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
Martin is the second senior departure from New StarÆs Hong Kong office, after James Campion, formerly head of retail for Schroders in Hong Kong, left earlier this year.
Philip Goldsmith, managing director in the United Kingdom, says Martin left because, like Campion, his background was retail, specialising in wholesale distribution to independent financial advisors and the like.
New Star has for the past year oriented its Hong Kong business away from retail to focus solely on institutional business, Goldsmith says. That includes selling its investment expertise to insurance companies, funds of funds, family offices and private banks.
ôOutside of the UK, our strategy is institutional,ö Goldsmith says, noting the Hong Kong business model is now in line with what the firm does in continental Europe. New Star, which has a total of $34 billion under management, has both institutional and retail business in the UK. New Star began business out of the UK six years ago under John Duffield, formerly of Jupiter Asset Management.
Goldsmith says an institutional business doesnÆt require as many people as a retail one, so Martin wonÆt be replaced. Louis Poon will be the most senior person in the Hong Kong office, as direct of sales, a position heÆs held for over two years.
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
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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.