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 company, which used to be state-owned, is following in the footsteps of public pension funds in Taiwan by experimenting with overseas institutional mandates, in this case for its corporate war chest.
It only handed out a single $100 million, global-balanced mandate, said to be on an absolute-return basis. Only fund houses with an onshore presence were invited to bid for the business; reportedly there were six others competing for it.
The public pension funds in Taiwan have also become keen on absolute-return mandates; the Bureau of Labour Insurance attempted such an outsourcing earlier this year but killed the effort when it realised this would involve derivatives; and just this month, the Public Service Pension Fund has awarded $600 million to three firms willing to attempt absolute returns despite their inability to use derivatives aside from strict hedging purposes.
Whereas the public pension funds are demanding high returns, Chunghwa PostÆs requirements are reportedly more palatable: three-month US Libor plus 200 basis points. But, also like the public funds, Chunghwa Telecom is reportedly imposing requirements such as onerous reporting should the portfolio suffer losses any given month.
Hong Kong’s Mandatory Provident Fund recorded investment losses for 2021 as local and mainland Chinese equities underperformed, but experts eye other headwinds for the coming year.
One of Hong Kong's biggest family firms, New World Development, plans to beef up its ESG vision, leading the way for other family offices and family firms in the region.
Nature loss across Asia will profoundly damage economic activities that rely on natural capital, according to several recent studies. Investors need to act.
Nuveen’s Simon England-Brammer discusses the firm’s investment outlook, identifying the opportunities and risks across a range of asset classes.