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.
Equity funds led the decline, falling 11.73% in aggregate, with only the equity sector gold and precious metals funds showing a positive return of 1.55% on-average. Equity funds that invest in China and Korea posted average losses of 21.08% and 18.56%, respectively.
Bond funds finished last month down 0.23% on-average as declines in high-yield and convertible issues dragged down overall returns.
Kenneth Koh, Singapore-based head of research for Asia ex-Japan at Lipper, says markets are likely to remain volatile while they attempt to regain their footing, following the series of measures undertaken by the US Federal Reserve to stave off recession.
The US Federal Reserve trimmed its core interest rate a sharp 1.25% over two consecutive cuts in January, bringing the Fed funds rate to 3% in a bid to stave off recession, while announcing a huge fiscal stimulus package to restore consumer confidence.
ôWhile the moves have helped global bourses regain their footing somewhat, analysts are divided on their eventual impact. The markets may be seeing only a momentary respite amid a broader downtrend,ö says Koh. ôIn the meantime, US stocks have rebounded, following an offer by billionaire investor Warren Buffet to take on $800 billion in municipal bond risk from the three top bond insurers.ö
Still, Koh notes, if JanuaryÆs wild swings are any indication, increased stockmarket volatility will be the norm. ôFund investors should therefore stay vigilant and expect the unexpected,ö he says.
Average January performance of fund groups registered for sale in Singapore, by asset types:
Bond Funds -0.23%
Money Market Funds -0.60%
Protected Funds -1.58%
Hedge Funds -2.39%
Guaranteed Funds -3.16%
Mixed-Asset Funds -5.41%
Equity Funds -11.73%
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.
The Federal Reserve is now expected to hike interest rates as early as March and fed funds markets are pricing in up to four hikes in 2022.
The stock’s promising performance stands in sharp contrast to the less fortunate fates of other Chinese companies that have been affected by government clampdowns.