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
Up to $7 million is alleged to have been stolen from Whitney's accounts, leaving it unable to meet even payroll obligations in August. WhitneyÆs offices in the US have since been closed down in preparation for liquidation. Whitney has sued Sussman, who has filed a counter-suit.
However, in Hong Kong, an internal source says WhitneyÆs team of 15 intends to remain onboard and stay open for business. This has been possible because the Asian offices have kept separate incorporations and balance sheets away from New York.
Once considered as one of the top three headhunting firms in the area of investing banking, asset management and alternative investments in the region, Whitney has sustained several blows over the past year û problems that began even before the lid on the Asian job market blew.
In mid-2007, former star managing director Harry OÆNeill defected with half the groupÆs Hong Kong staff to rival firm Heidrick & Struggles. At the time, the group threatened OÆNeill and Heidrick with lawsuits and demands that required injury payments to cover WhitneyÆs financial losses.
As conditions in the US and Europe took a turn for the worse, the group shuffled resources and moved staff to Asia, in the hope of recouping lost ground in league tables and taking advantage of the so-called decoupling economic conditions in the region.
Sources say the company will issue an official statement within the coming week outlining its plans for servicing the Asian financial industry.
A leading source says, given that the current down market is unlikely to rebound any time soon, the firm may revive its restructuring practice to counter the current recruitment freeze and supplement its fee income.
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.