Asset Management in Hong Kong – Latest Development and Trends (CFA Society Hong Kong & KPMG Joint Webinar)
CPT/CE Eligibility (A Recognized CPT Provider)
|PL (CE) hour(s)||1|
|RBV CPD hour(s)||1|
In the coming years Asia could be the largest global market for asset management through a combination of changing demographics; a growing demand for investment product in China, India and South East Asia and the vast amounts of capital available to be deployed in the region. Given the growth trajectory that Asia is on, assets under management (AUM) are expected to grow to USD$26.2 trillion across all asset classes by 2025.
The market demand means the future for Asset Management and Private Equity (AMPE) in the Asia Pacific region, has never been brighter. The main asset management hubs in Asia, Singapore, and Hong Kong, continue to introduce a range of reforms aimed at attracting capital and talent and to capitalise on the growth in the sector.
Hong Kong is a premier asset and wealth management centre in Asia and internationally, managing a combined AUM of USD4.5 trillion at the end of 2020. The success can be attributed to the city’s unparalleled advantages as an international financial centre with its sound financial system and business friendly tax and regulatory regime.
The session will highlight the recent reforms and changes impacting the asset management industry and showcase how they are evolving to attract managers and capital in the Asian markets. The discussion will include the rise of onshore platforms in Asia and how they are being used, changes to tax concessions and incentives such as the 0% tax concession on Carried Interest, and the impact of foreign source income exemption regime in HK.
Another key and important market is the Hong Kong MPF market. With the imminent roll out of eMPF platform, we are expecting seismic change across the MPF landscape. We would like to share our perspective on expected changes across this market, and the opportunities and challenges this will create for various industry participants.
You are cordially invited to join this webinar co-hosted by CFA Society Hong Kong & KPMG, to learn more about the latest key trends, challenges and opportunities in the industry. Our distinguished speakers will identify relevant areas which are considered to be hindering the further growth of the industry and discuss how the trends, tax regime and regulations can play a pivotal role to bring the asset and wealth management industry to greater heights.
About the Speakers
Mr. Darren Bowdern
Head of Asset Management Tax, ASPAC
Head of Alternative Investments, Hong Kong
Darren is a partner in KPMG’s Hong Kong tax practice. He has more than 25 years experience of serving institutions in a wide range of industries in Hong Kong and Asia Pacific.
Darren is the Head of Asset Management Tax in Asia Pacific. He heads up the Alternative Investments and M&A Tax practice in Hong Kong. He has been advising on transactions in Asia Pacific with respect to tax matters, including due diligence reviews, investment holding structures and advising on cross border transactions. Many of these projects comprise of tax effective regional planning including consideration of direct and indirect taxes, capital and stamp duties, withholding taxes and the effective use of double taxation agreements.
Darren also advises on establishing direct investment, private equity and other investment funds in Hong Kong and advises clients in a wide range of industries.
Darren specializes in cross-border buy-and sell-side M&A tax services (e.g. Tax Due Diligence, Tax Vendor Due Diligence), tax structuring, tax planning and optimization and international corporate tax issues, restructuring and optimization. Darren has extensive experience in working with the mainland Chinese market, including structuring acquisitions of investments in China.
Darren is a Treasurer of the Australian Chamber of Commerce, Hong Kong and Macau (AustCham) and the Member of the Finance, Legal and Tax Committee of The AustCham. He is currently the Vice Chair of the Technical Committee of the Hong Kong Venture Capital and Private Equity Association (HKVCA) and the Tax Committee Member of the Alternative Investment Management Association Limited (AIMA).
Darren graduated from the University of Melbourne and is a fellow of the Hong Kong Institute of Certified Public Accountants and a member of the Chartered Accountants Australia and New Zealand.
Mr. Tom Jenkins
Partner, Head of Financial Risk Management,
Hong Kong, KPMG China
Led regulatory investigations and internal control reviews with reports provided to the SFC under s201 of the Securities and Futures Ordinance. Recent reviews include:
Led a review of five in scope areas for a global US bank’s equities operations in Hong Kong. Areas covered were: Conflicts of Interest, Large Open Position Reporting, Electronic and Algo Trading, Compliance with Short Selling requirements and Position Limits.
Led a review into a number of breaches of electronic and algo trading requirement at a global US bank resulting from a trading incident involving undue market impact in Hong Kong.
Led a review into breaches of requirements over electronic trading platform and pricing at an FX broker.
Led a review into the cash management practices of a global asset manager.
Led regulatory investigations and internal control reviews with reports provided to the HKMA under s59(2) of the Banking Ordinance. Topics covered include internal controls over anti-money laundering, market risk, counterparty credit risk, risk management, compliance and internal audit. Other reviews and investigations led by Tom include market misconduct and unauthorized trading related reviews.
Advised clients on all aspects of regulatory compliance with a particular focus on OTC derivatives regulation (reporting, margin requirements, capital requirements, licensing).
Led a number of successful HKMA banking license application projects including one of the first four Virtual Banks granted a license by the HKMA in April 2019 and an overseas incorporated bank granted a banking license in September 2019. Tom also led projects to assist Stored Value Facilities obtain their licenses. He also advises clients on SFC licensing requirements including virtual asset trading platforms.
Led a number of model validations and approval projects whereby reports where provided to the HKMA in respect of models used under the Banking Capital Rules. Tom led the project to validate the first Counterparty Credit Risk internal model approved by a regulator in Asia. He has also validated Market Risk internal models for HKMA and SFC.
Advised clients on optimal legal entity booking models for equities, fixed income and commodities businesses.
Provided advisory services to regulators including a project to advise a regulator on the creation of a capital regime for OTC derivative dealers. Tom produced a study for the Global FX Division of GFMA on The Asia Pacific FX markets: Opportunities for Growth.
Tom led audit partner for five years for the audit of the Hong Kong operations of a leading global investment and private bank (including the Hong Kong listed warrants business) and coordinated the audit across the Asia Pacific region.
Pan Asia asset manager
Conducted strategic review of a pan-Asian asset manager with USD250Bn, which is a subsidiary of an insurer. Review the overall business strategy and recommended strategic changes to materially improve shareholder return
Global Tier-1 asset manager
Advised a global asset manager on its Joint Venture (JV) set up with the Wealth Management Subsidiary of a major Local Chinese Bank. Worked with the global asset manager in creating the overall business plan, product offerings, and designing the high level operating model.
Global Tier-1 wealth manager
Advised a major European bank on its China market entry strategy for its Private Banking business – assessed the overall regulatory landscape, client needs, and local competitive environment. Explored a range of strategic partnerships to tap into the digital ecosystem in China. Developed an entry proposition and business case. Guided the APAC executive management team in their journey to obtain Head Office/Group approval.
Swiss Wealth/Asset Manager
Advised a major Swiss Private Bank/Asset Management company in exploring potential strategic partnership opportunities to capture a growing wealth/investable assets of Chinese investors. Explored the synergy of Private Banking/Asset Management collaboration, and onshore/offshore partnerships to fully realize the value between the Swiss Bank and Local Partner. Reviewed and refine the value proposition through active conversations with a range of potential partners in Mainland China.
Global Universal Bank with Wealth and Asset Management business
Engagement lead for a MiFID II target operating model for a global financial institution to design and implement MiFID II compliant and business-led solutions across front to back office. Mapped out customer journey / operating model pre and post-MiFID II and assisted the client to implement the recommended Target Operating Model under a strict regulatory deadline.
Rating General – Material presented will be basic and of interest to a general audience having no background in the area.
CFA Societies Global Passport Program
CFA Society Hong Kong has participated in the CFA Societies Global Passport Program which allows CFA society members to enjoy local society member rate at selected events like this luncheon. Members of non-CFA Society Hong Kong CFA Institute societies qualify to attend this event at CFA Society Hong Kong member rates. Please contact CFA Society Hong Kong at email@example.com to register
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- CFA Societies Global Passport Program Eligible.
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