The sale to LGT Group marked the fifth foreign private bank to withdraw from their Asia operations this year, and further consolidation is expected to continue.
Category: Business moves
Investec puts EM equities on hold
John Stopford, manager of Investec Global Multi Asset Income Fund, said the portfolio has turned more pro-growth but has zero exposure to emerging market equities.
Maseco Wealth targets ‘gaping hole’ for US citizens in Asia
UK-based Maseco Wealth, the specialist wealth manager for US expat clients, is to target Asia with the launch of an independently owned business in Hong Kong.
Bank of Singapore to open PB services in Dubai
The bank intends to offer services including wealth planning advisory to its HNWI and UHNW clients in the Middle East.
Fixed income robo-advisor eyes China market
Bondit, a fixed income-focused B2B robo-advisor, aims to capture the growing demand for China bonds over the medium term by partnering with mainland financial data provider Wind Info.
HSBC opens private banking operations in Australia
By opening a private banking office in Sydney, HSBC intends to service Australian high net worth individuals and family offices with investable assets over A$10m ($7.5m).
HNWI digital advisory targets Singapore affluent
Crossbridge Capital and Morningstar are collaborating on a newly-launched digital advisory platform that targets HNWIs and US expats, which they believe are under-served in Asia.
Robeco sets up team in China
The advisory type wholly foreign-owned enterprise (WFOE) structure allows the Dutch asset manager to conduct on-the-ground research on A-shares and service institutional clients.
ChinaAMC intends to sell 18% stake worth $630m
A 17.8% stake in China’s second largest mutual fund manager is up for sale after the biggest shareholder, CITIC Securities, decided not to top up its holdings.
DBS to add $16.5bn of wealth assets after buying ANZ Asia units
The trend of banks offloading assets continues as Singapore-based DBS acquires ANZ’s WM and retail units in Asia, adding S$23bn ($16.5bn) of wealth assets, which includes S$6bn ($4.3bn) from high net worth individuals.
