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‘Missing’ Chinese wealth manager angered by accusations of him absconding with investor money
Silly people. Wangzhou Fortune chairman Yang Weiguo didn’t “vanish” with RMB1 billion of his investors’ money, he merely decided to travel “for 10 days, cutting all telecommunications contact and being think over strategies and rebuild confidence.” The chairman of a Chinese e-financing firm suspected of having fled with 1 billion yuan (HK$1.19 billion) of investors’ money has emerged to
UBS Wealth hikes hedge fund allocations amid climbing volatility
Looming risks over the global economy continue to wreck havoc across the financial markets. Equity indices for instance have been gyrating like samba dancers, while bonds – depending on where they’re from – have seen their yields either skyrocket or plunge to fresh lows. Meanwhile, VIX, the so-called fear gauge, climbed 0.22% in Tuesday alone. UBS Wealth Management seems to
JP Morgan re-defines what it means to be rich in Asia and shows 20% of wealth managers the door
Think you're rich? Think again, at least if you are a client at JP Morgan. If you want your very own wealth manager at the bank, the minimum ante just doubled -- which also means that 20% of the staff and their paltry assets just got shown the door: JPMorgan has axed as many as 30 staff from its Asia
A Brexit is starting to look likely and wealth managers are worried about what comes next
The possibility of a British exit from the European Union (E.U.) -- or "Brexit" -- is starting to worry some wealth managers, and it should. That the U.K. will vote to leave the E.U. when it goes to the polls on June 23 is not only a possibility, its likely. On Tuesday, Reuters reported that pollster ICM put support for the
Can Wealthfront's revamp help it pull ahead of competitors?
For a while Wealthfront had been lauded as one of fintech's hottest new kids on the block, making traditional wealth managers lose sleep. But now the landscape is changing and the robo-advisor is looking more like an underdog in an increasingly crowded space full of scrappy startups and newly tech-savvy incumbents. Two weeks ago it made its latest effort to stand
JPMorgan wealth managers take it on the chin in the first quarter
Everybody and his sister is trying to milk the wealth management cow of steady fees. The markets aren't cooperating. Revenue from the wealth management sector fell 6% to $2.2 billion, JPMorgan reported on Wednesday "due to the impact of lower markets and lower brokerage revenue." JPMorgan was the first major bank to report earnings for the first quarter and is
Should #OccupyWallStreet move to Asia? Guess who will soon be No. 2 host to billionaires
The world’s population of ultra-high-net-worth individuals (UHNWIs) has grown by 60% in the last 10 years, but the rate of increase is set to slow during the next decade. According to data collected for the 2016 annual Wealth Report from Douglas Elliman/Knight Frank Residential there are now 187,500 UHNWIs with $30 million or more in net assets, excluding their principal
People Moves: Julius Baer North Asia CEO retires; HSBC Private Bank makes two senior hires
HSBC Private Bank makes two senior hires. HSBC Private Bank has hired Fan Cheuk Wan and Lionel Kwok in Hong Kong, with the former serving as managing director, head of investment strategy, and the latter working as managing director, head of sales management for Asia-Pacific. Cheuk Wan was previously with Credit Suisse Private Banking, where he was most recently managing
Barclays sells bulk of Asian wealth management unit to Singapore’s OCBC
With its main rival spooked by potential private banker poachings, the Oversea-Chinese Banking Corp found itself cruising to the finish line for Barclays’ Singapore and Hong Kong wealth management businesses, according to Reuters: Oversea-Chinese Banking Corp, Singapore's second-biggest lender, said on Thursday it agreed to pay $320 million for the operations - its second-largest private banking deal since 2009 and
People moves: UBS Wealth appoints Asia wealth vice-chair; HSBC loses head of Asia investment strategies
UBS names vice-chair for Asia wealth. Tracey Woon, Citigroup’s vice-chairman of ASEAN corporate and investment banking, has been named vice-chairman of UBS Wealth Management in Asia. It reportedly took almost a year to convince Woon to join Swiss firm. Prior to her 12-year tenure at Citi, Woon was head of investment banking for Merrill Lynch in Singapore, a role which