An Alibaba-backed private bank has set up in Hong Kong. An ex-UBS private banker is at the helm.
DC Wealth was given the green-light to set up as a private bank by Hong Kong's regulator, «International Adviser» reported.
The private banking venture is backed by Alibaba founding shareholders as well as other, undisclosed investors. The Chinese Internet giant's founders are Jack Ma and a management group around him.
Ex-UBS Head
DC Wealth has enlisted Cooper Liao (pictured below), who spent 20 months with Swiss bank UBS dealing with ultra-high net worth clients.
Alibaba is active in payments, money transfers, and Internet banking among other things, and already operates Shanghai Zhaocaibao Financial Service, a wealth management platform. Its Ant Financial arm also offers a wealth management app.
By contrast, DC Wealth provides high-net-worth individuals and institutional investors with family office, external asset management, family trust, insurance, overseas asset allocation and other cross-border wealth management services.
Jack Ma's Family Office?
It is unclear whether DC is being set up as the family office to manage money on behalf of the founders of Alibaba, which has made Jack Ma one of Asia's wealthiest billionaires.
The wealth manager has clinched partnerships including with Mass Mutual, Standard Life, Principal, Friends Provident, Skandia, Aviva, AIA, and ICBC.
Besides former UBS banker Liao, DC's wealth team includes Christian Shi, Leon Li and Andreia Tan. Liao and Fan Zhenhong are responsible to the Hong Kong regulator, according to «International Adviser».
