wealth management

Ping An-backed Lufax to ditch P2P lending amid regulatory woes: sources

(July 18): Lufax, one of China’s largest online wealth management platforms that is backed by financial giant Ping An Insurance, plans to exit its once-core peer-to-peer lending (P2P) business, three sources with direct knowledge of the matter told Reuters.

The move by Lufax to exit P2P, in which companies gather funds from retail investors and loan the money to small corporate and individual borrowers, is due to regulatory hurdles, two of the sources said, and comes amid China’s crackdown on the business to contain broader financial risks.

More than a third of wealth management clients plan to switch providers in next 3 years: EY

SINGAPORE (May 9): More than a third of wealth management clients across Asia-Pacific have plans to switch providers over the next three years, the EY 2019 Global Wealth Research report found.

This is because wealth management relationships are undergoing a significant period of change, driven by emerging digital solutions, new digital habits and changing definitions of what clients value, according to EY’s latest research.

Revamp of DBS Vickers a sign of things to come; can brokerages, remisiers maintain their relevance?

SINGAPORE (Mar 15): During a recent trip to Kuala Lumpur, I ran into an old friend whom I knew from my days in the brokerage business back in the 1990s. To my surprise, he told me that he still worked in the industry and appeared to be making a good living at it. After two financial crises and a collapse in brokerage commissions, just about everyone I know from this business has moved on. Many found new careers in banking or fund management, some found themselves doing consulting or corporate work and a few drifted into a life of semi-retirement.

Schroders acquires Thirdrock Group for undisclosed sum

SINGAPORE (Feb 1): Schroders Wealth Management has acquired the wealth management business of Thirdrock Group, a Singapore-based asset manager with a client asset under management (AUM) of about $3 billion.

The value of the transaction was not disclosed.

In a Friday announcement, Schroders says Thirdrock Group will be merged with its existing Singapore business and operate under the Schroders Wealth Management brand.

Why a savings account alone is not enough to achieve your financial goals

SINGAPORE (Oct 29): Singapore’s emerging affluent are still far from achieving their top financial goals with their current wealth management strategies, finds a recent study commissioned by Standard Chartered Bank.

The Emerging Affluent Study 2018 – Climbing the Prosperity Ladder is the culmination of 11,000 emerging affluent consumers’ views from 11 markets across Asia, Africa and the Middle East.

How do Asia's real 'crazy rich' manage their wealth?

SINGAPORE (Aug 24): A new billionaire is created in Asia every other day, according to UBS and PwC in a joint report on the billionaire set.

There were 162 new billionaires in Asia in 2016, compared with 39 in the US and 24 in Europe. While the US still commanded most of the wealth, Asia is likely to overtake it in four years, if the current trend of growth continues.

Schroders launches new fund to deliver stable returns with reduced risk in 'all market conditions'

SINGAPORE (Aug 16): Schroder Investment Management (Singapore) has launched its new fund, the Schroder ISF Global Target Return, which aims to “grow wealth and preserve capital in all market conditions” by flexibly investing across asset classes globally.

This includes a diversified range of growth, defensive and diversifying assets from more than 40 countries across 15,000 stocks, 18,000 bonds and other investments such as alternatives and currencies.  

Hiring for these banking & financial services roles remained robust in 2Q: Randstad

SINGAPORE (Aug 6): Randstad Singapore says 2Q hiring activities have increased for front- to middle-back office operations in the banking & financial services sector, following a quarter of strong economic growth that was partly driven by the finance and insurance sectors.

Here's why Singapore trumps Hong Kong as Asia's premier wealth management hub

SINGAPORE (July 27): Singapore has edged out Hong Kong in the fight to be the top premier wealth management hub in Asia, according to The Deloitte International Wealth Management Centre Ranking 2018.

The city-state was ranked second globally, just behind Switzerland.

“Technology-driven innovation cycles have become even shorter, and digitally enabled business models are becoming the ‘new normal’,” Deloitte says.

Interaction and advice makes wealth managing that much more meaningful

SINGAPORE (July 18): When it comes to wealth management, a constant dialogue with clients makes all the difference, says Dominique Jooris, South Asia CEO at Pictet Wealth Management.

In an exclusive interview with The Edge Singapore, Jooris says “These dialogues are why one would go to a private bank. This is the type of service you would find here, that you would not find at commercial banks, internet brokers or robo-advisors.”

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