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
Xiong Xiong, GoldmanÆs China country portfolio manager and consumer sector analyst, has teamed up with his ex-colleague, Vincent Ee, the Taiwan country portfolio manager and telecommunications analyst.
As the fundÆs name suggests, the fund strategy is Greater China, with a focus on the mainland, which will be obtained via H shares, red chips and A shares, in addition to Singapore and Nasdaq-listed Chinese shares. Taiwan will also be a component of the asset allocation, up to 20% of assets, together with Hong Kong shares on a selective basis.
Libra Capital Management, whose founders met AsianInvestor at last weekÆs Morgan Stanley hedge fund conference in Shanghai, starts with a team of eight and envisages hiring another three to four people in the next 12 months. Currently Libra has an office in Singapore, with a research office also in Shanghai. They are in the course of applying to Hong Kong regulators to open up a future office there.
The fund managers are inclined towards large and mid caps and have a guideline of being able to liquidate positions in five trading days, assuming their exposure accounts for one third of prevalent trading volumes.
Volatility of the fund is estimated at low to mid teens. The managers declined to disclose target returns for investors. There are no lock-ups, and fees are 2% and 20%.
They target 30-40 long positions along with 10-15 shorts. Average exposure will be 90-130% long and 50-70% short. Under normal circumstances, net exposure will be 50-60%, although under the rarified conditions today they envisage it might be closer to 30-40%.
Service providers are Morgan Stanley and Goldman Sachs as co-prime brokers, Fortis as fund administrator, Clifford Chance as lawyers and Price Waterhouse as tax advisers and accountants.
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.