Over the last three years, South Africa has experienced inauspicious economic activity which saw subdued Gross Domestic Product (GDP) growth, unstable currency and stagnant unemployment.
Region’s significant wealth, coupled with its religious demographics, have created a demand for Islamic wealth management services
Thiam began a strategy review after taking over on July 1 and signalled he wanted to focus on banking for the world's wealthy, particularly in Asia, and move away from riskier securities.
Wealth managers are looking to attract young professionals earning more than S$6,000 a month, hoping that as their careers develop, they will eventually upgrade to more premium banking services.
To help facilitate its goals, Intrinsic has agreed to acquire the Financial Adviser School (FAS) and is in advanced talks with its current owner, Sesame Bankhall Group, over the acquisition.
The unlisted cooperative lender, one of 13 Italian banks under direct ECB oversight, is preparing to raise up to 1 billion euros in cash from investors to strengthen its capital.
The fund, which will track a hedged version of the CSI 300 index, will mitigate its exposure to the Chinese currency using one-month forward contracts on offshore-traded yuan.