Wealth

• OCBC announced the acquisition of HSBC's Indonesia wealth and retail banking operations for $6.6 billion, marking a major expansion in Southeast Asia's second-largest economy. • The deal is expected to increase OCBC's Indonesian subsidiary's assets under management by approximately 25%, significantly strengthening its regional presence. • This acquisition reflects OCBC's strategic focus on wealth management and retail banking growth across Southeast Asia amid competitive market dynamics.

• UBS has strengthened its Southeast Asia wealth management presence through strategic appointments, including Vivian Li as senior client advisor in its global wealth management team. • The expansion reflects UBS's commitment to capturing high-net-worth client growth across Southeast Asian markets amid intensifying competition. • These moves position UBS to deepen regional client relationships and expand its private banking footprint in a key growth market.

Resolution Foundation report says ‘crisis’ stems from rising ill-health and a failing system of benefits and job supportBritain has the third-highest rate of young people not in work or education among Europe’s richest countries because of rising ill-health and a failing system of benefits and job support, a report has warned.The Resolution Foundation thinktank said the UK was facing a “crisis” in youth jobs amid a dramatic rise in the number of 16- to 24-year-olds who are not in education, employment or training (Neets) to almost 1 million – the highest level in more than a decade. Continue reading...

Incoming PM Péter Magyar accuses Fidesz-linked figures of trying to shield their wealth from accountabilityAlong the banks of the Danube, news that the Viktor Orbán era had come to an end set off an hours-long party. The joy echoed across Hungary as people traded hugs and high-fives. For some, however, the landslide loss set off a frantic scramble.Private jets allegedly laden with the spoils of those whose wealth swelled during Orbán’s 16 years in power have steadily been taking off from Vienna, while other individuals are racing to invest their assets abroad, sources have told the Guardian. Meanwhile, high-level figures close to Orbán have been looking into US visa options, hoping to find work at Maga-linked institutions. Continue reading...

• Wealth.com, an AI platform modernizing estate and tax planning for wealth management firms, closed an oversubscribed $65M Series B funding round. • The funding will accelerate product enhancements and expand adoption among high-net-worth advisors handling complex client portfolios. • This raise highlights surging investor interest in AI tools automating legacy financial planning processes amid rising wealth transfer demands.

Corruption scandals and a surging opposition have turned the vote into the biggest test yet for the long-serving populist leaderThe drone footage showed a sprawling residence in northern Hungary, complete with manicured gardens, a swimming pool and an underground garage. But it was what came next that captured much of the country’s imagination: zebras darting across the countryside. Continue reading...

Politicians warn party’s pledge to ‘punish’ countries seeking justice for slavery will harm and isolate BritainCommonwealth politicians say they will not back down from seeking reparations as UK public figures, including a former Reform insider, warn the rightwing party’s pledge to “punish” countries seeking justice for slavery would harm and isolate Britain.This week, Reform UK said they would halt visas for nationals of countries formally demanding reparations from Britain if they took power. Continue reading...