NUVEEN POACHES PROPERTY SPECIALIST FROM INVESCO
US asset manager Nuveen has appointed Louise Kavanagh as Hong Kong-based managing director for real estate, effective November 17.
She joined from rival Invesco, having served as fund manager of its Asia core real estate fund since its inception in 2013. The US firm declined to comment on her departure.
At Nuveen, Kavanagh will lead a team focusing on opportunities in the largest, most transparent cities across Asia-Pacific, said the firm in a release about her hire.
She will work closely with TH Real Estate, a Nuveen affiliate, and provide it with regional real estate expertise, but will be functioning under TH Real Estate’s parent Nuveen.
Kavanagh is Nuveen's first property professional in the region, although TH Real Estate already had real estate investment staff in the region, including Singapore-based Chris Reilly, managing director of Asia-Pacific.
Asked whether Nuveen would make further additions to the property team in the region, a spokesman told AsianInvestor the firm was closely monitoring the region and would make hiring plans accordingly.
Nuveen, rebranded in January from TIAA Global Asset Management, is the investment manager for the Teachers Insurance and Annuity Association of America (TIAA), a New York-based provider of retirement-focused financial services. Nuveen does not have an Asia head of real estate as such, said a spokesman by email.
Kavanagh joins several former colleagues at Nuveen. Simon England-Brammer and two members of his institutional team moved from Invesco last year to become Nuveen's first sales staff based in Asia, as first reported by AsianInvestor.
Before joining Invesco Real Estate, Kavanagh had been Asia-Pacific head of acquisitions and asset management at RREEF Real Estate, the real asset investment arm of Deutsche Bank. She has also worked for Investa Property Group, Colonial First State Property and Royal Sun Alliance in Australia and Hong Kong.
BLACKROCK, SCHRODERS WIN PFM LICENCES
Schroders and BlackRock's wholly foreign-owned enterprises (WFOEs) in China won approval to run onshore private fund management (PFM) businesses on December 25.
David Guo, head of China business at Schroders, is also head of the British fund house's investment management WFOE, which has about 10 team members.
Schroders has already made hires for the PFM and will continue to expand our team as the business grows, said a spokesman for the firm.
For BlackRock, Chen Ting is the general manager and legal representative of the WFOE, which has a team of eight.
The two asset managers are required to roll out their first private funds within six months of obtaining their PFM licences.
UBS WM SHUFFLES ROLES IN HONG KONG
Swiss bank UBS has made a number of internal senior appointments in its Hong Kong wealth management business, effective early in 2018.
Jean-Claude Humair (pictured left), head of domestic Hong Kong business, will become head of investment platforms and solutions (IPS) for Asia Pacific, effective March 1, according to an internal memo.
His responsibilities include aligning UBS’s IPS business with its wealth management (WM) business in Asia. Humair will also join the WM IPS management committee, as well as continuing to serve on the WM Asia-Pacific executive committee.
He succeeds Matthew Rule, who will continue as Asia-Pacific head of IPS distribution management, and he will report to Christian Wiesendanger, head of IPS, and Edmund Koh, Asia-Pacific head of wealth management.
Upon assuming his new role in March, Humair will be replaced jointly by Adeline Chien and LH Koh (pictured), both of whom will report to Amy Lo, head of wealth management for Greater China and chief executive for Hong Kong.
Effective March 1, Chien and Koh will become regional market managers for the Hong Kong domestic business. Koh will also take up the role of regional market manager for Japan international business.
Chien is currently the country team head for Hong Kong, and Koh is the country team head for China international business. No replacements for their respective roles have been announced yet.
Finally, Stefan Lecher will take up the role of local product head for Hong Kong, effective January 1, reporting to Humair.
Lecher replaces Bryan Crawford, who is now global head of investment funds and alternatives distribution. Lecher will retain his current role as Asia-Pacific head of IPS client portfolio management.
AMP CAPITAL SHUFFLES AUSTRALIAN EQUITIES TEAM
Australian investment manager AMP Capital has created two new portfolio manager roles as part of a restructuring of its Australian equities business, which also saw Michael Price, head of Australian fundamental equities, exit.
Jason Davis and Matthew Griffin have been hired to fill newly created roles as co-portfolio manager for systematic investments and small-cap income, respectively. The roles were created after AMP repositioned its Australian equities business in October to focus on areas of client demand, a company spokeswoman said.
Davis will be co-portfolio manager in systematic investments effective February 5, where he will be responsible for managing systematic funds, according to the spokeswoman.
Based in Melbourne, Davis will be working alongside and reporting to Genevieve Murray, co-portfolio manager and head of Australian equities, the spokeswoman confirmed.
He was most recently a director at Strategic Income, as well as head of portfolio management at investment manager Ankura Capital.
Matthew Griffin will join AMP as co-portfolio manager, focusing on small-cap funds, effective March 19. Based in Sydney, he will be working alongside co-portfolio manager Phillip Hudak. Griffin will report to Murray as well, the spokeswoman said.
Most recently, Griffin was investment director of small caps at Australian investment manager IFM Investors.
AsianInvestor was unable to reach Strategic Income and IFM Investors by press time.
Price, who has been with AMP since 2012, left the investment manager in November, the spokeswoman confirmed, as a result of the repositioning of the Australian equities business, and his role as head of Australian fundamental equities was no longer required. Murray was then appointed to her current role as head of Australian equities, as well as co-portfolio manager for systematic investments.
T. ROWE PRICE EXPANDS AUSTRALIA SALES TEAM
US asset manager T. Rowe Price has added two to its Australia distribution team, one of which is a new hire and the other an internal transfer.
Effective September 29, a T. Rowe Price spokesman said, Shane Zabiegala is relationship manager with a focus on the intermediary market in Victoria and Tasmania. Based in Melbourne, Zabiegala reports to Heath Branigan, relationship manager for Australia and New Zealand in the global investment services business, the spokesman added. Previously, coverage of the intermediary market in Victoria and Tasmania was shared by the Australian distribution team.
Most recently, he was business development manager at Australian investment manager NAB Asset Management.
NAB Asset Management declined to comment on his replacement.
Lottie Ridley started as relationship management associate for Australia and New Zealand within the global investment services institutional team on October 5, the company spokesman said.
She supports institutional relationship manager for Australia and New Zealand Ben Daly and Melbourne-based relationship manager David Frazer, the spokesman added.
Ridley relocated from T.Rowe Price's London office where she held a similar role, and she is now based in Sydney. She reports to Frazer, according to the spokesman. Prior to her relocation and the creation of her role, her duties were shared by the Australia distribution team.
OLD MUTUAL WEALTH SELLS PART OF ITS FUNDS BUSINESS
Old Mutual Wealth announced the sale of its single strategy asset management business to private equity firm TA Associates in a deal that is expected to fetch Old Mutual £600 million ($809 million).
As of September 30, funds under management for the single strategy business stood at £25.7 billion ($34.7 billion), while net client cash flows for the nine months to September 30, was £3.5 billion ($4.7 billion).
The majority of the current management team of the single strategy business, including CEO Richard Buxton, will remain with the business, Old Mutual Wealth said in a media statement.
On September 3, Old Mutual Wealth announced that it was splitting its funds unit, Old Mutual Global Investors (OMGI), into two—a multi-asset business and a single-strategy business.
It considers the multi-asset business to be core to its wealth business strategy, while the single-strategy business was considered less aligned, Old Mutual Wealth said in a media statement.
There is no change to the multi-asset business, which will be rebranded as Quilter Investors during 2018 and led by chief executive Paul Simpson, who was previously investment director at OMGI.
Mitchell Dean was also named as chief financial officer (CFO) and operating officer of the multi-asset business after the split.
Dean’s role has been replaced within the single strategy business by Terri Borain, who has been promoted to CFO and Nicola Stronach, who is now chief operating officer, a company spokeswoman said. However, she did not provide Dean's former title.
The multi-asset business, which has around 40 employees, is expected eventually to expand to between 60 and 80 employees.
The business has recruited employees from OMGI, Old Mutual Wealth and external organisations, the spokeswoman added. OMGI has around 300 employees supporting both the single-strategy and multi-asset businesses.
As at September 30, funds under management for Old Mutual Wealth, excluding the single-strategy business, stood at £106.6 billion ($144 billion).
Old Mutual Wealth is part of FTSE 100 group Old Mutual, which offers life assurance, asset management, banking and general insurance.
MERCER NAMES PRESIDENT FOR WEALTH BUSINESS
Mercer has promoted a senior executive for its wealth business.
Effective December 14, Rich Nuzum became the president for global business solutions in the wealth business at Mercer. He reports to Julio Portalatin, president and CEO. Both are based in New York, the headquarters of the consulting firm.
Nuzum replaces Jacques Goulet, who will leave Mercer this month (January), according to a company spokeswoman based in Singapore.
He was previously the wealth leader of growth markets at Mercer. The successor will be named in due course, the spokeswoman said.
SAXO BANK HIRES HK CEO
Saxo Bank has appointed a chief executive in Hong Kong.
Taking up his duties on December 15, Matthew Long is now CEO of Saxo Bank’s Hong Kong office. He reports to Adam Reynolds, CEO for Asia Pacific, who is based in Singapore.
Long replaces Jessica Law, who is leaving the Denmark-based company, according to a company spokesman, who declined to comment on the timing of her departure. There are about seven employees in the Hong Kong office. the spokesman said.
Previously, Long was the global head of sales and head of Asia at money service operator OFX Group (Hong Kong), according to his LinkedIn profile. OFX has not replied to AsianInvestor’s query about his departure.
Other people news reported by AsianInvestor in the week commencing Dec 18: