The Dutch pension asset manager's Asia Pacific head of real estate says his team has just had one of its busiest years ever and that 2021 is looking similarly promising.
Penn was sidelined in September last year after the Australian Prudential Regulation Authority (APRA) investigated AXAÆs decision to recalculate benefits paid to staff under its superannuation plan.
At the time AXA moved to quell negative media reports by placing him in a strategic development role. For the last 10 months his duties as the head of the Australasian business have been handled by the insurerÆs group chief executive Les Owen.
Owen was short on detail when he reinstated Penn yesterday. ôAndy is one of our most experienced executives and I am delighted that he is returning to his role,ö he says.
Penn has been with AXA in Australia since 1992. He was appointed chief financial officer in July 2002 and then head of Australasia in February 2004.
AXA came under investigation by APRA in the middle of last year. This occurred when some staff members complained about the prudential and disclosure aspects of a decision in 2002 to change the method of calculating the interest rate on termination benefits left in the AXA super fund from a æsmoothedÆ rate to an actual earnings rate.
The insurer eventually resolved the issue by adjusting upwards the superannuation benefits of more than 2,000 current and former staff members.
Mega players Nippon Life and Dai-ichi Life are looking for opportunities in higher-yield single-A US corporate bonds, which offer more appealing yields than stagnant domestic offerings.
The “lower for longer” monetary policy and stimulus packages, coupled with the rolling out of vaccine programmes favorably support real estate investing in the region, with offices and data centres presenting forward-looking opportunities.
As US fixed income default rates rose and yields fell during the pandemic, are Asian bonds, which have had more stable yields through 2020, looking more attractive?
Insto roundup: Norway's Oil Fund praises China governance efforts; NPS commits $100m to taxi-hailing app
Norway's Oil Fund welcome Chinese proposals improving transparency and shareholder protection; HK's MPF assets surge 35% year on year; Korea's NPS commits $100m to TPG consortium to invest in taxi-hailing app; Poba commits W270bn to European property; Malaysia's EPF sees investment income rise 59% year-on-year in first quarter, and more.