This week…
| People moves |
| State Street Global Advisors has appointed Juanita Li as head of compliance for Asia-Pacific. Before she joined SSGA, she held senior roles at Blackrock, where she was of compliance for Asia ex-Japan; Schroders; and most recently, Aberdeen…
Indosuez Wealth Management has appointed Vignesh Ravindran as a senior banker for its non-resident Indian division. Before joining Indosuez, he advised clients at Westpac Singapore and Standard Chartered Singapore. Besides Ravindran, it has also appointed other senior relationship managers for the NRI division, such as Akhila Narayanan, previously from Coutts Private Bank, Balaji Dhakshinamoorthy, previously from ABN Amro Private Bank, and Abhineet Kalra, previously at HSBC Private Bank… |
| Business moves |
| Singapore-based investment firm New Silkroutes Capital will acquire a 66% stake in European fund manager Culross Global Holdings in a deal worth $2.6m. With the acquisition, New Silkroutes will not only be able to on-board wealth management capabilities but will also be able to operate seamlessly in European time zones in key cities. NSG have until April next year to complete the transaction…
Standard Chartered Bank has signed a partnership agreement with EquiChain, a London-based fintech company, to be the first custodian to join EquiChain’s user group for its blockchain prototype. The one-year exclusive partnership will see Standard Chartered’s securities services business working with EquiChain and its user group members to prepare for a full end-to-end pilot… |
| Regulation and enforcement |
| The Monetary Authority of Singapore has simplified regulations for managers of venture capital funds. The new regulatory regime will simplify and shorten the authorisation process for VC managers For example, the regulator will no longer require VC managers to have directors and representatives with at least five years of relevant experience in fund management. VC managers will also not be subjected to the capital requirements and business conduct rules that currently apply to other fund managers…
The Securities and Futures Commission has fully implemented the manager-in-charge (MIC) regime following a six-month transition period which ended this week. During the transition period, around 10,000 individuals were appointed by licensed corporations as MICs responsible for managing important functions. Around 40% of these individuals are not licensed persons and they are primarily responsible for managing operations or control functions… The Court of Appeal dismissed Moody’s Investors Service Hong Kong’s application for leave to appeal to the Court of Final Appeal in the matter of the SFC’s disciplinary action in relation to a special comment report published by the credit rating’s firm in 2011. Moody’s application was made after the Court of Appeal dismissed its prior appeal against the determination of the Securities and Futures Appeals Tribunal in 2016. The rejection of the prior appeal affirmed the SFC’s decision to reprimand and fine Moody’s for breaching the code of conduct in its preparation and publication of its “China red flags” report… |
