HONG KONG, May 14 (Reuters) – China’s plan to allow
cross-border sales of investment funds between the mainland and
Hong Kong appears to have lost momentum after opposition from
domestic money managers who fear being overwhelmed by global
competitors, industry players say.
Global asset managers, who want to grab a bigger slice of
investable money in China, are eagerly awaiting the launch of
the so-called mutual fund recognition, or passporting, scheme,
which will allow them to sell funds directly in China without
having to set up operations in the mainland.
HONG KONG, May 14 (Reuters) – Shadow banking, a term often
associated with murky funding, is emerging as an important
source of credit for the real economy at a time when
capital-strapped banks are reluctant to lend, regulators told
In efforts to prevent a repeat of the global financial
meltdown of 2007-2008, regulators and central banks have
extended their reach to the huge network of funding channels
that operate outside the traditional banking realm.
HONG KONG, May 12 (Reuters) – International watchdogs have
yet to make the case for labelling large asset managers
systemically risky, a leading regulator has said, in comments
that are set to further fuel a raging debate over whether such
firms can be too big to fail.
The Financial Stability Board has proposed adding big asset
management firms such as Fidelity, BlackRock and Pimco,
to a global list of non-bank institutions whose failure could
threaten the global financial system, potentially resulting in
costly capital buffers and other requirements.
HONG KONG, May 7 (Reuters) – The European Union is seeking
Asian capital for a multi-billion euro investment plan it hopes
will create more than a million jobs and revive growth.
Through the creation of the European Fund for Strategic
Investment, presented in Hong Kong on Thursday during its first
roadshow outside Europe, the EU seeks to inject 315 billion
euros into a range of long-term projects from broadband
infrastructure to green energy.
HONG KONG (Reuters) – China is set to enhance the convertibility of its yuan currency by allowing capital to be taken out on a daily basis from the largest investment scheme open to foreign investors, people with knowledge of the plans told Reuters.
This could strengthen the global standing of the yuan and support Beijing’s push to have it included in the International Monetary Fund’s basket of reserve currencies, alongside the dollar, euro, yen and pound.
HONG KONG (Reuters) – Swiss bank UBS is looking to grow wealth assets in Asia-Pacific to the tune of 15 percent annually as it builds its presence in China and consolidates its leading position in the region.
With 269 billion Swiss francs ($280.4 billion) of invested assets, UBS ranks as the biggest wealth manager in Asia-Pacific. Last year, it attracted nearly 27 billion Swiss francs of net new assets in Asia, confirming it as the fastest-growing region for a wealth management business in which it is the global leader.
HONG KONG, April 21 (Reuters) – Swiss bank UBS is
looking to grow wealth assets in Asia-Pacific to the tune of 15
percent annually as it builds its presence in China and
consolidates its leading position in the region.
With 269 billion Swiss francs ($280.4 billion) of invested
assets, UBS ranks as the biggest wealth manager in Asia-Pacific.
Last year, it attracted nearly 27 billion Swiss francs of net
new assets in Asia, confirming it as the fastest-growing region
for a wealth management business in which it is the global
HONG KONG, March 27 (Reuters) – ChemChina, which could soon
face the task of integrating Italian tyre-maker Pirelli
after its $7.7 billion bid, can take heart in the
knowledge that Chinese buyers have made a decent fist of growing
global brands in recent years.
Backed by cheap funding and a huge home market, an army of
mostly state-owned Chinese companies has marched beyond its
borders, snapping up assets in a decade-long $391 billion
HONG KONG/LONDON (Reuters) – Incoming Credit Suisse boss Tidjane Thiam is expected to focus on private banking in Asia while aggressively cutting jobs at its investment bank, as he aims to repeat the success in the region of his old employer, Prudential.
Thiam could slash 3,000 jobs from Credit Suisse’s investment bank, or 15 percent of staff globally, and cut 150 billion Swiss francs ($149 billion) of assets from the bank’s fixed income, commodities and currencies business as part of that shift, analysts at JPMorgan said.
ZURICH/HONG KONG (Reuters) – Long-standing Credit Suisse boss Brady Dougan is set to quit as chief executive of the Swiss bank as soon as Tuesday and will be replaced by Prudential head Tidjane Thiam, people familiar with the moves told Reuters.
Thiam, a former Ivory Coast government minister who has led Prudential since 2007, will become one of the few top insurance executives to transition into banking when he takes charge of Zurich-based Credit Suisse, a global lender reeling from U.S. penalties and under increasing regulatory scrutiny.