From Breakingviews - Wall Street has chance to put Hong Kong to work
Foreigners are also doing worse than their local peers. The U.S. top five’s combined investment banking market share nearly halved from last year to 21%, according to Dealogic. In the mainland itself, their share shrank two thirds to a derisory 1%. JPMorgan’s China asset management joint venture lost 12% of its funds in the first half, making it the second-worst performing among competitors of similar size, data from Chinese research outfit Jian Financial Information shows.
China could still be a big prize to Western banks, if the authorities were to loosen restrictions on derivatives trading, or open up the market for underwriting bonds, which is mostly reserved for Chinese banks. The country’s high-net-worth individuals may have 214 trillion yuan of investable assets by 2030, reckons UBS, so businesses like private banking still boast enormous growth potential. But progress has been slow. Gaffes like JPMorgan boss Jamie DimonThat’s where Hong Kong comes in.
urged investors to increase their exposure drastically. Hong Kong has been a big beneficiary of their ambitions. It would be only rational of them to ask for a favour in return.
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