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Daily Dispatches – Boost for Asian Private Banking

Cash from compliance

Cash from compliance

Hong Kong and Singapore saw offshore wealth assets jump 20% to US$1.2 trillion last year as Asian millionaires chose local financial centers over those in Europe. Asia-Pacific centers such as Singapore and Hong Kong are expected to receive most of the newly created wealth in the region that finds its way offshore. Hong Kong has the greatest concentration of billionaires followed by Switzerland.

No longer housewives’ choice

Gold demand in China, the world’s largest consumer after India, may slow in the second half of this year after surging in April. Frenzied buying was attributed to the popularity of the metal among Chinese housewives who went on a spending spree when the price dropped earlier this year.

BofA Merrill Lynch hires new Korea boss

SeungGu Park joins from Credit Suisse, replacing Sung Eun Ahn who left in April for Deutsche Bank.

Bitter about Twitter

Peter Hiom, the deputy chief of the Australian Securities Exchange, says using Twitter as an appropriate mechanism for disclosure in US equities markets is a ‘terrible idea’.

Sony spin-off

Media outlets report that Sony Corp is talking to Morgan Stanley and Citigroup for advice on offloading its entertainment business.

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