Alternatives
Nomura is reviving its private equity business in a move to respond to its clients’ “growing need for a wider range of solutions”, the bank said in a statement. The bank plans to make an initial investment of ¥100bn ($888m) in the new business, though it has not yet identified any specific investment targets…
Hedge fund assets globally have reached an all-time high of $3.25trn, according to an Evestment report. This year, hedge funds saw net inflows of $33.26bn, with half of them going to equity hedge fund strategies…
Private equity firm China Renaissance is expanding its asset management business. The business will offer a range of options for investors who want exposure to new economy entrepreneurs. The firm manages $3bn in assets across US dollar and renminbi funds and aims to reach $10bn in AUM by 2020 as it grows its investor base internationally…
People moves
Standard Chartered has appointed Jimmy Chang as head of wealth markets product sales for Hong Kong, effective today. In this role, he reports to Alex Welch, global head of wealth markets products sales and managed investments and Stephen Man, head of wealth management for Hong Kong. Before Standard Chartered, he was previously Huatai Financial Holdings‘ managing director and head of private wealth management, where he was responsible for the growth of the firm’s wealth management platform…
BNP Paribas Securities Services has appointed Simone Broadfield as Asia-Pacific head of agency lending. She will be responsible for developing new business opportunities and increasing the firm’s agency lending franchise in the region. Before joining the firm, Broadfield was head of the Hong Kong trading desk for Citi‘s agency securities lending programme…
Regulation
The Securities and Futures Commission has reached an agreement with the China Securities Regulatory Commission on proposals to introduce an investor identification regime for northbound trading under the Mainland-Hong Kong Stock Connect. The introduction of an investor identification regime for northbound trading will entail the collection and use of personal data by the Stock Exchange of Hong Kong. Both regulators agreed to introduce a similar identification regime for southbound trading as soon as possible after the regime for northbound trading is implemented…
Malaysia’s Securities Commission has revised the country’s fund management’s prospectus guidelines as part of its ongoing efforts to promote informed investment decisions. The revisions will introduce a more concise prospectus summary – not longer than 10 pages – at the front of prospectuses and allow excluding information that is already publicly available to investors. With these changes, investors will benefit from a more reader-friendly and less cumbersome prospectus…
The Securities and Exchange Board of India has modified mutual fund governance, according to a circular issued by the regulator. It has decided that independent trustees and independent directors shall hold office for a maximum of two terms, with each term not exceeding a period of five consecutive years. In addition, no independent trustee or independent director shall hold office for more than two consecutive terms. However, such individuals shall be eligible for re-appointment after a cooling-off period of three years…
Interest rates
Bank of Korea, Korea’s central bank, has lifted interest rates for the first time in 11 years. The policy rate has been increased to 1.50% from 1.25%, according to a statement from the bank. The move comes at a time of continuing domestic economic growth, rising consumer consumption and a sustained increase in exports, the central bank said…
