Asia
HK regulator continues crackdown with ex-HSBC adviser ban
Hong Kong’s Securities and Futures Commission (SFC) has reprimanded, banned or taken action against 13 companies and individuals since the start of 2017, most recently banning a former HSBC adviser from re-entering the financial services sector for life.
Guaranteed funds ordered to change their names in China
The 151 guaranteed funds sold in China, will henceforth be called “risk-hedging strategy funds” to reflect their potential risks, according to the new guidelines released by the China Securities Regulatory Commission.
ETF Securities targets Australia following Hong Kong exit
UK-based ETF Securities has said it will focus on expanding its presence in Australia following the asset manager’s exit from Hong Kong earlier this year.
Former Westpac banker jailed for property Ponzi scam
A former Westpac banker in Australia has been sent to jail for three years for encouraging elderly and vulnerable customers to borrow over A$2.5m (£1.5m, $1.9m) to invest in a Tasmanian property development, which turned out to be a Ponzi scheme.
China’s asset management industry tops $7.5trn
Assets under management across mainland China rose by 36% to 51.8trn renmimbi ($7.53trn, £6.0trn) in 2016 according to data from the semi-official Asset Management Association of China (AMAC).