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.
A report names and shames asset managers that use the most obscure language, long sentences and jargon on their websites.
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 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.
New disclosure rules issued by the Securities and Futures Commission for discretionary accounts are seen as a positive move toward increasing transparency for investors, according to industry sources.
Wealth manager Noah Holdings was fined by Hong Kong’s regulator for failure to comply with several requirements, including KYC and due diligence matters.
Banned from providing financial advice services in Singapore are former Citibank, Prudential and AIA employees after they were found to have mis-sold investment products.
Taiwan’s regulator plans to relax rules from July this year in order to attract more offshore robo-advisory services.
To prepare for China’s MSCI indices inclusion, regulators in Hong Kong and China have announced a four-fold increase in daily trading quotas for the cross-border Stock Connect programmes.
The Monetary Authority of Singapore (Mas) sends a message of zero tolerance towards money laundering as it penalises two Standard Chartered entities for suspicious transfers from Guernsey, according to industry sources.
Part of the Mark Allen Group.
