In addition, the SFC has awarded Saxo Capital Markets HK Limited (Saxo Markets) a type 4 licence, which allows it to offer investors on securities, the subsidiary of Copenhagen-based Saxo bank said in a statement on Monday.
“The licenses give us greater room to now provide more comprehensive services to clients, whether they want to trade global capital markets or invest into their future. It’s especially meaningful for the Hong Kong office, as Hong Kong is a key growth market for Saxo and the gateway connected to mainland China,” said Richard Douglas, Hong Kong CEO, Saxo Markets.
China auto-maker Zhejiang Geely became Saxo’s majority shareholder in September 2018, which signalled the Danish bank’s ambitions to expand its business into China.
Saxo Markets currently holds SFC Type 1, 2 and 3 licenses, and has been operating in Hong Kong since 2011. Together with Type 4 and 9 licenses, Saxo Markets is now able to extend its business further to asset and wealth management.
Leveraging its fintech background and presence in the local market, Saxo Markets can provide an alternative to traditional asset management for investors who are looking for a more personalised option with at a lower fee threshold.
“Investors in Hong Kong now are very much digital-savvy. They are looking for an easy-to-use platform that can provide tailor-made solutions based on their financial situations, and can handle their needs through one single account with top-level professional assistance,” said Lester Chan, head of wealth management and responsible officer of Saxo Markets,
The firm launched a new online and mobile phone platform for investing in securities and mutual funds, called “SaxoInvestor” in February this year, and it is now “ready to tap into the asset and wealth management area”.
As the commercial owner, Hong Kong-based Chan oversees all aspects of Saxo Markets’ wealth and asset management strategies and offerings in the Greater China region. Previously, he was a portfolio manager and strategist at traditional asset managers.
Singapore-based Lion Global Investors (LGI) and Saxo Markets launched a global multi-asset portfolio last February. Curated by LGI, the Lion Global Dynamic Growth: Asian Perspective portfolio was Saxo’s first managed portfolio that is tailored for investors looking to invest in a globally diversified portfolio “built with an Asian lens”.
The LGI portfolio sits within the online platform’s Saxo Select managed portfolios, which features managed portfolios curated or inspired by Blackrock, Nasdaq Dorsey Wright, Morningstar and Brown Advisory.