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FEATURES (Published Date :8/1/2012)

GREATER CHINA

Maturity means change for China fund management industry
By Hui Ching-hoo
Category :China
China’s fund management industry is expected to undergo significant changes as it matures and evolves, according to a report commissioned by Citi and compiled by Z-Ben Advisors in late-June entitled “China: the World’s Best Opportunity for Asset Managers?”

CEO INTERVIEW

A brave new world
By David Macfarlane
Category :Hong Kong
According to an Ernst & Young (E&Y) study released in May, Hong Kong’s Mandatory Provident Fund (MPF) has achieved its intended objectives as an occupational retirement savings vehicle. The study was commissioned by a joint industry group (JIG) comprising the Hong Kong Federation of Insurers (HKFI), the Hong Kong Investment Funds Association (HKIFA) and the Hong Kong Trustees’ Association (HKTA). Ka Shi Lau, chairman of the HKTA, talks to Asia Asset Management about the findings and the implications of the report.

ACTIVE LOW VOLATILITY INVESTMENT STRATEGIES

Low volatility strategies take prominent place in fund manager’s tool box
By Toby Garrod
Category :Asia,Singapore,Asia-Pacific
While the heavy equity market rolls of the past five years have brought about dramatic turns in opinion on low volatility strategies across Asia, broad acceptance seems to be emerging.
Using a low-volatility approach to temper emerging market risk
Category :Global
Low-volatility strategies are not new but they have gained traction in recent years as markets, both developed and emerging, have become increasingly volatile. Emerging markets especially tend to have higher levels of risk than others, but they have lured investors with the potential for higher returns. For example, the S&P Emerging Plus LargeMidCap and the MSCI Emerging Markets Index and have each provided annualised returns of about 14% over the past ten years but with an associated annualised risk of about 25%, as measured by standard deviation.

JAPANESE CORPORATE PENSIONS

Choppy market conditions force strategy bifurcation
By Maya Ando
Category :Asia,Japan
The vast US$1.35 trillion Japanese corporate pension fund market is facing hefty challenges as balance sheets groan under the burden of policy obligations inked in better economic times, while the nation’s aging employees continue to swell the ranks of retirees demanding income streams. In response, fund managers are displaying divergent strategies.

DEFENSIVE & INFLATION HEDGING INVESTMENT STRATEGIES

Higher returns come with additional risks
By Hui Ching-hoo
Category :Global,Europe,U.S.A.,United Kingdom
“Risk on – risk off” has been one of the most striking developments in global markets since the start of the global financial crisis (GFC), particularly now as global investors fret over eurozone governments’ apparent failure to come up with effective measures to ease the contagion of the sovereign debt crisis. Fears over longer term inflation risk stemming from monetary easing policies have prompted fund managers to take a more defensive stance and diversify their investments into a wide array of inflation-linked assets such as commodities, real estate, and hedge funds.

RISK MANAGEMENT

Credit where credit’s due
Category :Asia,Global
Since investment strategies are very diverse, sources of risk and corresponding exposures are hard to identify. Moreover, pension funds and rich individuals do not exhibit the same risk tolerance and will not assess performance in the same way. Traditional measures cannot offer robustness to complex risk-factor exposures and investors’ risk aversion.

TAIWAN QUARTERLY UPDATE

Taiwan ready to take financial ties with China to next level
By Donna Chen
Category :Asia,China,Taiwan
Recent branch office openings by Bank of China and Bank of Communication in Taipei’s Xinyi District have further strengthened economic and financial ties between Taiwan and China, which is symbolic of the improving relationship over the past four years following nearly 60 years of political and economic separation.

PRIVATE EQUITY PANORAMA

Widespread equity market turmoil prompts investors to consider benefits of PE
By Paul Mackintosh – 09/07/12
Category :China,Hong Kong
There are several conclusions that can be drawn from the upheavals in major private equity groups over the past few weeks, with BlackRock, Inc. acquiring the US$7.5 billion AUM business of Swiss Re Private Equity Partners AG from parent Swiss Re...
Sputtering regional economy casts doubts over PE gains
By Paul Mackintosh – 16/07/12
Category :Asia,Japan
Prospects appear good for Asian private equity. Unfazed by the political storm being whipped up around the track record of its former head, Mitt Romney, Bain Capital has successfully closed its Bain Capital Asia II Fund at US$2.3 billion, above its $2 billion announced target, though still short of the $2.5 billion reported ceiling.
Unexpected underperformance puts CalPERS on thin ice
By Paul Mackintosh – 23/07/12
Category :Global,U.S.A.
One more sobering and alas, less surprising, recent piece of news is that the California Public Employees’ Retirement System (CalPERS), the 800-pound gorilla of pension funds, achieved just 1% return for its financial year ending 30 June, with assets falling from US$239 billion to $233 billion.
Reaping rewards from forward thinking
By Paul Mackintosh – 30/07/12
Category :Asia,China
The end of July brings perhaps welcome signs that private equity in emerging markets, especially Asia, is not only back in favour with institutions, but also is delivering the commensurate returns.

INSIGHT

Threadneedle has all the right backing
By Hank Morris
Category :Hong Kong,Singapore
In an exclusive interview in London, Threadneedle Investments CEO, Crispin Henderson, tells Asia Asset Management: “When it comes to the fund management process, we have many ‘stars’ at Threadneedle.

SEARCH DIRECTORY

Directory of Manager Appointments & Searches August 2012
Directory of Manager Appointments & Searches August 2012

AUGUST 2012 E-MAGAZINE

AUGUST 2012 E-MAG
Click to view the electronic version of Asia Asset Management's August 2012 issue.
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