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Firm gains from wealthy Europeans
By Joy Wang |
November 20, 2010, Saturday
|
Print Edition
Print Edition
INVESTORS from Europe are putting their money in China to increase their wealth as they take advantage of the country's fast-growing economy, and in anticipation of a yuan appreciation.
This trend has benefitted the business of Hong Kong-based CIC Investor Services Ltd, its managing director Timothy K. Lo said yesterday in Shanghai.
"Investing in China has become a catchy phrase among the world's rich people," Lo said. "After the global financial crisis, there is a trend for our clients in Europe to transfer more money to Asia, especially China."
The fast expanding wealth of Chinese mainlanders has also boosted CIC's private banking and wealth management business.
Clients from the mainland and Taiwan now make up nearly 15 percent of total CIC customers.
CIC targets high-end net worth individuals with minimum non-fixed assets of US$1 million, referring to liquid capital such as cash, equities or income. It has partnered Hong Kong's Bank of East Asia since 2003 to offer private banking and wealth management services for mainland clients with offshore assets.
CIC is a Hong Kong subsidiary of France-based Credit Industriel et Commercial, which is Europe's third-largest bank.
This trend has benefitted the business of Hong Kong-based CIC Investor Services Ltd, its managing director Timothy K. Lo said yesterday in Shanghai.
"Investing in China has become a catchy phrase among the world's rich people," Lo said. "After the global financial crisis, there is a trend for our clients in Europe to transfer more money to Asia, especially China."
The fast expanding wealth of Chinese mainlanders has also boosted CIC's private banking and wealth management business.
Clients from the mainland and Taiwan now make up nearly 15 percent of total CIC customers.
CIC targets high-end net worth individuals with minimum non-fixed assets of US$1 million, referring to liquid capital such as cash, equities or income. It has partnered Hong Kong's Bank of East Asia since 2003 to offer private banking and wealth management services for mainland clients with offshore assets.
CIC is a Hong Kong subsidiary of France-based Credit Industriel et Commercial, which is Europe's third-largest bank.
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