Tokio Marine appoints new CEO for Asia region; Ben Rudd made CEO of Prudential Wealth Management; HKEX hires from Prudential; Samsung SRA appoints former KIC infra head as CEO; HSBC Asset Management appoints senior vice president; Morningstar names head of manager research for Europe and Asia; PGIM adds ESG lead for Europe and Asia; Apex Group adds Singapore managing director; and more.
Approvals were previously given to Pacific Antai Life Insurance, Sunshine Insurance, Anhua Agricultural Insurance and Allianz-China Life. These smaller players have not been allowed to invest directly into equities, however as they have yet to satisfy the CIRCÆs requirements of having an eight-year history and having more than Rmb10 billion ($1.43 billion) in assets.
The CIRC imposes a maximum 10% direct equity exposure of total assets for mainland insurers. It has not said if there is an overall quota applied to these outsourcing arrangements.
Peter Alexander, a principal at Z-Ben Advisors, says the direct equity exposure limit excludes QDII portfolio investments. He notes that many asset managers are expecting a windfall from assets of insurance companies even if many are still clueless about how the outsourcing will take shape.
According to Z-Ben Advisors, the domestic fund industry has seen a five-fold increase in fee income to Rmb28.2 billion ($4.03 billion) from Rmb5.7 billion ($820 million) last year. Despite competition from foreign fund management companies, local managers have a greater share of the fee income at Rmb16.1 billion ($2.3 billion).
Signatories are advocating for a robust policy on plastic pollution amid concerns that states would support a less ambitious mandate.
The Covid-19 variant is unlikely to cause distress for investors banking on global recovery, but quarantine restrictions in Hong Kong are set to put the bite on any comeback.
China Life names Yuan Changqing as acting chairman; Future Super hires operations chief; China Life Franklin Asset Management CIO and deputy CEO leave; Willis Towers Watson has hired Kameswara Natakusumah as head of Indonesia; Prudential hires ex-Apac CEO for Allianz George David Sartorel as a non-executive director; Manulife IM hires into multi-asset solutions team in Asia; PineBridge Investments hires from BNY Mellon IM; and more.
The family office of Alibaba's co-founder likes to do its own hands-on due diligence and favours deals that can make a difference, rather than investments for the sake of ESG.