Hong Kong-headquartered financial giant Bank of East Asia (BEA) has appointed a new regional head of private banking, Asian Private Banker has learnt. Jaye Chiu, the former head of the investment products & advisory department has recently taken up the role of regional private banking head, responsible for BEA’s private banking business in Hong Kong and Singapore, his personal LinkedIn […]

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How to bolster product shelves against market volatility with a greater range of alternative solutions was a key topic discussed by private bank fund selectors at Asian Private Banker‘s 9th Fund Selection Nexus in Hong Kong. On a keynote panel entitled The Quest for Resilience and Diversification in Asian Portfolios, leading private banks debated how best to manage client expectations […]

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Bank of East Asia has made two senior appointments in its private bank, Asian Private Banker has learnt. Jimmy Chang became the head of investment counselling at Bank of East Asia Private Banking on 17 January. Chang joined from UBP where he was managing director and the North Asia head of advisory. Prior to that, he was head of wealth […]

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Bank of East Asia (BEA) Private Bank has appointed a Greater China market head from Morgan Stanley, Asian Private Banker has learnt. Diana Chan joined the Hong Kong bank’s private banking department as the market head of Greater China. The appointment has been confirmed by a spokesperson for the bank. Chan was most recently an executive director at Morgan Stanley. […]

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Bank of East Asia (BEA) has replaced its head of private banking with a hire from Bank of China (Hong Kong) (BOCHK), Asian Private Banker has learned. Wendy Tsang, who was most recently the general manager of private banking at BOCHK, has been appointed as general manager and head of wealth management division. Meanwhile, Jessica Ng, the head of private […]

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The Bank of East Asia (BEA) on Wednesday said it was launching a new service to serve premium affluent clients with assets under management of HK$5 million or more. Christened SupremeGold Private, the Hong Kong-based bank’s bid at targeting HNW clients will face tough competion from HSBC and other banks’ priority and higher tiers of service. “In recent years, we […]

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The Hong Kong Securities and Futures Commission (SFC) has fined Bank of East Asia HK$4.2 million for regulatory breaches. The Hong Kong regulator published an enforcement notice on Thursday regarding the fine against The Bank of East Asia, Limited (BEA). From 1 April 2003 to 15 December 2016, the Hong Kong lender had failed to segregate its client securities from […]

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The former head of investments in Asia for BMO Private Bank has joined the Bank of East Asia (BEA) as its new head of investment products and advisory, Asian Private Banker can reveal. Jaye Chiu, who recently left BMO after two years in the role, will begin in his new position on 1 October 2020. His appointment coincides with the retirement of […]

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In a bid to improve RM efficiency, offer more convenience to clients, and stay ahead of technological disruption, Asia’s private banks have increasingly relied on and invested in their digital capabilities and solutions. In July, Asian Private Banker distributed its 2019 Mid-Year Private Banking Technology Snapshot Survey in the region to gain a clearer, aggregated understanding of where firms stand […]

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Hong Kong’s oldest independent lender, Bank of East Asia, has said it plans to double its Greater Bay Area private banking assets under management in the next 18 to 48 months, as the new high-speed train which will begin running from 23 September will carry with it strengthened financial flows between Hong Kong and the region’s wealthy clients. Though China’s […]

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BEA Union Investment has raised US$107 million from BEA’s private clients for its China Gateway Fund, a multi-asset strategy, since the solution debuted in January 2018, Asian Private Banker can reveal. This raise comes on the back of growing interest for China multi-asset strategies, according to Rex Lo, managing director of business development at BEA Union Investment. He said demand from Hong […]

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Bank of East Asia (BEA), Hong Kong’s largest indigenous bank with the biggest exposure to China by asset distribution, is targeting second generation wealth in the Hong Kong-Macau-Guangdong Greater Bay Area – the largest market for HNW potential in China according to the Chinese Academy of Social Science – in a push to grow its private banking business. With 30 […]

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Bank of East Asia (BEA), Hong Kong’s longest-running indigenous bank since 1918, has promoted its deputy head of private banking department as the new head of the business, Asian Private Banker has learnt. Effective at the start of this month, Jessica Ng has taken over from the previous incumbent Gloria Sun, who has joined Deutsche Bank Wealth Management as managing […]

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A bond strategy recently launched by BEA Union Investment (BEA UI) has attracted inflows of US$120 million, mainly through Bank of East Asia Private Banking’s advisory segment. Unlike buy-and-hold fixed maturity strategies which have received significant attention from private clients in Asia over the past two years, this solution – named Asian Strategic Bond Fund (ASB) and launched in February […]

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Bank of East Asia (BEA) has been bulking up its teams focusing on Mainland Chinese clients, the Hong Kong-based lender said in its interim results announcement, adding that it aims to deepen its existing relationships with wealthy Chinese investors. “Private Banking has been hiring new staff with good client connections as part of a concerted effort to expand its Mainland […]

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Bank of East Asia (BEA)’s private banking app for its relationship managers (RMs) has already raised productivity levels, with adoption rates nearing 100% in six months, Henny Chan, a senior business project manager for the bank’s wealth management division, tells Asian Private Banker. BEA teamed up with IBM to build an app for its relationship managers called iPortfolio Analyzer. Since […]

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The Bank of East Asia’s (BEA) wealth management (WM) arm also intends to grow the contribution of mainland clients to its top and bottom lines over 2016. One of Hong Kong’s oldest Chinese-owned banks turned in a WM operating income of HK$794 million (US$102 million) for 2015, up about 27% year on year, while pre-tax profit rose to HK$588 million, […]

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The disciplinary action came after the Securities and Futures Commission (SFC) found that the relationship manager (RM) failed to notify the authority, as well as her ex-employer, the Bank of East Asia (BEA), of a former criminal conviction. Liu Hsiang-wen was convicted in Taiwan in 2010 for promoting and selling offshore funds to Taiwan investors without regulatory approval. She then failed […]

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For each remaining day of publication in 2015, Asian Private Banker will feature a conversation with private banking experts from the industry. Today, we feature Bank of East Asia (BEA) stalwarts Grace Chow, general manager and head, wealth management division, and Gloria Sun, head, private banking department. Established and based in Hong Kong since 1918, the Greater China region is the […]

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This article first appeared in Issue 93 of Asian Private Banker’s monthly print magazine, published in the first week of November 2015. Clients are returning to dividend and conservative plays following recent market volatility, Sun notes. She also tells Asian Private Banker that her business targeting to grow to 50%, by 2017, its portion of assets under management (AUM) for mainland clients.  “It’s […]

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Vontobel Wealth Management has hired a senior relationship manager from its Swiss banking rival EFG as it continues to boost its Asian operations. Tony Lai joins Vontobel in a newly created role – senior relationship manager- based in Hong Kong, the wealth manager’s sole Asian presence. He will report to Alex Fung, chief executive officer for Asia, who joined in July […]

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Bank of East Asia’s (BEA) private banking profit grew to US$44.9 million revenue in the first half of the year, from US$28.9 million a year ago. This came on the back of a revenue hike to US$56 million, from US$40.8 million in H1 2014. The double digit growth in both topline and bottomline was driven by double digit growth in interest […]

The post BEA’s private bank ups H1 profit by 55%, revenue by 37% appeared first on Asian Private Banker.

With one month to go until the launch of the mutual funds recognition scheme (MRF), fund houses and private banks are still ironing out the logistics of distribution from both sides of the border. “It [the MRF] will be win-win for everyone, although vendors will be more excited about it than distributors,” says Alfred Mak, head of investment products and […]

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European equity, Mid-and small cap funds: Clients are still adding to European equity positions since the European Central Bank finally adopted all-out Quantitative Easing. This is often in the form of a rotation away from US equity, where the current earnings season adds to valuation concerns. Higher risk-tolerance clients are looking at specific markets such as Spain and Italy, which both […]

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European equity, Mid-and small cap funds: Clients are still adding to European equity positions since the European Central Bank finally adopted all-out Quantitative Easing. This is often in the form of a rotation away from US equity, where the current earnings season adds to valuation concerns. Higher risk-tolerance clients are looking at specific markets such as Spain and Italy, which both […]

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Asian high net worth investors are turning to renminbi-denominated funds following Hong Kong’s recent stock market rally that drove the Hang Seng index to a seven-year high. “Renminbi-denominated funds have picked up by three-to-four fold year on year,” says Alfred Mak, head of investment advisory at Bank of East Asia. Mak said that the recent surge in the Hang Seng index […]

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European equities and European equity income funds  We believe there are tactical opportunities in European equities. European equities are attractively valued on a relative basis compared to most developed markets equities. We expect many European companies to grow earnings steadily because of a weak Euro.  We also prefer large-cap, export-oriented & growth-biased sectors. As such, we have been seeing client […]

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Investors within China’s emerging affluent class hold 89% of their investments in cash or cash-related products with fewer than one-fifth of these investors holding assets in foreign markets, pointing to a lack of diversification and heavy home-bias, according to a recent report. Nearly all investors surveyed as part of Charles Schwab’s study on Chinese  Emerging Affluent Urbanites and Investing had […]

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People are still bullish after the quantitative easing in Japan, Europe and China and the liquidity is driving demand for equities in Europe, the US and Hong Kong. Mutual funds have also seen interest while there is a constant demand for renminbi bonds, funds and unit trusts. Alfred Mak, head of investment products and advisory department, wealth management division, Bank of East Asia […]

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Equity funds We’re seeing opportunistic buying of equity and equity-linked products in Hong Kong while equity funds of large cap stocks in Japan and Europe are selling too. With global macro uncertainty, there has also been interest in fixed income product again, primarily from our US-dollar based investors. Alfred Mak, head of investment products and advisory department, wealth management division, […]

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Accumulators linked to Hong Kong blue chip stocks “Our private banking clients continue to buy into plain vanilla structured products such as accrual notes and accumulators. On accumulators, investors are buying into notes linked to liquid Hong Kong blue chip stocks while shying away from small-cap stocks.” Alfred Mak, head of investment products and advisory department, wealth management division, Bank […]

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In a bid to expand its range of client solutions and investment advisory team, Deutsche Asset & Wealth Management (DeAWM) have hired a new Asia head of fixed income. Henry Wong joins the firm as its new Asia head of fixed income based in Hong Kong. Wong will report to Elke Schoeppl-Jost, chief investment officer Asia Pacific and regional asset […]

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Asian Private Banker takes a look at the products currently selling at the region’s private banks. Join Bank of East Asia’s Alfred Mak, EFG’s Harmen Overdijk and Barclays’ Will Wang. Fixed income products and funds At the moment, market sentiment is quiet especially ahead of the upcoming World Cup event. We’re seeing a lot of interest in fixed income products and […]

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In addition to the hire of two J.P. Morgan private bankers, Shun Pang and Chris Wong – as reported by Asian Private Banker in March – Coutts expands its Hong Kong frontline with three relationship managers who will service clients from the Greater China region and the Philippines. The British pure-play has added Danny Chung, Philip Peñaloza and Xygent Chan to its […]

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Two months after leaving Credit Suisse, an 18-year veteran and former Greater China team leader resurfaces at a Chinese bank as its new head of private banking. Joseph Tam joins Wing Lung Bank as head of private banking & wealth management, replacing Venus Chiu who left the bank in March. A spokesperson for Wing Lung Bank confirmed the appointment. Before […]

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Asian Private Banker takes a look at the products currently selling at the region’s private banks. Join Bank of East Asia’s Alfred Mak and LGT’s Simon Grose-Hodge. FX-linked accumulators and target accrual redemption notes Clients are showing interest in FX products with a focus on G7 and other hard currencies, investing through structured products such as accumulators and target accrual redemption notes. Our clients are […]

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Asian Private Banker takes a look at the products currently selling at the region’s private banks. Join LGT’s Stephen Corry, BEA’s Alfred Mak, and Pictet’s Richard Mak. Chinese high-yield corporate bonds 2014, so far, has seen a reversal of the flow trend we saw in 2013. January witnessed the net buying of bonds and net selling in equities. Chinese high yield corporate bonds […]

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Fresh off the hire of a new chief investment officer (CIO), Deutsche Asset & Wealth Management adds an industry veteran to its frontline. Mercy Gandi joins the German lender’s Singapore unit from J.P. Morgan where she was most recently an executive director, managing the assets of ultra-high net worth (UHNW) clients. When contacted, a spokesperson for the bank declined to […]

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Deutsche Asset & Wealth Management (DeAWM) has made a significant hire appointing a new chief investment officer from BEA Union Investment Management. Elke Schoeppl-Jost was CIO for the Hong Kong-based asset manager for six years before departing for DeAWM. BEA Union CEO, Eleanor Wan, will take over Schoeppl-Jost’s duties until a replacement is hired. The firm is a joint venture […]

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In the midst of senior shuffles at ABN AMRO’s Hong Kong private banking arm which saw the entry of CICC (China International Capital Corporation) big-hitter Angela Wu and three of her longstanding teammates, and the exit of Gloria Sun, formerly its Taiwan market manager, the Dutch wealth manager welcomes a nine-year veteran from EFG. Connie Lam joins ABN AMRO Private […]

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A senior banker and erstwhile market head from ABN AMRO is the newly appointed head of private banking at the Bank of East Asia (BEA). Gloria Sun, who only recently resigned from her position at ABN AMRO is to replace industry veteran Linda Leung as the head of private banking department in a Hong Kong-based role at BEA. Leung is […]

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Will cost/income ratios stabilise in 2013? What do you think the industry average is likely to be? Everyone has invested in Asia with the promise of volumes. We all look at asset volumes, net new assets and the number of relationship managers. With the increasingly demanding regulatory, market and business environment, and the constraints on banks’ capital – which are […]

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Given clients’ continued disenchantment with structured products and their reluctance to commit to discretionary portfolios, what will be the key differentiator for private banks in terms of product strategies? The ability to offer alternative cash products and a strong, active advisory team will be key differentiating factors between private banks. Grace Barki, managing director and head of South East Asia, RBC […]

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Bond funds High-yield bond funds are gaining some traction, with yields of 6-7% per annum, as we are advising against clients going long on a single bond. In the current environment, diversification of risk is still the name of the game. – Alfred Mak, BEA, head of investment products and advisory department   Corporate high-yields Investors have been extremely cautious […]

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State Street Global Advisors (SSgA) has appointed Ray Chan as the head of business development for SPDR ETFs Asia ex Japan. Based in Hong Kong, Chan will drive the sales strategy and promote and broaden the awareness of SPDR ETF products in the Asia region, excluding Japan. He will report to Frank Henze, head of exchange traded funds, Asia Pacific. […]

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In March this year, China’s Premier, Wen Jiabao approved the pilot program for financial reforms in the nation’s entrepreneurial capital, Wenzhou, permitting the liberalisation of interest rates and the development of SME lending, in part to allay concerns that interest rates were going to climb and stay high. Wen was seeking to address Wenzhou’s recent problems with its “informal lending” […]

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Bank of East Asia chairman David Li, whose grandfather founded the bank in 1918, is believed to have held closed-door meetings with several European boutique wealth managers in a bid to find a partner for the Hong Kong-based lenders’ private banking business. While Bank of East Asia has an enviable network of 100-plus outlets on the Mainland, the Li family […]

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The Bank of East Asia has announced that its Taiwan Offshore Banking Unit has launched Renminbi services for its customers, having recently obtained approval from the Financial Supervisory Commission of Taiwan (“FSC”).  Approval was granted in line with the liberalization measures promulgated by the FSC in July 2011, which allow offshore banking units and overseas branches of domestic banks in […]

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As the fight for AUMs in Asia intensifies, private banks are re-defining battle-lines. With core wealth management services becoming increasingly commoditized and indistinguishable from one bank to the next, private banks have been forced to look at creative and unique ways to connect with their clients. After June, SFC regulation will force private banks to disclose the fee component on […]

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The Bank of East Asia’s (BEA) life insurance subsidiary, BEA Life has launched a new Renminbi insurance plan called Smart Saver RMB Insurance (2011-1).The plan enables customers to take advantage of potential RMB appreciation and enjoy a higher guaranteed annual return than offered by the first and second series.  Key benefits of the plan include an increased guaranteed annual return […]

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The Bank of East Asia (BEA) has announced a record-high profit after tax of HK$4.3bn (US$552.4mn) in 2010, a growth of 60% higher from the previous year. Much of this growth comes from the bank’s franchise network in Mainland China as well as its strong client base in Hong Kong. The chairman and chief executive of the bank, David Li […]

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The Bank of East Asia has published a report in which it says that Hong Kong will be a key beneficiary of China’s growing consumption prowess.  The service industry in Hong Kong should benefit from sharply rising wages and an expected 3-5% appreciation in the Renminbi in 2011, both of which are expected to spur growth in the sector.  The […]

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Industrial and Commercial Bank of China (ICBC) which outlined aggressive plans for expanding its US business last year is buying Bank of East Asia (BEA)’s business in the US, according to a statement issued by the bank. ICBC will acquire 80% interest in BEA USA from BEA for a total consideration of approximately US$140mn, while BEA will retain a 20% […]

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The Bank of East Asia has launched 12 trust funds, including 10 single trust funds and two collective trust funds in China since it commenced business on the Mainland through its associate company, Founder BEA Trust Company, according to a statement issued by the bank. Engaging in the trust and trust-related businesses in China, Founder BEA Trust aims to become […]

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The law firm Withers on September 1 announced that it has entered into a consultancy agreement with BeA-asia, a financial services advisory firm with offices in Shanghai and Rome, to explore the wealth market in China and analyse opportunities for serving China’s high net worth community. The agreement with BeA-asia follows the opening of Withers’ Hong Kong office, its first […]

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Bank of East Asia has announced in a statement that it has formed a strategic partnership with the Malaysian financial services conglomerate, Affin, to develop businesses in China, Hong Kong and Malaysia. The collaboration between the two institutions dates back to 2007 when Bank of East Asia made an equity investment in Affin Holdings. Currently, Bank of East Asia holds […]

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Bank of East Asia has launched a renminbi product called Barrier Touch Currency Linked Deposit. The product, denominated in Rmb and available at a minimum deposit amount of Rmb50,000, is designed for investors who expect the exchange rate of the renminbi against the US dollar will rise after nine months. The product provides 100% principal protection at the end of […]

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