Word: hsbc
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...according to Ong, assets under management in Singapore are growing by 20% a year. Growth rates like that make it the fastest-growing private-banking market in the world, says Scott of BCG. And the world's largest financial institutions?among them HSBC, UBS and Citigroup?are expanding their Singapore presence. Credit Suisse, for example, currently employs roughly 500 private bankers in Singapore, more than any place outside Switzerland?and the bank has plans to hire 100 more this year. Bank Julius Baer, the venerable Swiss private bank, has similarly high expectations. "We're trying to position Singapore...
...savings deposits falling to around 1% (or even lower in Japan), Asia's wealthy were roused to seek alternatives. Today, they tend "to expect a lot more return from their investments" than investors do in other regions, says Shih of UBS. Clive Bannister, the London-based CEO of HSBC Group Private Banking, notes that Asians are more "hands-on" in their investment decisions than the bank's European clients?and less willing to wait for returns to be realized. "There is no doubt that the investment time horizon for many of our Asian clients is shorter than...
...lowly government offices barely make a ripple among its sea of grand monuments to commerce. The Legislative Council building, a 95-year-old, three-story domed granite structure, is lens dust compared to its neighbors, the knife-edged 70-story Bank of China tower and the 47-story HSBC headquarters. A short distance away the Central Government Complex lies tucked in a hillside. But that official modesty will soon end. By 2010 the Hong Kong government is expected to build, on one of the last open plots of prime waterfront land, a $660 million series of buildings to house...
...Tatas, the Ambanis, the Godrejs--all began in Bombay. The city's stock exchanges account for 92% of the country's total share turnover, and the nation's central bank and hundreds of brokerages and investors have set up their Indian headquarters there, including such global powerhouses as HSBC, JPMorgan Chase and Bank of America. Bombay's port handles half of India's trade, and its southern business district is one of the centers of the global outsourcing boom. India's music industry and much of its media are based in Bombay, as is India's Hindi film industry, Bollywood...
...nose for where votes and profits lie. State and local lawmakers have started taking action to curb emissions, and major corporations are doing the same. Wal-Mart has begun installing wind turbines on its stores to generate electricity and is talking about putting solar reflectors over its parking lots. HSBC, the world's second largest bank, has pledged to neutralize its carbon output by investing in wind farms and other green projects. Even President Bush, hardly a favorite of greens, now acknowledges climate change and boasts of the steps he is taking to fight it. Most of those steps, however...