iFast

Wealth advisory platform iFast Global Markets (iGM) Singapore said its assets under administration (AUA) grew 62 per cent year on year to exceed $1 billion as at Sept 30.

This milestone is significant considering that the division is only four years old, said mainboard-listed iFast Corp in a bourse filing on Monday. iGM Singapore is the wealth advisory arm of iFast Financial, the Singapore subsidiary of iFast Corp.

Mr Terence Lin, general manager at iGM Singapore, said that the average adviser on the platform oversees about $17.5 million of assets.

THE BUSINESS TIMES

Chubb

Chubb will buy Cigna Corp's life, accident and supplemental businesses in seven places for US$5.75 billion (S$7.8 billion) in a deal aimed at boosting its operations in the Asia-Pacific region.

The transaction, which involves Cigna's businesses in Hong Kong, Indonesia, South Korea, New Zealand, Taiwan and Thailand as well as its interest in a joint venture in Turkey, comes months after Chubb was repeatedly rebuffed in its bid to take over Hartford Financial Services Group for about US$25 billion.

BLOOMBERG

Eneos

Japan's biggest refiner, Eneos Holdings, said on Monday it would buy Japan Renewable Energy (JRE) for about 200 billion yen (S$2.4 billion) to expand its low-carbon business, joining a list of major global companies moving away from climate-changing fossil fuels.

Eneos, which aims to have net-zero emissions by 2040, will buy JRE from Goldman Sachs and Singaporean sovereign wealth fund GIC.

It said the deal would help it meet its target of having over 1,000 megawatts of renewables in Japan and abroad by March 2023.

REUTERS