19 Jul '17, 10am

Ping An's wealth management fling in Singapore's okay. After all, Xi knows about it

Ping An's wealth management fling in Singapore's okay. After all, Xi knows about it

Don't be surprised if in 20 years, Singapore's wealth-management industry starts resembling a mini-United Nations, with bankers wearing their nationalities on their sleeves. Last week, Gadfly commented on one such act of flag-waving. PT Bank Mandiri, Indonesia's largest lender by assets, plans to set up a private banking outfit in the city-state to target offshore Indonesian wealth. Ultra-high-net-worth individuals in China 14,310 While that proposal awaits regulatory clearance, this week saw the launch of Ping An Insurance Group Co.'s Lufax online wealth management platform in Singapore. The Chinese insurer said in its press release that it wants to "serve retail investors all over the world," though as Bloomberg News noted, a key target group for Lufax, which manages some $65 billion of clients' assets on the mainland, may be Chinese nationals with offshore assets, rathe...

Full article: https://www.bloomberg.com/gadfly/articles/2017-07-19/ping...

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via gadfly

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