Hong Kong tycoon Richard Li's Pacific Century Group conglomerate has moved Paul Carrett from life insurance subsidiary FWD to become chief investment officer of its operation.
Life insurance firms in the country look set to allocate more assets into local fixed-income rather than venture overseas, even as more foreign players buy local players.
The Hong Kong-based insurer has hired from rival Generali to fill the newly created role, having rapidly expanded its investment portfolio with several recent acquisitions.
Regional bonds offer great interest to investors and issuer alike. Hong Kong’s bond market offers a rare opportunity, said speakers at a webinar.
FWD and HSBC executives explained in an AsianInvestor webinar that regional bonds should suffer less than others from rising default and geopolitical risk.
The Hong Kong-based insurer is looking to investment-grade bonds in the region as it seeks decently yielding debt that is unlikely to be downgraded into junk territory.