UBS has made two senior appointments for its ultra high net worth and global family office businesses in Asia.

The Monetary Authority of Singapore has reprimanded United Overseas Bank for allowing three individuals to provide financial advisory service on its behalf before they were duly notified to the regulator as appointed representatives for the relevant type of financial advisory service.

DBS Private Bank has hired investment banker Chia Su Ching to bolster its 40-strong Indonesia team.

Barclays has hired Adeline Chien as managing director in its Hong Kong team, covering ultra high net worth (UHNW) individuals.

To further grow its client-servicing capabilities and business in Greater China, Credit Suisse has beefed up its local private banking team.

Hong Kong’s Securities and Futures Commission has banned Wong Chiu Wan, a former licensed representative of KGI Asia Limited, from re-entering the industry for life for misappropriation of client assets.

BNP Paribas Wealth Management has added seven individuals to its Asia Pacific business, with four senior hires joining the China team.

OCBC Bank has appointed Dennis Tan as its new head of consumer financial services, Singapore, and group premier banking.

The Hong Kong Securities and Futures Commission (SFC) has identified specific areas for improvement in the selling practices of licensed corporations.

Manulife and Citibank have launched the first investment-linked insurance plan (ILP) in Singapore that guarantees clients' investments at 80% of the fund’s highest historical unit price.

Both Lombard Odier and Pictet Group have announced their intentions to transform themselves into what is known under Swiss law as “sociétés en commandite par actions de droit Suisse”, or corporate partnership.

The Hong Kong Monetary Authority (HKMA) has provided further guidance and clarification on the regulatory requirements relating to sales of investment products.

The Securities and Futures Commission (SFC) of Hong Kong has banned two financial advisers at two different organisations from re-entering the industry for life.

Barclays has hired Rickie Chan as market head, Hong Kong, to its wealth and investment management division.

The board of directors of VP Bank has elected Alfred W. Moeckli as the group’s new chief executive officer.

Credit Suisse has hired Claudio de Sanctis to its private banking business as managing director and market area head for South-east Asia.

The Royal Bank of Scotland and Income Partners Asset Management have launched a new bond fund to meet demand for higher-yielding investments, in particular Asian high yield.

IT spending in the wealth management industry is estimated to reach US$4.4 billion in 2012, and then grow at a rate of approximately 6.4% in 2013, a recent report has revealed.

ANZ has appointed a new chief executive officer for its Singapore business at the same time as announcing a new vice chair of its South and South-east Asian operations.

JPMorgan is continuing to expand its private wealth management offering in Asia by hiring two senior bankers from RBC and Citi.

Bank of China (Hong Kong) Limited (BOCHK) has launched its private banking services in Hong Kong.

Coutts has hired Kenneth Sue as head of products and services in Asia, responsible for driving the bank’s strategy in this area and leading the development of its tailored investment propositions.

BNP Paribas Wealth Management has hired Samir Bimal as managing director and chief executive officer of its onshore business in India.

A recent report by WealthInsight has predicted Singapore to overtake Switzerland by 2020 as the largest global offshore wealth centre by assets under management (AUM).

The Manhattan District Court in New York has sentenced Rajat Gupta, the former chairman of Goldman Sachs, to two years behind bars for insider trading.

Julius Baer has announced that the realignment of its management structure will be brought forward to 1 January 2013.

The Monetary Authority of Singapore (MAS) has announced plans to make tax crimes predicate offences to money laundering by July 2013.

Standard Chartered Private Bank has hired Desmond Liu as managing director, head of private banking, Hong Kong and North-east Asia.

Wealth-X’s report on the ultra high net worth (UHNW) population in Indonesia has found that the combined wealth of this segment stands at roughly US$125 billion.