Costello forced to backtrack on Future Fund comments

Cbus names first deputy CIO; Axa appoints new HK CEO in reshuffle; Invesco adds Asia fixed income head; Swiss private bank CBH's Asia CIO to exit; JP Morgan AM changes manager of Thailand, Vietnam funds; and more.

Axa IM loses senior equity manager; Harvest grabs fixed income head from Manulife IM; Allianz names Asia life and health CEO; GAM adds Australia insto head; Aberdeen Standard hires investment specialist in Australia; HP Wealth expands team; East Capital internally promotes Asia head; Capital Group appoints marketing director; and more.

Singapore or Hong Kong may appeal to private equity managers for fund domiciling, as other offshore jurisdictions bring in stricter economic substance rules, thus reducing their attraction.

Although the bill now appears shelved, Hong Kong has lost some of its competitive mojo to rival wealth management centre Singapore, leading to a gradual haemorrhaging of assets.

China is looming larger on the radar of California’s $234 billion pension fund for teachers, as it undertakes a major portfolio management overhaul.