From the press release desk this week…
China’s new JV rules
UBS has become the first foreign player to take advantage of China’s new rules for majority ownership in joint ventures. The bank has applied to increase its stake in UBS Securities in China to 51% from the current 25% ownership. The China Securities Regulatory Commission (CSRC) is now reviewing UBS’s application, according to a statement from the bank…
Commenting on China’s new joint venture rules, Shanghai-based consultancy firm Z-Ben Advisors said in a note that for foreign asset managers seeking a 51% ownership will be a major challenge, especially for those who do not have an onshore fund management presence in China. “The only targets these global managers would consider would have to be large, have achieved real scalability and be profitable. In reality, no such targets exist or rather none willing to sell. Z-Ben Advisors has canvassed all major domestic managers and there’s not a single one willing to sell a 51% stake to a global asset manager, no matter the price…”
People moves, product launches
Credit Suisse has appointed David Lim as vice chairman for Southeast Asia private banking, effective 7 May. Based in Singapore, he will report to Benjamin Cavalli, head of private banking for Southeast Asia and CEO for Singapore. Before assuming his new role, Lim was Julius Baer’s Singapore-based vice chairman for Southeast Asia. He was with the firm for 12 years and before that was Credit Suisse’s head of solution partners, leading the business that served ultra high net worth clients…
UTI International in Singapore, a subsidiary of India-based UTI Asset Management, has launched an India-focused multi-asset fund. The Ireland-based Ucits fund will allocate its assets in Indian equities and Indian fixed income. UTI already has two Ireland-domiciled Ucits funds, one each for Indian equities and Indian fixed income…
HSBC Global Asset Management has launched two lower carbon funds in Hong Kong: the Global Lower Carbon Equity Fund and the Global Lower Carbon Bond Fund. The equity fund will invest in developed market equities, while the bond fund will invest in investment grade corporate bonds denominated in US dollars, euros and British pounds…
Regulation and enforcement
The Hong Kong Monetary Authority (HKMA) has received an enquiry from the public about the alleged launch of a crypto product by the HKMA for investment. The HKMA clarified that it has never launched and will not roll out any such investment or crypto product. Members of the public who suspect that they are victims of fraudulent acts should contact the police or the commercial crime bureau of the Hong Kong Police Force, the regulator added…
The Monetary Authority of Singapore (MAS) has prohibited Lim Fang Wee from performing any regulated activity under the Securities and Futures Act (SFA) and any financial advisory services under the Financial Advisers Act (FAA) for four years for dishonest conduct. Lim, who was a former representative at Credit Suisse in Singapore, deliberately concealed the identity of the true beneficial owner of three Credit Suisse accounts from the bank, making it more difficult for the bank to monitor and detect suspicious transactions. Lim was responsible for servicing these three accounts and was aware that the individuals listed as beneficial owners in the bank’s records were in fact nominees…
Fintech
Singapore’s fintech festival this year, which will be held in November, will highlight fintech developments and opportunities in the Asean region, according to statement from the MAS. The festival will also hold an artificial intelligence summit, which will explore emerging AI solutions in trading, investment management, customer service and risk management…
