Jupiter Asset Management has received a capital markets services licence in Singapore and is in the midst of preparing to register some of its UCITS funds for distribution to retail investors, the firm’s head of Asia and CEO for Singapore, Madeline Han (pictured), told FSA.
Jupiter received the licence from the Monetary Authority of Singapore just eight months after applying, Han told FSA, which will allow the UK-headquartered asset manager not only to offer funds to retail investors but also to manage funds in the city-state.
As part of the process, Sam Konrad, investment manager for Asian equity income, has relocated to Singapore, marking the first time that Jupiter has had any fund managers located outside of London.
Konrad is co-manager of the Jupiter Asia Pacific Income strategy alongside Jason Pidcock. The strategy is famous for its zero weighting to China and its US dollar share class is a first quartile performer on a one-year, three-year and five-year basis.
Before joining Jupiter, Konrad was with UBS for 17 years, working his way up from a graduate in equity sales.
At the same time, Valerio Angioni, investment director for fixed income, has also relocated to Singapore. Han said that his capabilities in fixed income would complement Konrad’s focus on equities. She also said that the firm would consider adding more headcount in the future.
“I think there’s awareness within the firm that Asia’s a growth region. There’s an opportunity here. We have an office that is second largest outside of London so that mobility even of internal talent is important,” she said.
Angioni joined Jupiter in 2022 and previously worked for Pimco in the EMEA global wealth management sales team, while he also worked at Commerzbank, JP Morgan and GAM.
Regarding which funds Jupiter is likely to register, Han made clear that its approach would be targeted and would not involve just registering all existing UCITS funds.
“I’m not in a hurry to offer everything that we have. Neither do I think we’re everything to everyone. So just being able to focus on what we’ve been doing best, what has raised in AUM in the last 10-15 years with Asian clients, I think would be a good starting point and of course using the time then to perhaps get more input, to go back into the kitchen and think about what else we need.”
