In new statements on the extent of greenwashing in the fund management industry, Desiree Fixler highlights some uncomfortable truths about sustainable investing.
Fortis PFS has been going through a transition period. Last year, Gordon Shaw assumed interim responsibility for the Asia business, as London-based managing director, after the local executive, Tim Mann, had departed last October for Mourant. Joanne Murphy, who had been handling new business development, also left the firm in February; the firm's Tokyo head, Andrew Mascall-Robson, also departed last summer for JPMorgan.
Now Ngan will take over responsibility from Shaw for Fortis PFS offices in Hong Kong, Singapore and Tokyo, with a mandate to expand current service levels and product range for existing clients, and introduce Fortis PFS services to new markets. She will leverage the experience of Stewart Bent, who has been running business development for the firm in Asia for about two years, having joined from HSBC Alternative Fund Services.
The firm is among AsiaÆs top-three hedge-fund service providers with $28 billion of assets under administration.
Ngan arrives at a time of flux for Fortis Group in Asia. Fortis Investments is in the midst of integrating the asset-management and private-banking operations of ABN Amro, while it has in turn sold 50% of its equity to Ping An Life Insurance. These deals do not directly involve Fortis PFS.
For Ngan, the move is unconventional, given her executive background in funds management. She has just left Principal Global Investors as COO for Greater China, running the firmÆs retirement and investment operation in Hong Kong and a mutual-funds joint venture with China Construction Bank in Beijing. Principal execs declined to comment on her replacement.
Before that, she had been CEO of the Hong Kong and Singapore offices for Invesco, reporting to Asia-Pacific CEO Andrew Lo, in a role that covered Southeast Asia, Taiwan, Korea and the Middle East.
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Already on the rise pre-Covid, investments into data centre assets in Asia have accelerated in the past year, fuelled by interest from investors across the spectrum.
Actively managed funds were also not found to have better odds of higher returns than more passive funds.