https://www.scmp.com/rss/323269/feed Latest news and features on private banking. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Peggy Ye Peggy Ye Turkey’s largest private bank plans to set up a Hong Kong office, according to sources familiar with the matter, in a move that underscores the city’s role as a gateway for lenders seeking to connect China and Asian markets with the Middle East. Turkiye Is Bankasi’s board approved the Hong Kong expansion plan two months ago and the lender was awaiting clearance from Turkish authorities before formally approaching the Hong Kong Monetary Authority for a banking licence, the sources said. If... https://www.scmp.com/business/banking-finance/article/3347700/turkeys-biggest-private-bank-plans-hong-kong-entry-amid-middle-east-tensions-sources?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3347700/turkeys-biggest-private-bank-plans-hong-kong-entry-amid-middle-east-tensions-sources?utm_source=rss_feed Wed, 25 Mar 2026 02:30:09 +0000 Associated Press Associated Press French financial prosecutors said on Tuesday that searches were carried out at several locations, including the Paris arm of Swiss private bank Edmond de Rothschild, as part of an investigation tied to revelations from the files on Jeffrey Epstein. France’s national financial prosecutor’s office said searches were carried out last Friday as part of a preliminary investigation opened last month. Investigators are examining suspicions of bribery involving a foreign public official and complicity... https://www.scmp.com/news/world/europe/article/3347767/french-authorities-search-paris-arm-swiss-bank-epstein-linked-probe?utm_source=rss_feed https://www.scmp.com/news/world/europe/article/3347767/french-authorities-search-paris-arm-swiss-bank-epstein-linked-probe?utm_source=rss_feed Tue, 24 Mar 2026 17:37:53 +0000 Julie Zhang Julie Zhang Private equity investment in the Asia-Pacific region is increasingly flowing into advanced manufacturing and healthcare, as global uncertainties push investors towards businesses with more predictable cash flow, according to Bain & Co research. The move away from the previously dominant technology, media and telecommunications sector “has been a gradual move, driven by the external environment and uncertainties”, said Elsa Sit, practice vice-president in the Asia-Pacific private equity team with... https://www.scmp.com/business/banking-finance/article/3347629/asian-private-equity-focused-cash-flow-fundraising-falls-12-year-low?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3347629/asian-private-equity-focused-cash-flow-fundraising-falls-12-year-low?utm_source=rss_feed Tue, 24 Mar 2026 01:00:31 +0000 Themis Qi Themis Qi Deutsche Bank is seeking to capitalise on wealthy investors across mainland China, Hong Kong, Taiwan and the Philippines who are looking to diversify away from US assets, as it pushes ahead with ambitious expansion plans in the region. Affluent investors from mainland China, Hong Kong, Taiwan and the Philippines – markets Deutsche Bank groups as “North Asia” – were becoming increasingly uneasy about their heavy exposure to US assets and were looking more closely at opportunities in Europe,... https://www.scmp.com/business/banking-finance/article/3346035/deutsche-bank-bets-hong-kong-wealth-boom-asian-billionaires-look-beyond-us-assets?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3346035/deutsche-bank-bets-hong-kong-wealth-boom-asian-billionaires-look-beyond-us-assets?utm_source=rss_feed Tue, 10 Mar 2026 23:30:08 +0000 Enoch Yiu Enoch Yiu Standard Chartered Bank, one of Hong Kong’s three note-issuing banks, reported a 16 per cent profit jump for 2025, as strong wealth management growth helped it weather rising bad debt from the city’s commercial real estate slump. The London-based bank, which generates much of its revenue from Asia, reported an underlying pre-tax profit of US$7.9 billion last year, compared with US$6.8 billion in 2024, according to a stock exchange filing on Tuesday. This matched analysts’ estimate of US$7.9... https://www.scmp.com/business/banking-finance/article/3344411/standard-chartereds-2025-profit-jumps-16-buoyed-robust-wealth-management-growth?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3344411/standard-chartereds-2025-profit-jumps-16-buoyed-robust-wealth-management-growth?utm_source=rss_feed Tue, 24 Feb 2026 04:47:55 +0000 Cheryl Arcibal Cheryl Arcibal Credit Agricole CIB has renewed its lease for 85,000 sq ft of prime office space at Pacific Place in Admiralty, extending its tenancy until 2034, according to landlord Swire Properties. The renewal would continue a partnership spanning more than two decades, Swire Properties, one of Hong Kong’s largest commercial landlords, said in a statement on Monday. The premises – four floors at Two Pacific Place – serve as the French banking giant’s Asia-Pacific headquarters. “Pacific Place has been our... https://www.scmp.com/business/article/3332165/credit-agricole-renews-pacific-place-lease-reaffirming-commitment-hong-kong?utm_source=rss_feed https://www.scmp.com/business/article/3332165/credit-agricole-renews-pacific-place-lease-reaffirming-commitment-hong-kong?utm_source=rss_feed Mon, 10 Nov 2025 06:30:48 +0000 Enoch Yiu Enoch Yiu Hong Kong has seen a sharp increase in wealthy clients opening accounts to manage their assets this year, surpassing other centres like Singapore as the most favourable destination for asset management, according to a report released on Thursday by the Private Wealth Management Association (PWMA) and KPMG China. Some 44 per cent of PWMA members, including top global private banks like UBS, BNP Paribas, HSBC, Morgan Stanley and JPMorgan, said their clients preferred Hong Kong over other cities –... https://www.scmp.com/business/banking-finance/article/3331739/hong-kong-roars-ahead-top-wealth-hub-overtaking-singapore?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3331739/hong-kong-roars-ahead-top-wealth-hub-overtaking-singapore?utm_source=rss_feed Thu, 06 Nov 2025 06:46:50 +0000 Salina Li Salina Li HSBC has opened its first wealth management centre in the United Arab Emirates (UAE) – the first step of its biggest investment in the international wealth and premier banking business in two decades – to tap the growing investment appetite of affluent investors in the Middle East, according to a top banker. The bank’s 24,000 sq ft wealth centre started operations in Dubai on Tuesday, where some 90 relationship managers will cater to the investment needs of high-net-worth individuals in the UAE.... https://www.scmp.com/business/banking-finance/article/3326294/hsbc-opens-first-middle-east-wealth-hub-dubai-tap-booming-uae-investment-market?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3326294/hsbc-opens-first-middle-east-wealth-hub-dubai-tap-booming-uae-investment-market?utm_source=rss_feed Sun, 21 Sep 2025 23:30:15 +0000 Aileen Chuang Aileen Chuang Wealthy investors across Asia are increasingly buying into the US$210 billion secondary private-equity market, betting on bargains and cash flow as a strategic response to geopolitical and economic uncertainties. Attracted by diversification and liquidity, Asian investors – including from Hong Kong and Singapore – accounted for more than half of the subscriptions to a US$1.2 billion secondary fund co-managed by Franklin Templeton and Lexington Partners, Christian Bucaro, Franklin Templeton’s... https://www.scmp.com/business/money/investment-products/article/3324721/wealthy-asians-turn-secondary-private-equity-amid-geopolitical-economic-strains?utm_source=rss_feed https://www.scmp.com/business/money/investment-products/article/3324721/wealthy-asians-turn-secondary-private-equity-amid-geopolitical-economic-strains?utm_source=rss_feed Mon, 08 Sep 2025 09:00:09 +0000 Bloomberg Bloomberg HSBC Holdings’ Swiss private bank is ending relationships with wealthy Middle Eastern clients, including many with assets exceeding US$100 million, as the bank seeks to lower its exposure to individuals it deems high-risk, according to people familiar with the matter. More than 1,000 clients from Saudi Arabia, Lebanon, Qatar and Egypt were among those being told they can no longer bank with HSBC’s Swiss wealth-management business, the people said, asking not to be identified discussing an... https://www.scmp.com/business/banking-finance/article/3322968/hsbcs-swiss-bank-said-exit-1000-mideast-clients-amid-revamp?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3322968/hsbcs-swiss-bank-said-exit-1000-mideast-clients-amid-revamp?utm_source=rss_feed Sun, 24 Aug 2025 06:47:25 +0000 Aileen Chuang Aileen Chuang Goldman Sachs is pushing legacy planning in Asia, including succession and philanthropy, as family offices boom and family-owned businesses continue to dominate the region. The changing regulatory landscape, growth of family offices and high proportion of family-owned businesses in the region made it a “particularly important period” for wealthy families to engage in generational transition, manage legacies and navigate tensions, said Carra Cote-Ackah, head of legacy planning and philanthropic... https://www.scmp.com/business/banking-finance/article/3321187/goldman-sachs-champions-legacy-planning-us61-trillion-wealth-transfer-looms-asia?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3321187/goldman-sachs-champions-legacy-planning-us61-trillion-wealth-transfer-looms-asia?utm_source=rss_feed Sun, 10 Aug 2025 23:30:10 +0000 Enoch Yiu Enoch Yiu The strong growth of Hong Kong’s private banking and wealth management sectors will drive increased hiring and leasing of office space in the coming years, according to the chief executive of Hong Kong Monetary Authority (HKMA). Major private banks’ assets under management (AUM) in the city rose 14 per cent in the first half of the year compared with the end of December, while they hired more than 400 wealth management experts in the last two years, an increase of 12 per cent, said Eddie Yue... https://www.scmp.com/business/banking-finance/article/3320589/hong-kongs-booming-wealth-sector-lead-hiring-and-office-expansion-hkma-says?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3320589/hong-kongs-booming-wealth-sector-lead-hiring-and-office-expansion-hkma-says?utm_source=rss_feed Sun, 03 Aug 2025 23:30:11 +0000 Enoch Yiu Enoch Yiu DBS Hong Kong, a unit of Southeast Asia’s biggest lender, plans to hire 100 bankers in the next three years and open a new wealth centre next year to capture the growing wealth-management business in the city, according to a senior executive. The subsidiary of the Singapore bank was pressing ahead with its expansion plan as its wealthy customers were not worried about market volatility triggered by the US-China trade war, according to Ajay Mathur, head of DBS Hong Kong’s consumer banking group... https://www.scmp.com/business/banking-finance/article/3314384/dbs-hong-kong-hiring-wealth-managers-investors-risk-appetite-grows?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3314384/dbs-hong-kong-hiring-wealth-managers-investors-risk-appetite-grows?utm_source=rss_feed Mon, 16 Jun 2025 00:30:09 +0000 Enoch Yiu Enoch Yiu Wealthy investors remain undeterred by recent stock market turmoil triggered by the US tariff policy, viewing it instead as the “time to buy” Hong Kong and mainland Chinese stocks, according to a senior executive at Standard Chartered Bank. “Our private banking and affluent clients have been very active in their investments over the past month,” Raymond Ang, global head of private bank and affluent clients at Standard Chartered, said in a recent interview with the Post. These investors had... https://www.scmp.com/business/banking-finance/article/3311559/wealthy-investors-see-time-buy-hong-kong-stocks-amid-trade-war-standard-chartered?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3311559/wealthy-investors-see-time-buy-hong-kong-stocks-amid-trade-war-standard-chartered?utm_source=rss_feed Sun, 25 May 2025 23:30:13 +0000 Enoch Yiu Enoch Yiu Singapore’s OCBC, the second-largest banking group in Southeast Asia, will continue to hire more staff and invest in its digital infrastructure capabilities to attract ultra-high-net-worth clients, shrugging off the turmoil caused by the US tariff war. Group CEO Helen Wong said the lender would stay the course, despite the ongoing uncertainty caused by the tariff war, noting that OCBC was continuing to grow its business. “We have no plans to change our HK$1.5 billion (US$192 million) investment... https://www.scmp.com/business/banking-finance/article/3310692/singapores-ocbc-plans-stay-course-hong-kong-hire-talent-despite-trade-war?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3310692/singapores-ocbc-plans-stay-course-hong-kong-hire-talent-despite-trade-war?utm_source=rss_feed Fri, 16 May 2025 11:30:28 +0000 Fan Chen,Cheryl Arcibal Fan Chen,Cheryl Arcibal A top executive at Al Nasser Holdings, a prominent conglomerate based in the United Arab Emirates (UAE), said his firm would strengthen cooperation with Hong Kong companies in financial services, sustainability and aviation. “Our strategy is to scale up those companies – scalability through the UAE, not only to look into the UAE market, but to look into the wider region,” said Mohamed Naser Al Zaabi, the former director of investment and trade promotion at the UAE’s economy ministry, in an... https://www.scmp.com/business/article/3305280/uae-family-firm-plans-stronger-cooperation-hong-kong-companies-al-nasser-executive?utm_source=rss_feed https://www.scmp.com/business/article/3305280/uae-family-firm-plans-stronger-cooperation-hong-kong-companies-al-nasser-executive?utm_source=rss_feed Sun, 06 Apr 2025 05:00:09 +0000 Enoch Yiu Enoch Yiu HSBC, the largest bank in Hong Kong with 6.2 million customers, will invest heavily in wealth management and technology in the city, using it as a base to tap the fast-growing markets in Asia, according to group CEO Georges Elhedery. “Hong Kong is on track to be the largest cross-border wealth hub on the planet before the end of this decade, and we are in a bold position to be able to capture this growth opportunity,” Elhedery said in a media briefing on Thursday. “I am very optimistic about... https://www.scmp.com/business/banking-finance/article/3304299/hsbc-bets-big-hong-kong-tap-asias-wealth-management-boom-ceo-elhedery-says?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3304299/hsbc-bets-big-hong-kong-tap-asias-wealth-management-boom-ceo-elhedery-says?utm_source=rss_feed Mon, 31 Mar 2025 00:30:11 +0000 Enoch Yiu Enoch Yiu Standard Chartered will invest heavily in artificial intelligence (AI) and hire more wealth managers in Hong Kong and other markets to achieve its goal of pulling in US$200 billion of net new money from affluent clients over the next five years, according to global CEO Bill Winters. The London-based bank has operations in more than 50 markets in Asia, the Middle East and Africa, where affluent populations continues to grow. Hong Kong, where Standard Chartered has been issuing currency notes... https://www.scmp.com/business/banking-finance/article/3303003/hong-kong-key-standard-chartereds-us200-billion-new-money-goal-ceo-winters?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3303003/hong-kong-key-standard-chartereds-us200-billion-new-money-goal-ceo-winters?utm_source=rss_feed Thu, 20 Mar 2025 02:30:11 +0000 Reuters Reuters HSBC reiterated its commitment to mainland China as a “priority market” after two sources said the lender was reducing staff numbers at its digital wealth-management business Pinnacle by nearly half, or about 900 people. “Our ambition is to become the leading international wealth manager for mass affluent and high-net-worth clients in mainland China,” an HSBC spokesperson said in a statement, without directly addressing staffing. “In 2024, we grew our wealth invested assets in mainland China by... https://www.scmp.com/business/banking-finance/article/3300437/hsbc-cutting-900-staff-china-digital-wealth-unit-pinnacle-sources-say?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3300437/hsbc-cutting-900-staff-china-digital-wealth-unit-pinnacle-sources-say?utm_source=rss_feed Thu, 27 Feb 2025 14:05:57 +0000 Aileen Chuang Aileen Chuang Asian investors played a major role in contributing to a US$30 billion fund focused on opportunities in the secondary private equity market, as they pay greater attention to such assets amid global volatility and liquidity crunches. Paris-based Ardian, a private equity firm, said Asian investors contributed 24 per cent of the money that went into its secondary fund, the world’s largest. That tripled Asia’s commitment size from Ardian’s previous fundraising in 2020, which closed at US$19 billion.... https://www.scmp.com/business/banking-finance/article/3296807/asian-investors-play-big-role-us30-billion-fund-secondary-private-equity-market?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3296807/asian-investors-play-big-role-us30-billion-fund-secondary-private-equity-market?utm_source=rss_feed Fri, 31 Jan 2025 01:30:17 +0000 Bloomberg Bloomberg Three more global hedge funds are expanding to Hong Kong, providing a relief to the city that is anxious to revive its appeal as a regional financial hub. US multistrategy firm Hudson Bay Capital Management, UK credit shop Sona Asset Management and New York-based Centiva Capital are establishing a foothold in the city, said people with knowledge of the matter. Hudson Bay, the Stamford, Connecticut-based firm overseeing about US$20 billion, registered a Hong Kong entity in early October,... https://www.scmp.com/business/banking-finance/article/3295045/hong-kong-gets-boost-3-global-hedge-funds-open-offices-recruit-staff?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3295045/hong-kong-gets-boost-3-global-hedge-funds-open-offices-recruit-staff?utm_source=rss_feed Thu, 16 Jan 2025 09:16:07 +0000 Decades after the liberalisation of Vietnam’s banking sector, private banks remain tightly controlled by a handful of owners, many of whom use their banks to funnel cheap loans into their other businesses. This practice, which dates back to the early 1990s, was laid bare by the case of Truong My Lan, who became the first private businessperson in Vietnam to face capital punishment for embezzlement after she was convicted of siphoning billions from Saigon Commercial Bank (SCB) and leaving it –... https://www.scmp.com/week-asia/opinion/article/3294298/vietnams-private-banking-sector-has-chronic-disease-can-it-be-treated?utm_source=rss_feed https://www.scmp.com/week-asia/opinion/article/3294298/vietnams-private-banking-sector-has-chronic-disease-can-it-be-treated?utm_source=rss_feed Sat, 11 Jan 2025 04:00:26 +0000 Enoch Yiu,Mia Castagnone Enoch Yiu,Mia Castagnone Hong Kong’s plan to expand tax concessions for single-family offices, along with the rapid growth in the number of wealthy people in China and Asia, will elevate the city’s status as a hub for such investment vehicles, bankers say. In his policy address in October, Chief Executive John Lee Ka-chiu pledged to expand tax concessions for single-family offices. The expansion plan is now being consulted with industry players before a change in law is made. “We are thrilled with the proposed expansion... https://www.scmp.com/business/banking-finance/article/3292069/bankers-say-hong-kongs-new-tax-concessions-boost-citys-status-family-office-hub?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3292069/bankers-say-hong-kongs-new-tax-concessions-boost-citys-status-family-office-hub?utm_source=rss_feed Sun, 29 Dec 2024 23:00:10 +0000 Mia Castagnone Mia Castagnone Relationship managers, customer due diligence officers and data analysts are some of Hong Kong’s hottest jobs in the coming year, according to human resource professionals. In the current business environment, relationship managers will be one of the “hot jobs” in the financial services sector, according to Betty Lam, the head of human resources at DBS Bank in Hong Kong. Outside private banking, relationship managers are also supporting small and medium-sized enterprises. The relationship... https://www.scmp.com/business/banking-finance/article/3291735/hong-kong-employers-look-hire-more-relationship-managers-and-data-analysts-next-year?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3291735/hong-kong-employers-look-hire-more-relationship-managers-and-data-analysts-next-year?utm_source=rss_feed Wed, 25 Dec 2024 00:00:13 +0000 Bloomberg Bloomberg Wealth managers are ramping up hiring in Hong Kong to cater to an inflow of mainland Chinese money. UBS Group is adding staff as it looks to double the assets it manages for millionaire clients in the region over the next three to five years. Bank of Singapore has boosted staff in Hong Kong by 30 per cent, while Julius Baer Group, a Swiss wealth manager, grew its office space in Hong Kong by 40 per cent last year along with hiring. For the city, it’s a welcome reprieve after years of political... https://www.scmp.com/business/banking-finance/article/3290934/chinese-money-fuels-hiring-spree-among-private-banks-hong-kong?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3290934/chinese-money-fuels-hiring-spree-among-private-banks-hong-kong?utm_source=rss_feed Mon, 16 Dec 2024 03:44:29 +0000 Aileen Chuang Aileen Chuang Transaction volume in China’s mergers and acquisitions (M&A) market will bottom out this year and rise by 15 per cent in 2025, investment bank UBS says, thanks to falling interest rates, privatisations, private-equity activities and foreign firms selling their Chinese businesses. UBS, citing data from Dealogic, said China M&A deal volume in the first 11 months of 2024 fell 10 per cent from a year earlier to US$297 billion, putting it on track to sink for the third year in a row. The tally,... https://www.scmp.com/business/banking-finance/article/3289198/china-ma-transaction-volume-bottom-out-year-rise-15-2025-ubs?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3289198/china-ma-transaction-volume-bottom-out-year-rise-15-2025-ubs?utm_source=rss_feed Tue, 03 Dec 2024 23:30:07 +0000 Aileen Chuang Aileen Chuang The world’s largest alternative asset manager Blackstone has partnered with a local industry body to launch a certification programme for Hong Kong’s wealth managers, deepening the city’s push to serve as a wealth-management hub amid growing interest in private assets. The company, which has run the Blackstone University programme for 13 years globally, will launch it in Hong Kong along with the Private Wealth Management Association (PWMA). The course aims to provide knowledge and resources for... https://www.scmp.com/business/banking-finance/article/3287433/blackstone-train-hong-kong-wealth-managers-private-assets-gain-investor-favour?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3287433/blackstone-train-hong-kong-wealth-managers-private-assets-gain-investor-favour?utm_source=rss_feed Thu, 21 Nov 2024 00:00:16 +0000 How are banks responding to an era of massive tech disruption and the prospects of lower interest rate margins as global interest rates fall? The banking industry used to be a highly profitable business because interest rate margins – the difference between the lending rate and deposit costs – were high. In the 1960s, when bankers were considered trusted custodians of other people’s money, the “3-6-3” dictum referred to bankers offering depositors 3 per cent on their accounts, lending that money... https://www.scmp.com/opinion/world-opinion/article/3283687/do-banks-stand-chance-against-tech-giants?utm_source=rss_feed https://www.scmp.com/opinion/world-opinion/article/3283687/do-banks-stand-chance-against-tech-giants?utm_source=rss_feed Fri, 25 Oct 2024 12:30:08 +0000 Enoch Yiu Enoch Yiu Wealthy European families are increasingly interested in investing in Hong Kong and setting up family offices in the city to diversify their portfolios and tap China’s long-term growth prospects, according to BNP Paribas. “Hong Kong has implemented a very attractive framework to develop the family office business, which is good for our clients and for us,” said Vincent Lecomte, the French bank’s global wealth-management CEO. “This is why we are very supportive of all the initiatives, ranging... https://www.scmp.com/business/banking-finance/article/3282997/chinas-long-term-growth-story-draws-european-family-offices-hong-kong?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3282997/chinas-long-term-growth-story-draws-european-family-offices-hong-kong?utm_source=rss_feed Sun, 20 Oct 2024 23:30:22 +0000 Mia Castagnone Mia Castagnone Hong Kong family offices will need to strike a balance between emotional management, trust and professionalisation to succeed, family office heads said. “Emotion stays away from the boardroom. That’s critical,” said Mahesh Harilela, a member of his family’s council, speaking at the Post’s Redefining Hong Kong family office conference on Friday. “Boardroom meetings are there to strategise to ensure that we can actually manage crisis.” His family owns diversified conglomerate the Harilela... https://www.scmp.com/business/banking-finance/article/3281130/running-hong-kong-family-office-delicate-balancing-act-insiders-say?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3281130/running-hong-kong-family-office-delicate-balancing-act-insiders-say?utm_source=rss_feed Fri, 04 Oct 2024 10:45:56 +0000 Mia Castagnone Mia Castagnone Hong Kong is set to overtake Switzerland as the world’s top destination for cross-border wealth management in the next couple of years, but growing competition does not leave room for complacency, according to Joseph Chan Ho-lim, the undersecretary for financial services and the treasury. He cited reports by UBS and Boston Consulting Group, which predicted that Hong Kong will overtake Switzerland by 2027-28 as the world’s number one hub for cross-border wealth management. “Despite our strength... https://www.scmp.com/business/banking-finance/article/3281111/hong-kong-cannot-rest-its-laurels-after-overtaking-switzerland-top-family-office-hub?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3281111/hong-kong-cannot-rest-its-laurels-after-overtaking-switzerland-top-family-office-hub?utm_source=rss_feed Fri, 04 Oct 2024 10:00:42 +0000 Bloomberg Bloomberg DBS Group, Southeast Asia’s biggest banking group, saw sales of its semi-liquid fund products to Greater China spike this year and expects demand to remain high as investors boost allocation for alternative assets. The year-to-date sales of semi-liquid funds to Greater China investors surged 300 per cent from a year ago, Carol Wu, DBS head of private banking in North Asia, said in an interview. The products – some targeting double-digit returns with risks laid out to investors – are managed by... https://www.scmp.com/business/banking-finance/article/3278911/dbs-posts-300-surge-semi-liquid-fund-sales-greater-china-amid-demand-yields?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3278911/dbs-posts-300-surge-semi-liquid-fund-sales-greater-china-amid-demand-yields?utm_source=rss_feed Tue, 17 Sep 2024 11:13:38 +0000 Aileen Chuang Aileen Chuang Facing liquidity challenges, affluent people in Hong Kong and mainland China are increasingly turning to private lenders and using stocks as collateral for borrowing. As public capital markets have yet to fully recover, traditional banks remain cautious about lending. Meanwhile, property market woes continue, leaving stocks as the best collateral option for some ultra-high-net-worth individuals (UHNWIs) to generate liquidity. “The liquidity constraints felt by UHNWIs are very real,” said Gordon... https://www.scmp.com/business/banking-finance/article/3276793/chinese-tycoons-are-using-stock-borrow-private-lenders-bank-liquidity-dries?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3276793/chinese-tycoons-are-using-stock-borrow-private-lenders-bank-liquidity-dries?utm_source=rss_feed Mon, 02 Sep 2024 02:00:48 +0000 Enoch Yiu Enoch Yiu As its new CEO prepares to take office next week, HSBC is making changes to its senior management to “position the group for the next phase of development and growth”, including creating a new high-level role devoted to digital and technology development. Georges Elhedery, who takes the reins on Monday after being named to replace Noel Quinn in July, “has reviewed the accountabilities of the current group chief operating officer (GCOO) role, and will split the responsibilities between two new... https://www.scmp.com/business/article/3276448/hsbcs-new-ceo-georges-elhedery-shakes-senior-staff-bolster-digital-wealth-business?utm_source=rss_feed https://www.scmp.com/business/article/3276448/hsbcs-new-ceo-georges-elhedery-shakes-senior-staff-bolster-digital-wealth-business?utm_source=rss_feed Thu, 29 Aug 2024 11:15:14 +0000 Enoch Yiu Enoch Yiu Asian wealth management firms aim to double assets under management to US$260 trillion by 2026 from last year’s levels, propelled by a surge in the number of rich individuals in the region who are driving a surge in cross-border investment demand, a report from consulting firm Accenture said on Thursday. The report is based on a survey results of more than 4,500 investors, 650 relationship managers, and 16 interviews with senior executives of wealth firms across 10 Asia-Pacific markets in... https://www.scmp.com/business/article/3271758/asia-wealth-firms-target-doubling-assets-under-management-us260-trillion-2026?utm_source=rss_feed https://www.scmp.com/business/article/3271758/asia-wealth-firms-target-doubling-assets-under-management-us260-trillion-2026?utm_source=rss_feed Thu, 25 Jul 2024 00:00:21 +0000 Aileen Chuang Aileen Chuang Deutsche Bank is aiming for Asia-Pacific to contribute at least 15 per cent of its global revenue in a few years as it continues to hire senior bankers for its origination and advisory, wealth management and private bank in the region, according to its chief executive officer. The German lender expects the region, which accounted for 11 per cent of total net revenue before provision for credit losses last year, to drive the growth of its core businesses, Christian Sewing said in a video... https://www.scmp.com/business/banking-finance/article/3270788/deutsche-bank-looks-asia-pacific-wealth-management-business-drive-core-growth?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3270788/deutsche-bank-looks-asia-pacific-wealth-management-business-drive-core-growth?utm_source=rss_feed Thu, 18 Jul 2024 00:30:12 +0000 HSBC sees opportunities to lend against wealthy clients’ private assets, following its acquisition of the UK unit of Silicon Valley Bank (SVB), in a move that leverages its balance sheet strength to finance this fast-growing market. HSBC, the largest bank in Hong Kong and Europe, is “responding to the evolution in the asset markets”, where private or alternative assets have grown tremendously, said Jyrki Rauhio, head of credit advisory for Asia-Pacific at HSBC Global Private Banking. SVB’s UK... https://www.scmp.com/business/banking-finance/article/3264650/hsbc-targets-lending-against-fast-growing-private-assets-after-adding-svbs-uk-unit-its-portfolio?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3264650/hsbc-targets-lending-against-fast-growing-private-assets-after-adding-svbs-uk-unit-its-portfolio?utm_source=rss_feed Thu, 30 May 2024 04:00:10 +0000 Singaporean banking giant OCBC Group plans to invest HK$1.5 billion (US$192 million) in Hong Kong and Macau to upgrade its digital platform and offices to target growing banking and wealth management opportunities, its CEO said on Wednesday. Technology upgrades to OCBC’s core banking system in Hong Kong and Macau will see an outlay of HK$1 billion up to 2026. This will result in greater use of artificial intelligence (AI) and machine learning and lead to more products and services... https://www.scmp.com/business/banking-finance/article/3264608/singapores-ocbc-investing-us192-million-hong-kong-macau-support-business-growth-ceo-helen-wong-says?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3264608/singapores-ocbc-investing-us192-million-hong-kong-macau-support-business-growth-ceo-helen-wong-says?utm_source=rss_feed Wed, 29 May 2024 12:27:44 +0000 Fosun International, one of China’s largest private-sector conglomerates, has accelerated its pace of asset disposal after agreeing to sell German lender Hauck & Aufhauser Lampe (HAL) to Dutcj bank ABN Amro for €672 million (US$731 million). Shanghai-based Fosun, controlled by Chinese billionaire Guo Guangchang, announced on Tuesday that the proceeds of the sale will be used to replenish general working capital. The deal, the second asset sale conducted by Fosun in Europe since mid-April, is... https://www.scmp.com/business/china-business/article/3264425/chinese-conglomerate-fosun-international-sells-german-private-bank-hal-abn-amro-us731-million-boost?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3264425/chinese-conglomerate-fosun-international-sells-german-private-bank-hal-abn-amro-us731-million-boost?utm_source=rss_feed Tue, 28 May 2024 09:30:25 +0000 Former US secretary of state John Kerry and Thailand’s prime minister Srettha Thavisin are among the speakers and 3,000 attendees expected in Hong Kong this week for the Asian Investment Conference (AIC) presented by UBS. The Swiss investment bank kicked off “the biggest global investor conference in Hong Kong” on Monday, Niall MacLeod, the curator of the week-long AIC, said in an interview. The event includes a two-day conference to be held on Tuesday and Wednesday at the Four Seasons... https://www.scmp.com/business/banking-finance/article/3264002/asian-investment-conference-first-ubs-hosted-edition-kicks-hong-kong-global-investor-mindset-agenda?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3264002/asian-investment-conference-first-ubs-hosted-edition-kicks-hong-kong-global-investor-mindset-agenda?utm_source=rss_feed Sun, 26 May 2024 23:00:12 +0000 Just over a year after HSBC Holdings acquired the UK unit of Silicon Valley Bank (SVB) for £1 (US$1.27), wealthy customers from Hong Kong and the rest of Asia are keenly exploring investment opportunities in tech start-ups, according to a senior HSBC executive. HSBC, the biggest lender in Europe and Hong Kong, bought Silicon Valley Bank UK in March last year after its US parent collapsed following a run on the bank. Three months later, the newly acquired unit was rebranded HSBC Innovation... https://www.scmp.com/business/banking-finance/article/3263730/hsbcs-silicon-valley-bank-uk-acquisition-raises-hong-kong-lenders-tech-profile-clients-start-ups?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3263730/hsbcs-silicon-valley-bank-uk-acquisition-raises-hong-kong-lenders-tech-profile-clients-start-ups?utm_source=rss_feed Thu, 23 May 2024 03:31:26 +0000 Hong Kong’s tax breaks and immigration policies to attract tycoons to set up family offices have been quite successful, as they have piqued the interest of many billionaires over the past year, according to a top banker. “Hong Kong has a lot of viable reasons for people who are looking to set up family offices here, ranging from flexible regulations and immigration policies to low tax rates and active capital markets,” Paul Knox, managing director and senior wealth adviser at JPMorgan Private... https://www.scmp.com/business/banking-finance/article/3263232/hong-kongs-family-office-measures-succeed-attracting-global-interest-jpmorgan-private-bank?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3263232/hong-kongs-family-office-measures-succeed-attracting-global-interest-jpmorgan-private-bank?utm_source=rss_feed Mon, 20 May 2024 00:00:16 +0000 Bank of Singapore, the private banking unit of Oversea-Chinese Banking Corp (OCBC), is expanding its family office business in Hong Kong, as it is bullish about its growth prospects in the city and mainland China. It has increased its headcount, mainly relationship managers and senior bankers, by 15 per cent in mainland China, Hong Kong, Macau and Taiwan in the first four months of this year, CEO Jason Moo said. Assets under its management in these markets have risen by 10 per cent between 2021... https://www.scmp.com/business/banking-finance/article/3262666/bank-singapore-bullish-hong-kong-it-hires-bankers-tap-growth-opportunities-china-ceo-says?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3262666/bank-singapore-bullish-hong-kong-it-hires-bankers-tap-growth-opportunities-china-ceo-says?utm_source=rss_feed Wed, 15 May 2024 05:00:15 +0000 UBS considering introducing a reward system for investment bankers who refer clients to the firm’s wealth management business, according to people with knowledge of the matter. Some bankers would likely be in line for payouts in Asia and Europe when they successfully attract new money to the lender’s private banking unit, said the people, asking not to be identified discussing confidential plans. The referral fees would be a first for the Zurich-based lender, echoing earlier incentives that... https://www.scmp.com/business/banking-finance/article/3262193/ubs-weighs-bonus-investment-bankers-who-refer-rich-clients?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3262193/ubs-weighs-bonus-investment-bankers-who-refer-rich-clients?utm_source=rss_feed Fri, 10 May 2024 09:03:24 +0000 Opportunities abound in China’s stock markets, the world’s second biggest, where valuations are attractive after a long period of underperformance, a senior official at Zurich-based EFG Asset Management said after his fund raised its exposure to Chinese shares. In recent weeks, China has issued an unprecedented set of policy guidelines to push for transparency, security, risk-management and vibrancy in the country’s US$9 trillion stock market, as Beijing works towards its goal of becoming a... https://www.scmp.com/business/china-business/article/3261726/worst-seems-over-cheap-and-reasonably-attractive-chinese-stocks-efg-asset-management?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3261726/worst-seems-over-cheap-and-reasonably-attractive-chinese-stocks-efg-asset-management?utm_source=rss_feed Tue, 07 May 2024 23:30:21 +0000 HSBC, the largest bank in Hong Kong and Europe, is seeing more business from ultra-rich clients who are eager to borrow against their “illiquid or concentrated” assets amid interest-rate uncertainty. As interest rates look set to remain elevated, HSBC sees opportunities in Asia’s ultra-high-net-worth individuals (UHNWIs), who are often asset-rich but liquidity-constrained. While high interest rates hurt the flow of the private bank’s lending business, it opens up opportunities on the structured... https://www.scmp.com/business/banking-finance/article/3261047/hsbc-sees-growth-loans-ultra-rich-art-jets-other-illiquid-assets-collateral-amid-high-interest-rates?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3261047/hsbc-sees-growth-loans-ultra-rich-art-jets-other-illiquid-assets-collateral-amid-high-interest-rates?utm_source=rss_feed Thu, 02 May 2024 00:30:24 +0000 High inflation and elevated borrowing costs are dampening the attractiveness of leveraged private-market investments, but institutional investors across Asia-Pacific are still determined to increase their allocations in private assets, especially in real estate and private debt, US-based financial services firm State Street said. According to an annual report published on Monday by the firm, among the 120 Asia-Pacific-based institutional investors it surveyed, 58 per cent expected inflation to... https://www.scmp.com/business/banking-finance/article/3260794/state-street-says-asia-pacific-institutional-investors-keen-private-assets-even-inflation-elevated?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3260794/state-street-says-asia-pacific-institutional-investors-keen-private-assets-even-inflation-elevated?utm_source=rss_feed Mon, 29 Apr 2024 09:30:13 +0000 Episode Six, or E6, an Austin, Texas-headquartered global provider of payment processing and digital ledger infrastructure for banks and financial institutions, will expand its footprint in Hong Kong this year on the back of growing demand for virtual-payment technologies, the company’s executives told the Post. “We’re seeing increasing demand for virtual card payments, which our platform is perfectly suited for,” said John Mitchell, E6’s co-founder and CEO. “We’re also seeing an increase in... https://www.scmp.com/business/banking-finance/article/3260547/austin-texas-based-start-episode-six-banking-hong-kong-demand-virtual-payments-sme-lending?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3260547/austin-texas-based-start-episode-six-banking-hong-kong-demand-virtual-payments-sme-lending?utm_source=rss_feed Sun, 28 Apr 2024 07:00:20 +0000 Beneath the brouhaha over a Dubai prince’s high-profile plan to open a family office in Hong Kong is the city’s steely resolve to look for new economic drivers amid growing tensions between China and the West. Before the headlines – over inauguration delays for Sheikh Ali Rashed Ali Saeed Al Maktoum’s US$500 million family office and his reported alter ego as singer-songwriter Alira – threw a spotlight on Hong Kong’s ambitions, there were two years of careful economic planning by Chief Executive... https://www.scmp.com/opinion/hong-kong-opinion/article/3259229/dubai-prince-saga-shows-hong-kongs-middle-east-campaign-needs-work?utm_source=rss_feed https://www.scmp.com/opinion/hong-kong-opinion/article/3259229/dubai-prince-saga-shows-hong-kongs-middle-east-campaign-needs-work?utm_source=rss_feed Sat, 20 Apr 2024 21:30:15 +0000 Chinese business executives and investors are embracing a future fraught with geopolitical tensions and slowing economic growth, but also with opportunity emerging from the country’s burst real estate bubble. That mix of anxiety and measured optimism was on display at a forum at Harvard University where tycoons, entrepreneurs and venture capitalist mingled with scholars and students over the weekend. The participants said the ongoing housing slump depressed investor sentiment. But they also... https://www.scmp.com/business/china-business/article/3259007/chinese-business-executives-see-us-china-rivalry-biggest-uncertainty-stay-upbeat-markets?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3259007/chinese-business-executives-see-us-china-rivalry-biggest-uncertainty-stay-upbeat-markets?utm_source=rss_feed Mon, 15 Apr 2024 04:00:30 +0000