AIA Hong Kong has gone into partnership with Phillip Securities (HK) to proviude services to applicants of the Capital Investment Entrant Scheme (CIES).
The move follows its recent launch of Treasure Pearl, Hong Kong’s first investment-linked insurance product approved under the Eligible Collective Investment Scheme (ECIS).
The alliance aims to provide CIES applicants additional investment flexibility while planning for their Hong Kong residency, said AIA Hong Kong.
“According to the figures from the Immigration Department, a total of 9,708 applications have been granted formal approval as of 31 March 2011 since the inauguration of CIES in October 2003.
The total investment amount was around HK$69bn, of which around HK$44.8bn (approximately 65%) was invested in specified financial assets. This reflects the strong investment demand for financial assets among capital investment entrants. In view of this, we have worked with Phillip Securities to broaden our service platform. This joint force underscores AIA Hong Kong’s commitment in meeting customer needs on investment,” said Jacky Chan, chief executive of AIA Hong Kong and Macau.
With the alliance, AIA Hong Hong’s customers will be entitled to a privileged management/reporting fee from Philip Securities. The annual fee is HK$10,000 or 0.5% of the assets under management (whichever is higher, excluding brokerage fee, stamp duty, transaction levy, transaction fee and CCASS fee). “We hope to assist customers of AIA Hong Kong in making wise investment decisions, and in achieving their goal of Hong Kong residency,” said Louis Wong, director of Phillip Securities.
Last month, AIA Hong Kong has joined hands with EK Immigration Consulting, a local immigration specialist, aiming to attract more applicants for the firm’s Treasure Pearl. To enhance this business platform the firm has also built a team of over 1,000 trained CIES planners and set up two AIA Wealth Select Centres.