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
Macquarie-IMM, which is 65% owned by Macquarie and 35% owned by IMM & Co., grew as a fund manager oriented toward fixed income. But, says CEO Jae Lee, the firm has reinvented itself in the past 18 months as a provider of alternative asset classes to the local retail market.
ôWe have won big retail mandates for global and Asia real-estate investment trusts and infrastructure funds,ö Lee says. These products have brought in W4.5 trillion ($5.1 billion) in the past year, and now comprise nearly half the firm's total W10 trillion ($11.3 billion) of assets under management.
Pricing details of the acquisition were not disclosed.
ôWe've taken a leadership role in introducing these products to Korean retail investors,ö Lee says, noting the firm realised that demand for fixed-income funds - always a low-margin business - had long since tailed off, and that demand for Bric or emerging-market funds had cooled since last summer's market volatility.
Goldman is expected to broaden the range of product, introducing the full stable of its offshore investments. A spokesman at GSAM in Seoul says the firm will retain Lee as CEO and all 38 staff, including marketing, client service and investment teams for Korean equities and fixed income. In turn the firm will bring its global product range and risk management capabilities. Lee will now report to Oliver Bolitho, head of GSAM for Asia ex-Japan in Hong Kong. GSAM manages $627 billion worldwide.
Macquarie has no immediate plans to reincarnate its onshore mutual funds business. But it continues to manage infrastructure funds through the bank's own asset management unit, and will continue to sub-advise products for Macquarie-IMM and Shinhan BNP Paribas Asset Management. It also will continue to offer infrastructure and Reit funds, in both listed and private opportunities, to both retail and institutional investors, says a Macquarie spokeswoman.
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.