Insto roundup: Hong Kong MPF increases by 26%; Malaysia’s EPF cuts stake in oil palm planter | Asset owners


AUSTRALIA

EISS Super chief executive Alex Hutchison has resigned after the fund failed the first performance test published by regulators.

The fund’s CFO, Lance Foster, stepped in as interim CEO, effective immediately.

EISS Super is currently in the process of merging with TWU Super, but Chairman Warren Mundy has said Hutchison’s resignation will not affect merger plans.

A day before his resignation, Australian media alleged that the fund had overspended, for example throwing lavish Christmas parties at the Museum of Contemporary Art and spending A $ 75,000 ($ 55,000) on the trip. a senior executive in the United States for training.

Source: Financial standard

Macquarie’s former chief executive has been appointed chairman of a new regulators review board that will oversee the Australian Securities and Investments Commission (Asic) and the Australian Prudential Regulation Authority (Apra).

Nicholas Moore, who led Macquarie for a decade, will head the Financial Regulatory Assessment Authority (Fraa). The three-person regulatory board will include two others, business lawyer Gina Cass-Gottlieb and former banker Craig Drummond.

Fraa was created following a 2018 investigation into malpractice in the banking, insurance and pension funds industries, which concluded that regulators were being too lenient with law enforcement.

Source: Reuters

CHINA

China’s banking and insurance regulator announced on September 10 that it would launch pilot projects of wealth management products in four cities for retail investors looking to boost their retirement savings.

The products will be sold by the wealth management units of Industrial and Commercial Bank of China, China Construction Bank, China Merchants Bank and China Everbright Bank.

The pilot products will last for one year from Sept. 15, and each institution involved can raise up to Rmb 10 billion ($ 1.55 billion) in proceeds, according to the statement from the China Banking and Insurance Regulatory Commission. .

Source: CBIRC

HONG KONG

Hong Kong Mandatory Provident Fund assets grew 26% year-on-year to HK $ 1.22 trillion ($ 156.4 billion) in mid-2021, with returns on investment offsetting withdrawals by residents leaving definitely the city, according to the Mandatory Provident Fund Schemes Authority (MPFA), the industry supervisor.

It says assets grew 101% over the past five years, and the annualized net return of the MPF was 5.1% compared to Hong Kong’s inflation rate of 1.8% over the past 20 years. and more since its inception.

There were 8,000 withdrawal requests by Hong Kong residents leaving the city in the second quarter, compared to 7,700 in the first three months of the year. The number of claims in the 12 months to June was 32,400, compared to 30,200 in the previous 12-month period.

Government figures show that around 75,300 Hong Kong nationals and residents left between mid-2020 and mid-2021, and another 87,100 in the previous 12 months.

Source: Asia Asset Management

READ ALSO : MPF withdrawals set to skyrocket as exodus from Hong Kong continues

INDIA

India’s quasi-sovereign fund, National Investment and Infrastructure Fund (NIIF), is said to be in talks with state-owned companies National Thermal Power Corporation (NTPC) and Oil and Natural Gas Corporation (ONGC) to acquire and develop energy assets green. , including offshore wind projects.

This, according to a letter sent to shareholders by NTPC Chairman and CEO Gurdeep Singh, is his annual report for fiscal year 2021.

Source: Mint

JAPAN

Meiji Yasuda Life Insurance announced Friday, September 10, that it has joined international NGOs CDP and Climate Action 100+ to improve disclosure related to global climate change and greenhouse gas reduction.

By approving and signing international initiatives, he believes he can improve disclosure through collaboration with other institutional investors.

Source: Meiji Yasuda Life Insurance

KOREA

Korea Post plans to hire a financial services company to provide asset valuation services for its bank deposits and investment portfolio over a three-year period starting November 1, she said. in a call for tenders on September 9.

The company will be responsible for providing fund related analysis and advisory services, as well as performance metrics for bank deposits and government postal agency investment mandates.

Source: Asia Asset Management

Singapore’s GIC, Affinity Equity Partners, Baring Private Equity and IMM Private Equity have taken the next step towards their long-delayed exit from unlisted Korean company Kyobo Life Insurance after a ruling by an international arbitration body failed to resolve their dispute with the president of insurance.

Shortly after the International Chamber of Commerce struck down their attempt to sell a combined 24% stake in Kyobo to insurer chairman Shin Chang-jae earlier this week, the four financial investors sent a demand letter to Shin to hire a third-party institution. assess the share price of his company at which they will be able to exercise the put options granted in 2012.

To speed up their exit efforts, they set a short deadline of September 13 for its response.

Source: The Korea Economic Daily

MALAYSIA

Malaysian sovereign wealth fund Khazanah Nasional reportedly intends to sell a stake in waste management company Cenviro as part of a broader strategy to divest non-core assets. Khazanah acquired Cenviro from the UEM group in 2014.

Khazanah told the media, “We are in a closed process to potentially cede a stake to a party that meets our preferred partner criteria. As the process is ongoing and nondisclosure agreements are in place, further disclosures will be made in due course. “

The Khazanah divestiture exercise includes the disposal of the interests in SilTerra, IHH Healthcare and Alibaba Group Holding, BDO Unibank and Sea Ltd.

Source: Peripheral markets

Malaysia’s Employee Provident Fund (EPF) has reduced its stake in oil palm planter IOI Corp, according to the latter’s stock exchange documents. EPF reduced its stake to 13.21% on September 2 from 13.28% on August 25.

The company did not specify at what price and to whom the EPF sold the shares between August 25 and September 2.

Source: Peripheral markets

Khazanah Nasional completed 138.4 million shares (approx. 1.4%) placement in CIMB group at RM 4.80 ($ 1.16) per share, generating gross proceeds of RM 664.5 million .

The placement is part of Khazanah’s continued efforts to rebalance his portfolio, in line with the Perkukuh initiative unveiled by the government in August. As part of this, Khazanah announced a Ringgit 6 billion fund for high impact investments to help strengthen Malaysia’s economic competitiveness and resilience.

Following the placement, Khazanah remains CIMB’s largest shareholder at 25.6%.

Source: Khazanah press release

SINGAPORE

HSBC has hired Ho Lee Yen from AIA Singapore as managing director of its Singapore insurance operations, which will be merged with AXA Singapore when the $ 575 billion acquisition is finalized.

She will report to Bryce Johns, global managing director of HSBC Life and Insurance Partnerships, HSBC said in a statement on September 9. She will also serve on the global executive committees of HSBC Singapore and HSBC Life.

His appointment is subject to regulatory approval.

Ho, who has over 25 years of experience in finance and insurance, was previously director of distribution for AIA Singapore.

HSBC signed an agreement last month to acquire AXA Singapore from the French group AXA. The deal is pending regulatory approval.

Source: HSBC

Temasek’s wholly owned investment firm, Sheares Healthcare Group, led a $ 30 million Series C funding round in Singapore-based healthcare startup Homage.

New investors DG Daiwa Ventures and Sagana Capital as well as existing investors EV Growth, HealthXCapital, SeedPlus, Trihill Capital and Alternate Ventures participated in the oversubscribed round, bringing Homage’s total funding to over $ 45 million .

Source: Tech in Asia

GIC has completed the first phase of a minority investment in Duke Energy Indiana. Singapore state-linked investor Duke Energy has acquired an 11.05% minority stake in Duke Energy Indiana for $ 1.025 billion. GIC will eventually acquire a 19.9% ​​stake for $ 2.05 billion.

Duke Energy remains the majority owner and sole operator of Duke Energy Indiana. The transaction will help Duke Energy accelerate its clean energy strategy, said President and CEO Lynn Good.

Source: Duke Energy

Singaporean sovereign investor GIC and UK investment management firm Baillie Gifford led a Series C financing round of more than $ 350 million in US plant chemicals company Solugen.

Temasek Holdings also participated in the round, as did the funds managed by BlackRock, Carbon Direct Capital Management, Refactor Capital and Fifty Years.

Source: Solugen press release

THAILAND

The Thai Government Pension Fund (GPF) is optimistic about the prospects for recovery in the second half of 2021. Secretary-General Srikanya Yathip said the global economy will experience a continued recovery in the second half of this year, which will benefit exports Thai.

The recovery will be seen more clearly in developed countries, she added.

Source: Bangkok Post

Thailand’s securities regulator has suspended the local unit of Huobi, a China-based, Seychelles-based digital asset exchange operator, for failing to fix its working system, and recommends that the finance ministry revoke the business operating license.

The Securities and Exchange Commission Thailand (SEC) also ordered Huobi (Thailand) to return all assets to clients within three months of its September 2 decision to suspend the company.

The regulator said it ordered Huobi Thailand to resolve the issues in April. He says the company has requested and received several extensions, but failed to resolve the issues to the regulator’s satisfaction until August 31.

Source: Asia Asset Management

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