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
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.
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.