SINGAPORE/HONG KONG—Singapore has cautioned wealth managers against aggressively marketing their services or making other efforts to woo clients to the city state by capitalizing on rival Hong Kong’s political turmoil, people with knowledge of the matter said.
Officials from the Monetary Authority of Singapore (MAS) made the request last month to wealth managers, including DBS and a unit of Oversea-Chinese Banking Corp, the people said, declining to be identified given the sensitivity of the matter.
