This Month
On the move

AMP Capital’s Fasso gets new HK role; Vanguard picks Luk from Pinebridge

8 Regulatory Roundup

10 Data Centre

China’s overseas direct investment is soaring

72 Bookend
The Quest, by Daniel Yergin

12 Asset Owners
Asia’s investment leader Silver jubilee: Korea’s National Pension Service, turning 25, is one of the most respected institutional investors in the world, but faces questions about how it is governed

16 Institutional investors seek diversification: Our survey of Asia-Pacific asset owners

22 Korea’s police force to invest abroad; Axa Asia plans alternatives boost; Canada pension doubles up on China logistics

24 Distributors
Seeking a Fair outcome

Singapore is reviewing whether to limit or ban commissions and trailer fees, potentially upending fund and investment-linked businesses

26 Q&A with Vineet Vohra of HSBC

28 Citi’s Asia investment product sales up 80% YoY; Pictet brands M&A as disruptive; Industry rubbishes idea of banning commissions

30 Fund Managers

In trusts we trust? China’s regulators, banks and trust companies continue to require trusts to provide guarantees to investors, embedding reckless practices

36 Fidelity pulls the plug
Fidelity’s sale of its Indian asset management business owes as much to a failed country strategy as to weaknesses in the domestic fund industry

40 EM bonds benefit from drive for yield
Global investors are revving up their emerging market debt exposure as they continue to search for better returns

44 BlackRock revamps Asia distribution; Pictet puts equity team in HK; JV Cathay Conning seeks staff buildout

46 Alternative Investments
Hedge funds circle

Shanghai Shanghai’s QDLP scheme, which allows domestic institutions access to global hedge funds, is facing obstacles

48 Q&A with Blair Thomas, EIG Global Energy Partners

50 Yao Ming leaps into China private equity; HKMA may invest in ailing CVC Capital; Pivotal shutters Asia multi-strat fund

52 Asset Services
Low-touch to the fore

Our annual survey of Asian equities trading and execution

65 Operations manager: Rafael Lopez, Pimco

66 Nomura consolidates equities execution; Liquidnet’s Merrin fears HFT arms race; Trader Talk: Michael Enriquez, Sun Life Financial

68 Events
Helping China’s investors succeed

Low interest rates in developed markets and poor A-share performance are posing challenges

70 MPF’s next step
Employee Choice Arrangement offers Hong Kongers new rights over their investments

With this issue
Alternative Investment Funds Services 2012: Operations drive asset gathering Prime custody; risk management; private equity admin; regulating alternatives