Edmond de Rothschild’s exit from HK “just the tip of the iceberg”
The Swiss asset and wealth manager is shutting its Hong Kong operation, a move that came as no surprise to market observers. More industry closures and consolidation are expected.
Swiss asset and wealth manager Edmond de Rothschild (EdR) said yesterday it would close its Hong Kong operation, adding to the mounting list of casualties in Asia’s investment industry.
EdR’s move is just the tip of the iceberg, said Justin Ong, Asia-Pacific asset and wealth management leader at consultancy PwC. “We will see more of these [closures or acquisitions of asset and wealth managers]."
EdR is a small player in Asia, with branches in Hong Kong and China but not Singap…
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