This week…
| Firm news |
|
Private equity firm Warburg Pincus is set to acquire a 49% stake in Chinese asset manager Fortune SG Fund Management from French firm Lyxor Asset Management, according to a LinkedIn post by Z-Ben Advisors. This marks the first time a global private equity firm to gain exposure to China’s retail mutual fund industry and is also the “richest deal” in dollar terms ever approved… Swiss firm Gottex Asset Management, which was renamed as LumX Asset Management in May, has lost its asset management licence in Hong Kong last month, according to SFC records. The hedge fund firm has been on the news in the past years for various reasons. In March last year, it shut-down its two-year old mutual fund that offered retail investors a taste of endowment strategies that use hedge funds, private equity and real estate. In October last year, a former accountant of the firm pled guilty to embezzling around $3.5m… Legg Mason Global Asset Management has joined the Hong Kong Monetary Authority’s (HKMA) Infrastructure Financing Facilitation Office (IFFO) as a partner. The IFFO is a platform for facilitating infrastructure investment and financing in Hong Kong… |
| People moves |
|
State Street Global Advisors is searching for a head of asset stewardship for Asia-Pacific, according to a statement from the firm. The firm is ramping up its ESG and corporate governance team globally, with the appointment of Rakhi Kumar as head of ESG and asset stewardship and Chris McKnett as head of ESG strategists. Additionally, Matt Diguiseppe has been appointed as head of the Americas and Robert Walker as head of EMEA for the asset stewardship group… Legal & General Investment Management has appointed Danny Kwok as Hong Kong-based head of Asia-Pacific equity trading, according to a statement from the firm. The firm has been expanding its capabilities in Hong Kong. In 2016, it relocated fund manager Kelvin Tong from London to Hong Kong. In 2014, the firm appointed Paul So as head of index funds for Asia-Pacific. LGIM was launched in Hong Kong in 2012 and currently has a staff of 10 servicing institutional clients in the region… |
| Robo-advisors |
|
Hong Kong investors still prefer a human-led approach to receiving financial advice, according to Legg Mason Global Asset Management‘s 2017 global investment’s survey. Survey findings show that 51% of Hong Kong investors prefer a human-led, technology approach, while 19% choose to have a purely human-led approach in creating a comprehensive financial plan… |
| Regulation |
|
The Monetary Authority of Singapore clarified this week that the offer or issue of digital tokens in Singapore will be regulated by the regulator if the digital tokens constitute products regulated under the Securities and Futures Act. The clarification comes in the wake of a recent increase in the number of initial coin offerings in Singapore as a means of raising funds… MAS‘ first managing director, Wong Pakshong, has passed away this week, according to an announcement from the regulator. The MAS conveys its condolences to Wong’s family. He was the regulator’s managing director from 1971-1981 and laid the foundations for MAS as a central bank and integrated financial regulator. “Wong Pakshong served with unstinting dedication and integrity,” the regulator said… |
| And the award goes to… |
|
A Manulife insurance sales agent in Hong Kong has been awarded a Guinness World Records title as “the longest career as a corporate salesperson”, according to a statement from the firm. After 62 years and 238 days with Manulife Hong Kong, 91-year-old Joe Sun continues to serve clients and “inspire his fellow agents with drive and dedication”… |
