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
Both offices will report directly into ClearstreamÆs Hong Kong office, which has been open since 1992. Philippe Metoudi, head of the Asia business, says the organisation now has eight offices worldwide, including Frankfurt, London, New York and Dubai, as well as its headquarters in Luxembourg.
The international clearinghouse will serve approximately 100 clients based in Singapore. Of this client base, central banks, commercial banks and broker dealers will now have more direct access to ClearstreamÆs capabilities which includes the clearing and settling of trades, assuming custody of securities and serving as a counterparty guarantor for the settlement of all securities trades.
The move was prompted by SingaporeÆs growing attraction for European private banks to use it as a booking centre and a hub for regional wealth-management activities. Executives in the industry speculate Clearstream may use Singapore as a base to service Southeast AsiaÆs local bond markets, in local currencies, but Metoudi would not comment on this.
The opening this week of the Tokyo office follows on a groundbreaking move in November 2006, when Clearstream because the first international central securities depositary (ICSD) to offer settlement of interest-bearing Japanese government bonds outside Japan. The JGB market is the worldÆs largest sovereign bond market, with an estimated $7 trillion of outstanding issuance.
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.