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
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.
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.