The US asset manager has hired its first head of Asia insurance coverage, reflecting a trend among its peers. He starts on November 11 to tap this rapidly expanding client segment.
As typical real estate investment yields continue to fall, asset owners are increasingly looking at obtaining returns from the financing portion of property deals.
The British insurer is likely to increase its allocation to the region as part of an international diversification drive, says UK life chief investment officer Ashish Dafria.
The UK insurer has set up Aviva Financial Advisers in Singapore, but adoption of the fee-based model for advice in the city-state still seems some way off.
The UK insurer, newly acquired by former rival Aviva, sees its Asia chief depart and the appointment of a new Hong Kong head, with a similar role soon to be created in Singapore.
The Asia equities team and several other executives have left, including Singapore CEO Tahnoon Pasha. But the UK firm has set up a bond-dealing desk in the region and retains its Asia equities capability in London.