From the press release desk this week…
“a long Korea drama series”
Eli Lee, Bank of Singapore’s head of investment study, likened the cancellation of the Trump-Kim summit to a Korean drama series. “The market is waking up to the fact the historic summit between the US and North Korea will not play out like a Hollywood blockbuster but a long Korean drama series.” US President Trump, however, said that he is “very much forward to meeting” Kim “someday”, while North Korea indicated that it remains open to talks…
Enforcement
The Monetary Authority of Singapore has alerted the public to fraudulent emails impersonating the MAS that attempt to get recipients to divulge their bank account IDs and passwords. The emails claim that banks in Singapore have come under attack by hackers. They contained a link to a fake MAS website, which looks identical to the real MAS website…
The MAS has warned eight digital token exchanges in Singapore not to facilitate trading in digital tokens that are securities or futures contracts without MAS’ authorisation. It also warned an initial coin offering (ICO) offering to stop the offering of its digital tokens in Singapore. MAS has reiterated that digital token issuers, intermediaries and platforms that offer, facilitate or trade digital tokens are responsible for ensuring that they comply with all relevant laws. “The number of digital token exchanges and digital token offerings in Singapore has been increasing,” Lee Boon Ngiap, MAS’ assistant managing director for capital markets, said in a statement. “We do not see a need to restrict them if they are bona fide businesses. But if any digital token exchange, issuer or intermediary breaches our securities laws, MAS will take firm action…”
People moves
Blackrock’s Pru Bennett will retire from her role as head of Asia-Pacific investment stewardship team. She will continue leading the team until January 2019. Bennett first joined in 2010 and has led engagement efforts with companies in which Blackrock invests on behalf of clients. At the moment, the firm’s investment stewardship team has 30 people, with one-third of them based in Asia-Pacific. The firm is now currently looking for Bennett’s replacement…
Northern Trust has named David Kim as head of sales for its corporate and institutional business for Asia-Pacific. Based in Singapore, Kim will report to Jon Dunham, head of global sales, and William Mak, head of Asia-Pacific. Kim will replace Angelo Calvitto, who was announced to lead the firm’s business in Australia. Kim will be responsible for leading a team of sales managers located in the region to continue to drive growth, offering the firm’s asset servicing solutions to institutional investors and investment managers across the region…
Firm news
Japan-based Sumitomo Mitsui Asset Management and Daiwa SB Investments have signed a memorandum of understanding regarding the merger of both firms, according to a joint statement from the firms. Sumitomo Mitsui manages around $102bn in assets, while Daiwa SB Investments manages $54.7bn. The merger is subject to the approval of the regulators…
Schroders has expanded its fintech capabilities with the acquisition of a minority stake in Singapore-based wealth technology platform We Invest. The completion of the investment is expected to take place in June. We Invest’s services include enabling clients to aggregate and track their finances, a goal-based and thematic robo-advisory service and helping relationship managers to engage, service and sell better to clients. “We believe this investment opens up opportunities for closer collaboration with our distributors, through a platform that enables them to tailor solutions for their clients,” Susan Soh, Schroders’ CEO for Singapore, said in a statement…
ESG
Asia has issued $65bn in green bonds over 2015-2017, according to a Bank of America Merrill Lynch report. By 2020, the firm forecasts annual green bonds issuance by China to reach $55bn, $15bn each for Japan and India, and $10bn each for Australia and Korea. In total, issuance will likely be $250bn over the next three years and $600bn by 2023, with China expected to make up nearly half of the issuance…
