A consortium of ten Japanese and Hong Kong financial services companies have set up a new wealth management bank in Hong Kong.
The consortium includes Monex Group, Shinsei Bank, AD Capital, Convoy Financial Holdings,and Tokyu Livable.
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Dubbed Nippon Wealth Management, the new unit will serve individual clients in Hong Kong. It aims to provide a range of wealth management services including bank deposits, investment trusts as well as other structured products.
The new bank, subject to approval of Hong Kong regulatory authorities, intends to start offering services to clients in the first half of fiscal year 2015.
It will be run by Monex Group ex-director CEO Tsutomu Nakajima, and CFO Kenichi Hasegawa.
The venture’s founding investors include Shinsei Bank and Monex Group.
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By GlobalDataNippon Wealth Management has already secured a limited banking license by the Hong Kong Monetary Authority on 2 April 2015, and now intends to apply for a business license to the Hong Kong Securities & Futures Commission.
