This week…
| “Treat customers fairly” |
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In a move to remain competitive in Asia’s wealth management industry, the Private Wealth Management Association (PWMA) has adopted a charter that aims to treat private wealth management customers fairly. The charter, which is called the “Treat Customers Fairly Charter for Private Wealth Management Industry”, was developed through the joint efforts of the association and the Hong Kong Monetary Authority (HKMA). In a joint statement, the PWMA and HKMA said that “private wealth management institutions are expected to consistently demonstrate that fair treatment of customers is at the heart of their business models, further inspiring customers’ confidence and trust in the private wealth management industry…” |
| People moves |
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Schroders has appointed Jason Yu as its Hong Kong-based head of multi-asset product for North Asia. Yu was previously from Standard Life Investments, where he was a Hong Kong-based investment director for Asia-Pacific multi-asset. In his new role, Yu will be responsible for supporting Schroders’ multi-asset business efforts in Hong Kong, China, Taiwan, Korea and Taiwan and will report to Garth Taljard, head of multi-asset management… Hang Seng Bank has appointed Louisa Cheang, HSBC‘s group general manager and group head of retail banking, as its vice-chairman and CEO, effective 1 July. She will replace Rose Lee, who will retire from the bank. Separately, Andrew Fung, Hang Seng’s executive director and head of global banking and markets, will also retire from the bank on 4 July… Northern Trust has named Sally Surgeon as head of its Sydney office, effective 1 June. Previously based in Melbourne, she will retain her responsibilities as head of client services for Australia. In her new role, she will be responsible for all aspects of Northern Trust’s Sydney office, including supporting various industry, client and consultant relations in the city… Hong Kong Exchange and Clearing (HKEX) has named Trevor Spanner as its group chief information officer (CIO) and Richard Leung as its deputy CIO to consolidate oversight of information technology management and platform development across HKEX. It also appointed Roger Lee and Calvin Tai as joint chief operating officers in addition to their ongoing roles as head of markets and head of clearing, respectively… |
| Bond Connect |
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China Foreign Exchange Trade System and HKEX have formed a joint venture company in Hong Kong, the Bond Connect Company, to support Bond Connect related traded services. The Bond Connect is a new mutual market access scheme that will allow investors from Mainland China and overseas to trade in each other’s bond markets through a market infrastructure linkage in Hong Kong… |
| Business moves |
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Tai United Group’s indirect wholly-owned Singapore-based subsidiary, Tai United Asset Management, has received approval from the Monetary Authority of Singapore to be registered as a fund management company. Tai United is a comprehensive financial business group, principally in areas including distressed debt asset management in Mainland China, real estate investment, commodities trading and securities investment and asset management… Australian exchange-traded fund (ETF) manager Beta Shares has launched the Beta Shares Australian Bank Senior Floating Rate Bond ETF. The product is the first ETF in Australia to offer exposure to a diversified portfolio of bank floating rate bonds in one trade on the Australian Stock Exchange… |
| Recruitment |
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Year-to-date, recruitment activity in Hong Kong’s investment management industry has been concentrated in Chinese fund houses, according to recruitment firm Aquis Search’s 2017 Hong Kong investment management salary survey. Massive hiring has occurred for both distribution and investment capabilities as Chinese firms have expanded their international operations, with most having made Hong Kong their global hub… |
| Enforcement |
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Hong Kong’s Court of Appeal has dismissed an appeal by Moody’s Investors Service Hong Kong against the Securities and Futures Appeals Tribunal’s (SFAT) decision to uphold the Securities and Futures Commission (SFC) disciplinary action in relation to a special comment report published by the credit ratings firm in 2011. SFAT affirmed the SFC’s decision to reprimand and fine Moody’s (HK$11m, $1.4m) for breaching the Code of Conduct in its preparation and publication of the report entitled “Red Flags for Emerging-Market Companies: A Focus on China”. “Moody’s case is about substandard work by a licensed person who is required to comply with the provisions set out in the Code of Conduct and uphold high standards of competence,” Ashley Alder, SFC’s CEO, said… |
