Latest news with #SelenaLi
Yahoo
3 days ago
- Business
- Yahoo
Online broker Tiger to double Hong Kong headcount, targets offshore China wealth
By Selena Li HONG KONG (Reuters) -Tiger Securities plans to double its headcount in Hong Kong over the next two to three years as the online brokerage targets a bigger share of the growing offshore Chinese wealth in the financial hub, its chief executive said. The Singapore-headquartered firm, founded in 2014 in Beijing, currently employs 60 people in Hong Kong, where it started operations in late 2022, founder and CEO Tinahua Wu told Reuters late Monday. "Hong Kong is a very important global financial centre and it's not only about the several million local residents," Wu said. Tiger's parent firm UP Fintech Holding listed in the U.S. in 2019. "It is because it's backed by China," the 40-year-old former tech veteran said, adding growing accumulation of Chinese wealth offshore needs investment services. Securities trading activities have risen in the offshore Chinese market since Beijing started to unveil a slew of stimulus last September, a trend which has not been dampened by the global trade tensions, according to Wu. Mainland investors have poured HK$651 billion ($83 billion) into Hong Kong-listed shares via the Southbound Stock Connect so far this year, more than double the HK$283 billion during the same period last year, CICC analysts said in a note on Tuesday. The capital inflows augurs well for local brokerages closely connected to clients in China, the world's second-largest economy, at a time when U.S. President Donald Trump's trade war weighs on investor appetite for U.S. assets. The buoyant Hong Kong market has attracted some companies such as Chinese e-commerce giant Alibaba-affiliate Ant Group to foray into Hong Kong by acquiring a 50.55% stake in local broker Bright Smart in April. As more Chinese high-net worth individuals set up family offices in Hong Kong and domestic companies increasingly seek to expand offshore, Wu said Tiger expects sizable growth in demand from both individual and corporate clients. Tiger holds more than $50 billion worth of assets globally and operates in markets beyond Hong Kong, including the U.S., Australia, New Zealand, and Singapore. The brokerage's assets under custody, a key measure of client holdings in Tiger's Hong Kong accounts, quadrupled in the first quarter of 2025 from the same period last year, according to UP Fintech's first quarter report. Strong pipeline of initial public listings in Hong Kong with "star" Chinese firms coming to raise funds in the city has also resulted in heightened interest in buying and trading new shares, he said. ($1 = 7.8435 Hong Kong dollars)
Zawya
23-05-2025
- Business
- Zawya
China approves Qatar sovereign fund to buy a tenth of its top asset manager
HONG KONG - China has given approval for Qatar's sovereign wealth fund to acquire a stake of 10% in its second-largest mutual fund company, the first such investment in the sector by a major Middle East investor at a time of rising tension with the West. China's securities watchdog approved the Qatar Investment Authority (QIA) to become a stakeholder in China Asset Management Co (ChinaAMC), an official filing by the China Securities Regulatory Commission showed on Thursday. The price of the stake was not disclosed. Earlier filings by ChinaAMC's largest shareholder showed the 10% ownership would not be priced at less than $490 million. In April last year Reuters first reported the sovereign fund had agreed to invest in the Chinese fund house. QIA will become the third-biggest shareholder in ChinaAMC, which has assets of more than 1.8 trillion yuan ($249.98 billion)，and provides mutual funds and exchange traded funds to retail and institutional investors. The deal was approved amid a flurry of activity between China and Gulf countries aiming to deepen political, economic and financial ties. ($1 = 7.2005 Chinese yuan renminbi) (Reporting by Selena Li; Editing by Clarence Fernandez)
Yahoo
22-05-2025
- Business
- Yahoo
Goldman Sachs combines three Asia IB businesses, names Drayton new unit head
By Selena Li HONG KONG (Reuters) -Goldman Sachs is merging three Asian investment banking businesses it previously managed separately into a single unit to integrate its regional deals advisory and capital market capabilities, according to a memo reviewed by Reuters. Iain Drayton, head of the Wall Street bank's investment banking business in Asia excluding Japan, will lead the integrated Asia Pacific investment banking unit, said the internal memo issued on Thursday. A bank spokesperson confirmed the memo's content. "This structure will enable more holistic client engagement, more effective deployment of global and regional expertise, and increased career opportunities for our people," Goldman Sachs said in the memo. In the new role, Drayton will work closely with Yoshihiko Yano and Shogo Matsuzawa, co-heads of investment banking in Japan, and Nick Sims and Zac Fletcher, co-heads of corporate advisory in Australia and New Zealand, the memo said. A Goldman Sachs veteran, Drayton joined the firm in Tokyo as a managing director in 2006, relocated to Hong Kong in 2010, and was named a partner in 2014. Goldman Sachs ranks at the top of the Asia Pacific equity capital market league table this year, according to Dealogic data.
Yahoo
16-05-2025
- Business
- Yahoo
Exclusive-Citi to cut up to 200 tech contractor roles in China, sources say
By Selena Li HONG KONG (Reuters) -Citigroup is cutting up to 200 information technology (IT) contractor roles in China, two people familiar with the matter said, as the bank looks to hire its own staff globally for such operations to improve risk management and data governance. Last July, U.S. bank regulators fined Citi $136 million for making "insufficient progress" fixing data management issues and the IT revamp underscores Citi's efforts to meet regulatory demands. Around 100 IT staff in China were informed this week that their contracts will not be renewed, and another 100 are likely to receive their termination notices soon, said the people, who declined to be named due to sensitivity of the matter. The job cuts have not been reported previously. The staff are employed by Citigroup Services and Technology China, a wholly-owned China unit Citi established in 2002, which has around 3,000 employees in total, according to the sources. It was not immediately clear how many of those employees are contractors. The unit supports the bank's global businesses - including investment and consumer banking - in 20 countries and regions including New York, London and Hong Kong, its website shows. Citi's head of technology Tim Ryan told staff earlier this year that the bank aimed to reduce the share of external contractors in IT to 20% from the current 50%, according to an internal presentation to employees seen by Reuters. At the same time, the Wall Street bank planned to hire more staff, aiming to raise technology headcount to 50,000 from 48,000 in 2024, the presentation showed. In China, Citi is offering most of the affected contractors a severance package based on their years of service, the sources said. "As part of the regular business operations of Citigroup Services and Technology (China) Limited (CSTC), we review our HR strategy on an ongoing basis, including decisions about renewing (fixed term) employment contracts," said Citi in a statement. "When decisions are made on non-renewal of fixed term contracts, this will be done in compliance with applicable laws, regulations and procedures. We are committed to supporting impacted employees." Besides its IT operations, Citi has banking business in China and is in the process of setting up a securities unit there. The cutting of IT contractor jobs in China has no impact on Citi's business strategy and commitment to both local and global clients in that market, said a spokesperson for the bank in Hong Kong. Other global financial firms have also taken steps to reduce their dependence on China as an IT and service outsourcing destination, as costs rise, and geopolitical uncertainties and new regulations weigh. Reuters reported in October 2024 that asset manager Fidelity International cut around 500 jobs at one of its technology and operations centres in northeastern Chinese city of Dalian.
Yahoo
16-05-2025
- Business
- Yahoo
Exclusive-Citi to cut up to 200 tech contractor roles in China, sources say
By Selena Li HONG KONG (Reuters) -Citigroup is cutting up to 200 information technology (IT) contractor roles in China, two people familiar with the matter said, as the bank looks to hire its own staff globally for such operations to improve risk management and data governance. Last July, U.S. bank regulators fined Citi $136 million for making "insufficient progress" fixing data management issues and the IT revamp underscores Citi's efforts to meet regulatory demands. Around 100 IT staff in China were informed this week that their contracts will not be renewed, and another 100 are likely to receive their termination notices soon, said the people, who declined to be named due to sensitivity of the matter. The job cuts have not been reported previously. The staff are employed by Citigroup Services and Technology China, a wholly-owned China unit Citi established in 2002, which has around 3,000 employees in total, according to the sources. It was not immediately clear how many of those employees are contractors. The unit supports the bank's global businesses - including investment and consumer banking - in 20 countries and regions including New York, London and Hong Kong, its website shows. Citi's head of technology Tim Ryan told staff earlier this year that the bank aimed to reduce the share of external contractors in IT to 20% from the current 50%, according to an internal presentation to employees seen by Reuters. At the same time, the Wall Street bank planned to hire more staff, aiming to raise technology headcount to 50,000 from 48,000 in 2024, the presentation showed. In China, Citi is offering most of the affected contractors a severance package based on their years of service, the sources said. "As part of the regular business operations of Citigroup Services and Technology (China) Limited (CSTC), we review our HR strategy on an ongoing basis, including decisions about renewing (fixed term) employment contracts," said Citi in a statement. "When decisions are made on non-renewal of fixed term contracts, this will be done in compliance with applicable laws, regulations and procedures. We are committed to supporting impacted employees." Besides its IT operations, Citi has banking business in China and is in the process of setting up a securities unit there. The cutting of IT contractor jobs in China has no impact on Citi's business strategy and commitment to both local and global clients in that market, said a spokesperson for the bank in Hong Kong. Other global financial firms have also taken steps to reduce their dependence on China as an IT and service outsourcing destination, as costs rise, and geopolitical uncertainties and new regulations weigh. Reuters reported in October 2024 that asset manager Fidelity International cut around 500 jobs at one of its technology and operations centres in northeastern Chinese city of Dalian. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
