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Wall Streetâs new love affair with China
At a time of growing geopolitical competition, US and European investment firms are plunging into the Chinese market.
China, which by one measure now has more billionaires than the US, is opening its doors wider than ever to foreign firms.Â
AP
May 30, 2021 â 1.22pm
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Zhao Lijian, foreign ministry spokesman, accused the US of âpolitical manipulationâ and of âstigmatisingâ China â the sort of regular spat that has prompted growing comparisons to the Cold War.
But just a day earlier, another announcement told a different story about the ties between the worldâs two leading powers. Goldman Sachs, an emblem of the globally dominant American finance industry, unveiled a wealth partnership with the state-owned Industrial and Commercial Bank of China. The deal could allow the Wall Street firm to draw on the savings of hundreds of millions of the bankâs Chinese customers.
Gibraltar-headquartered firm bolsters Middle East operation, as asset manager names UK chief executive
Sovereign Group
The firm has made changes to its operations in Dubai, Bahrain and Saudi Arabia.
Nicholas Cully, who also sits on the group board of the Sovereign Group as sales director, will be stepping down as managing director of Sovereign’s Dubai office on the 1 December 2020 after five years in the role and over a decade in the Emirate.
He will be relocating to Zug, Switzerland, in March 2021, where he will concentrate on developing business in central Europe and on managing the group’s global sales efforts in Europe, Africa, the Middle East and south east Asia.
Amundi – The French asset manager has announced a series of appointments.
Philippe d’Orgeval’s is the only external appointment. He has been hired as CEO of Amundi in the UK, having most recently been head of
AXA Investment Managers in the UK.
Laurent Guillet, who has been CEO of Amundi UK since April 2013, has taken on the role of head of solutions and services department.
Separately,
Christian Pellis was named CEO of Amundi in Germany. He has been head of third-party distribution at Amundi since 2013. Prior to joining Amundi, he was a board member at LGT Capital Management and head of distribution since 2010.