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
If successful the shift could see Mercer marketing its multi-manager investment platform to the Hong Kong market, either directly or under a white label for other service providers, says David Anderson, outsourcing business leader for Asia Pacific in Sydney.
Mercer offers a soup-to-nuts outsourcing business on a regional level for North America and for Europe, as well as in Australia and New Zealand. Its business in Asia, on the other hand, has been fragmented and piecemeal, dictated by immediate client needs.
The firm has decided to incorporate Asian markets into the existing Australia/New Zealand operation, bringing it under AndersonÆs remit; he previously ran just Australia/New Zealand. Gary Tok transferred from Sydney to Hong Kong about six months ago to handle the outsourcing business for Greater China, and will report to Anderson as well as coordinate with other Mercer executives in Hong Kong, such as investment consulting MD Alan Flynn or the HR team.
Mercer already has a retirement outsourcing business in Hong Kong, and parts of outsourcing business in Taiwan, Korea and China. The full service runs the gamut of administration and wealth management, and includes funds management, product development, platform establishment and member services û itself a broad term that includes reporting, seminars, online transactions, modelling retirement savings and insurance, call centre service and financial advice.
Although best known for servicing corporations and helping them manage their workforces, over the past few years Mercer has also moved to directly service individuals, including high-net-worth people, particularly in the fields of advice, education and online services. Thirdly it is targeting institutions that white-label its services, a business it has already in Australia and is exploring now in Hong Kong. Anderson is also reviewing India and China to provide actuarial services and third-party fund administration for retirement schemes.
Financials and healthcare have been spotted as promising sectors, while several tech IPOs are on the way, including a $2.2 billion fintech firm and a GIC-backed e-commerce startup.
A strong recovery in the Asia Pacific private capital markets in 2021 sets up favourable hiring and compensation trends.
The $95 billion Korean savings will set up a separately managed account for real estate debt investment early next year in order to shorten decision-making and help it win deals in a crowded market.
The fund's 29.6% returns marked its best ever and exceeded its reference portfolio, which has 80% allocated to equities, by 1.73%.