Edmond de Rothschild to close Hong Kong operations

tn-001-rothschild-bank-hong-kong-120816

http://www.reuters.com/article/us-edmond-de-rothschild-hongkong-closure-idUSKBN13X05G

Swiss private bank Edmond de Rothschild (RLD.S) is closing its Hong Kong operations, according to three people familiar with the matter, more than two decades after it opened shop in the former British territory and as costs in the wealth management industry bite.

The Geneva-based bank and money manager, which had 167 billion Swiss francs ($165 billion) of assets under management at end-June 2016, has already surrendered its China operating license and will run its Japan and Korea operations through its Swiss head office.

“This is part of a return to Europe strategy due to rising cost pressures,” said one of the people familiar with the matter who declined to be named.

The bank confirmed the closure of its Hong Kong operations in an emailed statement and said it will continue to selectively exploit growth opportunities in Asia through partnerships such as with SMBC Nikko Securities and Samsung Asset Management.

“It also reflects a wider strategy to offer its international clients best of class asset management and private banking expertise from the European market,” the bank said.

Two of the people said the Hong Kong operation would close by the end of December with its asset management arm, which opened in Hong Kong in 2007, also shutting shop.

The 63-year-old Edmond de Rothschild opened in Hong Kong in 1992 and was among the first of a wave of boutique private banks seeking to capture the business of a rapidly growing class of affluent Asians. The private bank’s eponymous founder was a Swiss-born member of the Rothschild family of industrialists.

———-

what does he know that we dont?

“This is part of a return to Europe strategy due to rising cost pressures,” said one of the people familiar with the matter who declined to be named.”

from the east back to europe?

“It also reflects a wider strategy to offer its international clients best of class asset management and private banking expertise from the European market,”

401

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~ by seeker401 on December 13, 2016.

2 Responses to “Edmond de Rothschild to close Hong Kong operations”

  1. […] via Edmond de Rothschild to close Hong Kong operations — Follow The Money […]

  2. Reblogged this on UZA – a people's courts court of conscience and commented:
    It’s called risk assessment; their risk of being arrested in Hong Kong far outweighs the benefits of piracy behind enemy lines;

    Soon, dem baldheads will have ta work or join us peoples in da welfare lines;

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