The Dutch pension asset manager's Asia Pacific head of real estate says his team has just had one of its busiest years ever and that 2021 is looking similarly promising.
Farglory Life is a subsidiary of the Farglory Group, one of TaiwanÆs largest land development and construction companies with a broad range of businesses that includes realty, logistics, hotel and recreation facilities, leasing and life insurance.
ôOver the last few months we have seen more assets moved to custodian banks or counterparty service providers because customers are concerned about the security of their assets,ö says Chong Jin Leow, head of Asia at BNY Mellon Asset Servicing. ôThey now look to custodians to hold these assets as opposed to leaving their assets with trading counterparties. They are also opting for more value-added services such as risk reporting.ö
The funds industry in Taiwan has traditionally had to calculate its own accounts and net asset values (NAVs). Local language, local reporting and complexity have kept some providers at bay. Fund administrators are nevertheless keen to enter this market given its vibrant mutual funds industry.
Global custodians are also starting to see what custody services they need to provide locally, while sub-custodians are looking at how to bundle their local services into a global offering.
"In the current economic environment we believe it was important to select a provider with high credit ratings and a strong balance sheet to ensure the safekeeping of our assets,ö adds Chao Teng Hsiung, chairman of Farglory Life in Taipei.
With total assets in excess of $3.3 billion, Farglory Life is ranked 24th among the 1,000 top financial institutions in Taiwan. The Bank of New York Mellon Corporation has more than $23 trillion in assets under custody and administration, more than $1.1 trillion in assets under management and services $12 trillion in outstanding debt.
Record low borrowing costs in Australia are feeding demand for the country's real estate, with domestic and global investors raising their allocations into the sector.
Experts have a diversified view on the appeal of private assets across the region, but one thing's for certain - inflows are rising, particularly into China and the US.
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Asian fixed income assets – including Hong Kong dollar (HKD) bonds – are luring growing numbers of global investors who are striving for reliable and consistent returns amid macro uncertainty compounded by rising inflation and rates, according to HSBC Asset Management.