News

Hang Seng’s strong capital position prompts HSBC to woo investors to take part in the former’s growth potential.

According to Top News, The move is a clear indication of increased optimism among executives, who are looking at terminating the business.

A training programme tailored for its agency leaders fortified CIMB's Wealth Advisors' plan to expand its distribution network.

A proposed amendment to the HSBC China Dragon Fund would allow it to conduct on-market repurchases of units of the Fund. But Global Asset Management announced that the amendment requires approval from unit-holders at the General Meeting to be held on 19 October 2009.

The Nomura Trust and Banking Co., Ltd., a wholly owned subsidiary of Nomura Holdings, Inc., has successfully completed the acquisition of NikkoCiti Trust and Banking Corporation. Nomura paid all-cash consideration of 19 billion yen, subject to certain purchase price adjustments to occur post-closing. Under new management, NikkoCiti Trust and Banking will continue to focus on its traditional strengths of providing fiduciary and trustee services to investment trust management companies. Nomura is aiming to merge NikkoCiti Trust and Banking with Nomura Trust and Banking in 2010 and is moving swiftly to ensure a smooth integration of the two businesses. Established in 1993, NikkoCiti Trust and Banking employed 107 people as of March 31, 2009, and had capital of 20 billion yen. Total trust assets stood at around 4.5 trillion yen at the end of March. Nomura Trust and Banking provides both trust and banking services as a key Nomura Group company. Founded in 1993, Nomura Trust and Banking employed 261 people as of March 31, 2009, and had capital of 30 billion yen. Total trust assets were around 19.5 trillion yen at the end of March.

For the first time in Hong Kong, HSBC Global Asset Management brought together its four investment experts on Brazil, Russia, India and China to share their investment outlook on these dynamic economies.

RHB Investment Management Sdn Bhd (RHBIM) has chartered remarkable performances for two of its funds, the RHB Bond Fund and the RHB Islamic Bond Fund. Since its inception in October 1997, the RHB Bond Fund has recorded an impressive 91.43 percent growth. Meanwhile the RHB Islamic Bond Fund saw a growth of 64.39% since its August 2000 launch. This is the second time this year that RHBIM declared an income distribution for the RHB Islamic Bond Fund, the first being in May 2009 with an income distribution of 2.50 sen per unit. For  this round, RHBIM declared a gross distribution of 3.00 sen per unit (or 2.7412 percent yield) for the RHB Islamic Bond Fund, and 5.00 sen per unit (or 5.2960 percent yield) for the RHB Bond Fund on 30 September, 2009. This is the first income distribution declared in 2009 for the RHB Bond Fund. The RHB Islamic Bond Fund is also the winner of the 2008 Failaka Islamic Fund Award for the Best Malaysian Islamic Bond Fund (one-year) Category in March 2009. The RHB Bond Fund and the RHB Islamic Bond Fund are part of RHBIM’s belt of Evergreen Funds. The RHB Bond Fund aims to provide investors with higher than average income returns compared to fixed deposits over the medium- to long-term through investments in bonds and other fixed income securities with minimum risk to the invested capital. The objective of the RHB Islamic Bond Fund is to provide regular income to investors through investments in Islamic debt securities and bonds which are acceptable under the Shariah principles. RHBIM is a wholly-owned subsidiary of RHB Investment Bank, under the Corporate and Investment Banking arm of the RHB Banking Group, and currently has a stable of 25 retail funds.

BEA's new fund serves as an alternative risk management tool for investors in view of the current highly unpredictable investment environment.

Honglou Fortune and 36 Strategems for Investors, HSBC Jintrust Fund Management Company Limited's investment classics, have been published in English as part of the Wiley Investment Classics series. The books are available in a number of international markets, including Hong Kong, Singapore and the US.

ING has reached an agreement to sell its life insurance and wealth management venture in Australia and New Zealand to ANZ, its joint venture partner. Under the terms of the agreement, ING will sell its 51% equity stakes in ING Australia and ING New Zealand to ANZ, who now will become the sole owner of these businesses. ING will receive EUR 1.1 billion in cash from ANZ.

HSBC Global Investment Funds – Indian Equity, one of the world’s largest offshore Indian equity funds, rose 96 percent in the year-to-date, versus a 66 percent gain in the S&P/IFCI India index over the same period. The Fund, with over US$5 billion in assets, is the top-performing Indian equity fund in Hong Kong this year.

In the next two to five years, SocGen is set to add services to existing locations in India and to acquire 37 percent stake in SBI Funds Management.

HSBC Bank plc, a wholly-owned subsidiary of HSBC Holdings plc, has set the size of its inaugural samurai bonds at JPY119.4 billion. This is almost twice the proposed size of JPY60 billion which was initially registered on 31 August, 2009. The HSBC samurai bonds comprise one fixed rate tranche (total size of JPY89.8 billion) and one floating rate tranche (total size of JPY29.6 billion), each with a 5-year tenor. The fixed rate bond carries a coupon of 1.49 per cent or 60 basis points over the 5-year yen swap offer rate. The floating rate bond was priced at 70 basis points over 3-month yen Libor. The closing and maturity dates are 29 September, 2009 and 29 September, 2014 respectively. Commenting on the successful offering, Ian Jenkins, European Regional Chief Financial Officer, HSBC Bank plc, said, “We are very pleased with this transaction, all the more so for it being HSBC Bank plc’s debut Samurai issue. It is the largest non-guaranteed Samurai issue so far in 2009 and it priced at the tight end of our expectations. The tremendous reception given to this issue by Japanese investors reflects the quality of the HSBC name and the high regard for HSBC in Japan.” HSBC Securities (Japan) Limited, Mitsubishi UFJ Securities Co., Ltd. and Mizuho Securities Co., Ltd. acted as Joint Lead Managers for the bonds.

CIMB Bank Bhd head of retail banking Peter England said the bank's new product aims to protect capital and ensures returns.

A $4 million deal can provide Bank of East Asia Ltd (BEA) entrance into China's fund market.

Dhanalakshmi Bank intends to enter the asset management business by investing US$3.085 million to US$4.1 million in an existing fund. The move could make Dhanalakshmi the first old private sector bank to hold stake in an AMC.