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
NewFinance was founded in 2002 by Marc Hotimsky, formerly head of global fixed income at Credit Suisse, and Georges Saier, previous head of proprietary trading at JPMorgan. It began with $40 million in a multi-strategy fund of hedge funds, but has grown to $5 billion invested across nine products, half of which are multi-strategy, and the other half in eight specialist strategies.
The firm was acquired by Schroders last year, and took over SchrodersÆ own, smaller fund-of-hedge-funds business. It retains its own brand but serves as SchroderÆs hedge fund arm.
Thor Monsen has moved from London to Hong Kong to oversee NewFinanceÆs research operations around the region. He joined the firm in 2004 after a career at another London-based fund of hedge funds, Atlas Capital. NewFinanceÆs marketing effort in Asia Pacific will continue to be handled out of London, but the firm will also rely on SchrodersÆ local distribution network.
Monsen explains the growth of Asia-focused hedge funds warrants a presence on the ground. There are now 900 hedge funds with such a focus, many of them located in Hong Kong, Singapore, Australia and Japan. ôItÆs a great advantage to be here, rather than just spending a few days here at a time every few months,ö Monsen says. ôHere IÆm more in the loop, I meet people for lunch and dinner, I hear the rumours. ItÆs a small world in Hong Kong and people know each other.ö
Of NewFinanceÆs $5 billion of assets, around $400 million is dedicated to Asia hedge funds, although exposures to global strategies make the firmÆs commitment to Asia hedge funds greater. In relative terms, Monsen believes this will increase, as the region continues to attract dedicated pools of capital, and as the expanding universe of hedge funds helps develop local capital markets.
Kwap property arm appoints CEO; VFMC names new CEO as Lisa Gray retires; MSIG Singapore promotes Mack Eng as CEO; Monroe Capital opens first Asia office in Seoul, hires head from Aberdeen; Vanguard Australia appoints new MD to relocate from US; HSBC AM expands EM debt team; Vantage FX hires from CGS-CIMB in Singapore; and more.
Financials and healthcare have been spotted as promising sectors, while several tech IPOs are on the way, including a $2.2 billion fintech firm and a GIC-backed e-commerce startup.
A strong recovery in the Asia Pacific private capital markets in 2021 sets up favourable hiring and compensation trends.
The $95 billion Korean savings will set up a separately managed account for real estate debt investment early next year in order to shorten decision-making and help it win deals in a crowded market.