Banking and Finance News & Trends: Jan Week 3
Banking and Finance News & Trends: Jan Week 3
1. Business Moves
i. Three More Global Hedge Funds Enter Hong Kong
Hong Kong, traditionally Asia’s leading hedge fund hub outside China, is witnessing renewed interest from global hedge funds. Three global hedge funds, Hudson Bay Capital Management (US, ~$20B AUM), Sona Asset Management (UK, ~$10.1B AUM), and Centiva Capital (US), have recently set up or expanded operations in Hong Kong, with a focus on hiring experienced talent.
Takeaway: The move signals a positive shift for the city’s financial sector as it seeks to regain its status as a regional hub. These moves come amid Hong Kong’s efforts to recover from talent losses due to Covid restrictions and competing with other leading financial centres like Singapore and Dubai. Hedge funds are particularly targeting skilled professionals amid challenges faced by some Asia-based firms. Despite growing regional competition, Hong Kong has seen an influx of financial professionals, reaching a record 42,000 licensed individuals by October.
ii. Fidelity Launches Fund to Target China’s New Pension Scheme
Fidelity Investments launched a new multi-asset fund in China targeting retirement savings as it seeks to capitalise on the country’s growing pension market.
Takeaway: With China facing an imminent pension funding shortage due to an ageing population and low birth rates, Fidelity’s fund raised 867 million yuan in just eight days, signalling strong demand. The firm plans to align with China’s evolving pension system, which is projected to expand to 12 trillion yuan by 2035.
iii. Super Bank Eyes Jakarta IPO in 2025
Super Bank Indonesia, backed by Grab, Singtel, and KakaoBank, is considering an IPO in Jakarta this year. The digital banking firm, part of Elang Mahkota Teknologi, could seek a valuation of $1.5 billion to $2 billion, with the goal of raising $200 million to $300 million. Discussions are still in the early stages, and details on valuation and size remain fluid. The company, originally Bank Fama International, operates in various sectors, including financial services, technology, and media.
iv. Apollo and StanChart Inks US$3b Energy Transition Deal
Apollo Global Management and Standard Chartered have formed a US$3 billion partnership to finance energy transition projects focusing on infrastructure, renewable energy, and low-carbon initiatives.
Context: The partnership will leverage Apollo’s sustainable platform, Apollo Clean Transition Capital, and its Apterra unit, which specialises in infrastructure debt. Standard Chartered will provide a senior secured credit line and acquire a minority stake in Apterra.
Takeaway: This collaboration reflects the growing role of private markets in funding the energy transition, with Apollo committing significant investments in climate-related assets. The energy transition is projected to require trillions in investments, creating substantial opportunities for private capital.
2. Capital Raising
i. Hong Kong Tycoon to Raise HK$389m to Boost City’s Image
Michael Kadoorie, chairman of CLP Holdings, is spearheading efforts to raise at least HK$389 million (S$68.3 million) to revitalise Hong Kong’s global image and tourism sector. He has approached prominent tycoons and business leaders, including Peter Lee, Raymond Kwok, and Joseph Tsai, securing preliminary interest but no confirmed commitments.
Takeaway: While the specifics of fund deployment are unclear, this initiative signals potential collaboration opportunities in infrastructure, media, or tourism-related ventures as Hong Kong seeks to rebound economically
ii. Digital Asset Banking Group Sygnum Raises US$58m
Sygnum, a digital asset banking group based in Singapore and Switzerland, has raised US$58 million, bringing its valuation to over US$1 billion. The funding, led by Bitcoin-focused venture capital firm Fulgur Ventures, will support its European market entry in 2025 and expansion into Hong Kong. The funds will also be used to enhance institutional infrastructure, expand its product portfolio, and explore strategic acquisitions. Sygnum’s platform serves over 2,000 institutional clients globally, with total client assets exceeding US$5 billion. The company is regulated in Switzerland, Singapore, and Abu Dhabi.
3. People Moves
i. Banks: Hong Leong
Hong Leong: Jeffrey Yap was appointed regional head of wealth management at Hong Leong Bank.
- Experience: He has over 20 years of experience, most recently as HSBC’s head of investment and wealth solutions for Southeast Asia.
- Responsibilities: He will oversee its wealth and private banking business. His responsibilities include driving a comprehensive wealth strategy, accelerating digital transformation, and developing innovative investment solutions and advisory services.
ii. Asset Managers: GIC, Macquarie, J.P. Morgan and T. Rowe
GIC: Jeffrey Jaensubhakij, Chief Investment Officer of Singapore’s sovereign wealth fund GIC, will step down after nearly 30 years. The current Deputy CIO, Bryan Yeo, is set to take over in April 2025. During Jaensubhakij’s tenure, GIC shifted its focus to private markets, including unlisted companies and real estate, reducing reliance on stocks and bonds. This strategy helped GIC become one of the world’s largest active investors, with assets under management reaching approximately US$800.8 billion.
Macquarie: Macquarie Group appointed Gabriel Ho as managing director to spearhead its Southeast Asia expansion within Macquarie Asset Management.
- Experience: Ho was previously a partner at Dymon Asia Private Equity.
- Responsibilities: He will help deploy capital raised for infrastructure investments across emerging Asian markets outside China.
J.P. Morgan AM: J.P. Morgan Asset Management appointed Supreet Bhan as the new head of intermediary business for Hong Kong, effective April 1, 2025, pending regulatory approval. Bhan has over 20 years of experience in financial services and has been with JPMAM since 2013. He previously led the Southeast Asia funds business. Anis Tiasiri will succeed Bhan as head of South East Asia funds, reporting to Ayaz Ebrahim, CEO of Singapore and South East Asia. Tiasiri has been with JPMAM since 2015.
Rowe: T. Rowe Price strengthened its Asia distribution team with two senior appointments.
- Juliette Lim was appointed Head of Insurance Solutions for Asia ex-Japan. Lim has over 20 years of experience and has held roles at Sun Life Financial, Prudential Life Hong Kong, and UBS Asset Management.
- Timothy Cheung joins as Senior Director of Intermediary Distribution for Greater China. Cheung has 10 years of experience in asset management and has previously worked at UBS, Janus Henderson, and J.P. Morgan Asset Management.
iii. Investment: Azalea, Capital Land
Azalea: Azalea Investment Management’s CEO Margaret Lui will retire on March 31, 2025, concluding a distinguished 40-year career with Temasek. To ensure leadership continuity, CIO Chue En Yaw will succeed her as CEO, effective April 1, while retaining his CIO responsibilities. Chue is the key architect behind the Astrea and Altrium platforms, which broadened access to private equity for accredited investors globally.
Capital Land: CapitaLand Investment has made three key senior appointments.
- Yvonne Siew will join as Managing Director & Head of Product Development and Wealth Markets in Private Capital Markets, starting January 22. Siew has over 20 years of experience and joins from Bank of Singapore, where she was the head of real estate advisory and investments. She will lead the growth of CapitaLand’s private funds and wealth business.
- Yong Su-Lin was appointed CEO of CapitaLand Malaysia REIT Management, effective February 1. Yong has over 28 years of experience in real estate and banking and has previously held senior roles at Lendlease Group, Sentral REIT Management, and Quill Capita Management.
- Tan Choon Siang, the current CEO of CMRM, will transition to deputy CEO at CapitaLand Integrated Commercial Trust Management (CICT). These appointments aim to strengthen CapitaLand’s investment and fund management capabilities, reinforcing its position as a global real asset manager.
iv. Others: Family Office Association Hong Kong
FOAHK: Family Office Association Hong Kong (FOAHK) announced its leadership team for the third term.
- Chi-man Kwan, CEO of Raffles Family Office, will take over as chair, succeeding Angel Chia.
- Vice chairs include Grant Ko of Wisdom Family Office and Jim Kwok of Topaz Family Office, who is re-elected for a second term.
- The board also includes members from Leo Wealth, Fountainhead Partners, and Carret Private.
Discover More Industry Trends with JC
For the latest industry trends or to explore new career opportunities, connect with our financial services recruitment consultants for a chat. With executive search firms in Singapore and China and operations in key business hubs like Hong Kong, you can count on our team for timely access to regional insights that can create synergy for your career and operations.
For employers: Beyond the banking and financial services industry, we also have dedicated desks for several sectors that enable us to meet your varied recruitment needs.
- HR recruitment
- Legal recruitment
- Life sciences recruitment
- Luxury & retail recruitment
- Tech recruitment
Image Credits:
- Bloomberg
- AFP