This week…
Blackrock will launch two funds, the World Equity Index Fund and the World Government Bond Index Fund, specifically designed to be used under the MPF’s default investment strategy under the MPF scheme, which will be launched on 1 April… Singapore’s UOB Asset Management partnered with T. Rowe Price to offer a technology-focused fund for retail investors. UOB AM will invest in T Rowe Price’s Global Technology Equity Strategy through its United Global Technology Fund… Australia’s AMP Capital announced key management changes in Asia-Pacific. Anthony Fasso, currently Hong Kong-based AMP Capital Director for Asia and global head of portfolio strategy, is going back to Australia in Melbourne. He will retain his portfolio strategy responsibilities, while Craig Keary, currently director for Australia and New Zealand, will become director for APAC and will relocate to Asia in the coming months. At the same time, Simon Warner, head of global fixed income, and David Allen, global head of equities, have been promoted to the role of global chief investment officers for their respective asset classes… There were 76 less billionaires in 2016 compared to 2015, according to Wealth X’s 2017 billionaire census. Last year, there were 2,367 billionaires with a total of $7.4trn in wealth. 207 of them were new billionaires, while 283 lost their billionaire status… UK-based direct lending specialist Prestige Fund Management received a $75m investment mandate from an unnamed sovereign wealth fund in the Middle East… Hong Kong’s SFC banned Philip Leung, a former account executive at HSBC Securities, from re-entering the industry for six months for using WeChat to receive and confirm order instructions with clients without maintaining a proper record. He also effected transactions on a discretionary basis without proper authorisation from the client… Like Hong Kong, Singapore would like to remind investment professionals how efficient the MAS and its police force is when it comes to their investigations and law enforcement. Dennis Tey, who was a stockbroker agent at DBS Vickers Securities, was imprisoned for 16 weeks for spoofing… Insurance firm AIA has appointed David Beckham in the newly created role of global ambassador. In this role, the firm said the football star will support its goal of helping people in Asia-Pacific “live longer, healthier and better lives”… Mongolia, which saw its GDP dwindle from 17% in 2011 to 1% in 2016, is expected to recover, backed by the increase of the prices of coal and copper (the country’s two main exports), and the new government that appears keen to repare its image among its investors, according to Leo Hu, a senior portfolio manager at NN Investment Partners… MORE ANNOUNCEMENTS FROM THE REGULATORS: MAS has directed Singapore Exchange to implement measures to improve its recovery processes and operational resilience, following an investigation into the trading disruption to the securities market on 14 July last yaer. “It did not restore the proper functioning of its critical system within four hours as required by MAS,” the regulator said… In a move to prevent any kinds of mischief, minimising inconvenience and cost in handling large quantities of low denomination coins, the MAS proposed a uniform legal tender limit of 10 coins per denomination, across all denominations, in a single transaction… SFC reminded licensed corporations, registered institutions, responsible officers and licensed representatives that the annual licensing fees from 1 April 2016 to 31 March 2018 are waived…
