With Hong Kong roiled by protests, wealth managers head to Singapore

Sham Shui Po District, Hong Kong. Photo by Joseph Chan on Unsplash

Some foreign wealth managers are scrapping plans to open offices in Hong Kong in favour of Singapore, as the rich begin to move funds from the Chinese territory where a new extradition bill has stoked public unrest, people familiar with the matter said.

A mid-sized European private wealth advisory firm has abandoned a plan to set up its Asia arm in Hong Kong and will instead aim to launch it in Singapore, its London-based chief executive told Reuters.

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