDB Probe
Sovereign Wealth Fund International Petroleum Investment Co (IPIC) which owns Falcon Private Bank has said in a statement that the bank is not and was not for sale. This comes after a media report circulated that its new CEO is under pressure to find a buyer.
Falcon Private Bank is under scrutiny in Singapore after an inspection found breaches of anti money laundering regulations. Learn More …
No. 2 Qantas Chairman Joins Crestone Wealth Management
Leigh Clifford who is Chairman of Qantas Airways joins Crestone Wealth Management, formerly known as UBS Wealth Management Australia.
He was the Chief Executive for Rio Tinto from 2000 to 2007. His experience will be good for Crestone business which delivers globe investment advice to its Australian client base of high net worth individuals, family offices and not-for-profit organisations. Learn More …
No. 3 Henderson Group & Janus Capital to Merge
Henderson Group & Janus Capital have announced an all share merge which would give the group a market capitalisation of $6 billion.
The group will now be called Janus Henderson Global Investors PLC. The merger is expected to close around the second quarter of 2017. Learn More …
No. 4 Asia to be Julius Baer Second Home Market
Asia is poised to be Julius Baer second home market. The region’s pool of investable assets held by High Net Worth Individuals (HNWI) is on track to reach USD 14.5 trillion by 2020, representing growth of 160% in the current decade.
Julius Baer expects to see HNWI assets of $8.25 trillion in China and $2.3 trillion in India over the coming four years, confirming the estimates published in a 2015 Julius Baer Wealth report. Learn More …
No. 5 Former HSBC Employee Banned for Life
A former employee of HSBC has been banned by Hong Kong Securities and Futures Commission (SFC) from entering the industry following her conviction of bribery.
She was a former relationship manager of HSBC and had accepted secret commission of $500,000 as compensation for recommending and selling to a HSBC customer an insurance policy issued by competitor. Learn More …
No. 6 Barclays Private Bankers Leave for Standard Chartered
More than 10 Barclays Relationship Managers in Hong Kong are heading to Standard Chartered before the the business is transferred to OCBC.
It is expected that about 20 Barclays relationship managers will join OCBC’s private banking unit in Hong Kong. Learn More …
No. 7 Credit Suisse Appoints New Head of Wealth Management Thailand
Credit Suisse has announced the new Head of Wealth Management Thailand. Thippa Praneeprachachon will lead a team and report to Christian Senn.
Prior to Credit Suisse, she was from EFG Bank Singapore where she was the Senior Client Relationship Officer for more than 10 years, in charge of a team of relationship managers and clients. Learn More …
No. 8 Singapore Asset Management Grew by 9% in 2015
Total assets managed in Singapore grew 9% in 2015 to reach a total of 2.6 trillion dollars.
Singapore based asset managers saw inflows of $203 billion last year with much steered to private markets led by private equity firms, venture capital and real estate. Learn More …
No. 9 Morgan Stanley Australia CEO to Step Down
The longest serving CEO in financial services in Australia, Steven Harker will be stepping down and moving into a Vice Chairman role at the end of 2016.
He has managed the growth of Morgan Stanley Wealth Management which is one of the biggest networks in Australia after the global acquisition of Smith Barney. Learn More …
No. 10 Hedge Funds in Singapore Grew at Slowest Pace in Three Years
Assets under management by Singapore hedge funds grew by 11% to S$119 billion last year, according to the “2015 Singapore Asset Management Survey” by Monetary Authority of Singapore. That was down from a 21% growth in the previous two years.
Investors withdrew their money as a decline in China’s stock market muted Asian hedge funds returns. Learn More …
Credits: Finews Asia, The Wealth Insider, Reuters, Wall Street Journal, Julius Baer Research, Bloomberg
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