FROM THE PRESS RELEASE DESK THIS WEEK…
People moves
Malaysia-based asset manager Permodalan Nasional Berhad (PNB) has appointed Encik Jalil Rasheed as its new president and group CEO. He will replace Abdul Rahman, who will be completing his contract with the firm on 30 September. After three years with PNB, Rahman will assume the role of non-independent non-executive chairman at Sime Darby Berhad, which is one of PNB’s strategic companies in which the fund manager owns a 52% stake. Currently, Rasheed is Invesco’s CEO for South Asia, a role he assumed in 2013. Before that, he was the CEO at Aberdeen Islamic Asset Management. PNB is one of the largest fund management companies in Malaysia, with assets under management of RM 300bn ($71.12bn)…
Manulife Investment Management has made several appointments to its asset allocation team. Luke Browne was named as London-based senior managing director and head of asset allocation for Asia, while Sue Trinh was appointed as Hong Kong-based managing director and senior macro strategist. They are joined by Paul Kalogirou, Hong Kong-based managing director and multi-asset client portfolio manager, who joined the firm earlier this year. Before Manulife IM, Browne was at UBS Asset Management in London, where he served as managing director and global head of investment solutions specialists. Trinh was previously the Hong Kong-based head of Asia FX strategy at RBC Capital, while Kalogirou was Deutsche Asset Management’s Hong Kong-based investment strategist for multiple asset classes in Asia…
Natixis Investment Managers has appointed Diane Poon to serve in the newly-created role of head of wholesale for Southeast Asia (ex-Singapore). Poon will be responsible for expanding Natixis IM’s wholesale business in the region. The firm has also hired Bonnie Wan as vice president for distribution marketing, where she will primarily assist the wholesale and retail sales team in Singapore, Southeast Asia and Hong Kong. Before Natixis IM, Poon was a vice president for the global wealth management team at Pimco, while Poon held roles at UBS Asset Management and BNP Paribas Asset Management…
Wealth management
HSBC has launched its first “Jade Centre” in China, in Shanghai, which caters to the growing domestic and international retail banking and wealth management needs of high net worth (HNW) customers. HSBC Jade is a standalone service for HNW customers with account balances of at least $1m. It provides customers with a combination of personalised relationship management, advanced wealth solutions and luxury lifestyle services. With the new service, HSBC seeks to further deepen its relationship with existing wealthy customers and attract new clients in the country…
LGT will be acquiring Aspada Investment Company, an India-based impact investment venture capital firm, from Aspada’s sole shareholder, the Soros Economic Development Fund (SEDF). The move expands LGT’s impact investing platform, LGT Lightstone. Aspada manages a portfolio of around 15 investments totaling at least $100m in invested capital. With the integration of Aspada into the LGT Lightstone platform, future investing efforts in India will be branded under the name LT Lightstone Aspada…
First OFC
Pacific Hawk has become the first open-ended fund company (OFC) in Hong Kong, according to records from the Securities and Futures Commission (SFC). Private Hawk is a private fund only available to professional investors. However, it should prepare the ground for players to enter the market, including those that offer funds for retail investors, according to a statement from law firm Orrick, which advised on the launch of Pacific Hawk. “If private OFCs can gain authorisation to distribute their funds in China, they will be an enormous boost to Hong Kong’s role as Asia’s leading financial centre,” Ann Cooley, Pacific Hawk’s CEO, said in the statement…
