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Yuen is a respected member of Hong KongÆs institutional-investment industry. He has served for over three years at Hongkong Land, part of the Jardine Matheson Group, where he has reported to group treasurer Jim Rush. Before that he managed the pension fund at MTR Corporation, where he worked for over seven years.
Tsang says the Jockey Club is always looking for good people. ôIÆve been looking to fill this role for two years and this was an opportunity,ö he says. Beyond that generic reason, the clubÆs fund size is growing and the types of investments it makes is becoming more complicated, so it needed to beef up its team.
The club is looking to add alternative investments such as hedge funds and real estate, which requires more attention by specialists.
ôInitially IÆll work closely with Keith but eventually heÆll take on responsibility for all portfolio management,ö Tsang says, noting that he has had to handle this job in addition to his other treasurer duties.
Yuen says he is excited at the prospect of getting involved in the nitty gritty. His work at Hongkong Land, which includes representing the unit on JardineÆs pension fund advisory council, is broader.
He has overseen the companyÆs liability management and fund raising activities. Similarly at MTR, he tended to have a high-level, trustee responsibility for the pension fund. The work at the Jockey Club will be just on the asset side. ôItÆs what I call a æroll-up-the-sleeves approachÆ,ö Yuen says. ôBut the asset size is much bigger in terms of scope and the investment team.ö
The AU$85 billion ($61.6 billion) Australian super fund has some exposure to indebted property developer Evergrande. Meanwhile, China’s construction finance is part of its core strategy in real estate.
Investors are seeing the risks, but also the opportunities of the logistics sector. Warehousing their fears for the moment, they can see it's a good conduit to high-growth assets.
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SGX’s new framework for Spacs will likely provide investors with a much-needed channel for direct deals, but the verdict is still out on whether it will bring liquidity to the bourse.