REGULARS

Contents

4 Up front
Asset managers assess impact of US downgrade

12 Up front: on the move
Li leaves NCSSF for CIC; KIC names new CIO

14 Operations manager
Yu Wenjie and Albert Lee, Ping An

15 Regulatory roundup
India’s U-turn on front loads

16 Fund flows
Japan income funds are dominating the region

18 Q&A
Jeung Jae-ho, KFCC

FEATURES
22 Blurring custody lines
As global and direct custodians increasingly play in one another’s space, executives predict consolidation

28 ‘Risk free’ in a post-AAA world
Topsy-turvy world part 1: Investors rethink portfolio construction

30 A time for upside-down thinking
Topsy-turvy world, part 2: Private banks emphasize absolute returns and multi-asset products

34 Local outsiders
Taiwan’s fund houses expand to mainland China

38 Taiwan’s taste for dim sum
Taiwanese investors are keen to access the new market

42 China’s weak link
Investors are increasingly concerned about off-balancesheet lending’s potential for disruption

44 Fund managers eye China city pensions
The Ministry of Human Resources and Social Security asks fund houses to develop ideas for pension products

48 Retail’s poor recovery
Korea’s wounded funds industry looks to long-term solutions for restoring its health

50 Korea investments go niche
Korean institutional investors are becoming more sophisticated when it comes to risk assets

52 Fundamentals take a back seat
Global-equity fund managers seem almost as concerned with politics as the economics of world markets

56 “Russia is neither China nor Germany”
Investors can take advantage of growing links between China and Russia

ALTERNATIVE INVESTOR
60 Beyond equity long/short
New fund launches in Asia show appetite for strategies other than equity hedge

64 Alternatives on the menu in Korea
The country’s institutional funds want to invest more into alternative investments both locally and globally

68 Alternative Q&A
Guan Ong, Blue Rice Investment Management

70 Alternative roundup
Hedge fund Millennium sees Asia staff turnover

WITH THIS ISSUE

ETFs & Indices Report 2011