This week…
JP Morgan Private Bank named Kwang Kam Shing as its new Asia CEO, according to a Hong Kong-based spokeswoman. She takes the role from Andrew Cohen, who was promoted as CEO for international private banking last year. Kwang retains her role as senior country officer for JP Morgan Hong Kong… BNP Paribas Investment Partners appointed Eric Ng, previously from Aberdeen Asset Management, in the newly created role of head of retail distribution for Hong Kong. The firm also launched a balanced fund in India, which is available for subscription today… Northern Trust officially opened its Seoul branch office on Monday… The Hong Kong-China Bond Connect is expected to be launched by the end of this year, according to an announcement by China’s Premier Li Keqiang. Hong Kong Exchanges and Clearing is now doing preparatory work for the Bond Connect under the guidance of Mainland and Hong Kong authorities… Hong Kong adjusted its interest rates upward by 25bps to 1.25%, following the 25bps Fed hike this week… The Monetary Authority of Singapore and Japan’s Financial Services Agency have established a fintech cooperation framework… Investment momentum in private equity in Asia-Pacific decelerated, with the deal value decreasing to $92bn for the full year 2016 from $124bn in 2015 and the number of deals dropping to 892 from around 1,000, according to a report from Bain & Company.
