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
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).
Kwap property arm appoints CEO; VFMC names new CEO as Lisa Gray retires; MSIG Singapore promotes Mack Eng as CEO; Monroe Capital opens first Asia office in Seoul, hires head from Aberdeen; Vanguard Australia appoints new MD to relocate from US; HSBC AM expands EM debt team; Vantage FX hires from CGS-CIMB in Singapore; and more.
Financials and healthcare have been spotted as promising sectors, while several tech IPOs are on the way, including a $2.2 billion fintech firm and a GIC-backed e-commerce startup.
A strong recovery in the Asia Pacific private capital markets in 2021 sets up favourable hiring and compensation trends.
The $95 billion Korean savings will set up a separately managed account for real estate debt investment early next year in order to shorten decision-making and help it win deals in a crowded market.