MAS names sustainability head; Malaysia’s EPF appoints COO and CFO; GIC PE head for SEA leaves; State Super hires new exec; Hesta appoints chief growth officer, chief Debby Blakey appointed to corporate governance board; ex-BlackRock exec joins IQ-EQ in Singapore; HSBC AM builds direct real estate team; ex-Vanguard head of distribution joins LGIM; Sanne names Singapore head; and more
In the first month of 2008, hedge funds fell, with the RBC Hedge 250 Index down by 1.82% and MSCI Hedge Invest Index falling 2.27%.
However, the MSCI World Index fell 7.7% on the month and the MSCI Emerging markets shed 12.6%. In that context, the hedge funds didnÆt do so badly.
Our resident panel of half-time experts cast their eyes over the playing field.
ôIt's the team who scores most goals that wins,ö says Peter Douglas of hedge fund consultant GFIA in Singapore. ôJanuary sorted the men from the boys and even revealed a little bit of pure alpha here and there. The range was from double digit losses, which for many funds may mean an early bath; through to a more typical minus four to minus six which, given the state of the markets, was still a result; to a small number of positive numbers, for example Komodo, and Artradis, who will be vying for the man of the match award.ö
EurekahedgeÆs hedge fund index fell 3.1%, one of its lousiest monthly performances in recent years. EurekahedgeÆs Japan index was down 3.1% and the Asia ex-Japan index fell by 6.6%.
ôA game of two halves: thatÆs not quite the right analogy,ö says Mark Reinisch, a director at fund of funds firm Financial Risk Management. ôAgain it was a month where headline numbers, do not tell the full story. We are in a liquidity squeeze and volatility and uncertainty are up. As a consequence, the traders did well in January while those focusing on fundamentals and value suffered some losses. That said, an industry where the average was down 2%-3% when world equity markets were down 7%-10% is doing something right.ö
Indian hedge funds had the worst January in the Asia region, down by 11.5%. Greater China funds were down by 8.3% and the best local geographical performance was from Australia/New Zealand which fell by 5.8%.
Looking at hedge fund strategies in Asia, fixed income did best, with a drop of just 0.28%, and long/short was the laggard, falling by 8.00%.
ôAll in all, I would say the industry did a fair job of managing a very greasy ball on an appalling pitch,ö added Douglas, [and with a line of patter like this, he really should be managing Exeter City]. ôConditions for the rest of the year are likely to remain very tricky, and the difference between the first team and the reserve bench is likely to become much clearer by the year end.ö
SGX’s new framework for Spacs will likely provide investors with a much-needed channel for direct deals, but the verdict is still out on whether it will bring liquidity to the bourse.
The asset allocation matrix is becoming more complex as investors look for new sources of returns beyond traditional asset types. How can investors measure and maximise returns in compounded portfolios?
When it comes to family offices, the generations don't always see eye to eye. For the younger generation, ESG concerns and tech plays are beginning to predominate.
Kwap property arm appoints CEO; VFMC names new CEO as Lisa Gray retires; MSIG Singapore promotes Mack Eng as CEO; Monroe Capital opens first Asia office in Seoul, hires head from Aberdeen; Vanguard Australia appoints new MD to relocate from US; HSBC AM expands EM debt team; Vantage FX hires from CGS-CIMB in Singapore; and more.