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.
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.
Signatories are advocating for a robust policy on plastic pollution amid concerns that states would support a less ambitious mandate.
The Covid-19 variant is unlikely to cause distress for investors banking on global recovery, but quarantine restrictions in Hong Kong are set to put the bite on any comeback.
China Life names Yuan Changqing as acting chairman; Future Super hires operations chief; China Life Franklin Asset Management CIO and deputy CEO leave; Willis Towers Watson has hired Kameswara Natakusumah as head of Indonesia; Prudential hires ex-Apac CEO for Allianz George David Sartorel as a non-executive director; Manulife IM hires into multi-asset solutions team in Asia; PineBridge Investments hires from BNY Mellon IM; and more.
The family office of Alibaba's co-founder likes to do its own hands-on due diligence and favours deals that can make a difference, rather than investments for the sake of ESG.