The pace of cross-border activities accelerates as US-based State Street Global Advisors and China’s E Fund sign a memorandum of understanding.
Category: Business moves
Syz closes HK asset management arm
Switzerland’s Banque Syz closed its asset management arm in Hong Kong to focus on European markets as Asia’s asset and wealth management industry consolidation continues.
Legg Mason to deepen ties with Chinese shareholder
Shanda Group, Legg Mason’s largest shareholder, plans to boost its stake in the US-listed asset manager by 5% and appoint two board members as part of a long-term strategic investment agreement.
Allfunds plans Asian expansion from new Singapore hub
Mutual funds platform operator Allfunds Bank has announced plans to expand across Asia by launching an operational hub in Singapore to service a new local business, which will open early next year, as well as businesses in Hong Kong and Taiwan.
Amundi scales up in $3.74bn purchase of Pioneer
Amundi said it will become the world’s eight largest asset manager after acquiring Pioneer Investments for €3.54bn ($3.74bn).
Rothschild joins trend by closing Hong Kong branch
The exodus of private banks from the region continues as Edmond de Rothschild (Suisse) announces that it plans to close its Hong Kong branch.
PB buyouts continue as ABN Amro exits Asia and Middle East
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.
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.
