India’s Life Insurance Corp initial offering was oversubscribed 2.95 times, with participation from Norges Bank Investment Management, GIC, ADIA, and domestic funds; the Saudi Public Investment Fund will allow investments in Israeli companies for the first time with a $2 billion commitment in private-equity firm Affinity Partners; Hong Kong's Exchange Fund posts $7 billion quarterly loss; and more
The insurer has poached from a rival firm to fill the role in Hong Kong as it looks to reinvigorate its business under new group chairman Mark Tucker.
Fullerton Fund Management will manage the insurer’s public-asset portfolio as part of the all-Singaporean deal, say sources familiar with the matter.
Singaporean insurers are not finding the current low-yield environment as much of an issue as their peers in the region, but seem to be diversifying into alternatives.
The Singaporean insurer has added Northern Trust to diversify counterparty risk from its continuing provider, Citi.