In new statements on the extent of greenwashing in the fund management industry, Desiree Fixler highlights some uncomfortable truths about sustainable investing.
Lu will report to Tom Lynch, head of global markets in Asia and Peter Baker, head of investor services in Asia. He is replacing Michael Chiu, who has been transferred back to Hong Kong as head of operations. Lu has been with State Street in Boston since 1999.
Before Lu was made vice president, he was a senior strategist in the firm's project management team. Lu is a CFA and a MBA graduate of Boston College. He also holds a Masters of Engineering degree from Beijing's Tsinghua University.
State Street has been active in the mainland market for more than 10 years. However, its Beijing representative office has yet to receive approval and the firm has yet to receive banking license to operate in a local capacity.
Lu and his team will chiefly focus on liaising with mainland institutional investors, bringing in potential investment management, custody, administrative, foreign exchange and securities lending business for State StreetÆs fund management, banking and custodian arms in Hong Kong.
KK Tse, executive vice president and head of investment services in Asia-Pacific, says LuÆs solid experience, strategising skills, local knowledge and cultural ability will make him a good fit to lead State StreetÆs development in China.
Previously, State Street established relationships with Bank of China and Industrial and Commercial Bank of China to advise the Chinese banks on their custody operations. State Street was also responsible for introducing exchange-traded funds to mainland China by advising the Shanghai Stock Exchange and top fund houses û China Asset Management and E Fund Management.
Tse notes the China-related custody business has quickly transformed into the third largest market in Asia in the past few years, just after Australia and Japan.
Meanwhile, Lu will also help pursue opportunities in the QDII market and ChinaÆs corporate pension business. State Street is actively opening up new relationships with banks, fund houses and pension funds currently.
Unlike most of its competitors, Tse says State Street has no plans to enter into a joint venture in China at the moment in the areas of fund management or banking. He notes that international banks looking to enter the custodian market will still see some hurdles posted by mainlandÆs approval regulator.
CDPQ's Ivanhoe Cambridge hires ex-GIC real estate expert; NZ Super adds board member; Future Fund appoints chief people officer; BlackRock real estate CIO joins Singapore's Capitaland; AMP Capital hires MD for energy; Northern Trust AM names new CIO; T Rowe Price hires AU and NZ institutional head; Nuveen hires Southeast Asia institutional head; Citi names sustainability head in Singapore; and more
Investors are increasingly turning to private companies and private debt in their hunt for ESG alpha, but the age-old problem of transparency and due diligence remains
Already on the rise pre-Covid, investments into data centre assets in Asia have accelerated in the past year, fuelled by interest from investors across the spectrum.
Actively managed funds were also not found to have better odds of higher returns than more passive funds.