Managers of Wealth Asia Pacific

Sam Henderson pleads guilty

Former celebrity financial adviser Sam Henderson has plead guilty to three charges of dishonest conduct.

IOOF pitches credentials, synergies for MLC Wealth

The company is due to report FY20 results on Monday, August 31.

FMA releases report into active and passive fund management

The remaining schemes described themselves as mainly passive or mixed, and were generally true to label.

China Reiterates Support for Hong Kong's Hub Status

The statement also welcomed the entry of foreign players into the estimated $45 trillion financial service industry in the midst of a historic opening across futures, securities, and mutual fund businesses.

ADB Supports Philippines’ Financial Inclusion Reforms with $300M Loan

According to the 2017 Global Findex Survey, the Philippines ranked among the lowest in Southeast Asia on almost all financial inclusion indicators.

The HKMA to chair the EMEAP Working Group on Financial Markets for another two years

The re-appointment was endorsed by EMEAP Governors at the 25th EMEAP Governors’ Meeting, held virtually on 19 August.

Offshore structure with online operations in Hong Kong in the digital age – walking a thin line?

Typically, the offshore entity carries on business by way of a fully automated system, while its Hong Kong affiliate provides technical support, such as upkeep and adjustment of its proprietary software, and is remunerated on a cost-plus basis.

Julius Baer partners with Chinese wealth management academy

The strategic partnership between the Institute and Julius Baer will set a good example for the wealth management industry and wealth management education.

Australia Transitions to New Regulatory Regime for Litigation Funders

The new legislative instrument, which commenced from Saturday (22 August), requires litigation funders to hold an AFS licence and subjects them to the same regulations for managed investment schemes.

Cayman Grand Court departs from Hong Kong Court in dismissing Winding-Up Petition

On that basis, the Hong Kong Court found the balance of the debt to be due and owing and proceeded to wind-up the guarantor.

Hong Kong AoF Publishes Report on AI Adoption in Banking

Some 80 percent of banks also said they plan to increase investment in AI over the next five years, though highlighting adoption challenges related to data quality, data protection, model explainability, a shortage of talent, and regulatory issues.

Hong Kong bourse to list new Taiwan futures contracts

It will come two months after the launch of two contracts based on another MSCI Taiwan benchmark, and will increase the Hong Kong Futures Exchange’s suite of futures products to 39.

Singapore bourse, FTSE Russell partner to develop derivatives products

SGX CEO Loh Boon Chye adds that the move takes their ties to a “new level” and they will “develop more unique tools to match evolving investor needs”.

Hong Kong pension group starts radio programme on retirement

People are living longer and don’t have enough saved up for post-retirement life, posing challenges to the adequacy and sustainability of pension systems around the world, she says.

Powerwrap inks $750m deal with advice group

The listed platform provider has entered into an agreement with a boutique wealth management group that will see it deliver administration services across $750 million worth of client funds.

CBA hit with another financial planning class action

The Commonwealth Bank’s announcement to the Australian Securities Exchange (ASX) said CFPL and FWL were reviewing the claim and an update would be provided as required.

HK Bourse Finalises Changes to Professional Debt Regime

The changes are largely in line with the proposals in the earlier consultation, save for SEHK’s proposal to maintain the existing eligibility exemption available for state corporations.

China approves BlackRock, Temasek, CCB JV

Deal comes as Beijing government looks to open up the financial market to foreign companies

ASIC update on compensation for financial advice related misconduct

This is an additional $295.9m in compensation payments

ICICI Lombard to acquire Bharti AXA General Insurance

Shareholders of Bharti AXA will receive two shares of ICICI Lombard for every 115 shares

Legal, Regulation & Compliance