Credit Agricole’s Indosuez Wealth Management arm has signed a deal to buy the Singapore and Hong Kong private banking businesses of French rival Credit Industriel & Commercial (CIC), CIC said on Thursday.
KUALA LUMPUR/ABU DHABI: Australia and New Zealand Banking Group is near a deal to sell its Malaysian banking stake to a pension fund and exit the Southeast Asian nation, sources familiar with the matter said, in a transaction that could be worth around $900 million.
Published by Asia Asset Management – 3rd July 2017
Aberdeen Asset Management (Aberdeen) will acquire Taipei-based asset manager Value Partners Concord Asset Management (VPCAM) from its shareholders, including Value Partners Group and Concord Securities Co, for an undisclosed sum in a move that will allow the Scottish company to access the island state’s onshore fund market.
Further wealth management consolidation is about to take place in Asia with news that Indosuez Wealth Management has entered into exclusive discussions to acquire the private banking units of Credit Industriel et Commercial in Singapore and Hong Kong.
The acquisition of ABN Amro’s private banking units in Singapore and Hong Kong by Liechtenstein’s LGT seems to have gone through without much pain. For some senior ABN Amro bankers though it has meant no gain.
HSBC Holdings Plc is planning to pursue deals to expand in asset and wealth management as the lender seeks to capitalize on the growing funds of the middle class in Asia and diversify its business away from traditional lending, according to two people with knowledge of the plans.
In recent months ANZ has sold its retail banking and wealth management businesses in five Asian locations to Singapore’s DBS, and its 20 percent stake in Shanghai Rural Commercial Bank. Now the bank has offloaded another asset this time closer to home.
Published by Pension & Investments – 4th January 2017
Fidelity International has become the first global asset manager in China to clear the final regulatory hurdle to creating onshore investment products for local institutional and high-net-worth investors.
Fidelity said in a news release Wednesday that its wholly foreign-owned enterprise, established in Shanghai in September 2015, had successfully registered as a “private fund management company” with the government-backed Asset Management Association of China.
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