A consortium of Japanese and Hong Kong financial services companies have announced the establishment of a new wealth management unit in Hong Kong. About 10 companies have joined forces to establish Nippon Wealth Management, which will be catering to individual clients in one of the main financial centers in the region, Hong Kong.
Aside from Monex, the consortium led by Japanese Shinsei Bank has joined forces with AD Capital, Convoy and Tokyu Livable, amongst others. The newly founded wealth management bank is pending the approval of the regulatory authorities in Hong Kong and aims to begin providing services to clients in the first half of fiscal year 2015.
Nippon Wealth Management (NWM) was granted a limited banking license by the Hong Kong Monetary Authority (HKMA) on the 2nd of April, 2015. Following the successful approval from the monetary authority, the bank is to apply for a business license to the Hong Kong Securities & Futures Commission (Hong Kong SFC).
What to Look for in a Forex Technology Provider?Go to article >>
The newly established financial institution aims to offer wealth management services such as bank deposits, investment trusts and other structured products.
NWM will be run by CEO Tsutomu Nakajima, who is a former Director of Monex Group, and CFO Kenichi Hasegawa. The firm’s offices are located at The Peninsula Office Tower. The founding investors in the venture are Shinsei Bank and Monex Group which established the holding company OJBC in June 2013.
As of April 2015, the capital of OJBC was $37.29 million with Shinsei Bank holding 50% of the voting rights.