This week…
| People moves | ||||||||||||
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Principal Global Investors has named Celestine Khoo as its managing director and head of Asia (ex-Japan). She has been the firm’s head of Southeast Asia since 2015 and will remain responsible for the office in Singapore. In her new role, she assumes responsibility for the Hong Kong and Beijing offices. The role is newly created as Kirk West, head of international offices, covered all of Principal Global Investors’ offices outside the US… Japan’s Nikko Asset Management has made senior personnel changes, effective 1 July, according to a statement from the firm. The personnel changes include:
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| Products |
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Value Partners has reduced the management fee for the Value Gold ETF to 0.10% from 0.15% per year, effective 1 July. Value Partners Hong Kong is the sub-investment manager of the ETF, while the investment manager is Sensible Asset Management Hong Kong… Société Générale has launched 10 different daily leverage certificates (DLCs) listed on the Singapore Exchange. It is the first bank to issue such products in Asia. DLCs are exchange-traded financial products that offer fixed daily leveraged exposure to an underlying asset, such as an index… |
| ESG |
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MSCI has launched two ESG indexes, the MSCI Japan Empowering Women Index and the MSCI Japan ESG Select Leaders Index. According to the firm, Japan’s Government Pension Investment Fund has selected these indexes as benchmarks for their ESG investment strategy… |
| Sovereign wealth funds |
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The Russia-China Investment Fund, which was established by sovereign wealth funds Russian Direct Investment Fund and China Investment Corporation, has announced its investment in Zhaogang, the largest e-commerce steel distribution platform in China. Founded in 2012, Zhaogang is a digital B2B platform that brings together steel producers and consumers in China. It accounts for more than 40% of the online market for steel products trading in China… |
| IPOs |
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The Asia-Pacific region leads the world in IPO activity with $37.2bn from 530 IPOs in the first half this year, according to a Baker McKenzie report. IPOs in the region accounted for 41% and 73% of global IPO activity by value and deal count, respectively. China’s stock exchanges accounted for around half of the capital raised in the region… |
