Latest news and features on wealth management, with a particular focus on Hong Kong, mainland China and Asia.
When looking for a friendly, experienced jurisdiction to help protect their wealth and legacies, the world’s richest need look no further than Hong Kong.
Some financial groups are said to be considering relocating head offices from Hong Kong to other Asian cities. So the expected relocation of three top HSBC executives from London will come at just the right time.
Family offices in the region will increase their allocations to equities and developed-market fixed-income assets over the next five years, with most interested in medical and health-related technology, the UBS Global 2023 report shows.
Activists, opposition figures question the need for a sovereign wealth fund in the poverty-plagued country, raising concerns over potential corruption.
A global pandemic, the war in Europe, soaring inflation and deeper US-China tensions eroded the wealth of the world’s richest as the billionaire population declined worldwide.
Bidzina Ivanishvili, the billionaire businessman who amassed a fortune in Russia before serving as Georgia’s leader, put more than US$1.1 billion into a trust overseen by the bank’s Singapore subsidiary, and an employee ‘misappropriated millions’.
HSBC Life has invested US$20 million to upgrade its technology and introduce a range of new medical insurance services for clients, according to CEO Edward Moncreiffe.
The industry will more than double in size to 280 trillion yuan (US$40.4 trillion) by 2030, as the expansion of individual wealth and pension needs requires financial companies to upgrade their products and services, according to a report by McKinsey & Company.
Banking veteran Li Yunze has been appointed as the party chief of China’s new financial regulator, the National Financial Regulatory Administration, amid Beijing’s shift to prioritise financial stability.
HSBC has agreed to buy out its China fund management joint venture partner’s stake in HSBC Jintrust Fund Management, giving it greater access to the nation’s US$3.8 trillion mutual fund market.
A group of minority shareholders had called for the bank to consider radical change, including spinning off its Asia business. HSBC’s biggest shareholder Ping An Insurance Group has also been pushing the lender to make changes to enhance shareholder value.
HSBC’s pre-tax profit rose to US$12.9 billion, beating analysts’ expectations. The bank said it would pay its first quarterly dividend since 2019 of 10 US cents a share.
Asian markets in Standard Chartered’s footprint are not facing the same inflation battles as their Western counterparts as they emerge from the coronavirus pandemic, according to CFO Andy Halford.
Standard Chartered’s pre-tax profit was US$1.81 billion in the first quarter, beating a consensus estimate of US$1.43 billion.
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.
Canadian insurer Manulife (International) wants to redomicile its Hong Kong unit in the city from Bermuda as it has big plans for expansion in the Greater Bay Area, Hong Kong and Macau CEO Patrick Graham says.
Fortunes were buoyed by high prices for natural resources but money was also made in snacks, supermarkets, chemicals, building and pharmaceuticals, indicating Russian domestic demand remained strong despite sanctions.
Mainland Chinese cities post the fastest growth in millionaire population globally as Hong Kong registers a contraction, falling behind rival Singapore.
Number of millionaires in HK dropped 27 per cent between 2012 and 2022, but grew in Singapore by 40 per cent, while China has five places on the world’s ‘50 wealthiest cities’ list.
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.
Hong Kong needs to follow Singapore’s example and offer more incentives to international insurers if it wants them to set up their regional headquarters in the city, HKFI says.
Fidelity believes the time is ripe to launch fund products in China as Beijing’s market friendly policies and the country’s positive economic outlook improve investment environment.
Many Middle Eastern investors are interested in setting up family offices in Hong Kong due to the opportunities in the Greater Bay Area, says Amy Lo, UBS’ Hong Kong head.
Allspring has noticed an uptick in demand for liquid alternatives and multi-asset strategies as it eyes a larger client base in Asia.
While some international cities that are well-equipped with hotels and airports are ‘artificial’ and ‘super boring’, Hong Kong is also ‘full of charm’, says Ronnie Chan Chi-chung of Hang Lung Properties.
Standard Chartered will continue to expand in the city and mainland China in the coming years to cash in on the strong growth expected in the post-Covid era, chairman Jose Vinals said.
Hong Kong is poised to serve as a green-tech hub, and family offices are well-placed to help nurture sustainable-technology companies, say experts at Hong Kong’s inaugural philanthropy summit.
Sliding stocks and a depreciating yuan hit the country’s super-rich harder than their peers in any other nation in the last year, according to a new list published by Hurun Report.
Hong Kong’s government is eager to promote the city as the Asian hub for wealth management and philanthropy, and is poised to unveil incentives on Friday to attract family offices to set up.
The Hong Kong government will announce a slew of measures at a key wealth summit on Friday as it takes aim at Singapore and attract more wealthy people to set up family offices here.
Asia’s representation in the survey by Switzerland’s second-largest bank shows the region’s significance to the wealth management business, especially the financial services for family office and ultra wealthy clients.