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.
This long-only, open-end, unit trust-style product is managed by MQ Portfolio Management. This team is the former proprietary desk of the Macquarie equity markets group, in something of a move from long/short to long-only. They arenÆt taking a black box approach to security selection, but they will be using quantitative processes and systematic screening.
Fees are 5% upfront with a 1.5% management fee, and a 10% performance fee over a 5% hurdle. Liquidity is available daily.
The fund is trying to aim for equity-style returns with bond-like volatility. Macquarie Global Infrastructure Index has gone up on an annualised basis by 26% on average during the last three years. The new fund will invest in stocks included in that index as well as in companies expected to be included at some point.
Putative investors might feel concerned that their money will go into speculative brownfield infrastructure projects, for example building Indian sewers; the kind of projects for which the third world would like foreign investors to pony up multi-billions at the same time as their own indigenous tycoons target cross-border M&A deals of western brands. However, the concept of this new fund is that investors will get exposure to mature infrastructure plays where predictable cash flow streams are already flowing.
The fund is a retail-approved product in Hong Kong and dividends will be rolled up into growth of the units. This product is also available to accredited investors in Singapore, and a Singapore-specific product will be launched in the future, which is expected to have a greater emphasis on dividend distribution.
HSBC is fund administrator, custodian and trustee of the portfolio.
After two tenures, AsianInvestor's 2021 Standout CIO Jang Dong-hun looks back on the past six years at Korea's Poba with satisfaction.
Risks including property downturn and ongoing pandemic make for difficult investment decisions.
As a pioneer in the Australian super space, CSC continues to focus on core objectives while taking calculated risks in an uncertain macro-economic environment.
The Asset Management Awards seek to recognise outstanding achievements among Asia Pacific-based fund and asset managers. Entries are open from now until March 4, 6pm HKT.