Asia
US seeks recovery of $1.7bn from scandal-hit 1MDB fund
The US Department of Justice (DOJ) is working to recover around $1.7bn (£1.3bn, €1.5bn) in assets linked to an international conspiracy to launder funds misappropriated from Malaysian sovereign wealth fund 1Malaysia Development Berhad (1MDB).
Indosuez Wealth Mgt to buy Singapore and HK private bank
Indosuez Wealth Management has started exclusive discussions with Credit Industriel et Commercial to acquire its private banking operations in Singapore and Hong Kong.
Aussie advisers to help foot the bill for industry regulator
The Australian Government has approved an industry funding model that will see retail financial advisers pay at least A$1,500 (£890, $1,136, €1,012) each to fund the Australian Securities and Investments Commission (Asic).
Demise of the machines as Macquarie closes robo-advice unit
Macquarie’s direct robo-advice service is to be shut down with its automated advice offering integrated into the bank’s wealth platform following the sudden death of founder and chief investment officer John O’Connell.
Singapore, HK to outpace Switzerland for offshore wealth
Singapore and Hong Kong remain the fastest-growing offshore centres and are set to outpace Switzerland when it comes to attracting wealth from abroad, a new report predicts.