Adia appoints new global head of external equities
The Abu Dhabi Investment Authority (Adia) has named Brian Tipple as its first global head of external equities, effective immediately.
Tipple is responsible for developing and implementing the investment strategy for the external equities department, as well as overseeing the activities of all externally managed portfolios for the sovereign wealth fund. Adia has an estimated $773 billion in AUM, according to the Sovereign Wealth Fund Institute.
He joined from US-based Key Private Bank, where he was CIO between 2012 and 2014. Prior to that, he spent nearly 20 years with Russell Investments, most recently as CIO for equities based in London.
Tipple reports to Obaid Al Suwaidi, Adia's executive director of external equities.
The position is understood to be newly created as Adia's investment departments are increasingly creating chief investment officer roles. The fund declined to comment.
Adia is looking to increase its allocation to emerging market equity to 12% this year from 10%. Its allocation to developed market equity ranges between 32% and 42%. Between 40% and 60% of the fund is allocated to equities.
Other prominent recent appointments by the SWF include that of Christof Rühl in the newly created role of global head of research in May.
Franklin Templeton starts multi-asset buildout
US fund house Franklin Templeton Investments is rolling out its multi-asset solutions servicing line in Asia with the naming of Steven Moeller to the newly created role of head of investment solutions for the region.
He relocated from San Mateo, California to Hong Kong in June and took up the role on July 1.
Moeller is responsible for developing and managing multi-asset, multi-strategy investment solutions for institutional and retail clients in the region.
Moeller, who began formulating the business plan for Asia in California, is understood to have a hiring remit, although a spokeswoman said it was too early to comment on that.
The group’s advisory services will include strategic and tactical asset allocation and manager and strategy research.
Moeller joined the group in 1999 and has had experience in portfolio management, institutional investment consulting, asset allocation, quantitative analysis, product management and product development.
Before joining Franklin Templeton Solutions, Moeller was a managing director overseeing institutional product management for Franklin Templeton Institutional. He has also held positions with Pimco Advisors, Fiduciary Trust Company and Columbus Circle Investors.
ABN Amro Private Banking replaces Asia CEO
Hugues Delcourt, the Asia and Middle East head of ABN Amro Private Banking, will depart the Dutch bank by the end of September. Hans Hanegraaf will succeed him and oversee teams in Singapore, Hong Kong and Dubai.
During Delcourt's tenure, which started in October 2011, ABN Amro PB has expanded its wealth management business in Asia and the Middle East, growing AUM sourced from them to $21 billion from $15 billion. The unit's global AUM is $230 billion.
A spokesman for ABN Amro said Delcourt will be taking on an “important leadership position elsewhere in the financial sector,” although he could not confirm where.
Prior to Hanegraaf’s new role, he was managing director for small- and medium-sized enterprise clients at ABN Amro in the Netherlands. He has also worked at Fortis Bank.
Singapore multi-family office takes bigger office
Thirdrock Group, a Singapore-based multi-family office, today (September 5) moved to a bigger office as a result of recent headcount growth.
The firm, which runs a total of around $1 billion in assets for several families, doubled in size to about 20 this year.
Thirdrock’s new home in Suntec Tower 5 has capacity for around 35 in anticipation of rapid growth over the next 12 to 18 months, said chief executive Jason Lai. It was previously in Suntec Tower 3.
Roughly two-thirds of the headcount deals with asset management and the other one-third the corporate finance advisory business.
Set up in 2010, Thirdrock obtained a capital market services licence in Singapore last October and earlier this year invested in corporate finance boutique ISSEA Advisory, which doubled the MFO’s headcount.
Earlier this year, the firm said it was speaking with various parties about setting up a Hong Kong office with a view to gaining a foothold in the North Asian client business.
Australian hedge fund manager hires in distribution
Ascalon Capital Managers, a BT Financial Group boutique, has appointed Damien Hatfield as head of sales for Australia, effective immediately.
The role was created with a view to broadening Ascalon's distribution of its fund products. The fund incubator will now have access to a broader contact base in Australia and Asia to take its existing stable of six partner managers and funds to investors, said a spokesman.
There are around 20 superannuation funds in Australia with more than $20 billion in assets, and another 40 super funds with AUM of $5 billion to $20 billion, the spokesman said. Also, there are multi-manager platforms, private banks, family investment offices and dealer groups, he added, saying that all these groups will be targeted by Ascalon’s new sales strategy.
Prior to joining Ascalon, Hatfield had established his own consulting practice in 2007. He has also worked at Pengana Managers, an Australia-listed incubator company, and was head of hedge funds at fund house Colonial First State.
Maples fund admin arm buys out Vistra
Maples Fund Services has acquired the Hong Kong and Singapore operations of Vistra Fund Services.
A spokeswoman at Maples said: “All of the Vistra team is coming over with the acquisition. That was a key factor for us.”
Vistra’s website lists Andrew Mascall-Robson and Shirley Yuen as managing directors for fund services for Asia. Neither could be reached as of press time.
Scott Somerville, CEO of Maples, said: “We identified Vistra FS as a strong addition to Maples Fund Services due to the many synergies between the two businesses.”
Credit Suisse switches market head roles
Credit Suisse Private Banking has promoted Benjamin Cavalli to Southeast Asia market head and head of Singapore from October 1. He had been Singapore market leader since April 2010.
Based in Singapore, he will report to Francesco de Ferrari, head of Asia Pacific.
Cavalli replaces Claudio de Sanctis, who will become head of private banking for Northern and Eastern Europe.
Prior to joining Credit Suisse in 2009, Cavalli was head of key clients for Singapore at UBS Wealth Management.
LaSalle IM names Australia strategy exec
LaSalle Investment Management has appointed Leigh Warner as national director for research and strategy for Australia, based in Brisbane.
Warner was recruited from property services firm Jones Lang LaSalle, where he was director for research and consulting in Australia.
Reporting to Paul Guest, head of research and strategy for Asia Pacific, Warner will provide analysis and strategy on the property market in Australia. He is replacing Alexandra Gray, who has moved to Mirvac as head of research, according to her LinkedIn profile.
Ogier adds Asian dispute team
Offshore law firm Ogier has set up an Asian dispute resolution team and moved Ray Ng from the British Virgin Island to Hong Kong to lead it.
Ng reports to Nicholas Plowman, practice partner, and works with another litigator to serve Asian clients in their own time zone.
Ng was head of BVI and Asian dispute litigation practice prior to his Hong Kong move. His replacement will be announced soon.
Ogier said Ng relocated in response to increasing demand from financial institutions and high-net-worth clients for on-the-ground access to BVI litigation experience and Mandarin language skills.
“The region’s continued growth and usage of international holding structures makes this an exciting time to be expanding our dispute resolution capabilities in Asia,” said Ng.
Ogier has also added a restructuring and insolvency practice in Asia that will be handled by lawyer Anthony Oakes, who joined from Clifford Chance in Hong Kong early this year.