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Competition to manage the money of Asia’s burgeoning army of millionaires has pushed pay hikes for wealth managers to the highest in more than a decade.
The collective fortunes of China’s uber-rich grew a staggering 65 percent, or $177 billion, last year, according to the Bloomberg Billionaires Index
After Singapore and Hong Kong, the focus of wealth managers in Asia is shifting to cities such as Manila, Jakarta and Shanghai.
BOC Hong Kong, which started private banking in 2012 with just three employees, is now one of only two Chinese banks among Asia’s top 20 players in the segment.
Last year, China said it will allow global banks to take controlling stakes in local securities ventures.
Other backers include Malaysian sovereign wealth fund Khazanah, Sequoia Capital, IFC and Alibaba Entrepreneurs Fund.
Chinese regulators are right to be concerned about the “very rapid run-up in consumer lending”.
Haitong seeks to draw more of the nation’s growing ranks of multi-millionaires to its wealth management business.
At least 4 out of 8 banks have decided not to renew credit and don’t intend to extend fresh loans.
The firm has attracted almost $60 million in the series A round