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Latest news and features on wealth management, with a particular focus on Hong Kong, mainland China and Asia.
As Hong Kong continues to emerge from its post-Covid slump, proposed confidence-building measures in line with safety nets at a global level can only help.
The likely impact of the US lender’s collapse is that China’s tech elite will look to banks in Hong Kong, Singapore and even Europe.
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.
Lockdown fatigue and fear of a mostly non-lethal virus has left China’s entrepreneurial class discouraged, hurting the people needed to achieve national goals.
President Xi Jinping’s rhetoric on common prosperity, which calls for the people to share in the opportunity to be wealthy, has surged this year.
Xi Jinping’s rhetoric on common prosperity in China, which calls for the people to share in the opportunity to be wealthy, has surged this year.
- JD.com accused Shanghai-based Noah and its subsidiary Gopher Asset Management of entangling it in ‘four years of malicious lawsuits’
- The trial is linked to a years-long supply chain financing fraud fabricated by Camsing International
Jason Bedford, a former analyst with Bridgewater and UBS, who predicted the troubles that cascaded through China’s regional banks now has similar warning for the nation’s trust industry.
A global rise in the super-wealthy population comes as a ‘great wealth transfer’ is under way, with billionaires accumulating more riches through inheritance than through entrepreneurship for the first time, according to a report by Swiss bank UBS.
The Climate transition, wealth management and digitalisation of the financial sector will be among key drivers of Asia’s economy, a conference organised by BIS and the HKMA heard on Tuesday.
The firm plans to launch mutual funds targeting different asset classes in mainland China to tap the world’s second-largest asset-management market, which is expected to grow to US$40 trillion by 2030.
Police in Beijing have imposed ‘criminal compulsory measures’ against several suspects at Zhongzhi Enterprise Group, after the shadow bank reported an asset shortfall of US$36 billion earlier this week.
Zhongzhi Enterprise Group, one of mainland China’s largest shadow banks, has warned investors of an asset shortfall, setting off alarm bells in the trust sector which invests a large portion of investors’ money in real estate projects.
Hong Kong needs an art financing ecosystem to support the government’s drive in establishing the city as a hub for global family offices, says Manulife Financial’s Damien Green.
Union Bancaire Privee (UBP) has experienced substantial growth in the area over the last five years despite the pandemic, according to its top boss.
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.
Family offices need to invest with purpose and a sense of values to secure a future for the next generation, said Regal Hotels International vice-chairman Poman Lo at the inaugural Family Business Summit in Hong Kong.
The summit came just a day before Hong Kong inaugurated an academy to provide financial and skills training in wealth management to support the family-office industry.
China’s pension reform and the rising income of the middle class will create demand for wealth management, providing huge opportunities for fund companies like AllianzGI, CEO Tobias Pross says.
The fund manager adds new senior positions in Asia, including a CEO, as it sees growth in the region outpacing the rest of the world, says CEO Valerie Baudson.
Revised rules empower President Ferdinand Marcos Jnr to accept or reject nominees for top officials of the firm managing the Maharlika Investment Fund.
Those who invest HK$30 million or more in specific assets can apply for residence after seven years.
‘Hong Kong is probably going to be one of the biggest wealth centres in the world, and Singapore is catching up very quickly,’ says Harshika Patel.
Hong Kong is ‘very much back in motion’, James von Moltke says after the German lender hosts a board meeting in the city. German clients have ‘no sense of a separation of the links’ between the German and Chinese economies, he adds.
The academy is yet another firm step towards the goal laid out last year by Chief Executive John Lee Ka-chiu to attract 200 family offices to Hong Kong by the end of 2025.
Moves aims to make it easier for asset management companies and their sales partners to sell fund products to clients, attracting more companies into the market and broadening choices for investors.
Hong Kong is burnishing its appeal as a regional hub for family offices as the new investment incentives unveiled this week added to an array of pull factors, including a vibrant scene for arts and wine collection.
The world’s largest asset manager believes AI will be transformational, and is investing in finance-specific machine learning to augment the investment-analysis process.
The median liquid assets of people with more than HK$10 million (US$1.28 million) in wealth dropped by HK$1 million to HK$4.5 million as of the end of June, survey says.
Hong Kong’s affluent become millionaires by the time they turn 33 on average, according to an annual survey by HSBC, which also found that respondents were confident about reaching the next milestone of HK$10 million (US$1,277,164) by age 62.
HSBC Holdings is acquiring Citigroup’s retail wealth management business in mainland China, accelerating its push in the world’s second-largest economy.
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.
New measures will further ‘cross-boundary investment … and the development of Hong Kong’s financial industry’, says monetary authority CEO.
