This week…
| People moves |
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Value Partners has named Yu Xiaobo as its Shanghai-based head of China business, according to the firm’s Wechat account. Yu takes on the additional role of managing China’s onshore business, in addition to his role as director for investment, in which he is responsible for the investment and portfolio management of the Chinese and Greater China market… |
| Firms and products |
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Union Bancaire Privée’s operating expenses increased by 9.9% to CHF 323.7m ($340.74m) in June from CHF 294.5m in the previous year, due to the integration of Coutts in Asia, which was finalised in April 2016, according to a statement from the firm. The firm’s operating revenues grew by 12.5%, nevertheless, and net profit was up by 21.6% to CHF 109.5m from CHF 89.9m… Blackrock’s Ishares ETF assets crossed the $1.5trn mark, with a record $74bn of net inflows in the second quarter, according to a statement from the firm. The firm’s active strategies generated $8bn of net inflows, led by multi-asset, fixed income and alternative offerings… |
| Global asset management |
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Mutual fund assets globally increased to $79.3trn in 2016 from $60.3trn in 2012, according to a report by Cerulli Associates. The Boston-based research firm forecasts that mutual fund assets will pass $100trn in 2020 and reach $106.3trn in 2021, with non-US assets representing more than 50% of the overall volume… Australia’s Financial Services Council has launched the country’s first asset stewardship code for fund management firms, according to a statement from the regulator. Since the global financial crisis in 2018, other markets have launched stewardship codes, including the US, Japan, Hong Kong, South Korea, Malaysia and Switzerland… |
| Fintech |
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The Singapore Fintech Association (SFA) has launched the first country-level fintech directory in the world, according to a statement from the association. The directory, which is hosted on SFA’s website, provides profile descriptions of around 300 fintech businesses in Singapore, including the firm’s background, business model and funding status… |
| Asset allocation |
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Global fund managers have increased their allocation to Japanese equities and upgraded their profit outlook of Japanese companies according to Bank of America Merrill Lynch’s monthly fund manager survey. It has also allocated more in UK equities and slashed allocations in US, Eurozone and emerging markets equities… Hong Kong-based Lloyd George Management, the manager of Quaero Capital’s Bamboo strategy, has decied to take a defensive approach as it anticipates a correction in Asian markets amid rising tensions in North Korea, as well as in US-China relations and in the Gulf between Qatar and Saudi Arabia. The firm has increased the strategy’s cash allocation to around 36% and also holds 8% in gold mining shares in Australia as an insurance policy… |
