HEAD-TO-HEAD: HSBC versus JP Morgan

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Manager review

Ge has concerns over the management teams of both the HSBC and JP Morgan funds.

Gregory Suen, who has been managing the HSBC fund since 2011, left the firm in September, according to Ge.

Taking over the product are Steven Wong and Alfred Mui, who have been managing the Ucits version of the Asia Bond Fund – which has a slightly different mandate – since 2017. Wong has been managing products for the firm since 2017, while Mui started managing HSBC funds in 2011.

While both managers are experienced in managing Asia bonds, Ge needs more information from the firm about how the responsibilities will be divided.

“We’re going to have a call with them soon and we are still waiting for more clarity on the HSBC fund.”

Nevertheless, Ge is positive about the firm’s resources, as the new fund managers are supported by seven analysts within the Asian credit research team.

Turning to the JP Morgan fund, Ge said that its lead manager is Shaw Yann Ho, who took over the fund in 2018 after Stephen Chang left the firm in February last year.

Ge noted that Ho, who is also the head of Asian fixed income, had been supporting Chang closely since 2011 and was seen as the fund’s unofficial deputy.

After Chang left, Jason Pang, who joined the firm in 2016, also became the co-manager of the fund, according to Ge. Ho’s expertise is in Asian credit selection, while Pang’s focus is on the fund’s local rates and foreign exchange sleeve.

Although Ge believes that Ho and Peng’s experience are complementary, he said that the duo will need more years to build a track record co-managing the fund.

“There are definitely some synergies there, but we’re still monitoring how that will translate to the performance of the strategy,” Ge said.

Like the HSBC fund, both managers are supported by a sizable team of 11 analysts from the Asian fixed income team, Ge noted.

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