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Five facts private bankers should know this week

New hire, contract jobs, mutual funds, China and India are the buzzwords this week

Keep a look out!

Asset managers in Asia Pacific plan to add more private equity and multi-strategy funds into their product mix in the next five years, a new survey by State Street has revealed.

The study included a global survey of 250 asset managers, 50 of which are based in Asia Pacific.

Ninety four percent of asset managers from Asia Pacific said they plan to offer more private equity funds, while 88% was looking into multi-strategy funds.

About 80% showed interest towards real estate funds whereas 70% planned to increase debt funds. 

It’s clear from this data that multi-asset strategies and a wider range of alternative asset classes are seen as important asset classes in the region.  

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Keep a look out!

Asset managers in Asia Pacific plan to add more private equity and multi-strategy funds into their product mix in the next five years, a new survey by State Street has revealed.

The study included a global survey of 250 asset managers, 50 of which are based in Asia Pacific.

Ninety four percent of asset managers from Asia Pacific said they plan to offer more private equity funds, while 88% was looking into multi-strategy funds.

About 80% showed interest towards real estate funds whereas 70% planned to increase debt funds. 

It’s clear from this data that multi-asset strategies and a wider range of alternative asset classes are seen as important asset classes in the region.  

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Contract jobs

Contracting hires maintained its growth in the second quarter for roles across front to back office operations in corporate, private and investment banks, according to recruitment company Randstad.

In addition to the usual demands in know-your-customer roles, companies sought additional contract support for front office, trade finance, settlements and finance change, it said.

Requirements for front office support such as assistant relationship manager (RM) in wealth management, Randstad added, had increased due to ‘post-private bank integration’ and the expansion among front office teams.

‘As more banks move from the front office client service model to a shared service support model, the immediate assistant RMs pool has expanded to cater to demand in contract work in the front office space,’ the firm wrote in a report.

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Mutual funds

Global mutual fund assets under management (AUM) as a percentage of household financial assets in China jumped from 13.1% in 2016 to 16.0% in 2017, according to Cerulli Associates.

Together with India, China now represents a massive growth opportunity for the asset management industry.

‘The expanding middle class and increasing number of high-net-worth individuals in China and India will help ensure robust AUM growth in both countries,’ said says André Schnurrenberger, managing director, Europe.

 ‘Over the past four years, India has recorded AUM growth of more than 20%, achieved through a combination of new flows, particularly into equity and balanced funds, and market performance,’ he added.

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Digital transformation

Financial institutions in Southeast Asia and Hong Kong are well underway in their journey towards digitalization as nearly 9 in 10 (87%) of those surveyed have adopted some form of digital initiatives, according to EY.

Among the financial institutions, banks are among the leaders with 91% indicating some levels of digital adoption, followed by the insurance sector (83%) and the credit and payments sector (75%).

‘Interestingly, the wealth, fund and asset management sector revealed a decisive split between digital progressives and digital laggards: a third (33%) of wealth, fund and asset management companies have fully embraced digital, while half (50%) are still assessing the need for digital adoption,’ EY said.

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Bank Reyl appoints partner in UAE

Reyl & Cie has appointed Pasha Bakhtiar, currently in charge of Reyl Finance, as its new affiliate in the UAE. Bakhtiar has more than 20 years experience in the fields of wealth management, asset management and private equity.

He began his career with Lombard Odier in Geneva before moving to Dubai to work in the company’s operations in the UAE where he has spent the last 13 years.

He joined Reyl in 2015 as co-founder and chief executive of Reyl Finance to develop the group’s regional activities.

In addition to contributing to the group’s transversal development, Bakhtiar’s new role will also oversee Reyl’s long-term digitalization strategy.

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