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Latest news and features on private banking.

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  • Many ultra-high-net-worth customers from mainland China, Asean and the Middle East are keen to set up family offices in Hong Kong, HSBC’s Lok Yim says
  • HSBC’s invested assets from private bank customers in Asia rose 18 per cent year on year to US$166 billion as of end-2023
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The ratio of ultra-rich women stood at 11 per cent of the global total last year, compared with 6.5 per cent in 2010, as changing attitudes towards women doing business has led to a large number of self-made female multimillionaires, according to a survey by Julius Baer.

Private equity firm CVC Capital Partners has closed its largest Asia fund to date, shrugging off a challenging macroeconomic environment that has put a dent in fundraising and led many global fund managers to cut their exposure to the region.

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Gone are the days when the property and stock markets yielded guaranteed gains in China, leading to middle-class investors becoming more risk-averse with their hard-earned savings and familial wealth.

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Asia’s small and medium sized-enterprises and sectors like technology and education have a widening funding gap, and private credit players are seeing lending opportunities here.

The change will put the city’s protection level in line with the UK and Germany and higher than mainland China and Singapore, but still lower than the United States.

Investors cannot ignore China, but they should be selective about their allocations this year, according to Alex Wolf, managing director and head of investment strategy for Asia at JPMorgan Private Bank.

Hong Kong’s business community is set to turbocharge plans to capitalise on the city’s initiatives to be one of the world’s top wealth centres and talent hubs, while eyeing growth in the wider bay area too, Post survey finds.

The Monetary Authority of Singapore said that Credit Suisse bankers provided clients with inaccurate or incomplete post-trade disclosures, resulting in customers being charged above agreed rates.

Standard Chartered is expanding its role as an international service provider in mainland China, tapping its wealthy clients’ rising appetite for assets around the globe.

Some of the richest families in the city and the wider region attended a ceremony to launch the Hong Kong Academy for Wealth Legacy (HKAWL) in Tsim Sha Tsui.

China’s small business owners have welcomed the rise of financial platforms more suited to their needs, but those platforms’ attendant risk has made them something of a liability for a risk-averse government. Will they be able to survive an inevitable round of intense regulatory scrutiny?

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From the client-facing hedge fund guys with their expensive suits and designer shoes to tech bros in polo shirts and sneakers, here’s how to identify Hong Kong’s finance bros by their outfits.

Hong Kong’s financial markets can look forward to a boost from a soon-to-launch investment migration scheme that will bring ‘substantial’ new capital inflows to the city, Paul Chan said on Friday.

A growing number of wealthy families from the Middle East, Europe and Asia are considering using Hong Kong to invest their riches after the government and wealth managers have increased their promotional efforts this year, according to industry players.

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Government efforts to attract billionaires to set up family offices in Hong Kong have already caught the attention of wealthy individuals from mainland China, Asia, the Middle East and further afield, a financial forum organised by the Post heard.

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The settlements conclude the final pieces of litigation in a saga involving women who said Epstein sexually abused them, and which embroiled some of the world’s most powerful figures in finance and business.

Hong Kong’s newly launched tax incentives and resumption of investment migration schemes are set to boost the city’s family office hub ambitions, says head of Swiss private lender Union Bancaire Privee in Hong Kong.

Clients from not only China but also Southeast Asia, the Middle East and Europe are showing sustained interest, says Ida Liu, global head of Citi Private Bank.

Hong Kong will have to create a talent pool with expertise in the Middle East and Islamic finance if it wants to attract wealthy families and companies from the region to invest in the city, according to a veteran banker.

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Some international private banks are rolling out big expansion plans to piggyback on Hong Kong’s family office ambitions. EFG International and Bank of Singapore are hiring more personal bankers over the next three years.

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Singaporean banking giant OCBC Group plans to expand in China and Southeast Asia in a bid to capture the strengthening trade relationships and growing demand for wealth management in the area, its CEO said on Monday.

UBS Group attracted US$28 billion from wealthy clients in the months running up to its takeover of Credit Suisse Group, in an early indication of how many assets the combined firms will be able to retain.

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Hong Kong is boosting its allure as a hub for global family offices. Julius Baer is opening an office in the city while its super-rich clients eye investment-based residency visas and tax concessions.

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A ‘tacit directive’ on China wealth inflows was given by the Monetary Authority of Singapore, an FT report says, but ‘overall inflows into Singapore remain diversified’, MAS claims.

Across the region, the total disclosed deal value in 2022 reached about US$19 billion, surpassing the previous year’s US$17.8 billion record, with six deals in excess of US$1 billion, according to a report by Bain and Company.

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Although most Chinese analysts do not believe the collapse of Silicon Valley Bank will substantially impact local financial markets, regulators in Beijing have vowed to improve financial security.

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