From the press release desk this week…
People moves
Shahazwan Mohd Harris, who was previously the former executive director of investments at Malaysian sovereign wealth fund Khazanah Nasional, has joined robo-advisory firm Stashaway as a member of the firm’s advisory committee. The committee also includes Hween Hoon, who was previously CEO for Singapore at Morgan Stanley and Pranay Gupta, who was previously head of multi-asset strategies at Fullerton Fund Management.
Products
Institutional investors globally have a preference for active management over passive strategies ahead of anticipated market volatility in 2019, with 80% of them expecting to see increased market volatility over the next year, according to a survey conducted by Natixis Investment Management. Nearly 80% of them both globally and in Asia suggest the current market environment will favour active portfolio management…
At least 600 mutual funds in China have been liquidated this year, surpassing all liquidations in the previous 12 years, according to media reports. The country’s crackdown on the shadow banking segment, as well as its slumping stock market, have contributed to the closing of the funds…
Investors have begun to expect a surge in shares in the run-up to Christmas, according to a Schroders report. Stock markets have risen in 79% of Decembers over the last three decades, adding some substance to the myth of the “Santa rally”. The Santa rally is the effect of the “Christmas feel-good factor”, helping stock markets rise at the end of the year, although many seasoned investors remain unconvinced. Recent market moves could make this the worst December for stocks in several decades…
Citigroup is said to be facing losses of around $180m on loans made to an Asian hedge fund, which made wrong foreign-exchange bets, according to media reports. The hedge fund, managed by a business unit of GF Holdings in Hong Kong, and Citi are now in discussions on the positions and how they should be valued. The eventual losses may end up being smaller, however, depending on the conditions of the trades…
Regulation and enforcement
Tim Leissner, a former director at Goldman Sachs in Singapore who was involved in the 1MDB scandal, has been banned for life from entering the industry in Singapore. Previously, the Monetary Authority of Singapore only banned Leissner for 10 years. However, the regulator increased the ban following Leissner’s admission to criminal charges brought against him by the US Department of Justice…
The Securities and Futures Commission and the China Securities Regulatory Commission held the seventh regular high-level meeting in Hong Kong to discuss matters concerning cross-boundary enforcement cooperation. Both regulators explored ways to further strengthen cross-boundary enforcement cooperation, including enhancing a coordinated investigation mechanism for emerging types of cross-boundary illegal activity, discussing a notification and evidence sharing mechanism for cases involving dual-listed companies in both markets and organizing further joint trading and case study workshops…
