Archive Results

08th October 2000 to 08th October 2010

US Court Indicts Wegelin; Some Money Stashed In Hong Kong - Withers

February 6, 2012

A US federal court has indicted the Swiss bank Wegelin conspiring to conceal over $1. 2 billion, some of which was hidden in Hong Kong, a development which will inevitably lead to greater heat from the IRS, experts say. Yesterday Switzerland's oldest bank faced criminal charges - and civil action - by the US, as part of America’s growing crackdown on offshore firms allegedly helping US clients evade taxes.

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Deloitte Sets Up Presence In "Minegolia"

February 6, 2012

Deloitte Touche Tohmatsu, the tax and financial advisory firm, has set up a new member firm in Mongolia in a bid to tap the country's wealth potential. Deloitte Onch, managed in partnership with local professional services firm Onch Audit, will offer a full range of services, including audit, tax, consulting and financial advisory to clients. The Deloitte Onch office presently employs 50 people and said it plans to hire 15 more over the next months.

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Hiring Slows And Salaries Cut In Asia-Pacific Financial Services

February 6, 2012

Hiring in the Asia-Pacific financial services sector has decreased and compensation has dropped, according to the latest outlook from the recruitment firm Boyden. In Asia, where talent management has notoriously been a challenge for wealth management firms in recent years, hiring has "slowed down", said Gina Ong, partner of Boyden Singapore “Companies are awarding increasingly smaller salary increments as the overall job market moves from being candidate-sparse to an employer-sparse one,” said Gina Ong. There are also redund.

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Perpetual Wealth Head Lands CEO Role After Management Clash

February 6, 2012

Perpetual, the Australian financial advisor, has appointed its private wealth head to the newly-vacated role of chief executive, following the sudden resignation of his predecessor. Geoff Lloyd took the reins today from former incumbent Chris Ryan, who resigned this weekend over “differences between (himself) and the board”, according to an emailed statement. .

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Asia Boards Fall Short On Female Contingent

February 6, 2012

Over 70 per cent of boards in Asia have no female directors, shedding light on the region’s urgent need for diversity in its senior ranks, according to a new study. Findings of an inaugural board diversity study by recruitment agent Korn/Ferry International, The Diversity Scorecard: Measuring Board Composition in Asia Pacific, has found that female representation on boards of directors in the Asia-Pacific region remains markedly lower than other parts of the world. Over 70 per cent of the boards of the top 100 companies in Hong Kong, India, Malaysia, Ne.

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Dubai Financial Planner Opens In Shanghai, Shuts Down In Brazil

February 6, 2012

Globaleye, the Dubai-based financial advisor, is shuttering its Brazil operations and will open a new office in Shanghai. The Shanghai branch is the company's third in Asia, next to Hong Kong and Singapore, and will be located in the Citigroup Tower, Pudong district. Julian Unsworth, vice president at the Dubai office, will relocate to China, where he will lead a team of four advisors.

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HNW Singaporeans Are Asia’s Biggest Bears - Survey

February 6, 2012

Singaporeans are the biggest pessimists of all wealthy Asian private banking clients, according to a new survey from Bank of Singapore. Bank of Singapore asked its clients who attended its 2012 outlook a number of questions, the responses to which illustrate the risks of behavioural bias affecting financial decisions. The bank would not disclose the number of clients asked, nor the breakdown of nationalities.

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Threadneedle Expands Offerings In Singapore, Hong Kong

February 6, 2012

Threadneedle, the UK-headquartered asset management firm, has announced ten new and upgraded fund licenses in Singapore and Hong Kong, a sign of its continuing growth in Asia. Ten funds under the Threadneedle (Lux) scheme are now recognised and registered schemes in Singapore, including the Emerging Market Corporate Bond Fund, Emerging Market Debt Fund, Global Emerging Market Short-Term Bonds Fund, Global Asset Allocation Fund, Pan European Equities Fund, Pan European Smaller Companies Fund, Global Technology Fund, Enhanced Commodities Fund, Target Return (US$) Fund and the US$ High Income Bonds Fund. The Threadneedle (Lux) SICAV fund also now accepts Singapore dollar hedged share classes.

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DBS Establishes Subsidiary In Taiwan

February 6, 2012

DBS Bank, the Singaporean bank, has established a wholly-owned subsidiary in Taiwan, highlighting its commitment to growing in the Greater China region. DBS Bank (Taiwan) began operations early this year, although its parent firm has been doing business in the country since 2008. At the time, the bank made a major investment in local firm Bowa Commercial Bank by acquiring the latter's "good bank assets," eventually bolstering its local presence from one branch to 40 by 2009.

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Fine Dining, Travel And Spas; A Quintessentially Chinese New Year

February 6, 2012

Chinese New Year is always a time for splurging on family dining, gifts and travel, and for global concierge Quintessentially it is one of the busiest times of year, with members looking to please their palates and impress guests, Alethea Dean at Quintessentially tells WealthBriefingAsia exclusively. Food is a crucial part of the celebration, so unsurprisingly high-end Chinese restaurants dominated requests during the period, with members looking to both please their palates and impress guests with spectacular settings. Hot tables include Tin Lung Heen at the Ritz,.

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Expert Commentary

Perpetual Wealth Head Lands CEO Role After Management Clash

Perpetual, the Australian financial advisor, has appointed its private wealth head to the newly-vacated role of chief executive, following the sudden resignation of his predecessor.

Tara Loader Wilkinson

6 February 2012