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This Month
On the move
BlackRock names Asia CFO; Aberdeen replaces regional head of fixed income; new Japan chief for UBS Global AM

06 Regulatory Analysis
Private equity seeks clarity on Hong Kong tax treatment

07 Regulatory Roundup
CSRC to restructure; Singapore allows RQFII applications; Australia reforms on advisory rules

08 Data Centre
Asia and global fund flows

Asset Owners
10 HKMA headway counters case for sovereign spinout

Buy-side executives say HKMA should separate its excess reserves into a sovereign wealth fund. But recent history and the city’s political culture argue against such a move.

14 Q&A: Melyvn Yeo, CIO of Thirdrock

16 KIC to build research centre; Ben Rudd joins family office; Kuwait fund joins $1.5bn QFII club

Distributors
18 Private banking in need of evolution

Rising affluence is driving demand for onshore wealth management across Asia.

22 Benz tipped to make changes at StanChart; HSBC appoints retail and wealth head

Fund Managers
24 Islamic fund assets leap
Institutional flows drive sharia fund assets up by a quarter, as managers eye new client and product types.

30 Is the bottom set to drop out of US share prices?

34 What Shanghai’s free trade zone means for fund houses

38 The need to differentiate smart beta offerings

40 AIFMD incentive for Hong Kong funds; Barings eyes China debt; Lazard AM opens in Dubai

42 View from the top: Sundeep Sikka, Reliance Capital Asset Management

Alternative Investments
44 Fear of zombie invasion rises
Undeployed capital among private equity funds has hit record highs, prompting fears of a zombie fund epidemic.

47 Funds of hedge funds emerge leaner post-crisis

48 Q&A: Dennis Nguyen, New Asia Partners

50 Partners Group eyes Asian buyout deals; Oasis said to be eyeing convertible
bond offering

Asset Services
52 TM’s day of reckoning

US and UK regulators have penalised two transition managers for opaque pricing, sending a message to the industry worldwide.

53 Operations manager: Rory Kennedy, Rogers Investment Advisors

54  Asifma launches asset management group; Mercer replaces Middle East investment head

55  Trader talk: Chris Seabolt, FMR

56   Bookend
Following the Leader: Ruling China, from Deng Xiaoping to Xi Jinping, by David Lampton