From the press release desk this week…
Copywriting error
Singapore’s United Overseas Bank (UOB) launched a diamond-studded credit card to selected customers, but failed to correct typos on a plaque that accompanied a sample of the card. A Facebook user, Mick Price, posted online a photo of the plaque, which reads “For those who value exclusivity in it’s most extinguished, form.” The photo went viral, receiving 3,000 likes and 4,400 shares. The bank has apologised for the typos, explaining that it should have read “distinguished” instead of “extinguished, according to local media reports…
Source: Facebook
People and business moves
South Korean asset managers have launched “unification funds”, which will explore North Korea-related business opportunities as the relationship between the two countries is starting to improve, according to local media reports. The funds will invest in companies that will benefit from cooperation between North and South Korea, such as construction or railway companies. These funds include UBS Hana Asset Management’s Hana UBS Greater Korea Stock Fund, which was launched last month and BNK Asset Management’s BNK Brave New Korea Fund. Samsung Active Asset Management has also redesigned its Samsung My Best Fund to include North Korea-related investments…
Singapore-based UOB Asset Management has launched a fund that provides retail investors exposure to alternatives. The majority of the United Asia Pacific Diversified Strategies Fund’s underlying funds are alternative funds, such as equity long-short strategies, that are regulated under the Ucits framework. Besides being the firm’s first alternative fund to be offered to retail investors, it is also the first daily liquidity alternative investment fund in Singapore with a focus on Asia-Pacific, the firm claims in a statement…
Kuala Lumpur-based Public Mutual has launched a shariah-compliant fund that invests in the Asean markets. The Public Islamic Asean Growth Fund will invest across various sectors, focusing on shariah-compliant blue chips, index and growth stocks in the Asean markets including Malaysia, Indonesia, Singapore, Thailand, the Philippines and Vietnam…
Gam Investments has been awarded a $200m biotechnology advisory agreement from Taipei-based First Securities Investment Trust. The advisory agreement will have a specific focus on medical innovation driven by advances in artificial intelligence, as well as precision medicine. It will be managed by Christophe Eggmann, Gam’s portfolio manager for healthcare equities…
Kuala Lumpur-based Affin Hwang Asset Management has launched a private equity business, Bintang Capital Partners. The establishment of Bintang Capital is the formalisation of the asset management firm’s foray into the private equity market, which began in June 2017 with a maiden transaction. “When we first came up with the idea of setting up a private equity business in 2015, I realised that the strong demand from both our institutional and high net worth clients for more sophisticated investment solutions, including private equity, will only grow over time,” Wai Teng Chee, Affin Hwang AM’s managing director, said in a statement…
Janus Henderson has appointed Scott Steele as Singapore-based head of Asia distribution. He will replace Alexander Henderson, who will be returning to London. Henderson will continue to report to Phil Wagstaff, global head of distribution, and with him on key global client relationships. Before Janus Henderson, Steele was Pimco’s executive vice president and head of Hong Kong and Singapore global wealth management. He was also BMO Mutual Funds’ chief investment officer…
ESG
Around 84% of 118 global institutional investors, including pension funds, endowments, sovereign wealth funds and insurance companies are pursuing or considering ESG integration in their investment process, according to a survey conducted by Morgan Stanley Investment Management. Of those pursuing ESG integration, 60% began implementing ESG strategies in the last four years and 37% within the last two years. In total, 70% of institutional investors have already implemented ESG strategies, with 49% of them have implemented ESG across their entire portfolio and 21% across a portion of their portfolio…
