Companies
HSBC fined record HK$400m for Lehman Brothers-related failures
A Hong Kong tribunal has upheld disciplinary action taken against the local branch of HSBC Group’s Swiss private banking business for “material systemic failures” in relation to the sale of structured products, including from Lehman Brothers, in the run up to the global financial crisis.
PEOPLE MOVES: Stephenson Harwood, Julius Baer, Intertrust
Stephenson Harwood appoints a new partner in Hong Kong, Julius Baer sees a senior exit in the Middle East and raids Barclays Wealth for UK expansion, Intertrust appoints Netherlands head and Brewin Dolphin appoints Axa’s Kellard as a non-exec director.
DeVere abandons part of South Africa court appeal
DeVere Investment has dropped two of the three points of appeal it lodged after losing a South Africa Labour Appeal Court ruling that it had to pay fired area manager Ross Pennell outstanding commission, notice, and an unpaid bonus.
Just Service Group partners with Montpelier China
Fintech firm Just Service Group has inked a partnership deal with advisory firm OFS Asia, better known as Montpelier China, which it describes as one of Asia’s oldest established IFA businesses.
Mauritius acquisition boosts Sanlam’s pan-Africa strategy
South African financial services group Sanlam is focusing on Mauritius offshore services as part of its pan-African growth strategy.