From the press release desk this week…
People moves
Hermes Investment Management has appointed Nachu Chockalingam as London-based senior emerging market debt portfolio manager. Chockalingam will be responsible for helping manage the performance and risk of existing emerging market allocations across all liquid credit strategies. Previously, at Jupiter, she worked on the emerging markets strategy…
BNP Paribas Securities Services has appointed Caleb Wong as head of alternative investors for Asia-Pacific. In this newly-created role, Wong will lead APAC alternative investors client line teams, seeking to grow its franchise across the hedge fund and private capital sectors in the region. Before joining BNPP, Wong was managing director at State Street Alternative Investment Solutions, responsible for its limited partners servicing, private equity and real estate administration business in Asia-Pacific…
DBS Private Bank aims to double headcount for operations in the Middle East by 2023. Targeting the region’s ultra high net worth and high net worth segment, family offices and sovereign funds, the bank also aims to triple revenue over the next five years. The bank is now building a bespoke investment portfolio, including private equity funds, health technology, real estate, logistics and fintech across Asian markets. As well, structured products in key segments for China and India, dual currency loans and REIT initial public offerings with underlying assets in Europe and North America. The bank has also appointed Rudiger Von Wedel as Dubai-based head of international. He will replace Rob Iionnau, who will be moving on to lead DBS’ wealth, trust and estate planning business, as well as drive the build out of DBS’ single family office offering and Australia desk.
Press awards
Former FSA journalist Kate Lin was highly commended for being the best newcomer for this year’s State Street Institutional Press awards. Her winning article, China fund distribution remains rough, explores the challenges of setting up a private fund business on the mainland…
Hedge funds
Investors pulled out an estimated $7.13bn from the global hedge fund industry last month, pushing year-to-date net outflows to $10.9bn, according to an Evestment report. Among hedge fund types, commodity funds and equity funds were just barely positive last month. Multi-asset funds continued to see outflows during the month, bringing year-to-date outflows to $23.96bn in the category.
Higher salaries?
Job movers in the financial services industry can expect a salary increment of 15-20% next year and up to 25% for those with specialist sets, according to a Robert Walters salary survey. The report noted that the rapid development of fintech has spurred hiring of specialists in blockchain technology, big data, machine learning, AI, the internet of things, cyber security and research and development across multiple industries and functions…
Fund services
Global financial services provider Citco has launched Citco Connect, which is a new digital solution that automates and simplifies the process of managing prospective investors, including an online utility for the placement of initial investments in alternative funds. “Many investors are still operating in a paper-heavy world, filling in lengthy physical documents that have to be faxed, emailed or even mailed back to fund managers and administrators. Citco Connect challenges the status quo and long-held industry norms, by digitising much of this process and consequently streamlining and modernising investors’ experiences of the alternatives space,” Greg Fenlon, head of alternative investor services, said in a statement…
Enforcement
A magistrate court in Hong Kong has acquitted former Standard Chartered Bank private banking head Ryan Gwee Yuan Kerr of a bribery charge brought by the Independent Commission Against Corruption (ICAC). Gwee, who is now co-founder and CEO of private equity firm Asia Capital Pioneers Group, was previously Standard Chartered’s managing director and head of private banking for China before he left in 2011 to set up ACPG, which is a consultant to family offices on investments and philanthropy. Seven years later, in January this year, following the conviction of Teng Wen-Chung, former chairman of Taiwanese insurance company Singfor Life Insurance, for embezzlement, the ICAC alleged Gwee to have accepted HK$150,000 ($19,180) in August 2011 in relation to the handling of Teng’s accounts and those of his companies’ accounts at Standard Chartered.
“It is a huge relief to be clear of this baseless charge,” Gwee said in a statement. “While I was always confident that the ICAC case would be dismissed, it was still no joy to have to defend myself against a false and serious accusation, and to have to live with this terrible uncertainty for 10 months.”
