Weekly Digest: HK eyes Mid-East family offices; KIC opens India office

Hong Kong officials plan Middle East visit to attract family offices; Korean SWF opens Mumbai office; GPIF makes first direct infra fund investment; Maharlika fund seeks to avoid 1MDB fate; and more.
Weekly Digest: HK eyes Mid-East family offices; KIC opens India office


Hong Kong officials are planning another visit to the Middle East in a bid to attract family offices to the city, the government has said, stressing that such wealth management firms do not require approval locally amid controversy over a Dubai prince’s commitment to investing in the city.

The Financial Services and the Treasury Bureau also said in a social media post on April 6 that recent “talk of the town” showed a general lack of understanding about family offices, but steered clear of mentioning Sheikh Ali Rashed Ali Saeed Al Maktoum.

Source: South China Morning Post

On April 2, the Korea Investment Corporation (KIC) officially opened it Mumbai office at the Jio World Convention Center in the Bandra Kurla Complex on April 2.

“KIC’s selection of Mumbai as its first overseas hub in emerging markets reflects its high evaluation of India’s economic potential. The Mumbai office will serve as a platform for entering the dynamic Indian economy,” KIC president Jin Seung-ho stated in his welcoming address.

Source: KIC

The Government Pension Investment Fund (GPIF) announced its first direct commitment to an infrastructure fund, the Brookfield Infrastructure Fund V from Brookfield Asset Management.

The pension fund has committed $300 million to the fund, as well as an additional $300 million in co-investments.

Source: GPIF



Australian insurer Suncorp Group said it will sell its New Zealand life insurance business, Asteron Life, to Resolution Life for NZ$410 million ($246.53 million).

Suncorp’s New Zealand general insurance business remains unchanged and part of the Suncorp Group. The deal is subject to regulatory approvals and is expected to complete within nine months.

Source: Suncorp Group

The Manildra Flour Mills Retirement Fund (MFMRF), established in 1977 by agribusiness Manildra Group, has been closed to new members and will terminate with effect from June 30, 2024.

As the fund will be terminating, members are required to decide which superfund they wish to transfer their superannuation account balance. 

The fund intends to fully liquidate its investments by April 30.

Source: MFMRF


Indonesia Investment Authority (INA) and Global Infrastructure Partners (GIP) have entered a strategic collaboration on infrastructure development in Indonesia.

This partnership seeks to identify investment opportunities and develop infrastructure in Indonesia, specifically within the target sectors of energy, transportation, digital infrastructure, and utilities.

Source: INA


Meiji Yasuda Life Insurance will raise its assumed rate of return for corporate clients with defined benefit (DB) plans at the insurer to 1.3% starting from April 2025, up from the current 1.25%.

The insurer is the first to raise DB returns after the Bank of Japan ended it negative rates interest policy.

The company lowered the fixed interest rate for corporate DB pension schemes to 0.5% from 1.25% for the opportunity to react even if interest rates drop again, while also guaranteeing yields of 0.8% for three years, which effectively is bring returns to 1.3%

Source: Nikkei Asia


The National Pension Service (NPS) is seeing more and more of its former senior managers moving to top-tier domestic law firms.

There are growing concerns that the former staff may be representing either NPS’ portfolio companies or their activist funds, affecting the pension fund’s important decision-making process.

More law firms are striving to recruit ex-employees of NPS as the pension scheme, the largest institutional investor in Korea, is strengthening its influence over portfolio companies, according to sources.

Source: Korea Economic Daily


The Philippines' new sovereign wealth fund is set to launch in the third quarter of this year with "proper" corporate governance to avoid the fate of scandal-ridden 1Malaysia Development Berhad (1MDB), according to its CEO.

In an exclusive interview with Nikkei Asia, Rafael Consing Jr. said Maharlika Investment Corp. (MIC), which has been hampered by a nearly yearlong delay, will prioritise transparency and accountability.

"We've got a fiduciary responsibility to run this capital allotted by the government to MIC with utmost transparency and professionalism, and responsibility and accountability. So, the only way that you can do that is basically having a proper corporate governance framework," the fund's top executive said.

Source: Nikkei Asia

The above briefs have been curated from third-party sources and news releases.

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