Source: Nikkei Chinese website
Author: Sudong Taiyi Lang, Akiyama literati
Among the wealthy classes around the world, the movement of the withdrawal of funds from Switzerland is gradually expanding.The reason is that during the Swiss financial institution, UBS, to rescue Credit Suisse Group, the company's capital securities "AT1 debt" issued by the company was cleared overnight, resulting in the rich class to Switzerland relatedThe department's response measures have a strong sense of distrust.Some funds flow to powerful Asian cities such as Singapore.
The banking business in Singapore is active
"Family Office, which has begun to transfer funds to Singapore to Singapore, has said so on Singapore's relevant personnel who manage and operate rich class assets.A rich family was born in the region outside Asia. As a part of decentralized investment around the world, the family also set up an asset management base in Singapore.The family recently decided to transfer funds managed in Europe to Singapore.
Regarding the handling of the AT1 bonds of Credit Swiss Bank, the relevant Swiss departments stated that they are clearly clear in accordance with the government's implementation of special support.However, under normal circumstances, the compensation order of AT1 bonds is higher than stocks. The value of this time suddenly brought a huge impact to relevant people in the market.The practice of relevant Swiss departments has also prompted the rich family to change the policy.
As a specific place for the wealthy class to transfer funds, Singapore's banks and the US -Europe Bank's Singapore Branch are included in the list.In Singapore, the funds flowing into banks have continued to increase, and the banking business is expected to continue to be active.According to statistics, as of 2021, a total of 700 family financial offices in Singapore have settled in. The wealthy class regards Singapore as the center of management funds in Asia and set up a family wealth management office.
Isn't Hong Kong ushered in Dongfeng?
For Hong Kong, which can be compared with Singapore, the "going to Swiss" trend of the wealthy class should have become a shareholder.The relevant person in charge of the wealth management department of large securities companies in Hong Kong revealed the same trend. He said that "some customers believe that the Swiss departments are not trusted and they must transfer funds from Switzerland."
However, the person in charge also claimed that "the more cautious customers, the more required people to be responsible for the people of the Singapore base."Many wealthy classes believe that there is risks in Hong Kong. As a capital transfer, the priority is lower than Singapore.The relevant person in charge of the insurance company in Hong Kong, which has rich customers, also said: "Insurance sales have not increased significantly."As of now, Hong Kong does not seem to have fully obtained this business opportunity.
On the one hand, Hong Kong has not put himself out of the case.In late March, the Hong Kong government released measures such as new tax preferential policies and other measures to attract family financial offices.Chen Maobo, director of the Hong Kong Financial Secretary, said that Hong Kong is one of the best asset management centers in the world. At the same time, it has achieved steady development in innovation, art, and cultural industries. It is an ideal base for the global family wealth management office.
The British Financial Institution HSBC (HSBC) has also tried to handle the window business at seven days per week in the three outlets of the central neighborhood of Hong Kong.The bank said: "The peak of Chinese and overseas customers handling business is weekend."Operations on weekends can also help attract the wealthy class.
The unstable factors of the financial system caused by the bankruptcy of Credit Swiss Bank and the Bank of America are still strong, and the financial and capital markets are still turbulent.Which city will increase the sense of existence in attracting investment funds?More fierce competition may be staged in Asia.
