StanChart PB brings in Yong-Haron, Tse; Julius Baer poaches Klenk from UBS; Noah names HK chief; Diamond Lee exits OMGI; Invesco hires in Australia; BNPP IP raids BlackRock in Australia; Singapore IAM TriLake adds RM; CBRE appoints Japan head; Withers boosts trust practice.
BNY Mellon names wealth director; Mercer shuffles wealth team; Manulife AM creates global EM team; Isabelle Tian joins Sarasin; State Street adds Seck to management committee; and Withers enters Australia.
Harvest GI loses VP; KIC to double research team; BlackRock promotes in consultant relations; SFC reappoints CEO; RBC hires ex-SumiTrust manager; eVestment opens Dubai office; and Withers adds lawyer.
Updates to Hong Kong's trust law for the first time in almost 80 years will encourage trust companies to set up shop here. Yet the city must focus on attracting young talent.
Spencer Ogden opens HK office, BoA-ML appoints former JP Morgan executive, CBRE names head of global research and Withers adds to its planning practice.
A federal court has accused Swiss bank Wegelin of using sham operations to hide funds, some incorporated in Hong Kong. The city is expected to come under increased scrutiny.
The law firm has entered an agreement with private equity firm BeA-Asia to grow its wealth planning offering for high-net-worth individuals in China.
The new requirement is a further stumbling block for money managers who are already constrained by onerous rules when dealing with US citizens as clients.
Guy Facey, regional head of corporate at Withers Hong Kong, says not enough attention is being paid to the risks associated with custody agreements.