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B-Source migrates Deutsche Bank (Switzerland) core banking platform to Avaloq Banking Suite

The Avaloq group has successfully completed the transformation project to exchange the core banking platform at the Wealth Management Operations Back Office of Deutsche Bank (Switzerland) Ltd to the B-Source Master, the Swiss Business Process Outsourcing (BPO) platform based on the Avaloq Banking Suite.

Deutsche Bank (Switzerland) Ltd today announced that the migration of its core banking platform to Avaloq’s Swiss BPO platform, the B-Source Master based on the Avaloq Banking Suite, has been completed. The transformation project was carried out within 13 months after the Avaloq group had taken over operational responsibility for the Wealth Management Operations Back Office of Deutsche Bank (Switzerland) Ltd.

Avaloq is the only independent provider for the financial industry to both develop and operate its own software. Business Process Outsourcing and Operations of the Avaloq Banking Suite for Deutsche Bank (Switzerland) Ltd are provided through B-Source, Avaloq’s BPO centre in Switzerland.

Marco Bizzozero, CEO Deutsche Bank (Switzerland) Ltd, said: “The migration of the operational platform and the outsourcing of support processes allow us to concentrate on our strengths and to free up resources for our core business: client advisory and investment management. With this Deutsche Bank (Switzerland) Ltd is further extending its leading position in international wealth management.”

B-Source CEO Markus Gröninger adds: “In a short period of time we successfully finalised the migration. Our highly industrialised services allow banks to fully concentrate on their core business and focus on generating future growth – I am delighted that Deutsche Bank (Switzerland) Ltd now profits from these advantages too.”

Francisco Fernandez, Avaloq group CEO, expressed his satisfaction with the going live: “I am pleased to welcome Deutsche Bank (Switzerland) Ltd as an important customer in our growing BPO community and consider this successful migration as a powerful reference for other tier one banks.”

Source: B-Source SA, 17.09.2014

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Filed under: Banking, BPO Business Process Outsourcing, Services, , , , , , ,

Avaloq to supply Wealth Management BPO services to Deutsche Bank in Singapore and Global BPO Expansion

Avaloq Sourcing Asia Pacific (Singapore) Pte. Ltd., the newly founded subsidiary of the Avaloq group, will supply back office services for the Wealth Management business of Deutsche Asset & Wealth Management in Singapore. The new organisation will be part of Avaloq’s global network of Business Process Outsourcing (BPO) centres.

Avaloq Sourcing Asia Pacific (Singapore) Pte. Ltd. will provide Deutsche Asset & Wealth Management (DeAWM), a division of Deutsche Bank Group, with full BPO services for its Wealth Management back office operations in Singapore. These services include back office administration processes. The BPO provider is the newly founded subsidiary of the Avaloq group, an international leader in integrated and comprehensive banking solutions for wealth management, universal and retail banks. The new organisation will be part of Avaloq’s global network of BPO centres.

The move to Avaloq Sourcing Asia Pacific (Singapore) Pte. Ltd, a subsidiary of the Avaloq group, is planned in two phases: the first in Q3 2014 and the second – the transfer of the core IT platform to Avaloq’s technology platform – is planned to take place in 2015, subject to compliance with local requirements.

“Business process outsourcing is rapidly gaining in importance as financial institutions continue to free themselves of processes and operations that are not regarded as differentiating but are subject to volume efficiencies. Following the successful establishment of BPO centres in Switzerland and Germany, we are now extending this business model to Singapore where we will be announcing the formal launch of a regional BPO centre later this year”, comments Peter Scott, General Manager for Avaloq Asia Pacific and Chairman of the Board for Avaloq Sourcing Asia Pacific (Singapore).

Source: Bobsguide,02.09.2014

Avaloq adds Group Chief Acquisition Officer to expand Global BPO Strategies

The Avaloq group announces the appointment of Dr. Enrico Ardielli as Group Chief Acquisition Officer (CAO). His previous role as Group Chief Financial Officer (CFO) will be taken over by Markus Bertini.

In line with its market vision and growth plans, Avaloq will continue to execute its BPO strategy by creating a Global Processing Network (GPN). For the realisation of this international BPO centre network of excellence, new business will be added both organically and through acquisitions. Therefore, the Board of Directors of the Avaloq group has decided to create the new position of a Group CAO whose responsibility includes the successful handling of acquisitions at minimum risk. In addition, the Group CAO will be a member of the Board of Directors in the various Avaloq group subsidiaries.

The new position will be taken over by Enrico Ardielli, who has been with Avaloq for more than 12 years as Group CFO. Ardielli holds a Dr. oec. publ. degree as well as a degree in business and economics from the University of Zurich. His successor as Group CFO will be Markus Bertini, who joins the Avaloq Executive Board after having worked for Avaloq since May 2014. Prior to this, he successfully ran his own accountancy and consulting company serving multinational clients and worked as well as a lecturer at Zurich Business School. Enrico Ardielli and Markus Bertini assume their new positions on 1 September 2014.

Francisco Fernandez, Group CEO of Avaloq, comments: “I am glad that we could appoint two outstanding finance professionals for these key positions. Thanks to Enrico Ardielli’s extensive knowledge and his great achievements for the Avaloq group so far, I am convinced that the Group CAO position is perfectly filled and that he will further strengthen our business model and group strategy. At the same time, Markus Bertini’s passion for entrepreneurship and vast financial experience make him the best choice for the Group CFO position.”

Source: Bobsguide, 01.09.2014

Filed under: Banking, Data Management, Services, Singapore, Wealth Management, , , , , , ,

Brazil: BTG Pactual Buys Generali’s BSI (Banca Svizzera Italiana) Swiss private-banking Unit for $1.7 Billion

Grupo BTG Pactual (BBTG11), the only investment bank publicly traded in Brazil, agreed to buy Assicurazioni Generali SpA (G)’s Swiss private-banking unit for 1.5 billion Swiss francs ($1.7 billion) to help build a global private-banking platform.

BTG will pay for BSI Group with 1.2 billion francs in cash and 300 million francs of shares in units listed in Sao Paulo, Generali said in a stock-exchange statement today. The Trieste, Italy-based company said it will book a loss of about 100 million euros ($136 million) for the transaction, while the deal will add about 9 percentage points to its Solvency 1 ratio.

The Brazilian lender controlled by billionaire Andre Esteves is expanding internationally as the country’s growth slows. It’s added units in Mexico and Colombia, and in January Esteves said he planned to open offices in Geneva, Houston and Singapore as the firm expanded in commodities. Last week, it agreed to acquire Global Atlantic Financial Group Ltd.’s reinsurance unit Ariel Re.

“This acquisition reflects our confidence in the tradition and strength in Switzerland as a global financial center,” Esteves, the bank’s chief executive officer, said in a statement. “It’s an opportunity to build one of the biggest global private-banking platforms.”

Photographer: Simon Dawson/Bloomberg

Assicurazioni Generali SpA Chief Executive Officer Mario Greco is selling BSI as part… Read More

BTG was unchanged at 34.15 reais at 10:31 a.m. in Sao Paulo. Generali reversed earlier gains, falling 0.1 percent to 15.38 euros in Milan, valuing the insurer at 24.1 billion euros.

Global Platform

The acquisition will almost double BTG’s assets under management to create a wealth- and asset-management business with more than $200 billion in assets, BTG said. The bank plans to keep the BSI brand for its global wealth-management platform.

“The acquisition is in line with BTG’s strategy to diversify revenue,” Ricardo Kim, an analyst at brokerage XP Investimentos CCTVM SA in Sao Paulo, said in a report today. He said the transaction was positive for BTG.

Brazil’s rising inflation and slowing growth has led to a drought in the nation’s initial public offerings, reducing investment banking revenue. BTG has been building a global commodities business since last year as part of its strategy to offset declining investment banking fees.

Brazil, which hosted this year’s World Cup, has expanded at an average annual pace of 2 percent since 2011, when President Dilma Rousseff took office, the slowest economic growth for a Brazilian administration in more than two decades. Economists expect the South American nation to expand 1.05 percent this year, according to a weekly survey published by the central bank today.

U.S. Fine

Proceeds from the sale, which is scheduled to be completed by the first half of next year, may be reduced by “any fine established pursuant to the U.S. Department of Justice’s tax amnesty program relating to Swiss financial banking institutions payable by BSI,” Generali said.

BSI is one of at least 36 Category 2 Swiss banks seeking to avoid prosecution for handling undeclared American money by joining the U.S. Justice Department’s voluntary disclosure program. The U.S. is scouring Switzerland for names of tax dodgers who used the world’s largest offshore haven to hide money from the Internal Revenue Service.

Under a program announced in August, about a third of Swiss banks with “reason to believe” they violated tax laws asked the Justice Department to forgo prosecution. In turn, banks must hand over data on undeclared accounts and pay penalties.

Revenue Goal

Generali CEO Mario Greco sold the unit to focus on the company’s main business, strengthen finances and boost profitability. The firm, which set a goal of 4 billion euros of revenue from asset sales by 2015, will have achieved 3.7 billion euros with the sale, Greco said in the statement.

“This sale completes the disposal process aimed at strengthening the capital base of the group, resolving a key issue for us, and allowing Generali to focus on driving forward with its core insurance business,” he said. “This result is a testament to our team’s ability and commitment to execute a complex transaction in a challenging environment.”

BSI Loss

BSI had a net loss of 722 million Swiss francs last year as it took writedowns faster than planned because of new regulations for accounting treatment of goodwill, the bank said in April.

Generali’s net income in the three months to March climbed to 660 million euros from 603 million euros a year earlier, the company said in May. The first-quarter pro-forma Solvency 1 ratio after the BSI sale will exceed the insurer’s 2015 target of 160 percent, it said today.

“Once the announced sale of BSI is concluded, Generali’s period of balance sheet repair will be complete,” Marcus Rivaldi, an analyst at Morgan Stanley, said in a report today. “Focus now turns to how earnings and dividends can be improved.”

 

Source: 14.07.2014 Bloomberg  by editor Elisa Martinuzzi at emartinuzzi@bloomberg.net

Filed under: Banking, Brazil, Colombia, Latin America, Mexico, News, Singapore, , , , , , , , , , ,

Avaloq Group and BIL announce plans for Business Process Outsourcing centre in Luxembourg

The Avaloq group and Banque Internationale à Luxembourg (BIL) intend to forge a new strategic partnership: The international provider of banking solutions and the bank are planning to join forces to establish the first independent provider of full Business Process Outsourcing (BPO) services in Luxembourg for the Benelux and the French market.

The bank and the international provider of banking solutions today announced that they are in advanced discussions for a joint project to establish, pending amongst other, the closing of the transaction and regulatory approval, the first independent provider of full Business Process Outsourcing (BPO) services in Luxembourg for private and universal banks in the target market Benelux and France. This follows BIL’s recent decision to choose the Avaloq Banking Suite as its new core banking system after a thorough selection process.

As Luxembourg’s oldest private bank, BIL has always played an active role in the development of Luxembourg’s economy and with this decision confirms its intention of actively contributing to the ongoing transformation of the local financial industry. Avaloq, whose presence in Luxembourg goes back to 2007, has always considered Luxembourg as a key market in its strategy. Luxembourg was the first country outside of Switzerland Avaloq set foot in. Today, Avaloq counts 11 customers in Luxembourg that are either using or currently implementing the Avaloq Banking Suite as their comprehensive banking solution.

The goal of the planned strategic partnership is to offer local and foreign private and universal banks a solution to standardise and automate back office processes and to have them operated by a seasoned specialist. As an industry leader in this area, Avaloq understands the importance of fully industrialising back office processes while at the same time driving innovation and differentiation in the advisory area. This enables banks to focus entirely on their front office activities and thus to make a difference in client interaction. The BPO model also serves as the ideal solution for foreign banks wishing to use Luxembourg as an entry point into the European financial market.

The Avaloq group has already successfully implemented this independent BPO model in Switzerland and Germany. BIL and Avaloq are now planning to join forces in order to adapt the business model to the market specific requirements of Benelux and France. Furthermore, Avaloq is currently in the process of building up an international network of BPO centres, which the new BPO centre in Luxembourg would be part of. Further announcements will be made later this year.

Source: Avaloq 05.06.2014

Filed under: BPO Business Process Outsourcing, News, , , , , , , ,

Avaloq positioned as a ‘Leader’ in Magic Quadrant for International Retail Core Banking

The Avaloq group, a leader in integrated and comprehensive banking solutions, is proud to announce it has been positioned in the ‘Leaders’ quadrant by Gartner in the recently released ‘Magic Quadrant for International Retail Core Banking (IRCB) 2013’ report. Avaloq sees this as recognition of its strong community work and ability to deliver a full-service BPO option to its customers.

For Avaloq being positioned in the Magic Quadrant is a confirmation of its success in the retail segment and its market vision. “We are convinced that our unique community including client banks, universities, associations and partners gives us that extra edge by gaining important market knowledge. The feedback coupled with our own vision and insights from our BPO centres ensure that we stay ahead of trends and develop product capabilities accordingly”, says Francisco Fernandez, CEO of Avaloq. Pascal Foehn, Head of Marketing and Sales HQ Avaloq, adds: “After having been named ‘best selling private banking solution in the world’ by IBS, we are proud of Gartner’s recognition as a leader that is able to address present and future needs of retail banks.”

In the report, Gartner positioned vendors based on two parameters: ‘completeness of vision’ and ‘ability to execute’. To be included in the IRCB 2013 report vendors had to demonstrate market traction and momentum as well as product capabilities in international retail core banking.

Gartner’s Magic Quadrant on international retail core banking (IRCB) software assesses vendors on the multi-currency products they offer in support of the bank’s financial transaction management in the retail banking market. Avaloq provides a fully integrated front to back banking solution and has a worldwide customer base of more than 100 banks, including tier one banks in the most demanding financial centres.

¹Gartner, Magic Quadrant for International Retail Core Banking, Don Free, Ethan Wong, October 8, 2013.

Source: Avaloq, 17.10.2013

Filed under: Banking, News, Wealth Management, , , ,

Avaloq announces going live of Avaloq Banking System at Moroccan investment bank CFG Group

The Avaloq Group, the international reference for integrated and comprehensive banking solutions, together with its partner Orbium, announces the launch of the Avaloq Banking System at CFG Group in Morocco. Twenty months after choosing this innovative solution, the bank draws positive conclusions regarding the implementation.

CFG Group has chosen all modules of Avaloq’s universal front-to-back banking platform, which ensures in particular the seamless integration of the securities modules with the cash modules. “Avaloq’s excellence in private banking as well as numerous references from its community dispelled any doubts we might have had about our choice. Moreover, we had already tried out the solution’s adaptability that enables us to customise and develop new operational business models. This further confirmed that we made the right decision”, says Younès Benjelloun, CEO of the CFG Group.

Based in Casablanca, CFG Group is an independent investment bank providing the full spectrum of investment banking services: corporate financing, capital market transactions, portfolio management, and venture capital. It aims to offer a wide range of value-added services to its private clients.

This demanding project was managed by Avaloq’s Premium Implementation Partner Orbium and brought about a genuine revolution within the bank. CFG Group replaced every IT system across all its business processes with the Avaloq Banking System, from accounting to finance operations, payment transactions, credits and the entire securities value chain, one of Avaloq’s areas of special expertise. All online stock exchange transactions are processed via the e-banking platform “e-services” by Avaloq’s partner Swisscom IT Services.

In addition, the implementation of the multi-entity capable Avaloq platform has enabled reorganisation measures at CFG Group by consolidating banking activities and distribution services for private clients within the CFG Group bank.

Source, Avaloq 10.07.2013

Filed under: Banking, Wealth Management, , , , , ,

B-Source (Avaloq Group) takes over Wealth Management Operations of Back-Office of Deutsche Bank (Switzerland)

Avaloq subsidiary B-Source is taking over operational responsibility for the Wealth Management Operations Back-Office of the Deutsche Bank (Switzerland) Ltd with effect from July 1, 2013 and supports the bank in further concentrating on its core business.

With effect from July 1, 2013, B-Source, a member of the Avaloq group, is taking over operational responsibility for the Wealth Management Operations Back-Office of Deutsche Bank (Switzerland) Ltd, including 80 employees in Geneva. Transformation of the core-banking platform to the integrated Avaloq Banking Suite is scheduled for summer 2014.

Markus Gröninger, CEO of B-Source, said: “Our continuously increasing community corresponds clearly to our growth path. This confirms us to be on the right track with our strategy of offering highly industrialised services that let banks concentrate on their core business and generate future growth.”

Francisco Fernandez, CEO of Avaloq, is also very pleased with the new deal: “In migrating to the integrated Avaloq Banking Suite, our clients are setting the highest standards in terms of individualising processes and industrialising operations. We love challenges like that. This is how we generate maximum added value for our clients.”

Source: Avaloq 28.06.2013

Filed under: Data Management, Reference Data, Wealth Management, , , , , , , , , , ,

Avaloq the Swiss Wealth Management Solution provider opens office in Australia

The Avaloq Group, the international reference for integrated and comprehensive banking solutions, is pleased to announce the opening of its first branch office in Australia.

As part of its continuous internationalisation strategy and aim to extend its presence in the most demanding financial markets globally, Avaloq has opened an office in Australia end of last year. The expansion to Australia – a new continent for Avaloq – comes after the company successfully established local offices in various regions in recent years.

Avaloq signed its first customer on the Australian continent – one of the reasons why the company decided to further extend its international presence and open a branch in Sydney. The Australian market bears a great potential for wealth management platforms such as the Avaloq Banking System. The fully integrated solution offers the entire field of investment products and additionally covers local tax and superannuation requirements. Combined with a team of experts, equipped with substantial know-how and experience regarding the Australian financial market, Avaloq significantly improves its local position.

“Opening an office in Australia is yet another important step in our internationalisation strategy and an additional milestone in Avaloq’s remarkable company history. Building up a local presence in the most demanding financial centres worldwide ensures that we are close to the markets and companies we work with. This allows us to cater towards our client’s needs and requirements without having to work around different time zones”, says a delighted Francisco Fernandez, CEO Avaloq. “The Australian market has immense potential, with demand for wealth management platforms increasing. Being present in Australia is the logical move for the company”, Fernandez continues.

The new Avaloq branch in Australia will significantly profit from the vast experience of the regional headquarters in Singapore, which was established in 2007. The Singapore branch has seen strong expansion in recent years under the management of Martin Frick, Managing Director Asia Pacific.

Source: Avaloq, 12.02.2013

Filed under: Australia, Banking, Singapore, Wealth Management, , , , , , , ,

Avaloq acquires a majority stake in B-Source from BSI

The Avaloq group, the reference for integrated and comprehensive banking solutions, has acquired a majority stake in B-Source AG, a leading banking business process outsourcer (BPO) in Switzerland. BSI, part of the Generali Group and original founders of B-Source, will remain a minority shareholder and an important customer of B-Source. BSI thereby ensures a forward-looking, growth-oriented ownership structure for its banking BPO subsidiary. The acquisition of B-Source means that Avaloq group extends its value chain and become the largest independent provider of comprehensive solutions for the execution of banking business. B-Source remains a legally independent entity forming part of the Avaloq group and will continue to operate under its own name. The Avaloq group will retain B-Source’s existing locations in Ticino, Zurich, Lucerne, Romandie as well as in other countries. The acquisition will not result in job losses.

Avaloq and B-Source see this move as a logical extension of the successful and long-standing cooperation between the two banking specialists. As a result of the acquisition, the Avaloq group offering will now extend beyond banking technology and consultancy services to include data centre services, application management services, and will be able to outsource banks’ entire back-office and IT operations. The group now employs more than 1,200 staff, generating an annual turnover of CHF 360 million (Swiss Francs) (2011E) and has customers in more than 20 countries. The acquisition of B-Source will not result in any job losses. The Avaloq group will retain both companies’ existing head offices and locations in Switzerland as well as in other countries. It is committed to Switzerland as a financial centre and centre of expertise, and plans to further grow at its Swiss locations.

Francisco Fernandez, Member of the Board of Directors of B-Source and CEO of Avaloq Group AG, says: “Acquiring the majority stake in B-Source makes the Avaloq group the leading independent provider of modular and fully integrated solutions for the execution of banking business. This applies to both large and small retail, wealth management and universal banks in Switzerland and around the world. Joining forces with B-Source will enable us to take further steps to address the growing complexity in operational, compliance, reporting and IT management. It will also enable our customers to wholly concentrate on providing excellent service to their clients, which ultimately sets them apart, allowing them to grow and become more profitable.”

B-Source will remain a legally independent entity forming part of the Avaloq group, and it will continue to operate under its own name. BSI AG will retain 49 percent of B-Source and will remain an important customer for
B-Source. The parties have agreed to keep the purchase price confidential. Avaloq and B-Source will continue to work with an extensive network of domestic and international technology, distribution and implementation partners, which will be expanded further following the acquisition.

Dr Alfredo Gysi (BSI CEO) is to remain Chairman of the Board of Directors of B-Source, and Gianni Aprile (Deputy CEO of BSI) will remain on the B-Source Board of Directors. They will be joined by new appointees, Dr Didier Sangiorgio (Chairman of Avaloq Group AG), Philipp E. Achermann (Member of the Board of Directors Avaloq Group AG) and Francisco Fernandez (CEO of Avaloq). The general management of B-Source is unchanged, consisting of CEO Markus Gröninger, Andrea Bosetti, Andrea Frei, Joseph M. Kaister, Rainer Link, Matteo Marini, Frank Müller Erkelenz and Benjamin Stäheli. The Avaloq Executive Board, consisting of Francisco Fernandez (CEO), Enrico Ardielli, Adrian Bult, Klaus Rausch, Mathias Schütz and Ronald Strässler, remains also unchanged.

Dr Alfredo Gysi, Chairman of the Board of Directors of B-Source and CEO of BSI, says: “As the founder and very first customer of B-Source, we have successfully grown and developed the company to become one of Switzerland’s leading providers of BPO services. Our objective was to secure an ownership structure for B-Source that would enable it to achieve sustained growth in an attractive market. The acquisition of a majority stake by our strong technology partner Avaloq will allow B-Source to seize even more opportunities in the BPO market. This strategic move will give BSI the freedom to concentrate more heavily on its core competences and enable it to benefit from improved standards of performance and quality and take advantage of a cost efficient structure.”

Markus Gröninger, B-Source CEO, says: “Merging Avaloq and B-Source will create benefits for customers that are demanding more integrated, high-performing IT and BPO solutions. The business rationale is undeniable and the new ownership of B-Source will accelerate growth in Switzerland and beyond.”
The Avaloq subsidiary, B-Source, already settles almost all domestic and international transactions for BSI in Switzerland, Singapore, Luxembourg, Nassau and Monaco. In Switzerland, Reichmuth & Co Privatbankiers, NBAD Private Bank (Suisse) SA and QNB Banque Privée (Suisse) SA, all use the cutting-edge B-Source Master “powered by Avaloq”.

Filed under: Banking, Data Management, News, , , , , , ,

DBS Hong Kong rolls out the Avaloq Banking System

Singapore-based DBS, the biggest bank in Southeast Asia, successfully rolled out on July 6, 2009 the Avaloq Banking System for its Private Banking Unit in Hong Kong. This is the first time that an Asian bank has opted for the “made in Switzerland” Avaloq Banking System. The roll-out at DBS sets an important milestone for Avaloq as it affirms its presence in Asia.

Hong Kong, August 27, 2009 – For DBS, implementing the banking software represents a key step in gearing itself up fully for the challenges of the future. The regional bank is deploying the fully-integrated Avaloq Banking System for its Private Banking Unit in Hong Kong, replacing a number of legacy systems and providing the bank with operational efficiencies from the front to the back office. By rolling out the Avaloq Banking System, DBS can take comfort in the fact that the platform will help them  offer their customers even better service, boost its internal efficiency and gain a competitive edge on the banking market.

Amy Yip, CEO of DBS (Hong Kong) Ltd and Head of DBS Wealth Management Group said: “We have evaluated various options that are used by many global financial institutions and have chosen Avaloq for its relevant functionalities and scalable potentials for our private banking business.  This system has the flexibility of customising for local needs, and yet at the same time allow us to standardise our processes across several locations in the region.  The Avaloq system is thus a compelling system to partner DBS as we grow and strengthen our private banking business in Asia. “

Francisco Fernandez, CEO of Avaloq Evolution AG, is delighted to have a new live customer: “The Avaloq Banking System is one of the most innovative systems around when it comes to banking software. Implementing the software at DBS shows that we can also strike a chord with banks outside of Europe and know how to map processes to best effect. We’ve now established a bridgehead in the growing Asian market and will continue to pursue this track.”

Avaloq is the Swiss market leader for standard banking software. It has its head office in Zurich and branch offices in Luxembourg and Singapore, from where 25 in-house staff and an “implementation force” consisting of more than a hundred Avaloq specialists and partners are responsible for serving the attractive Asian market.

Source: Avaloq, 27.08.2009

Filed under: Asia, Hong Kong, News, Services, Singapore, Wealth Management, , , , , , ,