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Contents

4 Up front
Japan’s PFA insources 40% of assets; China’s CSOP Ucits UV launch; Lyxor mulling delisting ETFs in HK

11 Up front: on the move
Julius Baer poaches Goldman’s Kaven Leung; CIC names HK subsidiary head

12 Operations manager
Ismail Gunes, Manulife Asset Management

13 Regulatory roundup
Fidelity rebuked by HK SFC; China halts wealth management product sales

14 Fund flows
It’s not all doom and gloom

16 Q&A
Win Phromphaet, Thailand’s Social Security Office

FEATURES
18 Creating the offshore RMB capital
Structural shortcomings impede Hong Kong authorities’ desire to cement their city’s role

20 Japan’s sumo-sized assets
AsianInvestor and Nomura Research Institute present the 50 largest institutional investors by AUM

22 Global equity markets still linked
Short-term volatility is likely to keep correlations high

26 Welcome mats for millionaires
Taiwan’s wealth managers, protected by new regulation, are transforming themselves into private banks

28 Sub-advisory models evolve in Taiwan
Our roundtable in Taiwan discusses investment opportunities via sub-advisory relationships

34 Measuring Asia-Pacific sourced assets
Our survey of which managers, global and domestic, are winning mandates from clients in Asia, Japan and Oz

42 Top 10 moves in Asia asset management 2011
Distribution and fixed income are among this year’s hotspots for top hires

44 Commodity prices still on the up
The ‘super-cycle’ remains intact, according to speakers at our inaugural commodities investment conference

46 Securities lending activity resumes
Investors need tools for taking short positions, which is driving sec-lending businesses around Asia

48 De-risked, de-fanged, defensive
Transition managers say Asian investors’ decision-making has become paralysed

50 AsianInvestor Service Provider Awards 2011
We are pleased to announce the winners; plus photos

66 Building bridges between Asia and the Middle East
Our roundtable with Qatari officials and East Asian fund execs discusses the business possibilities

ALTERNATIVE
74 Plugging in Japan through private equity
Japanese private equity, both inbound and outbound, is tied to Japanese companies’ cross-border M&A

78 Private equity’s second life
One of the most successful niches in asset management in Asia has been in secondary private-equity sales

80 Alternative Q&A
Ying Yuming, China Eagle Fund

82 Alternative roundup
Carlyle adds Lee Sanghyun as MD; Aileen Chang launches Kriya Uprofish Macro Fund