Wealth managers at the island's banks are facing increasing criticism over their habit of “churning” clients into new funds. It is fragmenting the industry's overall asset base.
Tag : retrocessions
The Securities and Futures Commission plans to make distributors declare the commissions they charge on funds, reflecting a global trend.
Private bankers are not expecting commission- or retrocession-free rules in Asia soon. Fee-for-advice is possible within a decade, but firms may need to package it with additional services.
