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.
James Johnstone, the last man standing of the four founders of Alcor, has been appointed as new CIO. The ongoing long/short fund is a continuation of AlcorÆs long/short sub-fund which had always been one of the components of its multi-strategy offering.
Kiwi Alastair Nicholson, who had been CIO, has left the firm along with Corey Gustin and support staff. Nicholson once headed equity derivatives for Lehman Brothers in Hong Kong before returning to New Zealand and later becoming a hedge fund manager. He returns once again to New Zealand where he is living the dream of managing his own plantation. He will be trampling the grapes in the vineyard of which he is proprietor, and if you want to try some genuine hedge-fund manager vino, look out for bottles of æRandom WalkÆ pinot noir in your local off-license. His future with the financial markets will be decided at a later date.
Back in the less bacchanalian world of hedge funds, Alcor soldiers on with $85 million of funds under management. They target annual returns of 20% on volatility of 7%. This year the fund is already up 10%. The fund charges management and performance fees of 1.5% and 20%, respectively.
James Johnstone will handle research matters for consumer and TMT, and AlcorÆs new research manager Simon Weston will focus on resources and financials. They will also be hiring several junior analysts.
Alcor had been seeded by CLSA. James Johnstone told AsianInvestor that the CLSA relationship has become even closer and the fund is likely to join the CLSA Capital Partners platform. There, Alcor would join the Clean Resources Asia Fund, the platformÆs other listed equity fund alongside a range of private-equity funds. Clean Resources Asia was started in 2006 by another Alcor founder, Andrew Pidden.
Mega players Nippon Life and Dai-ichi Life are looking for opportunities in higher-yield single-A US corporate bonds, which offer more appealing yields than stagnant domestic offerings.
The “lower for longer” monetary policy and stimulus packages, coupled with the rolling out of vaccine programmes favorably support real estate investing in the region, with offices and data centres presenting forward-looking opportunities.
As US fixed income default rates rose and yields fell during the pandemic, are Asian bonds, which have had more stable yields through 2020, looking more attractive?
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Norway's Oil Fund welcome Chinese proposals improving transparency and shareholder protection; HK's MPF assets surge 35% year on year; Korea's NPS commits $100m to TPG consortium to invest in taxi-hailing app; Poba commits W270bn to European property; Malaysia's EPF sees investment income rise 59% year-on-year in first quarter, and more.