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REGULARS
Contents


 

4 Up front
Samsung cuts in Asia; LA County issues global EM mandate; BNY Mellon, Comgest, Eastspring, Pioneer outline Asia plans.

9 Up front: on the move
Canadian Pension Plan Investment Board poaches from Goldman; ING, Schroders hire in fixed income.

10 Operations manager
Swaminathan B., Eastspring Investments.

11 Regulatory roundup
China ETFs and bond futures on the way; Singapore derivative rules review; and more.

12 Fund flows
Relatively robust Asian funds can’t compensate for the damage done to offshore funds in 2011.

14 Q&A
Zheng Bingwen, Centre for International Social Security Studies at the Chinese Academy of Social Sciences.

FEATURES
18 Too many pilots for China’s pensions
China is experimenting with ways to put provincial pension assets into investment vehicles that can beat inflation, but political turf wars are not helping.

21 Corporates go longer on cash management
Asset managers in Asia have mixed views on what corporates are doing with their surplus cash, but money-market funds are benefiting from inflows.

22 Married to commissions
Singapore’s IFAs face rising costs, but consolidation could nudge the industry closer to charging for advice.

25 Playing around the euro
US Treasuries continue to lift performance for fixed income managers, while growing confidence about European bank liquidity is changing the equation for asset allocation.

28 A tough road ahead for asset owners
Managers at Asian institutional funds are responding to difficult conditions for their portfolios – and careers – by mitigating short-term risk and accelerating toward long-term opportunities.

ALTERNATIVE INVESTOR
40 Seeders of new hedge funds raise billions
Despite mediocre or negative performance for many Asia hedge funds, investors are allocating more money to start-ups.

42 Stuck in the station
Investing in infrastructure funds in Asia looks good on paper, and there have been a handful of success stories, but the industry is still struggling to get long-term institutional investors on board.

44 Alternative Q&A
Scott Hahn Sang-Won, Hahn & Company.

46 Alternative roundup
Korea’s Truston launches long/short fund; Triple A stops seeding; Apex closes two Asia funds; and more.

ROUNDTABLE
34 What’s hot (and not) in hiring
Four asset-management headhunters in Hong Kong discuss why China equity houses are set to remain the best-paid roles in the business.