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.
Sources familiar with her decision say she does not have immediate plans to take on a full-time job. She is reportedly going to work for Amy Yip, CEO of DBS Hong Kong, on a part-time consulting basis. DBS Hong Kong is keen to build its business in structured products, both at a retail level and to sell these to institutions, and will draw on PaoÆs experience to do so. Yip was previously director in charge of reserves management at the Hong Kong Monetary Authority.
In addition to her time at Haps, Pao has another 15 years of experience in the investment field, half in fixed-income and currency portfolio management, and half in equity sales and research. When she joined Haps, she was replacing Jimmy Pun, who now works at HSBCÆs securities services business, serving pension fund clients.
While at Haps, Pao oversaw a reorganisation of the pension schemes, introducing membersÆ choice to its MPF-exempt Orso [Occupational Retirement Schemes Ordinance] pension plan in 2003. This involved introducing a number of lifestyle funds instead of lumping all of the schemesÆ defined-benefit accounts into a single investment vehicle.
Under her tenure, Haps has also been a pioneer regarding allocations to funds of hedge funds and the use of currency overlay programmes. Most recently, Haps began a trial use of wealth-weighted index benchmarks, mandating State Street Global Advisors for a passive mandate using a FTSE RAFI Hong Kong equity index. If successful, Haps may consider substituting these for active managers, Pao told AsianInvestor in September 2007.
Heman Wong is taking over the investment director role at Haps. Wong, who began at the start of the month, joins from the Mandatory Provident Fund Schemes Authority (MPFA), the regulator for the MPF system. He had worked at MPFA as treasurer, responsible for managing around $767 million, most of which consists of working capital originally provided by the government when the system was launched in December 2000; as well as the assets behind the MPFAÆs compensation fund.
Wong says he does not foresee making any major changes to HapsÆ investment strategy. ôItÆs a pension system, weÆre not selling bank products,ö he notes. He will be succeeded at MPFA by Dick Tsang, a former portfolio manager at Hang Seng BankÆs asset management unit.
Sunsuper and QSuper appoints CIO for combined entity; State Street appoints heads of HK and Taiwan; Nothern Trust rebuilds Apac team; Manulife IM names emerging markets fixed income CIO; RBC Wealth Management hires four into HK; Lombard Odier hires two senior equity managers; Allianz Global Investors appoints Asia hand as equity CIO; and more.
Investors from China and the US are expected to continue buying assets in each other’s markets despite the blacklist of Chinese firms with military and surveillance ties.
Stronger government actions are needed to meet the Paris Agreement goal of limiting global temperature rise to 1.5 degrees, investors such as Hesta and CDPQ signed in a statement.
AsianInvestor explains why we chose the winners of the second half of our 2021 fund manager winners, by major local markets.