The Dutch pension asset manager's Asia Pacific head of real estate says his team has just had one of its busiest years ever and that 2021 is looking similarly promising.
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.
Record low borrowing costs in Australia are feeding demand for the country's real estate, with domestic and global investors raising their allocations into the sector.
Experts have a diversified view on the appeal of private assets across the region, but one thing's for certain - inflows are rising, particularly into China and the US.
Malaysia's Armed Forces Fund hires new CEO; Canada's Omers appoints Asia capital markets managing director; HSBC Asset Management creates alternatives unit, appoints CIO as its head; Bank of Singapore names global wealth head; Aware Super hires IFA head; Hong Kong names acting head for MPFA; Schroders adding to Asia ESG headcount; and more.
Asian fixed income assets – including Hong Kong dollar (HKD) bonds – are luring growing numbers of global investors who are striving for reliable and consistent returns amid macro uncertainty compounded by rising inflation and rates, according to HSBC Asset Management.