"We have been watching the situation in Hong Kong for the last few weeks and what we are seeing there doesn't give us much confidence," said the chief executive, on condition of anonymity due to the sensitivity of the matter.
HONG KONG/SINGAPORE (June 28): Some foreign wealth managers are scrapping plans to open offices in Hong Kong in favour of Singapore, as the rich begin to move funds from the Chinese territory where a new extradition bill has stoked public unrest, people familiar with the matter said.
A mid-sized European private wealth advisory firm has abandoned a plan to set up its Asia arm in Hong Kong and will instead aim to launch it in Singapore, its London-based chief executive told Reuters.
