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Industrial Bank Co launches new Hong Kong private banking business

By: Pedro Goncalves | 17 Aug 2018

Industrial Bank Co. Ltd, one of China’s largest banking groups with total assets of CNY6.09trn, has teamed up with Avaloq to provide a comprehensive solution for its…

Woman claims Lumiere adviser misled her into signing £1m loan to him

By: Pedro Goncalves | 16 Aug 2018

A partially blind 79-year-old has told a Jersey court “trusted” financial adviser tricked her into signing a blank piece of paper which gave him a personal loan…

Neuberger Berman launches CLO income fund

By: Christopher Copper-Ind | 16 Aug 2018

Neuberger Berman, the employee-owned investment manager, has launched a UCITS strategy investing primarily in collateralised loan obligations (CLO) mezzanine debt securities. Targeted at sophisticated investors, the Neuberger…

£685,000 record payout to Creechurch whistleblower

By: Pedro Goncalves | 16 Aug 2018

A portfolio manager who was unfairly dismissed by Isle of Man-based wealth firm Creechurch Capital, which allegedly falsified records in its dealings with two clients, has been…

Dubai regulator probes Abraaj Capital as investigation continues

By: Christopher Copper-Ind | 16 Aug 2018

Dubai’s financial services regulator has moved to bar Abraaj Capital from taking on new business or moving money to Abraaj Investment Management (AIML), its related entity, while…

DeVere UK reports £1.2m loss amid ‘significant’ FCA investigation costs

By: Pedro Goncalves | 16 Aug 2018

DeVere UK has recorded a loss of over £1.2m for 2017 after incurring “significant costs” relating to an ongoing FCA investigation into its pension transfer practices. Financial…

Hong Kong tightens rules for financial advisers

By: Pedro Goncalves | 16 Aug 2018

Starting this next Friday, all distributors and financial advisers operating in Hong Kong will be required to disclose all non-quantifiable monetary benefits that they get from the…

Celebrities and bankers among 500 investors suing Ingenious Media

By: Pedro Goncalves | 15 Aug 2018

Celebrities, such as British composer Andrew Lloyd-Webber, athletes and bankers are among the 500 investors suing film investment firm Ingenious Media, according to reports. Investors claimed they…

Credit Suisse splitting main wealth unit into 7 regions

By: Pedro Goncalves | 14 Aug 2018

Swiss banking giant Credit Suisse Group AG (CS) is breaking up its international wealth-management unit into seven regions from four, Bloomberg reported, citing people briefed on the…

GAM announces liquidation of suspended ARBFs

By: Christopher Copper-Ind | 13 Aug 2018

Zurich-based GAM Investments has announced that all subscriptions and redemptions in its absolute return bond funds (ARBF) have been suspended as of 31 July by the relevant…

Aberdeen Standard hires Hong Kong boss in growth bid

By: Pedro Goncalves | 09 Aug 2018

Aberdeen Standard Investments has poached a new head in Hong Kong as the Scottish asset manager wants to tap into the growing number of assets flowing in…

Mumbai-based IIFL Wealth in talks to acquire Wealth Advisors

By: Pedro Goncalves | 09 Aug 2018

IIFL Wealth Management is set to acquire a majority stake in Wealth Advisors, a private wealth management company based in Chennai, a province in the south of…

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