HONG KONG (Reuters) – At least four mid-level executives are leaving Goldman Sachs Group’s (GS.N: Quote, Profile, Research, Stock Buzz) Asia prime brokerage unit to join rival banks, people familiar with the matter said, just as the regional hedge fund industry is starting to pick up.
Prime brokers cater exclusively to hedge funds, clearing trades and lending money. The Goldman unit was biggest firm serving Asia’s $159 billion hedge funds industry last year, according to tracker AsiaHedge.
HONG KONG, April 17 (Reuters) – Investors have soured on
prospects for China’s only listed bad debt management firm, as
Beijing’s newfound willingness to allow struggling firms to
default on loans signals a harsher environment for China Cinda
Cinda’s shares soared on their debut last December as
investors flocked to a rare chance to buy exposure to China’s
bad debt market, then effectively guaranteed by the government.
Firms like Cinda, 25 percent-owned by China’s Ministry of
Finance, make money by buying up underperforming loans and
slowly turning them around for profits.
HONG KONG (Reuters) – Mark Mobius’ Templeton Asian Growth Fund, Asia’s biggest equity mutual fund, suffered record outflows in the March quarter in a sign investors are losing faith with the emerging markets guru.
Returns from Mobius’ $11.7 billion fund from Franklin Templeton Investment missed the benchmark last year by the most in 14 years, after some of the stocks Mobius selected fell as a result of political unrest in Thailand and waning appetite for commodities in China.
HONG KONG (Reuters) – China’s first-ever domestic bond defaults, a weakening currency and slowing growth are not normal buy signals, but money managers see them as a sign that the country’s reform drive is genuine and that stocks offer long-term value.
Attracted to stock valuations near their lowest in at least a decade, investors have pushed the Shanghai Composite Index .SSEC up about 6 percent and an index of the top Chinese listings in Hong Kong .HSCE up 13 percent in a rally that started roughly three weeks ago.
HONG KONG (Reuters) – Industrial and Commercial Bank of China Ltd (ICBC) is considering a bid for Pioneer Investments, one of Europe’s biggest money managers, according to a person familiar with the matter.
Pioneer, owned by Italy’s biggest bank by assets Unicredit, managed 174 billion euros ($240 billion) as of the end of last year.
HONG KONG (Reuters) – BlackRock Inc (BLK.N: Quote, Profile, Research, Stock Buzz), the world’s biggest money manager, said improving economic indicators in Indonesia and consistent corporate earnings in the Philippines make those two countries prime hunting grounds for Southeast Asian stocks.
Indonesia has slashed its current-account deficit and tamed inflation, strengthening its previously ailing currency. In the Philippines, companies have met forecasts more often than the rest of Asia during a period of successive sovereign credit rating upgrades.
HONG KONG, March 21 (Reuters) – Asia-focused hedge funds
added $20 billion in assets in 2013, recording their first
growth in three years and boosting the industry’s size to $158.8
billion, according to a survey from tracker AsiaHedge.
The industry still remains about $33 billion below its peak
asset level hit in 2007, but the twice-a-year survey shows that
investors are starting to return.
HONG KONG, March 3 (Reuters) – Nomura Holdings Inc
has hired former Barclays trader Pradeep Swamy to start a new
proprietary trading team in Hong Kong.
The move comes as Wall Street banks retreat from the
lucrative proprietary trading business after regulatory changes
put in place after 2008 curbed banks from making bets with their
HONG KONG, March 3 (Reuters) – News and developments in the
Asian funds industry in the last week.
Dagmar Baeuerle, a director of prime finance business
advisory services for Asia-Pacific at the prime brokerage unit
of Citigroup, has quit, sources familiar with the matter
said. Baeuerle, who was responsible for consultancy services to
hedge funds, had joined the bank in 2010 from U.S. money manager
Crown Advisors International. A Citigroup spokesman declined
comment. Baeuerle could not be reached for comment.
HONG KONG, Feb 26 (Reuters) – Seth Fischer, one of Asia’s
best-known hedge fund managers, has written to Nintendo Co Ltd
urging the Japanese console maker to develop and sell
games for mobile platforms run by Apple Inc and Google
Fischer, of Hong Kong-based Oasis Management Co Ltd, sent a
similar letter in June to Nintendo, in which Oasis owns shares.
His latest missive adds to investor pressure for the company to
move on from making games only for its propriety consoles.