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
Permal already has three products registered in Hong Kong, and can now market these directly to commercial banks.
These include low-volatility funds of funds for equity long/short, multi-strategy and natural-resources funds. ôOur natural resources fund of funds has outperformed the natural resources indices but with lower volatility,ö Tse notes.
Citibank has sold these Permal products in Hong Kong since 2003, but Permal can now take an active onshore role in areas such as training distributorsÆ staff or running client seminars. Permal staff routinely travel to Asia to work with private banks and other distributors, but now will be able to service them locally as well. The Hong Kong office can now also begin to expand its distribution relationships, notably in the retail space.
Permal is ranked as the fifth biggest fund-of-hedge-funds manager in the world. It was acquired last year by Legg Mason for $800 million. The firm was founded in 1973, making it one of the most storied in the alternative-investments industry.
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.