May’s most-read: UBS AM loses HK head; Singapore’s VCC changes; Asset Management Awards 2021
UBS AM loses Hong Kong head to KKR
Markus Egloff, who had worked at UBS for almost 25 years in numerous roles, has left to join KKR. He will be taking up a new position that focuses on expanding the firm's reach to wealthy individuals across the Asia region, said people familiar with the move.
Egloff had been the Asia Pacific head of wholesale client coverage at UBS since July 2018, in addition to acting as Hong Kong head, a position he assumed at the same time, according to his LinkedIn profile. He posted a ‘thank-you’ message on the profile.
Before working in those roles, Egloff had been employed in a variety of similar positions for UBS. These included acting as head of Asia ex-Japan wholesale client coverage, and earlier acting as chief of staff for UBS Wealth Management in Hong Kong.
AsianInvestor concluded this year's awards process on May 5 by revealing our Marquee award winners for this year, including the Best Asia Fund House and Asset Manager of the Year
Based upon the analysis of our panel of judges, we chose the most impressive nominees from across a set of specialist investing areas and focuses.
Many congratulations to all of this year's award winners, and our deep thanks to our set of judges, whose combined analysis was essential in finalising this year's standout organisations. In addition, we are grateful to all award participants for taking the time to be involved in our awards process this year.
You can also discover who were AsianInvestor's best local fund managers by major market, who our top funds of the year are by asset class, and the identities of our best asset service providers.
Singapore eyes VCC changes to reel in more family offices
Singapore is looking at potential updates to its new variable capital company (VCC) rules, which could further cement the Lion City's allure as a base of operations for family offices.
The Monetary Authority of Singapore had introduced VCCs to lure private equity and offshore fund managers to use Singapore for their fund domiciles instead of offshore alternatives like the Cayman Islands.
However, the rules currently make it difficult for family offices without a local asset management licence to establish VCCs. Analysts told AsianInvestor they believe reforms to let them do so make sense, but may take some time.
Greater Bay's Wealth Connect to draw family offices to Hong Kong
Hong Kong is expected to receive a fresh injection of interest from family offices following the launch of an anticipated new scheme that eases cross-border investments through wealth management products in the Greater Bay Area.
On May 6, China's regulators announced new draft rules for the cross-border Wealth Management Connect scheme. The country set a Rmb150 billion ($23.2 billion) ceiling for the trading quota (southbound and northbound) for the pilot scheme, a move that could accelerate the timing of an official launch.
For Hong Kong, the introduction of the Wealth Management Connect scheme could attract high-net-worth investors from mainland China, family investors said, giving the city a new competitive edge, as investors have fled the city over political uncertainties and Singapore has ramped up its efforts to appeal to single-family offices.
Fund houses to struggle with new HK ESG disclosure rules
Hong Kong’s move towards forcing companies and investors to make mandatory environmental disclosures in 2025 is likely to leave fund managers struggling to comply over the short- to medium-term, due to choppy levels of industry expertise in quantifying climate-related risks, say analysts.
Industry experts also say that ESG disclosure could be difficult to gain from portfolio companies that are generally not used to such high levels of transparency.
They add that it is an open question about the extent to which asset managers and asset owners have the resources to retrieve this data and the cost of getting third-party assistance – especially smaller fund operators.