Top Headlines in the Last 7 Days
(1st – 7th May 2017)
No. 1 LGT Completes Acquisition of ABN AMRO’s Private Banking in Asia
LGT has successfully completed the acquisition of ABN AMRO’s private banking business in Hong Kong, Singapore and Dubai.
As a result, LGT’s assets under management will grow to about US$50 billion in Asia (including Middle East) and around US$180 billion overall. Learn More …
No. 2 UBS Aiming for Mid-Tier Asian Millionaires
UBS plans to hire about 100 wealth management client advisors in Hong Kong over the next two years as it aims for the fast growing mid-tier millionaire segment.
The shift in focus comes as the mid-segment is growing faster than the ultra high net worth segment. Learn More …
No. 3 DBS to Pay Compensation for Losses Incurred by Family Trust
DBS has lost part of a case over losses on million of dollars of investments for the family trust of a Chinese banker and his wife during the global financial crisis.
The plaintiffs were Industrial & Commercial Bank of China Ltd. executive Zhang Hongli, his wife Ji Zhengrong, the trustees of their family trust, and the trust’s investment company. Learn More …
No. 4 HSBC Releases 1st Quarter Results
HSBC reported profit before tax of $5 billion, down 19% or $1.1 billion from a year ago. This was due to a change in the accounting treatment of the fair value on its own debt.
Asia continues to be important for HSBC as new insurance sales grew by 13% and there was a growth in assets under management of 15%. Learn More …
No. 5 DBS Reports 1st Quarter Results
DBS Group’s net profit for the first quarter of 2017 was SGD 1.21 billion, up 1% from a year ago. Net fee income rose 16% to SGD 665 million.
This was led by a 26% increase in wealth management fees to SGD 222 million from stronger sales of unit trusts and other investment products. Learn More …
No. 6 Top Executives in Standard Life and Aberdeen to Share Bonus Pot
Some of the top asset managers in Standard Life and Aberdeen Asset Management will get to share a £35m bonus pot after the merger.
This retention bonus is meant to prevent the top asset managers from quitting during the deal. Learn More …
No. 7 Fidelity International Launches Fund in China
Fidelity International has launched its first fund for wealthy mainland Chinese to invest. The fund is Fidelity’s first onshore and private fund and will invest in China’s nine trillion onshore bond markets.
The fund will only be available to Chinese institutional and high net worth investors. Learn More …
No. 8 Former RBS Trader Starts Hedge Fund
Damian Edwards, a former managing director at Royal Bank of Canada is starting an Asian event-drive hedge fund.
The hedge fund is called Metrica Partner Pte and it plans to start this month with $25 million. Learn More …
No. 9 Manulife Asset Management Appoints New CEO in Malaysia
Manulife Asset Management has appointed Jason Chong as Chief Executive Officer with effect from 1st May.
Jason was previously Chief Investment Officer of Manulife Asset Management Services Berhad (MAMSB). Learn More …
No. 10 Manulife Reports 1st Quarter Figures
Manulife has reported a rise in first quarter earnings. Net income for the first quarter was C$1.35 billion, up $305 million from previous year.
Global assets under management and administration achieved an important milestone and exceeded $1 trillion for the first time in the company. Learn More …
Credits: finews asia, Bloomberg, Reuters, LGT Press Release, Financial Times, DBS Press Release, Manulife Press Release, HSBC Press Release
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