The global wealth of high net worth individuals rose by 7.5% in 2016, presenting an opportunity for wealth managers and technology firms, according to the Capgemini World Wealth Report 2017.
Author Archives: Kirsten Hastings
Kirsten is editor for International Adviser, covering global news stories about the financial services industry. She joined Last Word Media in October 2015 after two years working as a reporter covering the staffing and recruitment industry.
Kirsten has a Masters in Financial Journalism from the University of Stirling.
She can be contacted via kirsten.hastings@lastwordmedia.com
China Ponzi scheme execs to spend life in prison
The architects behind a Ponzi scheme that cheated 900,000 investors out of RMB 50bn ($7.6bn) were given life sentences.
Two sides to China’s war on investment scams
Ponzi schemes remain rife in China because of financial naivety and a collective desire for unfeasibly high returns, an academic at the Renmin University of China in Beijing has said.
China again delays tax on asset managers
China has cut and again pushed back plans to levy a value-added tax on asset managers for returns on assets under management, adding a further six-month reprieve on an already 14-month grace period.
Singapore prefers public shame, not fines
Singapore’s decision not to impose the same hefty fines on banks linked to 1MDB as other countries, but to instead name and punish individuals responsible, is a strong deterrent, said Ravi Menon, managing director of the city-state’s financial regulator.
DBS Bank opens free financial advice centre in Singapore
Singapore’s financial advice market just got more competitive after DBS opened a financial planning centre that offers free advisory services but does not sell any financial products.
Rothschild fined €9m over 1MDB failings
Swiss private bank Edmond de Rothschild has been fined nearly €9m ($10m) by Luxembourg’s financial regulator for its handling of funds reportedly linked to beleaguered sovereign wealth fund 1Malaysia Development Berhad.
US seeks $1.7bn from 1MDB fund scandal
The US Department of Justice (DOJ) is working to recover around $1.7bn in assets linked to an international conspiracy to launder funds misappropriated from Malaysian sovereign wealth fund 1Malaysia Development Berhad (1MDB).
Hong Kong tops global competitive ranking
Hong Kong and Singapore ranked first and third as the most competitive countries in the world, with Switzerland coming in second, according to the 2017 IMD World Competitiveness Ranking.
MAS reappoints Menon as MD
The Monetary Authority of Singapore has reappointed Ravi Menon as managing director for a further two years, effective from 1 June 2017.
