Noah: China’s regs will lead to WM shakeout
Despite recent ‘sweeteners’ to the new asset and wealth management guidelines, the wealth management industry will likely consolidate as the new regs are adopted, according to Andrew Xia, chief research officer at NYSE-listed Chinese wealth manager Noah.
Obstacles to foreign control of China JVs
Only a small number of large foreign asset managers are expected to apply for approval to hold a controlling stake in a Chinese asset management joint venture, according to Sean Hung, senior analyst at Moody’s Investors Service.
Credit Suisse to pay $47m to end Asia hiring probe
Credit Suisse has agreed to pay a penalty of $47m to the US Department of Justice (DOJ) to end an investigation into whether it hired employees in Asia in return for investment banking business and regulatory green lights.