Asia continues to lag other regions for integrating ESG principles with investing; better data and stronger regulatory requirements will help institutional investors, market observers say.
Srinivasan is one of the regionÆs most experienced fund management chief executives. He is among a handful of players who can honestly claim to have built the business from scratch.
He joined Prudential ICICI Asset Management in India in 1998, a new joint venture that represented Prudential PlcÆs first fund-management presence in the region. The insurer and its India mutual funds JV represented a collective $30 million of assets under management in Asia Pacific.
In 2001 Srinivasan was picked to lead the Asia-Pacific funds business and moved to Hong Kong. At that point the life insurance business had grown to $1-2 billion but the firm had no retail funds business except its India JV.
Today Prudential Asset Management has a retail funds business in 10 regional markets, and in AUM terms has a top-five market share in India, Malaysia, Singapore, Taiwan and Vietnam. Its businesses in China, Japan and Korea are newer, as is its presence in the Middle East (also under Srinivasan). It manages $58 billion in Asia Pacific as of December. Srinivasan says the amount of assets sourced from the region is also about that size, of which half comes from retail.
He says he is most proud of putting in place effective teams for client service and the establishment of the product development team in Singapore, now led by Choy Peng-wah and Stuart Guinness.
The firm is transferring Alan Wren from London to serve as interim CEO. Wren has worked for Prudential Plc in the United Kingdom, left to work for a spell at Invesco, and has served for a number of years as an advisor to the firm. He is expected to arrive this week or next. The firm will also launch a formal search for a permanent successor.
The appetite of institutional investors for green, social, and sustainable bonds that bring clear environmental and socio-economic benefits shows no sign of waning.
The German insurer has plans for the property sector in Australia and China too.
Global investors are advised to look selectively at Japanese equities as the country recovers from lockdown and continues to improve corporate governance.
Weekly investor roundup: Sun Life weighs second ESG fund in HK; Korea's NPS reduces domestic equity allocation
Sun Life considers launching second ESG fund in Hong Kong as it banks on the growing theme; NPS lowers exposure to large-cap and other domestic shares; Temasek's Vertex Technology Acquisition Corporation becomes first special purpose acquisition company on the Singapore Exchange; and more