The Italian insurance firm has launched a new life company in Hong Kong combining all its products in one business, a move said to be driven by the new regulatory environment.
Beijing's market intervention has hit confidence in the cross-border fund scheme, with products being registered more as a PR exercise than a business prospect right now.
The bank will focus on providing Japanese investments in funds and PE structures after being granted the first locally incorporated bank licence by HKMA for 50 years.
The asset management unit will seek to upgrade its type 1 licence to offer a platform for Hong Kong investors to trade US-listed ETFs. It sees greater ETF usage as a future industry trend.
Hong Kong’s largest IFA is seeking to expand its product offering to target clients with $1 million and is talking to offshore private banks on a B2B basis.
Convoy Asset Management and Zeal Asset Management are seeking to raise HK$100 million for a fund made up of non-mainstream stocks to tap China’s economic growth.