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 principals, Stefan Bohalder and Philippe Gilliard, hope that they can get going again with the backing of a new seed investor and a relaunch, on the rationale that they have all their operations and systems in place and a decent performance track record on 10% volatility. In 2007, their US dollar class returned 6.57%, making it a top quartile performer in Japan.
In January, things went haywire and the fund was down 14% as their directional strategy found itself on the wrong side and was carrying high gross exposure. The largest investor (British) in the $16 million fund shrieked and ran away. The others couldnÆt invest more to bring the fund back to critical mass and they bailed out too.
As AsianInvestor has been finding out in the past six months, Japanese hedge fund managers are becoming a rare species. CEO Philippe Gilliard points out: "The whole world is underweight in Japan and funds are throwing in the towel. Those who can stay in business may have big opportunities when it turns.ö
His words emulate nearly precisely those, from an investorÆs perspective, of RMFÆs Adrian Gmuer, who told us earlier this year. ôHedge fund investors have been throwing in the towel on their Japanese managers to chase other returns in attractive marketsö. Gmuer says his own Man Investments unit was not throwing in the towel on Japan.
Perhaps thereÆs a lesson to be learned. A fund shouldnÆt put all its eggs in one investorÆs basket. It also needs sticky investors, who donÆt redeem just because of a single month of poor performance. Perhaps Asia-based investors understand the rollercoasters of these markets better, unlike the Euro-continental-type investors who fly in twice a year.
The AU$85 billion ($61.6 billion) Australian super fund has some exposure to indebted property developer Evergrande. Meanwhile, China’s construction finance is part of its core strategy in real estate.
Investors are seeing the risks, but also the opportunities of the logistics sector. Warehousing their fears for the moment, they can see it's a good conduit to high-growth assets.
Insto roundup: GPIF staff say J-Reits more attractive than traditional assets; Hong Kong's strict Spac criteria
EISS Super hit by another scandal; China's CSRC launches consultation on disclosure requirements for new BSE securities; Hong Kong issues consultation paper on Spacs; New World Development partners with China Taiping to focus on Greater Bay Area projects; GPIF employees say Japanese Reits have grown more attractive; Taiwan's BLF invites bid for $1.7 billion mandate; and more
SGX’s new framework for Spacs will likely provide investors with a much-needed channel for direct deals, but the verdict is still out on whether it will bring liquidity to the bourse.