Why EM managers have underperformed this year

The national security law will tarnish the territory's financial credentials, but financial firms keen to expand in China are expected to maintain their presence in Hong Kong.

Ashley Alder reappointed as head of Hong Kong's SFC; Savills IM hires new senior executive for pan-Asia investments; T. Rowe Price appoints new head of Australia, New Zealand distribution; HSBC Private Banking names new head of products, investments; NN Investment Partners hires EM debt head; SC Lowy adds Europe head and more.

The US multi-affiliate firm, formerly Old Mutual Asset Management, is closing its Hong Kong umbrella sales office as part of a change in strategy amid the Covid-19 pandemic.

Allianz Real Estate opens Shanghai and Tokyo offices and adds China acquisitions exec; Goldman to slow wealth hiring, plans staff return to offices; MSCI names Apac head of real estate coverage; Taiwan FSC names new chairman; HK SFC bans ex-fund manager; First State names infra head, shuffles senior execs.

Some private equity firms could struggle to get money for China-focused funds amid rising Sino-US tensions and after a private equity-backed mainland company admitted to fraud.