Asia Pacific's family offices are a nimble bunch and never more so than when it comes to ESG where they're already proving to be ahead of the regulators.
New Alliance is a joint venture between New York-based Alliance Capital Management, a unit of Axa Financial, and Hong Kong developer Sun Hung Kai. Both parents also own stakes in a Taiwan securities investment trust company (Site) JV with Far Eastern Bank.
The Securities and Futures Commission prosecuted the firm under Part XV of the Securities and Futures Ordinance. New-AllianceÆs funds acquired a 5.29% interest in Shandong Weigao Group Medical Polymer on 18 February 2004 but didnÆt report this to the SFC. Nor did it report increases of its interest to 6.46% on 5 March or 8.13% on 8 March.
Augustus (ôAugieö) Cheh, CEO for Alliance Capital Management for Asia ex-Japan, declined to comment.
An SFC spokesman declined to discuss details of the case but notes that depending on the severity of a breach, the SFC can either issue a warning letter or decide to prosecute.
Josiah Lam, magistrate at Hong KongÆs Eastern Magistracy, fined New-Alliance HK$12,000 and ordered it to pay investigation costs of HK$13,876 to the SFC. That total equates to around $3,325, an amount that the SFC says is in line with similar penalties for breaching the SFO. The SFC says it considers this the end of the matter and has warned the firm about its obligations as a licensee to have adequate systems to comply with the law and regulations.
Investors are bringing an ESG focus to opportunities, while being aware that this does not mean an automatic boost to returns.
When it comes to scale and diversity, the China market is now second to none. Investors, however, need to take a long view on a sometimes volatile market, experts from the likes of GIC said.
The age of Asia will soon arrive as the world is shifting towards multipolarity. What are the key trends that investors and business leaders should be aware of?
The two Apac sovereign funds are focusing on renewable and clean energy infrastructure assets as part of their fine-tuned investment strategies.