SINGAPORE'S holistic approach in cultivating the fund management industry has been reaping rewards and the Singapore resident fund scheme has attracted more fund managers to set up shop here. According to the Monetary Authority of Singapore's (MAS) 2010 Singapore Asset Management Industry Survey, total assets under management reached an all-time high of $1.4 trillion in 2010. Singapore's...

BANGKOK: HSBC has agreed to sell its Thai retail banking and wealth management units to Bank of Ayudhya, as Europe's biggest bank continues to divest itself of overseas operations no longer seen as core parts of its business. The Thai deal came a day after HSBC sold its banking operations in Costa Rica, El Salvador and Honduras to Colombia's Banco Davivienda for US$801 million (S$1 billion),...

THE changing of the guard at OCBC Bank may affect its share price in the short term as soon-to-be-installed new chief executive Samuel Tsien comes under market scrutiny, industry analysts say. The counter fell nine cents, or 1.1 per cent, to $8.16 yesterday as the market absorbed the news of the imminent change at the top. Investors will watch OCBC closely over its 'consistency and and...