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Sunday, December 11, 2016

JoLo Banker Edmund De Rothschilds Closes Hong Kong Branch

Image result for Edmond de Rothschild (Suisse) SA Hong Kong branch.

Edmond de Rothschild Says It’s Closing Hong Kong Business

Edmond de Rothschild (Suisse) SA, a wealth and investment manager, said that it’s closing its Hong Kong branch.

The Swiss company announced its “intention to close” the branch in a statement, without giving details of the number of staff affected or assets under management in the region.

The firm said that it plans to pursue opportunities in Asia through “selective strategic partnerships” with firms including SMBC Nikko Securities Inc. and Samsung Asset Management Co.

As of June 30, the group had 150 billion euros ($162 billion) of assets under management, the statement said.

My comments : This is the same Edmund De Rothschilds that has been disciplined by the Swiss FINMA for their money laundering involvement with JoLo.

I believe the entire Board and the CEO in Switzerland were asked to quit.

Closing the Hong Kong branch may be due to poor business conditions for private banking. Or the poor business conditions may be used as camouflage to extricate themselves with the players involved in the world's largest financial scandal.

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