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Sunata joined George Investment in Prior to joining George Investment, he served as a director in the investment banking division of PT Danareksa Sekuritas from to , and as consultant at Boston Consulting Group from to Bert Kwan joined George Investment in Bert graduated with a J. Chee Yann joined George Investment in Prior to joining George Investment, he was with Actis Capital where he focused on mid-market buyout and growth capital investments in the consumer sector in Southeast Asia and China.
Prior to Actis, Chee-Yann was with the Government of Singapore Investment Corporation, where he led investments in the consumer and financial services sectors in Indonesia and China. Lukman joined George Investment in and was a member of the investment team before taking on the role of chief financial officer. Rani joined George Investment in Sidharta joined George Investment in Sidharta started his career with Booz Allen in Sydney. Ryan joined George Investment in September Before that, Ryan spent two years at Government Investment Corporation of Singapore and five years at Standard Chartered Bank in financial control positions.
Chris joined George Investment in Prior to joining George Investment, he spent 11 years in the legal department at Barclays Bank, concluding with the role of Asia-Pacific regional general counsel. Prior to Barclays, Chris was with Bank of America in Hong Kong where he was a member of the capital markets legal team. Sandy joined George Investment in Prior to joining George Investment, he was a senior manager in strategic business development and financial control at DaimlerChrysler Financial Services Asia Pacific , based in Singapore.
The leading on-demand hyper-local service provider in Indonesia across transportation, delivery, shopping, services and payments. PT BFI Finance Indonesia Tbk — A leading independent multi-finance company predominantly engaged in consumer financing of new and used vehicles and leasing vehicles to businesses in Indonesia. Innovalues Pte Ltd — A precision engineering manufacturing company focused on providing metal components to the automotive industry with facilities in Thailand, Malaysia and China.
PT Centrama Telekomunikasi Indonesia Tbk — An independent telecommunications infrastructure company, providing integrated services for telecom towers, in-building solutions and internet. PT Bank Tabungan Pensiunan Nasional Tbk — An Indonesian bank specializing in empowering and providing services for low-income segments of the population, including pensioners, micro, small and medium size business owners, and low-income productive households. Asuransi Tugu Pratama Indonesia Tbk — One of the largest general insurance companies in Indonesia focusing on the energy and transportation sectors.
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In other words, the 25 person team at MassPRIM was made to feel bad for accepting a little over 10 grand per person in annual performance compensation after the pension had its second best year ever. For some flavor, see this quote lifted from the article:. Even the most mission-oriented individual would be hard pressed to work at MassPRIM when they could be making three or four times that much at another pension fund and possibly ten times that much in the private sector.
As a result, the fund would not have the capability or even credibility to manage its assets in house as many of its peers are doing to cut down on exorbitant fees paid to the private sector. So the question then is how much MassPRIM would end up paying these private sector asset managers in terms of annual bonuses. Is this preferable to paying in-house staff a competitive wage? The author of this Boston Globe article undoubtedly has good intentions, but his argument will ultimately exacerbate the problems we see in finance today!
Rich getting richer etc. As I see it, one of the big benefits of moving assets in-house is reducing costs and fees. How are you going to hire these people without paying competitive salaries? I hope so. However, the sections that I bolded still worry me. Clearly, these comments show that at least part of the decision to increase infrastructure investments in California was motivated by non-financial criteria.
The negative effects of political interference on public sector pension funds have been well recognized in the academic literature and elsewhere. And, you might say, so what if returns are damaged if jobs are created? Sound familiar?
Also, recall that the legitimacy of the fund is based on paying pensions…not investing in local firms and assets. They question, then, is whether it is ethical to kick the can down the road to the next generation? I think not. Because Ireland is not alone in using its here-to-fore long-term pension assets for short-term spending needs.
As they say, misery loves company. Certain emerging countries undergoing rapid demographic change — such as Korea or China — have followed in their footsteps. These funds have a shared mission: to help PAYGO systems meet the aging challenge more rapidly and smoothly. Though, it should be noted, the original decision to tap the FRR was included in the pension reform package earlier in the year. So, why is the French government doing this?
Still, there are some serious implications. The elimination of these long-term assets will have knock-on effects in France and beyond. In effect, the FRR was promoting, by example, good investment governance and sophisticated asset management in a country that has typically been too conservative. Indeed, the FRR had adopted a new strategic asset allocation policy as of June that resembled albeit slightly a factor based approach see chart below.
Let me sum up before this post gets ridiculously long: In both the Irish and the French cases, the asset management industry and financial markets more generally will lose tens of billions of dollars of supply of sophisticated, long-term capital. This long-term capital tends to generate higher returns and, to be a bit simplistic, do cooler stuff such as build infrastructure, finance new technologies or encourage good corporate governance. The same cannot be said for short-term capital.
There is an increasingly common trend among government-sponsored funds to take a greater role in and responsibility for asset management. But the latest fund to go this route is not a high-flying SWF. The rationale here is obviously to lower the costs associated with what is quite an expensive asset class.
Indeed fees can be astronomical in the private equity industry. And I know this all too well: when I tell people I used to work at a successful PE shop in New York but left to pursue a career in academia, I get suspicious and curious looks that imply I must have been deranged to walk away from this kind of payday. Fair enough. In fact, it just creates a new set of problems for institutional investors.
For example, if you are taking responsibility for the investment decisions, you better have the design, governance and competency to make this a successful endeavor. In other words, you need to operate according to best-practice standards of investment management.
And this can be very hard in the context of a public fund, where it can be difficult to pay private sector salaries. Good luck, South Carolina! But this then begs the question as to how these countries should do this. The obvious answer is to set up a SWF, which the authors acknowledge.
But, then, what should countries without SWFs do? Park and Rozanov have some creative ideas. And here is one of them:. It is very liquid and very easy to transact in volume. And gold has stayed incredibly liquid throughout the crises we have seen in the past and indeed this year.
The discussion turned to credit and private debt. Investors can earn higher returns than the remarkably low yields available on higher-rated public market debt, but it comes down to what the investor is willing to sacrifice, whether this is liquidity, or some transparency, or extended duration perhaps. So, that's the first conversation you need to have with your clients around return expectations and what they are willing to sacrifice, he observed. Each segment has different attributes, so infrastructure investments are very long-lived, some peer-to-peer lending is well regulated, some is less so, trade finance has different characteristics.
Opportunities exist across the board, but it comes down to the right conversations with the clients to find suitable investments. These assets are available, and that is partly why allocations are increasingly tilted towards alternatives, but it comes down to the conversations being conducted properly. Another panellist agreed, noting that their range of hedge funds offer investors exposures ranging from equity-focused strategies, sector-focused, region focused, fundamental to systematic and all the way to fixed income.
They explained it does indeed depend on the client's risk-return appetite, on the profile they're looking for, how much liquidity they're willing to sacrifice, how much volatility they can stomach. They explained that they see most demand nowadays from clients looking into dislocations, dispersions or diversification, so that investors with specifics view on asset classes will tilt more towards specific strategies.
A guest pointed to some interesting opportunities ahead, for example, in the distressed space. If you look at the end of last year, actually, the amount of debt that had already built up in the system was already then very high. Defaults are not high elevated, but this is just the beginning, with many businesses still shut. Governments cannot save the world. And then there is the danger of employees getting more income from the subsidies instead of actually working, so that is a great danger.
So, we think the default rates will be quite high, especially in certain areas like our retail, shipping, energy, hospitality, and some others. Another area of focus ahead is the secondary market in alts. We see investors perhaps wanting or needing to offload some of their portfolios in order to compensate for the revenue losses elsewhere, a guest reported.
Add to that the US Dollar weakness, and there could be opportunities on the private market side, so both distressed and secondary market assets. Two interesting areas, we think, for the coming few years. A fellow panel member agreed, adding that there will be opportunistic openings ahead, with increased market dislocation.
We have different segments of clients, from UHNWIs to HNWIs, and within those segments different appetite and criteria, some more aggressive, some more conservative, he remarked. Some are looking at private credit and some real estate as well, both across the equity and debt structures.
But we must be very selective in different sectors, so retail is weak, while logistics, technology, data centres, these are strong and long-term themes. Infrastructure is long-term and offers stable, contracted assets providing a very secure revenue stream, so in favour with more conservative clients. Senior credit is attractive for them as well, while investors that are more opportunistic and more aggressive are attracted more to private equity.
A guest highlighted the ongoing dislocation in the public markets where winners just keep winning, largely the tech and medical sectors, and losers keep losing, for example, retail, or commercial travel and hospitality. He commented that, accordingly, finding the right managers for alternatives is very important. And that is our role as a private wealth manager, we need to identify the best for our clients, he said.
And of course, in terms of the portfolio allocation side, we always recommend clients to allocate to a diversified portfolio. Another panel member agreed that manager selection is indeed very important, whether in the public or private market domain. Having spoken to our in-house hedge fund specialist, a long-short strategy is difficult at this moment because short comes with a cost and that cost has been quite high since April, she commented, but for us, we are very lucky, because we selected the right managers, and the long-short strategy has given us quite decent returns year to date in the portfolio from certain sectors and also from themes related to China.
Accordingly, I think it's good to keep this exposure in order to preserve capital for the clients. So, these are still amongst the most favoured strategies looking ahead into the next months based on investor sentiment data. Shifting the conversation to strategies for the foreseeable future, a guest indicated that taking a two to three year view, it is advisable to realise some of the gains from this year and boost diversification and downside protection in the portfolios. With virtually zero or negative rates, everyone thinks equity markets are now on an indefinite uptrend, he said, but we have heard that story before, and that tends never to be the case.
So, I'd say hedge, diversify and structure portfolios, even if you sacrifice some return now, in order to capture some of the downside if it happens, or to hedge because maybe, just maybe, there's not a perpetual profit machine out there, and we might just see another down. Another expert agreed, noting that while investors have enjoyed what amounts to a get out of jail free card this year, his firm has been cautioning clients since July to put in some protection against vulnerabilities, as certainly a lot of things can go wrong from here on out, especially over the next couple of months.
So, yes, he said, we've been quite actively having that conversation with clients and actually having that protection also enables us to run with some ideas that we have high conviction on, but that we couldn't achieve without adequate protection. A guest mined further into the concepts of diversification, dispersion and dislocation.
If clients are looking for dislocations, they said, then very clearly the credit space would be a space to be in, while if clients are looking for broader diversification there is increasing interest in some macro strategies, which is maybe a little bit counterintuitive just given how out of favour macro strategies have been in the last decade, but I think there is a value proposition for macros in the portfolio, and you have this year had some of the stellar performances coming from macro managers, but again it all depends on the selection of the managers.
They added that also for diversification, one way to diversify is multi-strategy as this works particularly well for clients that have a fairly directional portfolio, who may not have a strong view on asset classes, but who just want to be able to tap into different opportunity sets when they arise across different regions. Multi-strategy can also provide some downside protection and offer upside potential.
And if clients are looking specifically just to play dispersion, conversations have been evolving around equity long-shorts, and interestingly enough, here these split into camps. We have clients that are either looking for very straight out specific sector exposures, perhaps tech or healthcare to ride the longer term secular growth, or for rebound sectors such as financials or energy, and to exploit some of the largest dispersions that we have seen recently where there are such wide gaps between winners and losers.
Finally, there are the buyers who seek low net market neutral approaches, where investors want the upside potential but have a much larger focus on downside risk mitigation given the uncertain market environment. The discussion closed with the panel agreeing that the world of alternative investments remains robust, but that like with the public markets, the pandemic demands greater selectivity, and some additional caution. Nov 25, Hubbis. Independent Wealth.
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Exit Full Page. Hubbis Sep 9, Two key camps? Traditional investment products are no longer enough for diversification. Investors knowledge of finance is increasing, and more people are interested in non-traditional types of investments. Yes, as HNW clients nowadays are seeking a higher and more stable return, relying on the products that are widely available in the mainstream markets will not be able to achieve that.
In an ever-changing world, alternatives provide both risk diversification and yield enhancement options. Yes, due to fear and doubt about the sustainability of current levels of traditional markets. Alternative investments are good for diversification purposes and good in a zero-interest environment. Yes, for diversification and higher potential returns. Especially now during the pandemic phase as we see how reluctant clients have been to participate in mainstream investments and are hoarding cash.
As opposed to generating zero returns, they should park their money in alternative investments instead that seem to be performing well. Yes because they help diversify portfolios and generate alpha. Yes, we see them as offering uncorrelated returns. Yes, because the major assets are looking more and more correlated to each other, therefore lessening diversification. Alternative investments become ever more crucial in giving your portfolio both diversification and alpha.
In a low yield environment and with the volatility of the markets, alternatives play the role of diversifier and alpha generator. The yields on conventional investments are at its historic low given the global interest rate environment Yes, because of low interest rates and high valuations in public markets in general. Yes, partially because they like shiny new things that are exclusive and partially because a lot of other more traditional exposures have run up so much already.
It helps to reduce volatility, long term yield enhancement and diversification, especially for a sizable portfolio.
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