Temasek appoints Robert Zoellick to board
Lim Boon Heng started his tenure as Temasek’s new chairman on Thursday (August 1) by appointing former World Bank head Robert Zoellick to the Singapore state investment fund’s board of directors.
Zoellick, who will take up the post on August 15, was president of the World Bank for five years until 2012. He has also held several senior government and diplomatic roles in the US, including a four-year stint as its chief trade negotiator during the administration of George W Bush.
That experience will be put to immediate use. “His appointment to our board comes at an opportune time, as Temasek sets out to establish its first US office in the near future,” says Lim. “[Zoellick’s] insights will be especially helpful as we continue to explore opportunities in the US, Europe and also in the various growth markets.”
Most of the fund’s portfolio investments are in Asia, primarily in Singapore and China, but it has already increased its exposure to North America and Europe to 12% as of March 31 from 11% in March 2012, according to its latest financial review.
Temasek's recent US investments point to a focus on the energy industry. Last year, it joined with private equity firm RRJ Capital to invest $468 million in Cheniere Energy, a Houston-based liquefied natural gas company that is building a West Coast export facility. The Singapore fund was also part of a $1.13 billion investment in Venari Resources, a deep-water exploration and production company in the Gulf of Mexico.
Zoellick also serves on the international advisory board of car maker Rolls-Royce and is a distinguished visiting fellow of the Peterson Institution for International Economics, as well as a senior fellow at the Kennedy School of Government at Harvard University.
Taiwan names new FSC chairman to board
Former deputy finance minister William Tseng yesterday replaced Chen Yuh-chang as chairman of Taiwan’s Financial Supervisory Commission (FSC).
The appointment, announced by Taiwan’s financial regulator on July 29, was part of a reshuffling of cabinet members made by prime minister Jiang Yi-huah, who took power in February.
Tseng was previously political deputy minister of the Ministry of Finance and executive secretary of sovereign wealth fund National Financial Stabilization Fund of Taiwan. He has also served as president of the Taiwan Cooperative Bank.
Prior to joining the FSC, Chen had been chairman of government-affiliated bank First Financial Holding and before that served as deputy mayor for Taipei and secretary general for Taipei’s city government.
FSC oversees Taiwan’s banks and insurance companies as well as its securities and futures industries.
L&G IM hires Manulife exec
UK firm Legal & General Investment Management has hired Horace Hung as a senior credit analyst focused on emerging markets.
Hung joins L&G IM’s eight-strong global high-yield team – the first to be located in Hong Kong, with the rest based in London. He reports to Alan Flynn, head of Asia Pacific in Hong Kong, and Martin Reeves, head of global high-yield in London.
Hung previously worked at Manulife Asset Management, where he was senior director of credit responsible for high-yield credit research for Asia. He worked on both the investment-grade and high-yield portfolio management teams.
A spokeswoman at Manulife said Hung's role has been assumed internally.
L&G IM, which manages $670 billion, was mulling establishing a presence in Asia in late 2011, and set up a Hong Kong office in August 2012. It received a type 1 licence last week, which allows for product sales and distribution, and hired Janice Wu from State Street Global Advisors to oversee sales and distribution in the region.
The firm’s office in Hong Kong will solely be for sales and distribution for the time being, but will eventually expand into investment management.
L&G IM invests across a variety of asset classes, including equities, fixed income, property and liquidity management, with expertise in index and asset-allocation products. Its parent, L&G Group, provides liability-driven investment, multi-asset and other tailored ideas for UK pension funds.
Nikko AM bolsters investment team
Nikko Asset Management has added a number of investment professionals in Asia Pacific.
In Singapore, Winson Fong joins as head of China strategies, Shivaz Rai as investment director for Asian fixed income and Tian Sing Wee as risk manager. In Australia, James Alexander joins Tyndall AM, which Nikko acquired in 2011, as deputy head of fixed income in Sydney.
Fong was previously at Singapore-based Lion Global Investors, where he managed a variety of Asia-Pacific equity portfolios. At Nikko, he will head the firm’s Greater China equities team, and will also work with the Asia Pacific equities team. Fong reports to Ng Soo Nam, chief investment officer at Nikko AM Asia.
Rai was previously a fund manager at Alchemy Investment Management in Singapore, where he specialised in fixed income. At Nikko, he will focus on local currency, rates and Asian credit. He reports to Eleanor Seet, Singapore-based president of Nikko AM Asia.
Wee joins from the Government of Singapore Investment Corporation (GIC), where he analysed portfolio risks. He will continue to work in a similar capacity at Nikko, assessing investment risk, as well as product and market-related risk exposures. Wee also reports to Seet.
Alexander moves from Redpoint Investment Management, where he was a senior portfolio manager of global fixed income. He now reports to Roger Bridges, Tyndall’s head of fixed income.
Representatives at Redpoint, Lion Global, Alchemy and GIC did not respond to requests seeking comment.
Kroll makes two additions in Hong Kong
Risk consulting firm Kroll Advisory Solutions has hired two executives in Hong Kong.
Peter Glanville joins as associate managing director in the investigations and disputes practice. He previously worked at consultancy Deloitte in both Australia and the UK, advising clients on financial investigations, contract audits, control reviews and forensic accounting.
Lester Yen has come in as a senior director. He previously worked at Deloitte in New York in the forensic practice, and at rival consultancy PwC’s audit division. At Kroll, he will focus on foreign corruption issues, asset misappropriation, conflicts of interest and employee misconduct situations.
Both report to Colum Bancroft, head of Kroll’s investigations and disputes practice in Greater China.
Other moves reported on AsianInvestor.net this month: