Hong Kong Is Poaching Singapore's Fund Managers. DBS And UOB's Results Prove It.π¦
Hong Kong Is Poaching Singapore's Fund Managers. DBS And UOB's Results Prove It.π¦
π The Angle
OCBC's latest results show non-interest income at 43.9% of total, up 8.2 percentage points. That is not a side business anymore, it is nearly half the bank's earnings. MAS just announced tax breaks to stop fund managers from walking to Hong Kong, and that fight lands directly in this income line.
π° What It Means For You
Fee income growth supports future dividends, but it does not fix today's yield gap. DBS sits at Zone 4+, UOB at Zone 4-, OCBC at Zone 5, all three still failing the 4.7% yield hurdle. Watch non-interest income across the next quarters, not the policy headline. Iggy's Forensic Zone: Zone 4, Caution.
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