From the press release desk this week…
People moves
UBS Wealth Management has appointed Amy Lo and August Hatecke as co-heads for Asia-Pacific. They replace Edmund Koh, who was appointed as APAC president last year when Kathy Shih stepped down. As co-heads, Lo will focus on the firm’s North Asia businesses, while Hatecke will look after Southeast Asia. Previously, Lo was head of wealth management for Greater China and country head for UBS Hong Kong, while Hatecke was head of wealth management for Southeast Asia…
Fullerton Fund Management has made senior appointments to strengthen its business team and broaden its investment capabilities. It has named Mark Yuen as chief business development officer, effective 8 January, and Tan Huck Khim, who joined the firm last month in the newly-created role of head of private equity. Yuen will be responsible for executing Fullerton’s business development strategies and initiatives, while Tan will be responsible for driving the firm’s private equity strategies. Tan will also be supported by Kenneth Chia, who will join the firm on 7 January as vice president for private equity. Before Fullerton, Yuen was with Eastspring Investments, where he was director and head of institutional sales and client management. Tan was previously working in Credit Suisse’s customised fund investment group as a partner on the global investment committee, where he managed and invested private equity assets on behalf of the firm’s institutional clients…
Hedge funds
Investors pulled out around $6.43bn from hedge funds globally in November, pushing 2018 year-to-date flows further into negative territory with an estimated $14.52bn in total redemptions, according to eVestment’s latest hedge fund industry asset flow report. During the year, multi-asset hedge funds suffered most…
Source: Evestment
China
Ant Fortune and Schroders have co-launched an investment personality test, a digital tool that enables investors in China to better understand how their personality could impact their investments. The test, developed by Schroders and customised for Chinese investors by Ant Fortune, is accessible via the Alipay app. It will be accessible by selected users in the initial launch phase…
Enforcement
Hong Kong’s Securities and Futures Commission has reprimanded and fined Ardon Maroon Fund Management, now known as China Silver Asset Management, HK$800,000 ($102,149) for cross-trade related failures in managing the Ardon Maroon Asia Master Fund. The SFC found that Ardon Maroon gave instructions to a brokerage to execute a cross trade for 15 million shares of a listed company in Hong Kong in 2014, which resulted in the fund conducting a wash trade. The firm then instructed another brokerage to deliver the relevant shares to settle the wash trade. A cross trade that does not involve any change of beneficial ownership is a wash trade, which is presumed to be manipulative under the Securities and Futures Ordinance and is not in the best interests of market integrity. The wash trade conducted by the firm was also not in the best interest of the holders of the fund, because by doing so, the fund incurred undue transaction costs of at least $133,000…
