Tokio Marine appoints new CEO for Asia region; Ben Rudd made CEO of Prudential Wealth Management; HKEX hires from Prudential; Samsung SRA appoints former KIC infra head as CEO; HSBC Asset Management appoints senior vice president; Morningstar names head of manager research for Europe and Asia; PGIM adds ESG lead for Europe and Asia; Apex Group adds Singapore managing director; 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.
Hong Kong’s Mandatory Provident Fund recorded investment losses for 2021 as local and mainland Chinese equities underperformed, but experts eye other headwinds for the coming year.
One of Hong Kong's biggest family firms, New World Development, plans to beef up its ESG vision, leading the way for other family offices and family firms in the region.
Nature loss across Asia will profoundly damage economic activities that rely on natural capital, according to several recent studies. Investors need to act.
Nuveen’s Simon England-Brammer discusses the firm’s investment outlook, identifying the opportunities and risks across a range of asset classes.