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Howden has promoted Bryan Pee to CEO for Singapore and Malaysia and Shirley Sy to deputy CEO for Hong Kong, aiming to enhance its private wealth management team. Citigroup has appointed Ben Connolly and Philippe Perzi as co-heads of capital markets and advisory in Australia and New Zealand, while also making several key hires in its private banking division.
Howden has promoted Bryan Pee to CEO for Singapore and Malaysia and Shirley Sy to deputy CEO for Hong Kong, emphasizing investment in home-grown talent. Meanwhile, Citigroup has appointed Ben Connolly and Philippe Perzi as co-heads of capital markets and advisory in Australia and New Zealand, pending regulatory approval. Both firms are enhancing their leadership to support growth and client services in the Asia-Pacific region.
Cumberland SG has received in-principle approval for the Major Payment Institution License from the Monetary Authority of Singapore, marking a significant step in expanding its operations in Asia. While this approval is not a full license, it paves the way for potential future licensing, contingent on meeting specific conditions. This development follows the recent dismissal of an unregistered securities case against the firm by the SEC. In related news, Best Wallet is gaining traction in the Web3 wallet space, boasting over 500,000 downloads and a successful presale for its native token, BEST, which is attracting investor interest as it aims to become a leader in self-custodial wallets.
Carro, a Singapore-based online car marketplace, has expanded its offerings to include parallel-imported vehicles, alongside in-house financing and after-sales services, as it marks its tenth anniversary. The new lineup features two packages: a premium option with a 10-year warranty and 10 servicing sessions, and a basic option with a five-year warranty and five servicing sessions. Private-hire drivers can benefit from loan tenures of up to ten years with no down payment, and a launch promotion offers discounts of up to S$4,000 on select models, including the Toyota Voxy and Honda Stepwagon.
Motion Ventures has launched a $100 million fund, the largest of its kind in maritime technology, aimed at investing in startups focused on digitalization and decarbonization in the global maritime supply chain. Announced on March 18, the fund plans to invest between $250,000 and $10 million in at least 25 companies over the next 18 to 24 months. This initiative marks a shift in strategy to include support for asset-intensive hardware solutions alongside software, with over half of the funding already secured.
Zuger Kantonalbank has partnered with Sygnum to expand its cryptocurrency offerings, adding Cardano (ADA) and Avalanche (AVAX) to its regulated portfolio, which includes Bitcoin (BTC), Ethereum (ETH), and others. This move responds to rising customer demand and aligns with increasing regulatory clarity in Europe and the U.S. The bank's clients can trade these digital assets through its e-banking and mobile app, with all assets secured by Sygnum’s institutional-grade custody platform. Zuger Kantonalbank, a public limited company founded in 1892, aims to enhance its services as digital asset adoption grows globally.
The Zacks Foreign Banks Industry, comprising overseas banks operating in the U.S., is currently trading at a significant discount compared to the broader market, with a trailing 12-month P/TBV of 2.38X. Major players like HSBC, Barclays, and NatWest are restructuring to enhance efficiency and focus on core operations, which is expected to drive growth despite challenges from uneven global economic recovery. The industry's positive outlook is reflected in a Zacks Industry Rank of #47, indicating strong earnings potential and a collective stock rise of 22.9% over the past year.
Morgan Stanley has maintained an Overweight rating on Prudential plc, despite an anticipated profit decline for FY24. The financial services group primarily focuses on life and health insurance, which accounts for 96.8% of its revenues, with significant market presence in Hong Kong, Singapore, Malaysia, and Indonesia. Additionally, Prudential's asset management segment, Eastspring, manages USD 237.1 billion in funds as of 2023.
Dubai-based private jet company Vista has secured a $600 million investment led by Singapore's RRJ Capital to enhance its financial stability and reduce debt. The deal, expected to close by the end of the month with UBS and Jefferies as advisors, aims to optimize Vista's capital structure and support its growth trajectory.VistaJet, a subsidiary of Vista, operates over 300 aircraft catering to high-net-worth clients, reflecting the growing demand for private aviation. This strategic investment positions Vista for expansion and improved customer services in the industry.
UBS is enhancing its unified global banking approach by integrating investment banking services with its wealth management division, particularly targeting entrepreneurial clients in Asia. This strategy aims to leverage the bank's extensive wealth management client base to drive investment banking growth, especially in regions like China, Australia, and Japan, where recent market rallies have spurred increased client interest in listings and fundraising. Building trust between wealth managers and investment bankers is crucial for the success of this initiative.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
wealth management appointments at howden and citigroup in asia pacific
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01:19 19.03.2025
wealth management appointments in asia pacific howden and citigroup updates
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20:42 18.03.2025
Cumberland secures approval for major payment license in Singapore
18:09 18.03.2025
Carro expands offerings with new cars and discounts for private-hire drivers
17:26 18.03.2025
motion ventures launches 100 million fund for maritime technology innovation
17:23 18.03.2025
Zuger Kantonalbank expands crypto offerings with Cardano and Avalanche tokens
13:22 18.03.2025
foreign banks show strong performance amid market discounts and restructuring efforts
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13:22 18.03.2025
Morgan Stanley maintains overweight rating on Prudential amid profit forecast decline
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09:02 18.03.2025
Vista secures 600 million investment from RRJ Capital to enhance growth
08:56 18.03.2025
ubs launches unified global banking to enhance wealth and investment services
06:45 18.03.2025
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