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The move follows an expansion of Bernard ReillyÆs role as head of all Asia-Pacific, which led him to move to Sydney earlier this autumn. From there he now oversees the entire SSgA business in Asia, Australia/New Zealand and Japan. The firm sources $177 billion from regional clients, as of September.
Driscoll reports to Reilly, as does Japan president Koji Yamamoto and their counterpart in Australia, Rob Goodlad.
She has been with the firm for 26 years. (ôI joined when I was five,ö she jokes.) A lawyer, she started off in Boston in the legal department, then moved into the business-development area for the firmÆs large US defined-contribution pensions operation. Most recently she has been in charge of running its fiduciary business, which focuses on corporate clients that invest in their stock (as part of corporate pension schemes, for example).
She has arrived in Asia only this month. ôWhen Bernard decided to relocate to Australia to take on his wider business responsibilities, I threw my hat into the ring,ö she says.
Her new role will involve client relations, product development and sales for the firmÆs passive and active strategies, as well as its regional business in exchange-traded funds. She runs the Hong Kong and Singapore offices and has oversight for portfolio managers, product engineers and operations, among other functions.
She says her first task is to help clients get through the current market turbulence. Second is to ensure the firm offers them æbest of breedÆ in active and passive products. Third is to ramp up the growing ETF business. She says there are no plans to reorganise the company now that she is in place. ôIf market demand requires a shuffling of resources or new services, weÆll look into it, but so far thereÆs no sign of this,ö she says.
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.
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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.