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 a rare occurrence, Morgan Stanley Investment Management acquired a stake in the start-up. Hsu remains a major shareholder of Abax.
Hsu was formerly a managing director of the special-situations group at Citadel in Hong Kong before establishing Abax along with three partners: Donald Yang, Abax's president and former head of Hong Kong and China debt capital markets at Merrill Lynch; Danny Yong, CIO and former Citadel managing director who was responsible for founding its Asia relative-value and macro teams; and Frank Qian, chief risk officer and also a former founding member of Citadel's Asia business.
The fund launched with $300 million, which while quite an achievement, actually disappointed some observers who thought that Abax might bring in more than $1 billion in its first drawdown. Its first cornerstone investment was a stake in a pulp and paper plant in Indonesia. That took place shortly after establishment and it is safe to calculate that going long in Indonesia in mid-2007 can't make for a rosy mark-to-market picture in late 2008.
When the fund launched, AsianInvestor drew attention to the envy voiced in some corners of the hedge fund community towards Hsu û a wunderkind who was just 26 when he founded the fund. Never a warm and fuzzy industry, those people might feel a sense of schadenfreude today.
As Hsu still has two years to go before he reaches the age of 30, a comeback can't be long in the offing.
Sunsuper and QSuper appoints CIO for combined entity; State Street appoints heads of HK and Taiwan; Nothern Trust rebuilds Apac team; Manulife IM names emerging markets fixed income CIO; RBC Wealth Management hires four into HK; Lombard Odier hires two senior equity managers; Allianz Global Investors appoints Asia hand as equity CIO; and more.
Investors from China and the US are expected to continue buying assets in each other’s markets despite the blacklist of Chinese firms with military and surveillance ties.
Stronger government actions are needed to meet the Paris Agreement goal of limiting global temperature rise to 1.5 degrees, investors such as Hesta and CDPQ signed in a statement.
AsianInvestor explains why we chose the winners of the second half of our 2021 fund manager winners, by major local markets.