AsianInvestor's daily newsletter will take a break over Chinese New Year and will return on Monday, February 7. In the meantime, for the digital version of our February edition, please click on image (right). Kung Hei Fat Choi!

REGULARS
04 Up front

Contents

3 Up front
Korea NPS to increase international outsourcing; Volcker Rule threatens transition managers; Bank
Negara touts diversification

7 Up front: on the move
Augie Cheh leaves AllianceBernstein; Chris Ryan joins Perpetual; SFC’s Martin Wheatley to step down

8 Operations manager
George McKay, Allianz Global Investors

9 Regulatory roundup
South Korea curbs derivatives; China issues RMB settlement rules; Japan changes rules for short selling

10 Fund flows
Where the money is…and where it will be

12 Q&A
Hanspeter Brunner and Esther Heer, BSI

FEATURES
14 Malaysian institutions cast the net wider
Large Malaysian institutional investors are ramping up their exposure to foreign assets, and smaller entities are following suit

18 Inflated uncertainty in Southeast Asia
Delegates gathered in Kuala Lumpur at AsianInvestor’s annual Asean congress express concerns over local inflation

20 Philippine infrastructure’s bumpy ride
The young administration of Benigno Aquino wants to make public-private partnerships a priority

22 Bank Indonesia considers adding risk
The central bank would like to boost investment returns, but any changes to its strategy will be cautious

23 It’s all about equities this year
Fund managers are putting on risk amid short-term confidence, and that means US equities, despite longerterm concerns about America’s finances

28 What backs gold ETFs
As investors snap up gold exchange-traded funds, questions are being asked about where the physical is kept

32 Chinese investors fall in love with ToTs
But without diversification, can the romance with trusts of trusts in China’s unregulated funds industry last?

34 Brazil seeks Asian infrastructure investors
Brazil has plenty of incoming capital. What it needs to do is allocate these inflows more efficiently.

ALTERNATIVE INVESTOR
36 Hedge funds’ capital punishment continues

The 2008 crisis is receding into recent memory for all except allocators to hedge funds, who remain wary of the industry

38 China QFLP scheme is no free pass
Foreign private-equity firms can exchange dollars for renminbi, but that doesn’t spare them from government discrimination

40 Finding the short
Japan, beset by psychological despondency, is a stomping ground for hedge funds looking for an uncrowded trade

42 Rewriting the rules of the game
Private equity can help discipline India’s unruly realestate market

44 Alternative Q&A
Victor Lee, JP Morgan Asset Management

46 Alternative roundup
HSBC private-equity arm spins out as Headland; Korea Post seeks advisor for alternatives; Credit Suisse loses its ‘Rock’