Top Headlines in the Last 7 Days
(3rd – 9th Jul 2017)
No. 1 Aberdeen to Acquire Taiwan Fund Manager
Aberdeen Asset Management (Aberdeen) will acquire Taipei-based asset manager Value Partners Concord Asset Management (VPCAM) for an undisclosed sum that will now allow them to access Taiwan’s onshore fund market.
Other foreign asset managers are also expanding into Taiwan’s onshore fund market. Learn More …
No. 2 HSBC Obtains Approval for Securities Joint Venture in China
HSBC has finally been given the approval from the China Securities Regulatory Commission for its securities joint venture in China, becoming the first foreign bank to receive approval for a majority-owned JV.
HSBC owns 51% in the JV company, known as HSBC Qianhai Securities. Qianhai Financial Holdings owns the remaining 49% stake. Learn More …
No. 3 ANZ to Narrow Buyers for Wealth Business
ANZ has narrowed a list of companies for its wealth unit which could be worth more than A$4 billion. ANZ has invited AIA Group, MetLife & Zurich Insurance Group AG to make second round offers to the business by 15th September.
The division that is up for sale includes ANZ’s life insurance operations and funds management arm. Learn More …
No. 4 EFG International Completes Legal Integration of BSI Entities with Integration of BSI in Monaco
EFG International has announced that it has completed the legal and operational integration of BSI in Monaco by way of a merger. This marks the final step in the legal integration of the BSI entities into EFG, achieved on schedule.
With this step, EFG has completed the legal integration of all BSI’s entities worldwide as planned and on schedule. Learn More …
No. 5 Julius Baer Appoints New CEO for Julius Baer Wealth Advisors (India) Private Limited
Julius Baer has appointed Ashish Gumashta as CEO of Julius Baer Wealth Advisors (India) Private Limited.
In his new role, he will focus on the development of Julius Baer’s Indian domestic business and report to Rémy A. Bersier, Head Emerging Markets and member of the Executive Board of Bank Julius Baer. Learn More …
No. 6 UBS Revamps European Wealth Business
UBS is consolidating the wealth management business in Europe and Emerging Markets to streamline operations.
Cross-border operations will be combined with domestic businesses in a to reduce the number of offshore booking centers from about ten to three. Learn More …
No. 7 BNY Mellon Receives Approval from Chinese Government Department
BNY Mellon Investment Management has secured approval from Chinese government department as the last step in the incorporation of an Investment Management Wholly Foreign Owned Enterprise (WFOE) in China.
Establishing this WFOE will over time enable the firm to manufacture and distribute onshore private funds to Chinese high net worth and institutional investors. Learn More …
No. 8 China Asset Managers to Face a New 3 per cent Value Added Tax
China’s asset managers will face a 3% value added tax (VAT) for returns on assets under management from 1st January 2018 according to a joint notice from the Ministry of Finance and State Administration of Taxation on Friday.
China is amongst the first countries in the world to have a VAT applied broadly to the finance industry. Learn More …
No. 9 Indonesia and Switzerland to Share Tax Information
Indonesia and Switzerland have signed an Automatic Exchange of Information (AEOI) agreement in which both countries will be required to share non-resident financial account data with tax authorities.
Both parties will share financial account information automatically as per OECD’s Common Reporting Standard. Learn More …
No. 10 Alpadis Group Grows Presence in Singapore
Alpadis Group, the provider of multi-jurisdictional corporate and bespoke fiduciary services, announces the expansion of its Singapore operations, and relocation into expanded offices, through the acquisition of TAO Trust Group Pte. Ltd.’s (Tao Trust Group) business. Learn More …
Credits: Asia Asset, Reuters, Julius Baer Press Release, Bloomberg, finews asia, Australian Financial Review, EFG Press Release, South China Morning Post, Alpadis Group Press Release
Jul 2017 Headlines
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