Rules change could raise China insurers' use of trusts

The national security law will tarnish the territory's financial credentials, but financial firms keen to expand in China are expected to maintain their presence in Hong Kong.

Ashley Alder reappointed as head of Hong Kong's SFC; Savills IM hires new senior executive for pan-Asia investments; T. Rowe Price appoints new head of Australia, New Zealand distribution; HSBC Private Banking names new head of products, investments; NN Investment Partners hires EM debt head; SC Lowy adds Europe head and more.

The US multi-affiliate firm, formerly Old Mutual Asset Management, is closing its Hong Kong umbrella sales office as part of a change in strategy amid the Covid-19 pandemic.

Lead equity PM and analyst exit AllianzGI; Western Asset hires Korea institutional head; PNB offers WFH as permanent option; BNY Mellon replaces Korea country head; Deutsche Bank hires first Apac ESG head; JP Morgan AM expands ETF team.

Travel lockdowns have severely impacted the investors' ability to keep adding to their historical interest, especially in overseas alternative assets.