J.P. Morgan Asset Management (JPMAM) has announced the appointment of an Australia and New Zealand CEO, replacing Rachel Farrell, who left the firm in July. In his new role, Andrew Creber will look after JPMAM’s institutional and retail business in Australia and New Zealand. As an Australian citizen, Creber will be based in Sydney and will report to Dan Watkins, […]

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Since September 2018, the Australian Securities and Investments Commission (ASIC) has doubled investigation numbers as part of its Wealth Management Project — in keeping with its motto: ‘Why not litigate?’ The updated case figures were announced during a Senate estimates hearing, according to the Australian Financial Review, which added that, due to the heavier workload, relevant staff numbers have increased […]

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As compliance risks and costs escalate following Australia’s Royal Commission, the country’s banks are shifting more resources to the affluent segment, according to a regulatory expert. The most comprehensive investigation into the Australian financial services industry came to a close with the publication of the report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry […]

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Following Australia’s Royal Commission into the Misconduct of Banking, Superannuation and Financial Services Industry, the country’s four big banks have started dismantling their megabank structures in favour of simpler models and more narrowly focused subsidiaries, creating a space for international players to make a mark. “The vertically integrated ‘megabank’ model has been built up over two decades. Now that’s being […]

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The Hong Kong Monetary Authority (HKMA) has announced its three-phase supervisory plan for assessing bank culture in the city, following in the footsteps of Australia’s Royal Commission. On Wednesday, the HKMA followed up on a circular it published in March 2017, in which it offered practical suggestions on developing bank culture frameworks based on three pillars: governance, incentive systems, and assessment […]

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