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
Last year Pictet surprised the funds industry by becoming the largest foreign asset manager in JapanÆs retail market, surpassing Goldman Sachs Asset Management and Fidelity International, thanks to its Global Utilities Fund, which has accumulated Ñ1.6 trillion ($13.3 billion).
Pictet executives have attributed success to offering an easily understandable product that provides returns that are stable, better than what domestic asset classes can give, and in the shape of monthly income (for an in-depth analysis of JapanÆs funds industry and PictetÆs rise, see AsianInvestor magazine, February 2007 edition).
Nikko is therefore introducing a global infrastructure fund. ôJapanese investors perceive infrastructure as similar to utilities, but we ant to expand this notion beyond electricity and gas companies,ö says Keiko Sakamoto, managing director and head of product development in Tokyo.
She says this means the fund will look at stocks for airports, telecommunications and highway companies, for example.
The firm has hired Macquarie Alternative Investments in Sydney to sub-advise the fund.
The firm wouldnÆt reveal its goal for asset-raising, but Sakamoto says it prefers a gradual accumulation rather than churn-and-burn tactics. ôOf course we hope it will become a big fund,ö she adds. Shinsei Bank is the exclusive distributor.
Nikko reports that stripping out the infrastructure-related stocks from the MSCI World Index, the sector has returned a cumulative 17-18% with volatility of 13% since 2000, in yen terms. It expects its fund to perform along similar lines û which is enough to beat indices in domestic asset classes. The fund will also provide monthly dividends, a feature that has become a must-have in JapanÆs retail space. It charges a management fee of 1.627% while Shinsei Bank will levy a 3% front-end load.
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.