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
As one of the best known prime brokers in Asia, he led the build-up of Morgan Stanley's prime broking unit over many years and is widely respected in the industry for his insights into the alternatives and hedge fund world.
During Baker's tenure, Morgan Stanley was a prime broking market leader in Asia and his team won AsianInvestor's award for 'Best Prime Broker' in 2004, 2006, and 2007.
Following the market uncertainties after the collapse of rival prime broker Lehman Brothers, hedge funds became jittery about having their assets with a securities company. In the following days, especially before Morgan Stanley's position was perceived to be stabilised by the news that it had converted into a bank holding company, it was rumoured that a substantial amount of hedge fund balances had migrated from Morgan Stanley to other prime brokers.
Along with nearly all firms on the street, Morgan Stanley is undergoing a personnel retrenchment process, one that is not limited to prime broking, and that will now continue to move down from managing directors through the other ranks. Prime broking, while it will endure as a hedge fund service, is going through a metamorphosis at present, and its entire product range, staffing requirements and general scope is under the microscope.
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.
Insto roundup: GPIF staff say J-Reits more attractive than traditional assets; Hong Kong's strict Spac criteria
EISS Super hit by another scandal; China's CSRC launches consultation on disclosure requirements for new BSE securities; Hong Kong issues consultation paper on Spacs; New World Development partners with China Taiping to focus on Greater Bay Area projects; GPIF employees say Japanese Reits have grown more attractive; Taiwan's BLF invites bid for $1.7 billion mandate; and more
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.