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.
In his new role of managing director and head of corporate trust in Asia, Lew will report to Samir Panditi, BoNYÆs global head of corporate trust in New York. He will also oversee the hiring of new members to its corporate trust team, which has already begun and will likely expand quite significantly over the short term.
Prior to joining BoNY in late 2006, Lew was employed by Deutsche Bank in Hong Kong and brings more than 20 years of related experience to the role. At Deutsche he was managing director and head of global trust services, and was involved in the management of various types of debt, equity linked and equity financing transactions. While at Deutsche Bank and Bankers Trust, Lew was also involved with project finance, structured finance, fund administration, business development and relationship management.
BonYÆs purchase of JPMorganÆs corporate trust business made the firm the largest corporate trust provider globally and gave it a presence in several local markets. Following the purchase, BoNY now has regional corporate trust offices in Japan, South Korea, Taiwan, Hong Kong and Singapore. It also has a joint venture in Australia.
Corporate trust providers like BoNY are appointed by corporations, municipal governments and other entities issuing debt to perform a variety of duties. Under this umbrella, functions include servicing and maintaining the debt issue, processing principal and interest payments for investors, representing investors in defaults, and providing value-added services for complex debt structures.
Mega players Nippon Life and Dai-ichi Life are looking for opportunities in higher-yield single-A US corporate bonds, which offer more appealing yields than stagnant domestic offerings.
The “lower for longer” monetary policy and stimulus packages, coupled with the rolling out of vaccine programmes favorably support real estate investing in the region, with offices and data centres presenting forward-looking opportunities.
As US fixed income default rates rose and yields fell during the pandemic, are Asian bonds, which have had more stable yields through 2020, looking more attractive?
Insto roundup: Norway's Oil Fund praises China governance efforts; NPS commits $100m to taxi-hailing app
Norway's Oil Fund welcome Chinese proposals improving transparency and shareholder protection; HK's MPF assets surge 35% year on year; Korea's NPS commits $100m to TPG consortium to invest in taxi-hailing app; Poba commits W270bn to European property; Malaysia's EPF sees investment income rise 59% year-on-year in first quarter, and more.