ANZ loses private banking chief; Aberdeen makes property hire; UBP's Asia head to leave; AMP makes multi-strategy changes; General Atlantic's SE Asia head departs; Mercer makes fiduciary promotion; SuMi Trust GAS gets new Ireland CEO; and Wealth-X appoints CFO.
Investment into real estate from rich Asians has trebled since 2007, far outpacing flows from other regions, according to Savills and Wealth-X.
The city ranks second only to New York by number of billionaires; it has three times as many as Singapore and almost half that of China, according to the Wealth-X and UBS Billionaire Census.
Scale and stability are increasingly important for wealth managers in Asia – as is reflected by the recent exit of several relatively new players in the region.
A quarter of Hong Kong's ultra-high-net-worth population is over 70, pointing to a major transfer of wealth in the next 15-20 years, according to Wealth-X's profile of the city's super-rich.
However, more support is still needed for women entrepreneurs in the region. Such are the findings of two new studies.
Multi-family offices question the independence of private banks, but say they are losing the battle for mindshare because they don't have the same sort of marketing budget.
China is expected to underpin growth in the world’s ultra-high-net-worth population, creating opportunities for luxury retailers, particularly with young Chinese women.