MAS names sustainability head; Malaysia’s EPF appoints COO and CFO; GIC PE head for SEA leaves; State Super hires new exec; Hesta appoints chief growth officer, chief Debby Blakey appointed to corporate governance board; ex-BlackRock exec joins IQ-EQ in Singapore; HSBC AM builds direct real estate team; ex-Vanguard head of distribution joins LGIM; Sanne names Singapore head; and more
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.
The AU$85 billion ($61.6 billion) Australian super fund has some exposure to indebted property developer Evergrande. Meanwhile, China’s construction finance is part of its core strategy in real estate.
Investors are seeing the risks, but also the opportunities of the logistics sector. Warehousing their fears for the moment, they can see it's a good conduit to high-growth assets.
Insto roundup: GPIF staff say J-Reits more attractive than traditional assets; Hong Kong's strict Spac criteria
EISS Super hit by another scandal; China's CSRC launches consultation on disclosure requirements for new BSE securities; Hong Kong issues consultation paper on Spacs; New World Development partners with China Taiping to focus on Greater Bay Area projects; GPIF employees say Japanese Reits have grown more attractive; Taiwan's BLF invites bid for $1.7 billion mandate; and more
SGX’s new framework for Spacs will likely provide investors with a much-needed channel for direct deals, but the verdict is still out on whether it will bring liquidity to the bourse.