The framework also creates new opportunities for Singapore-based fund service providers such as legal and tax advisors, accountants, fund administrators and fund custodians
China’s rapid economic growth has led to the emergence of family offices in the country, but AUM is still lagging the rest of the world, according to a UBS WM report.
Despite earlier having referenced provisioning for a remediation bill in the order of A$223m, IOOF acknowledged that it had not actually commenced making remediation payments because it was still collecting and assessing the data.
The jurisdictions covered in the update are Hong Kong, Singapore, China, Taiwan, Japan, India, Malaysia, Indonesia, Thailand and the Philippines.
The number of South Koreans with financial assets of over 1 billion won (US$854,000) rose 4.4 percent on-year to 323,000 in 2018, and they held 54 percent of their total assets in real estate and 40 percent in financial assets