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
Equity funds bore the brunt of the losses, posting an average decline of 1.65%. Bond funds managed to post an average return of 0.32%.
Kenneth Koh, Singapore-based head of research at Lipper, says fundamentals of the Singapore shares remain largely intact and valuations are looking more reasonable following the selloff last month.
However, local developments will likely continue to hurt property stocks while the US subprime mortgage crisis would continue to weigh on banking shares.
A recent additional property redevelopment tax hike by the Singapore ôappears to have struck a chordö in the otherwise piping-hot property market, Koh says.
In late-August, the Singapore government increased the tax on redevelopment by an average of 58% across regions on sites for non-landed residential property and 11% for landed residential property.
ôCaution has since set in among local and foreign investors alike,ö he says. ôThis is likely to put a dent in the performance of property counters.ö
Average August performance of fund groups registered for sale in Singapore, by asset types:
Bond Funds +0.32%
Protected Funds -0.05%
Hedge Funds -0.14%
Money Market Funds -0.37%
Target Maturity Funds -0.67%
Mixed-Asset Funds -0.67%
Guaranteed Funds -0.72%
Equity Funds -0.65%
Top 5 fund sectors in terms of performance in August, with their average gain:
Equity China +4.12%
Equity Sector Biotechnology +3.43%
Equity Greater China +2.65%
Equity Sector Utilities +2.64%
Bottom 5 fund sectors in terms of performance in August, with their average loss:
Equity Malaysia/Singapore -9.46%
Equity Malaysia -9.23%
Equity Asia-Pacific Small- and Mid-Cap -7.09%
Equity Indonesia -6.94%
Equity Thailand -6.9%
Top 5 equity funds in August, with gain:
ABN Amro China Equity +11.03%
HSBC GIF Chinese Equity +6.88%
UBS (SG) IF û Biotech +6.37%
DWS China Equity +6.09%
SGAM Golden China +5.74%
Bottom 5 funds in August, with loss:
Lion Capital Malaysia -13.47%
Legg Mason Southeast Asia Special Sits Trust -12.76%
Lion Capital Singapore/Malaysia -11.83%
United Asian Growth Opportunities Fund -11.29%
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.