DBS to add 100 wealth bankers in Hong Kong as clients trade more
Clients with at least HK$1 million (S$163,138) in investible assets are becoming more active in the financial markets, prompting the firm to add headcount, Ajay Mathur, DBS' head of Hong Kong consumer banking and wealth management, told the South China Morning Post in an interview. Volatility across assets from equity to bonds and currencies attracted investment demand, Mathur said in the article, which was confirmed by DBS.
DBS's Hong Kong wealth revenue grew 86 per cent in the first quarter from the corresponding period in 2023, according to Mathur.
DBS is also looking to add another wealth management hub in the city next year to offer products including insurance and financial planning services, he said. Its first such local centre opened last year at Queen's Road Central, targeting rich customers from Hong Kong and China. BLOOMBERG
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
12 hours ago
- Straits Times
China Medical System shares rise 11% with its secondary listing on SGX
Find out what's new on ST website and app. At the 9am open, its shares traded at $2.05. They closed 11.2 per cent higher at $2.28 on July 15, with around 315,000 shares changing hands. SINGAPORE – Shares of China Medical System (CMS) rose 11 per cent on the first day of its secondary listing on the Singapore Exchange (SGX) on July 15. At the 9am open, its shares traded at $2.05. They closed 11.2 per cent higher at $2.28 on July 15, with around 315,000 shares changing hands. This marks the 40th listing in the healthcare sector on SGX, with CMS' market capitalisation reaching HK$28.64 billion (S$4.67 billion) as at July 15. In an earlier statement on June 24, CMS said the secondary listing will not involve the issuance of new shares, and the shares will continue to be primarily listed and traded on the Hong Kong Stock Exchange thereafter. CMS is a specialty pharmaceutical company with a focus on sales and marketing in China. The company has capabilities across the full lifecycle of drug development, from identifying clinical needs to research and development (R&D) regulatory approval, and commercialisation. It has built a differentiated portfolio across key therapeutic areas including cardio-cerebrovascular, central nervous system, gastroenterology, dermatology and ophthalmology. The company has been listed in Hong Kong since 2010. Its regional headquarters for its South-east Asia and Middle East business is Singapore. Top stories Swipe. Select. Stay informed. Business MAS records net profit of $19.7 billion, fuelled by investment gains Business Singapore financial sector growth doubles in 2024, assets managed cross $6 trillion in a first: MAS Singapore $3b money laundering case: MinLaw acts against 4 law firms and 1 lawyer over seized properties Singapore Man charged with attempted murder of woman at Kallang Wave Mall Singapore Ex-cleaner jailed over safety lapses linked to guard's death near 1-Altitude rooftop bar Singapore Real estate firm PropNex donates $6 million to Community Chest for 25th anniversary Singapore Sengkang-Punggol LRT gets 15.8 per cent capacity boost with new trains Singapore 'Nobody deserves to be alone': Why Mummy and Acha have fostered over 20 children in the past 22 years CMS expects growth momentum to accelerate after replenishing its pipeline of innovative drugs that stood at 40 products as at Dec 31, 2024. The company has identified four key platforms to scale its pharmaceutical ecosystem across Asia-Pacific. One is CMS R&D, which is involved in drug discovery and development targeting global markets, while PharmaGend is a development and manufacturing platform for regional manufacturing and supply. The pharmaceutical group also has Rxilient Health, a Singapore-headquartered entity focused on registration and commercialisation in South-east Asia and a Singapore venture arm, which makes strategic investments to support regional pharma innovation. 'The listing of CMS, a leading player in the healthcare sector, reflects the rising demand for healthcare innovation and access across Asia,' said SGX head of global sales and origination Pol de Win. 'As the company looks to expand in South-east Asia, its SGX listing offers a strategic springboard, connecting it to international investors and reinforcing Singapore's role as a hub for capital and growth.' CMS founder and chief executive Lam Kong said: 'Our listing in Singapore further enhances our presence in international capital markets. By leveraging Singapore's strengths as a hub for global innovation and multinational headquarters, we are advancing our internationalisation strategy, and accelerating the construction of the full pharmaceutical value chain of R&D, manufacturing and commercialisation.'
Business Times
a day ago
- Business Times
Stocks to watch: SGX, Frasers Centrepoint Trust, NTT DC Reit, BRC Asia
[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Tuesday (Jul 15): Singapore Exchange (SGX) : Shares of Hong Kong-listed pharmaceutical group China Medical System are expected to commence trading on the SGX on Jul 15, although there is no guarantee that the proposed listing will happen as it is subject to conditions. The closing price of its shares as quoted on the Hong Kong Stock Exchange on Monday was HK$12.540, the company said in a bourse filing on Monday. SGX shares closed on Monday 1.2 per cent or S$0.18 higher at S$15.64. Frasers Centrepoint Trust (FCT) : The manager of FCT announced that the agreement between the trustee-manager and property manager of retail mall Northpoint City South Wing has been automatically renewed for a further 12 months commencing from Monday. The agreement is generally aligned with the property management agreements across all retail malls owned by FCT and managed by the property manager, and include the adjoining retail mall known as Northpoint City North Wing. Units of FCT closed up 1.4 per cent or S$0.03 at S$2.22 before the news. NTT DC Reit: Units of the real estate investment trust (Reit) commenced trading on the local bourse at 2 pm on Monday, marking the largest Reit initial public offering on the SGX in a decade. Pol de Win, head of global sales and origination at SGX Group, noted that the listing 'underscores Singapore's position as Asia's leading Reit hub'. Units of NTT DC Reit closed flat at the offer price of US$1 on Monday. BRC Asia : The prefabricated steel reinforcement company secured around S$570 million worth of contracts for the Changi Airport Terminal 5 project, where it will supply steel reinforcement for the substructure of the upcoming terminal. The group said on Monday that the new contracts bring its outstanding sales order book to S$2 billion as at Jul 14, and extend its revenue visibility through to 2029. Shares of BRC Asia closed flat at S$3.33 before the announcement.
Straits Times
a day ago
- Straits Times
Alibaba to Baidu lead surge in equity-linked bond sales in Asia
Offerings denominated in US and Hong Kong dollars have been particularly popular. Asian sales of bonds that can be turned into shares have soared in 2025, heading toward multiyear highs, as interest rates remain elevated and rallying stocks create the right conditions for this corner of the market to thrive. Led by Chinese companies, firms in the region have sold more than US$30 billion (S$38.5 billion) of convertible and exchangeable bonds in 2025, up from over US$20 billion in the same period a year earlier, according to data compiled by Bloomberg. Offerings denominated in US and Hong Kong dollars have been particularly popular. Concerns about inflation from US tariffs have kept Federal Reserve officials from cutting rates, making instruments such as convertibles that pay little, or even no interest, more attractive for borrowers. For investors, these hybrid securities offer a way to ride the recent rally in Chinese stocks – with limited downside. 'It's been an extraordinarily busy year and it will continue to be busy,' said JPMorgan Chase & Co head of Asia Pacific equity linked and private capital markets Gautam Sareen. 'Market conditions have never been healthier.' Demand has been so high for equity-linked securities that all of Asia's five largest issuances in this space didn't have to pay any interest. China's Baidu, Alibaba Group Holding and Ping An Insurance (Group) Co. of China were among the biggest issuers of these hybrid instruments in 2025. Baidu raised US$2 billion from the sale of notes exchangeable into shares of online-travel agent Group, while Alibaba sold HK$12 billion (S$2 billion) of bonds that can be turned into shares of Alibaba Health Information Technology, following other issuers in taking advantage of the lower funding costs in the Hong Kong dollar compared to the greenback. Ping An raised almost HK$12 billion from its convertible. Top stories Swipe. Select. Stay informed. World Trump arms Ukraine and threatens sanctions on countries that buy Russian oil Multimedia From local to global: What made top news in Singapore over the last 180 years? Singapore Turning tragedy into advocacy: Woman finds new purpose after paralysis Singapore HSA intensifies crackdown on vapes; young suspected Kpod peddlers nabbed in Bishan, Yishun Opinion Sumiko at 61: When beauty fades, why do some accept it better than others? Singapore Man charged over distributing nearly 3 tonnes of vapes in one day in Bishan, Ubi Avenue 3 Singapore Man allegedly attacks woman with knife at Kallang Wave Mall, to be charged with attempted murder Singapore Ex-cop charged after he allegedly went on MHA portal, unlawfully shared info with man China's stock market 'felt quite solid right after Liberation Day and then rebounded very, very quickly,' said Mr Brian Chau, co-head of equity-linked Asia at UBS Group. 'The APAC market is at a record strength.' Elsewhere, Grab Holdings and MakeMyTrip also had big offerings, as did ailing carmaker Nissan Motor, which recently raised ¥200 billion (S$1.74 billion) from one of Japan's biggest convertible bonds in years. In South Korea, LG Chem's US$1 billion exchangeable bond in May revived a market that had dried up in the country in the wake of a 2023 short-selling ban that was only lifted a few months ago. And although a flare-up of tensions on the geopolitical front or a negative shock for the global economy could shut the issuance window quickly, expectations remain high for offerings to keep flooding in. Mr Saurabh Dinakar, head of Asia Pacific global capital markets at Morgan Stanley, said that DeepSeek's sudden emergence as an artificial-intelligence powerhouse and Chinese companies' low valuations helped kickstart the rally earlier this year, and the outlook remains bright. Investors now feel that valuations in China are 'at a bit of an inflection point and as a result they are wanting to get involved and engage in certain sectors,' Mr Dinakar said. 'Assuming that we don't have a wobble from a geopolitical standpoint, our view is that the market will remain active for the balance of the year.' BLOOMBERG
