FROM THE PRESS RELEASE DESK THIS WEEK…
Private banking inflows
LGT had net inflows of CHF 5.8bn ($5.88bn) globally during the first half this year. This has led its AUM to increase 8% to CHF 215bn from 2018. During the first half, the firm invested in the expansion of its international presence, which includes a local office opened in Bangkok in March and the agreement to acquire a majority stake in the Indian wealth manager Validus Wealth. However, profit plunged. The group’s net income totalled CHF 155.6m for the first six months in 2019, which is 11% lower than CHF 174.8m during the same period last year…
Like LGT, VP Bank had net new money inflows of around CHF 1.2bn globally during the first half this year, with client AUM increasing to CHF 45.6bn this year from CHF 41.5bn in end-2018. according to its financial report. The bank said that the inflow was achieved as a result of “intensive market developments, the recruitment of new client advisors and new money from existing clients”. The firm’s net income was up 20.5% to CHF 35.3m during the first half this year from CHF 29.3m during the same period last year…
People moves
BNY Mellon Investment Management has appointed Eric Yu as vice president for institutional distribution. In this newly created role, Hong Kong-based Yu will focus on driving business growth and opportunities in the Greater Bay Area. He will report to Jessie Zhang, head of distribution for Greater China. Before BNY Mellon IM, Yu was at Bosera Asset Management, where he was executive director for sales and client service…
Nevin Chitkata, the manager of the MFS Global Total Return Fund, will relinquish his portfolio management responsibilities to focus on the equity-only MFS Value strategy, effective December 21, 2020, according to a Morningstar analyst report. His departure follows Benjamin Stone and Pablo De La Mata’s departure from the fund in June last year. Steve Gorham will continue to co-manager the fundamental equity sleeve with Vipin Narula, who started in 2017. Jonathan Sage will still oversee the hybrid quantitative sleeve. Meanwhile, the management of the fixed income sleeve remains unchanged…
Hedge funds
Investors globally withdrew another $8.42bn from the hedge fund industry in July, according to an Evestment report. Year-to-date, net outflows totalled $55.1bn, which is at around the same level during the same period in 2016. However, event-driven strategies had strong net inflows this year, totalling $10.3bn…
Hong Kong investors
Only around 15% of investors surveyed in Hong Kong stuck with their investment plans during the volatile three-month period at the end of last year, according to a Schroders report. Around 78% said they made some changes to their portfolio risk profile during the period, with 32% taking more risk and 69% moving into less risky investments. Separately, survey findings also show that on the average, Hong Kong investors stay invested for 2.1 years before moving their money elsewhere or cashing in…
