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
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.
Kwap property arm appoints CEO; VFMC names new CEO as Lisa Gray retires; MSIG Singapore promotes Mack Eng as CEO; Monroe Capital opens first Asia office in Seoul, hires head from Aberdeen; Vanguard Australia appoints new MD to relocate from US; HSBC AM expands EM debt team; Vantage FX hires from CGS-CIMB in Singapore; and more.
Financials and healthcare have been spotted as promising sectors, while several tech IPOs are on the way, including a $2.2 billion fintech firm and a GIC-backed e-commerce startup.
A strong recovery in the Asia Pacific private capital markets in 2021 sets up favourable hiring and compensation trends.
The $95 billion Korean savings will set up a separately managed account for real estate debt investment early next year in order to shorten decision-making and help it win deals in a crowded market.