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
The fund has held tentative discussions with Schroder Investment Managers, HSBC Investments and Deutsche Bank about the possibility of cooperation.
But he says it is probably going to take another one or two years before VSS will be ready to invest overseas. It is currently discussing the necessary regulatory approvals with its regulator, the Ministry of Finance. Phuoc notes the fund needs to diversify outside Vietnam to ensure it can achieve the higher returns it requires to meet its obligations.
Currently the VSSÆ assets remain in domestic bank deposits, government bonds and transportation and other infrastructure projects. Its investment target is 7% above local inflation, Phuoc says.
Two Vietnamese life insurance companies already invest abroad: BaoViet and Bao Minh. But Phuoc says these are not able to provide VSS with assistance or advice, as they are private companies with different liabilities.
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.