From the press release desk this week…
People moves
Global asset manager Aegon Asset Management has appointed Franky Tam as its Hong Kong-based China sales director. In his new role, he will be responsible for driving the business development activities in China and developing distribution partnerships with onshore and offshore Chinese institutions. He will report to Mabel Cho, Asia regional head. Before Aegon AM, Tam was previously Neuberger Berman’s vice president for institutional and retail business for China, where he spent around six years developing its distribution network for institutional investors as well as high net worth clients in China…
Thomas Atkinson has been re-appointed as executive director for enforcement at the Securities and Futures Commission for a term of three years, effective 3 May. The regulator has also made appointments and re-appointments within its advisory committee for two years. Click here for a full list of members of the advisory committee…
Quarterly results
UOB Group’s fund management and wealth management businesses saw a drop in net fee and commission income during the first quarter this year compared to the same period last year, according to the group’s quarterly results. The firm said that market sentiment was more subdued during the quarter compared to last year. However, the latest figures are better compared to last quarter’s as customer confidence improved as the macro outlook stabilised, the firm said…
Source: UOB Group, in US dollars
ESG
First State Investments has introduced a formal group-wide policy to exclude investment in manufacturers of cigarettes and tobacco products, effective this month. All investment products across all asset classes managed by FSI will be subject to the policy, the firm said. In addition, any current holdings will be fully divested by the end of the year…
Salaries
Hiring activities in the private banking space in Singapore are expected to increase as firms continue to grow the size of their teams to leverage growth opportunities this year, according to a report by recruitment firm Randstad. Salary and bonus benchmarks are also expected to increase this year. However, many firms are still not offering above-market salaries. Instead, employers are promising a larger exposure, such as the opportunities for relationship managers and product teams to collaborate regularly to secure a greater market share. Private banks looking to retain their star performers will need to provide them with adequate support in their day-to-day activities and a competitive remuneration package…
Private banking annual salary snapshot in Singapore (in S$)
Source: Ranstad
Active management
Around 62% of 200 fund buyers globally, which include private banks, insurance and retail platforms, believe that actively managed investments outperform passive portfolios in the long run, according to a survey conducted by Natixis Investment Managers. Around three quarters also agree that alpha is becoming increasingly difficult to obtain and are willing to pay higher fees for potential outperformance…
