SINGAPORE/HONG KONG (Reuters) – Some large wealth managers feel the time is not ripe to start an onshore private bank in China, despite steps taken by Beijing to open up its financial services industry.
Ownership restrictions and a relatively less developed capital market are impediments for Citigroup (C.N: Quote, Profile, Research, Stock Buzz) to start onshore private banking in China, while British lender Standard Chartered (STAN.L: Quote, Profile, Research, Stock Buzz) is also in no rush, senior executives of the banks told the Reuters Wealth Management Summit.
HONG KONG, June 2 (Reuters) – Days before shares in solar
power group Hanergy Thin Film (HTF) halved in Hong
Kong, its Beijing-based parent offered and sold stock in HTF to
employees, even as the unit was being investigated by the local
Internal emails and a contract reviewed by Reuters show the
employee purchase plan, launched on May 8, was offered at a 15
percent discount to the stock, then trading at HK$7.28, when the
company had a market value of nearly $40 billion after a
fivefold increase since September.
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