The Dutch pension asset manager's Asia Pacific head of real estate says his team has just had one of its busiest years ever and that 2021 is looking similarly promising.
Lehman analyst Nick Spratt joins the hedge fund to focus on event-driven opportunities in Japan.
Nick Spratt has joined Hong Kong-based hedge fund Thaddeus Capital as a senior analyst. He will focus on Japan non-financials and regional media and entertainment at the new event-driven fund.
He will be joining hedge fund veterans Charle Peza and Paul Sheehan who launched the fund on 1 June, having previously been co-founders of HDH Advisers and John Locke Capital respectively. Spratt will tackle Japanese corporations while the teamÆs bank expert and former Federal Reserve examiner Sheehan will continue to handle the Japanese bank portfolio.
Spratt joins a team of five analysts at Thaddeus, including another recent arrival Kevin Chan who joined earlier from Credit Suisse. He had been head of an Asian proprietary trading desk in London; before that he was in derivatives research at Citigroup and ran quant/hedge research at ING
Thaddeus says it remains conservative about the event-driven outlook in Japan, sensing that activism as a theme there is still unproven. Despite all the chatter about private equity in Japan, their spokesperson poses the rhetorical question: ôItÆs a potential catalyst, sure, but where are all the private equity deals in Japan?ö
So, they are looking closely at M&A, restructurings, spin offs, and spotlighted the retail and pharmaceuticals sectors as areas of possible event driven activity in Japan.
Spratt had previously been working as a senior vice president at Lehman Brothers in Tokyo covering Japanese media and software companies. Before then he had spent two years in the firmÆs celebrated Hong Kong team for media, telecom and technology research; back in those dizzying millennial days in which Lehman Brothers used to style itself as AsiaÆs æinternet bank of choiceÆ and brokersÆ internet stock price targets were based on a multiple to page hits.
Mega players Nippon Life and Dai-ichi Life are looking for opportunities in higher-yield single-A US corporate bonds, which offer more appealing yields than stagnant domestic offerings.
The “lower for longer” monetary policy and stimulus packages, coupled with the rolling out of vaccine programmes favorably support real estate investing in the region, with offices and data centres presenting forward-looking opportunities.
As US fixed income default rates rose and yields fell during the pandemic, are Asian bonds, which have had more stable yields through 2020, looking more attractive?
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