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
The firm originated as the in-house manager for General ElectricÆs pension trust and later, in 1988, branched out into third-party institutional and retail funds management. The GE pension fund now accounts for 29%, or $58 billion, of its AUM. Third-party clients account for 51%, or $100 billion, while it manages $25 billion (13%) for GE Insurance and the remaining 7% for GE employees.
Of its third-party business, $72 billion is managing general insurance accounts, $18 billion is for separate or commingled institutional accounts and $10 billion represents mutual funds.
ôWe have a strong alignment of interest with pension clients,ö says Jack Boyce, executive vice president for institutional investments in Stamford. ôWe manage their money just as we do for our own pension trust. ôWe also have a lot of expertise in understanding the unique liabilities of insurance companies.ö He says the firmÆs investment expertise is in non-US equities, US equities and global fixed income.
The firm has been building a presence in Canada and Europe, and over the past 18-24 months has turned its attention to Asia Pacific. It has had a rep office in Tokyo for more than 10 years, and a three-year old research operation in Shanghai. These posts involve company research for the investment team.
Now the firm is transferring Eric Neustadt as managing director to run the unit in Singapore as a branch office. NeustadtÆs mission is to grow the business. He comes from the firmÆs consultant relations team in the US. In addition to Neustadt, the firm now has five analysts and one portfolio manager among the three locations.
Boyce says the focus now is institutional clients, mainly pension funds (corporate or state) and insurance companies. He says building onshore businesses in Asia is a longer-term objective. The firm already has institutional clients in Asia Pacific, although Boyce declined to quantify how much business the firm receives from the region, or how it will measure the success of its drive to develop business here.
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.