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
Lee is regional head of Greater China equities while Chum is executive director for Hong Kong and China equities.
Lee is an experienced fund manager, with 25 years under his belt in this industry. He comes from CICC Asset Management in Hong Kong as head of equities, but he has also run money for RCM and AllianceBernstein (in its former JV in Hong Kong, New Alliance Asset Management).
His move suggests both that MFC is serious about building a Greater China equities capability.
Officials at CICC AM say the firm is expanding its business in Hong Kong despite the departure of Lee. James Poon, CICC AM's head of marketing and MD in Hong Kong, says the Hong Kong team now has 18 people and is about to hire two more, and that its local head of equities, Low Yee-hsiang, is a 20-year industry vet who had joined from Morley Fund Management.
Poon says the firm does not manage any proprietary money, but all third-party assets, including a $500 million QDII mandate whose performance remains above water, with an NAV of more than 1. CICC AM also manages a hedge fund that is ranked in the top quartile of China hedge strategies by EurekaHedge. The firm manages around $4 billion in total.
Meanwhile, MFC Global, which has a total AUM of $210 billion, is building a respectable team for Greater China equities. Last year it hired Tahnoon Pasha, a heavy hitter who came from the Abu Dhabi Investment Authority. Now it has added Matthew Lee as well as Terrace Chum, who also brings 13 years of investment experience at Schroder Investment Management and, more recently, two Hong Kong hedge funds, working alongside veteran investors Bill Kay and Ophelia Tung.
The AU$85 billion ($61.6 billion) Australian super fund has some exposure to indebted property developer Evergrande. Meanwhile, China’s construction finance is part of its core strategy in real estate.
Investors are seeing the risks, but also the opportunities of the logistics sector. Warehousing their fears for the moment, they can see it's a good conduit to high-growth assets.
Insto roundup: GPIF staff say J-Reits more attractive than traditional assets; Hong Kong's strict Spac criteria
EISS Super hit by another scandal; China's CSRC launches consultation on disclosure requirements for new BSE securities; Hong Kong issues consultation paper on Spacs; New World Development partners with China Taiping to focus on Greater Bay Area projects; GPIF employees say Japanese Reits have grown more attractive; Taiwan's BLF invites bid for $1.7 billion mandate; and more
SGX’s new framework for Spacs will likely provide investors with a much-needed channel for direct deals, but the verdict is still out on whether it will bring liquidity to the bourse.