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
From its Singapore offices, Malhotra will assume responsibility for GPCÆs onshore operation in India as well as its non-resident Indian (NRI) business. For the US bank, he will report dually to Raymundo Yu, chairman of Merrill Lynch Asia-Pacific region and head of Merrill Lynch GPC EMEA and Pacific regions and to Ausaf Abbas, chief administrative officer for its GPC EMEA Pacific and head of GPC for Middle East and India.
ôWe have an aggressive strategy to grow our GPC business in India over the next five years by hiring more financial advisors, targeting the affluent market and enhancing our offerings,ö says Abbas. ôAt the same time, we will expand our offshore business by targeting ultra-high net worth and high net worth non-resident Indians.ö
According to the joint Merrill Lynch/Capgemini 2006 World Wealth Report, India has one of the fastest growing high net worth individual population, with more than 83,000 dollar millionaires in the country at the end of 2005.
At Citi, Malhotra most recently led retail banking in Asia-Pacific. Prior to this role, he also held a number of senior positions at the same firm, including global head of non-resident Indian business in London and the Dubai-based role of area director for CitiÆs Middle East and non-resident Indian business.
He started his career with Citi in New Delhi and brings over 20 years of experience to Merrill.
Investors still favour private equity assets for their higher growth, better governance structures, and diversification potential.
The recent focus on greenwashing has put bond issues under greater scrutiny. However, some market participants believe this risks paralysis by analysis.
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.