Holistic HKMA stirs hope in private bank chiefs

Private banking chiefs have welcomed moves by the Hong Kong Monetary Authority to adopt a regulatory approach more in keeping with the way they manage client portfolios. Norman Chan, chief executive of the HKMA, delivered a speech this week outlining plans to make Hong Kong the region’s premier private banking hub, easing rules that had straight-jacketed wealth managers and left the city trailing in Singapore’s wake. It is accepted that the catalyst for the prescriptive methods …