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
Noble is also looking to add an Asia ex-Japan and an Asian single-country strategy to its roster this year, says Shabir Chowdhary, managing director in London. He set up the company in response to demand among investors for new managers with strong performance. In the past he worked for Merrill LynchÆs prime broking desk in the United Kingdom.
The first strategy is the Stamford Global Event Driven Fund, managed by Kenneth Jeyaretnam. Noble hopes to raise $40-50 million for it. The fund will invest in merger arbitrage, valuation and spin-offs, and distressed debt or restructuring opportunities. The fund is global, including exposures to Europe and US cross-border deals, although it will not look for purely domestic America transactions, as the manager believes the market is crowded.
Chowdhary explains that Jeyaretnam, a Singaporean native, will leverage his regional contacts to source deals. He has already managed a similar strategy for UK-based Titanium Capital, and has a network of legal and corporate advisors that will work exclusively for him and not other investors.
About 35% of the Titanium fund, which launched in 2004, had exposure to Asia. It delivered a net return to investors of 18.5% for the year (19.45% annualised) with a Sharpe ratio of 2.93. Before managing the Titanium fund, he served as investment manager at Cross Asset Management, which ran a Europe-focused event-driven fund.
Jeyaretnam has also run an internal hedge fund for four years at Nomura Securities, concentrating on Asian equity volatility and event-driven deals.
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.
Insto roundup: GPIF staff say J-Reits more attractive than traditional assets; Hong Kong's strict Spac criteria
EISS Super hit by another scandal; China's CSRC launches consultation on disclosure requirements for new BSE securities; Hong Kong issues consultation paper on Spacs; New World Development partners with China Taiping to focus on Greater Bay Area projects; GPIF employees say Japanese Reits have grown more attractive; Taiwan's BLF invites bid for $1.7 billion mandate; and more
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.