Category: Finance

Retail News Asia is committed to providing both local and global retailers with the latest Finance news throughout the Asian market. This on a daily base.

  • Ant Financial Invests in Vietnam E-Wallet

    Ant Financial Invests in Vietnam E-Wallet

    Ant is expected to have significant influence and provide technical expertise to the e-wallet, created locally by a small start-up.

    Chinese digital finance giant Ant Financial has acquired a «sizeable» stake in Vietnamese e-wallet eMonkey, «Reuters» reported on Thursday.

    The acquisition, which is below 50 percent, wasn’t publicly reported because of fears over anti-China sentiment in Vietnam, the report said, citing people familiar with the matter.

    Vietnam’s consumer market has immense potential, with a population of almost 93 million and a surging middle class, high internet and smartphone penetration, and a fast-growing liking for e-commerce. The competitive digital payments space in the country is led by Standard Chartered e-wallet Momo.

    While Ant has an office in the country, eMonkey already has the necessary operating licenses and has established partnerships with financial institutions and telecoms, making market penetration easier, the news wire said.

    Ant, a fintech affiliate of e-commerce giant Alibaba, on Thursday appointed company veteran Simon Hu as its new chief executive officer.

    The online finance giant controlled by billionaire Jack Ma started out in 2004 as a way for Alibaba Group to pay for goods. It has since evolved into a $150 billion behemoth covering micro-lending, insurance, credit-scoring, and money-market funds. Ant has a domestic user base of 900 million.

  • UOB Ups Stake in Troubled Chinese Lender

    UOB Ups Stake in Troubled Chinese Lender

    United Overseas Bank is buying more shares in troubled Chinese mid-sized lender Hengfeng Bank with a subscription of 1.86 billion shares for a sum of 1.86 billion yuan (S$360.4 million).

    The purchase comes as part of a capital-increase exercise undertaken by Shandong-based Hengfeng Bank through private placement to raise 100 billion yuan. The move reverses a stance taken in May, where local newspapers reported that United Overseas Bank (UOB) had wanted to sell its 13 percent stake in Hengfeng Bank, which it purchased back in 2008.

    The initial intention of UOB was to grow its presence in Shandong with more of its own branches. This time, the increased shares are in line with United Overseas Bank (UOB)’s «focus on driving regional connectivity and building ecosystem partnerships to facilitate business and investment opportunities opening up across the region,» according to a filing on the Singapore Exchange.

    Funding the subscription of additional shares in cash using internal resources, UOB said the subscription is not expected to have a material impact on earnings or net tangible assets of the group for the current financial year. Post the transaction, UOB will hold a total of 3.34 billion shares in Hengfeng Bank.

    The majority of the shares, or 96 billion, will be subscribed by Chinese state-owned investment company Central Huijin Investment and Shandong Financial Asset Management Co, to become controlling shareholders of the bank, as part of state rescue efforts to prop up floundering lenders as the Chinese economy slows.

    Concerns about private company debts in the region have risen in recent months with the default or near-default of six private companies in Shandong. Banks affected by defaults could see more capital raising exercises.

    UOB explains that the collaboration with Hengfeng Bank will help businesses benefit from Shandong’s economic progress and financial liberalization, and is in tandem with the partnership between Singapore and Shandong to promote business flows into South-east Asia with Singapore as a regional hub.

  • Hong Kong’s First Virtual Bank Launches

    Hong Kong’s First Virtual Bank Launches

    Hong Kong’s banking history enters a new chapter with the launch of its first virtual lender, ZA Bank.

    ZA Bank, co-owned by ZhongAn Online P&C Insurance and Sinolink Group, launched yesterday to become the first virtual bank to kickstart services in Hong Kong. According to its chief executive Rockson Hsu, the name «ZA» represents a reversal of alphabetical order which is a reminder to «think out of the box and view things from a different perspective».

    It’s good to be bold, contrarian and creative, Hsu added in a statement.

    ‘Z’ and ‘A’ also means ‘end-to-end’, it symbolizes our mission to redefine customer journey through technology, from the front-end (mobile app/branch), mid-office (customer service/operation department) to the back-end (operating system), from product development to service process.

    ZA Bank said it would offer interest rates of 1.4 percent for one-month Hong Kong dollar deposits and up to 2 percent for three, six and 12-month deposits.

    Whilst this lags behind traditional lenders in Hong Kong which offer up to 2.2 percent on 12-month deposits, ZA Bank’s minimum size of $1 falls very much well below traditional minimum deposit sizes of HK$10,000. ZA also provides time deposits for U.S. dollars and yuan.

    ZA Bank will initially only roll-out services such as remote account opening, multi-currency savings account, time deposits, local transfers and e-statement services only to a select handful of 2,000 users which include friends and relatives of its staff.

    The launch falls under the HKMA’s sandbox mechanism and once the pilot is deemed successful, services will be made accessible by the general public.

    We are delighted to note that the first virtual bank has started its trial run today in the HKMA’s Fintech Supervisory Sandbox, thanks to the diligent efforts of various parties, said Arthur Yuen, Hong Kong Monetary Authority’s deputy chief executive, in a separate statement.

    We believe that as virtual banks gain a better understanding of their customers’ preferences and habits over time, they will leverage financial technologies to offer more personalized products and services, and new user experience to customers.

    Seven other virtual banks in Hong Kong are expected to launch in the first half of next year.

  • Blockchain Payment Network Terra Expands to Singapore

    Blockchain Payment Network Terra Expands to Singapore

    Blockchain payment network Terra has set up its South-east Asia hub in Singapore. The South Korea-headquartered firm has plans to expand in the region.

    Terra intends to grow its on-the-ground network in Asia through strategic partnerships with local businesses, building upon existing collaborations with 25 partners across Asia, including Singapore-based e-commerce platforms Carousell and Qoo10.

    Beyond attracting local talent, we also plan to acquire the applicable license from the Monetary Authority of Singapore under the Payment Services Act, said Rahul Abrol, Terra’s new head of international business and strategy. The Act is a framework for the regulation of payment systems and service providers in Singapore.

    Abrol, formerly Uber’s Asia-Pacific head of strategy, has joined Terra at the new Singapore office as head of international business and strategy. The startup, which has launched in Mongolia, aims to set up operations in at least five other markets next year, including Taiwan and Thailand.

    Besides its regional expansion plans, the firm plans to launch its stablecoin-powered mobile payment app in Singapore early next year. A stablecoin is a type of cryptocurrency that is price-stable and pegged to real-world assets such as the South Korean won or Singapore dollar.

    The launch of Terra’s Singapore office comes about seven months after the startup secured a strategic investment from LuneX Ventures, the blockchain and crypto-focused arm of Singapore’s Golden Gate Ventures.

  • Fraser Could Be Citi’s First Female Boss

    Fraser Could Be Citi’s First Female Boss

    Citigroup president Jane Fraser looks poised to become a Wall Street bank’s first female chief. 52-year-old Jane Fraser could become the first female boss of a major Wall Street bank. Her promotion to the number-two job at Citi comes at a crucial juncture for the U.S. lender, whose performance has fallen behind those of rivals J.P. Morgan and Bank of America over the past few years.

    The board faces increasing investor pressure for bolder strategic decisions at the group level and better performance at its consumer banking division, which Fraser now helms.

    When Fraser started her career at McKinsey, she said she would only take the job if she could work directly for the consulting giant’s head of banking, recalled Lowell Bryan, the McKinsey banking boss. He was so impressed by the bold 26-year-old that he hired her.

    Twenty-five years later, Fraser is being tipped for a far more significant first, after she was named President of Citigroup in October.

    The gutsy streak Bryan recognized in Fraser stuck with her over the course of her career, according to colleagues. In the past 15 years at Citi, Fraser helped navigate the bank out of the financial crisis, reshaped its private bank after the 2012 sale of U.S. brokerage Smith Barney, and led its mortgage business through the gloomy days between 2013 and 2015.

    In an era where banks have begun to focus more on its wealth management businesses, Fraser was ahead of the pack in making a mark.  She increased revenue by more than a fifth from the first half of 2010 to the first half of 2013, plus overhauled the division’s leadership. Bold decisions included initiating a fee schedule that does not differentiate whether clients used Citi’s internal fund managers or outside firms, a move that steered the bank away from conflicts of interest that plagued rivals.

    Fraser’s path to the top job is not without competition though. Potential contenders to succeed Mike Corbat include Citi’s longstanding investment bank boss Paco Ybarra, and chief financial officer Mark Mason, who has held operational and strategic roles.

    Fraser’s operational experience will surely be put to question. «She lacks the volume of experience or running meaningful things at the bank,» said one contemporary.

  • StanChart Makes Good on Climate Change Fight

    StanChart Makes Good on Climate Change Fight

    Standard Chartered recently announced its commitment to combat climate change with real and substantial anti-coal financing policies and even exited three controversial power plant deals.

    Standard Chartered Group will only support clients who actively transition their business to generate less than 10 percent of earnings from thermal coal by 2030, according to a statement. The business will adapt to this commitment on a phased basis beginning on January 1, 2021.

    We are taking bold and ambitious actions in support of the Paris Agreement, being the first bank active in emerging markets to confirm that we will be out of thermal coal by 2030 and set a massively increased target for helping our clients transition into low-carbon technologies,» said Bill Winters, group chief executive of Standard Chartered.

    The bank announced an increased target to finance $35 billion by 2025 in deals linked with clean technology and renewable with a particular focus on emerging markets.

    According to the bank, emerging markets across Asia, Africa and the Middle East not only have an opportunity to «leapfrog to new low-carbon technology» but face insufficient financing, citing the U.N. figure of a $2.5 trillion per year funding gap.

    The statement accompanied a release of a Taskforce on Climate-related Financial Disclosurs (TCFD) report on the bank’s progress with aligning its lending portfolio to Paris Agreement goals of limiting global warming to significantly below two degrees.

    Of the moves announced towards supporting renewable energy, the boldest deliverable was the bank’s decision to withdraw from three projects it had said it would finance in September 2018 – assumed to be Vung Ang 2 and Vinh Tan 3 in Vietnam, alongside Java 9 and 10 in Indonesia.

    Prior to the withdrawal from the deal, Standard Chartered was lambasted by environmental campaigners that challenged the credibility of the bank’s leadership position in «Equator Principles». A Banktrack executive likened the matter to «putting the fox in charge of the hen house».

    Standard Chartered’s latest move should send a signal to other banks, including DBS, that building coal is financially risky, environmentally and socially unsound and morally reprehensible,» said Bernadette Maheandiran, a legal analyst from Market Forces.

  • HSBC Singapore Announces Digital Wealth Management Solutions

    HSBC Singapore Announces Digital Wealth Management Solutions

    Two solutions are part of the bank’s doubling of investments into digital over the past two years to better support its retail banking proposition.

    HSBC has expanded institutional analytical capabilities to retail investors in Singapore through its HSBC Wealth Portfolio Plus application, which launched in December, and is introducing the HSBC Structured Product Online Platform from Q1 2020 to allow accredited investors to invest in structured products offered by the bank, it announced in a statement on Wednesday.

    Given their work and lifestyle choices are no longer confined to one single market or region, our customers expect banking tools and wealth solutions that match their personal circumstances, Anurag Mathur, HSBC Singapore’s head of Retail Banking & Wealth Management, said about the new digital solutions the bank is rolling out.

    In the past two years, HSBC has made significant investments in enhancing its digital capabilities globally. In the first half of the year, HSBC spent $2.2 billion on digital solutions, up 17 percent from the same period for 2018, the bank said. A considerable proportion» of its investments in this area has been in Singapore, one of the bank’s eight scale markets.

    Singapore is often used as the pilot site for the development of digital solutions that will strengthen our foothold as the Asian wealth hub serving HSBC customers with international needs, Mathur said.

  • WeChat Adds Diamond Purchase Traceability Feature

    WeChat Adds Diamond Purchase Traceability Feature

    Tencent partnered with Russian diamond miner ALROSA Group to offer an in-app blockchain-based feature that provides traceability for diamond purchases made through WeChat.

    WeChat adds a new capability for affluent users to access transparent information about the «origin, characteristics and ownership history» of diamonds purchased through the platform.

    In addition to ALROSA – which accounts for nearly one-third of global rough diamond production – UK-based tech firm Everledger was also part of the partnership, likely to power the blockchain technology the new feature leverages.

    Chinese diamond demand grew five percent to reach approximately $10 billion, according to De Beers’ Diamond Insight Report 2019. As a comparison, the U.S. market is currently at $36 billion.

  • UBS Reworks Super-Rich Unit

    UBS Reworks Super-Rich Unit

    UBS continues to tussle with how to cater to the lucrative super-rich tier: the bank is planning changes for the $1 trillion business led by top banker Josef Stadler.

    The Swiss-based wealth manager is whittling its ultra-high net worth business, a move which will dramatically curb the influence of unit head Josef «Joe» Stadler, a source familiar with the matter said. 

    Specifically, UBS will disperse some of its super-rich and family office clients back into the regions, the person said. Stadler will maintain a percentage of the total clients and take over an as-yet-unnamed new unit, they said.

    The so-called ultra-high net worth unit is at the center of UBS’ private banking play. The move is the first to emerge since a sixty-day «grace period» imposed on new unit co-head Iqbal Khan by CEO Sergio Ermotti lapsed. Khan runs UBS’ $2.3 trillion wider wealth management arm, together with Tom Naratil.

    The 43-year-old Khan «doesn’t care for too many segments,» the person familiar with the move saidIn practice, this means that simply being super-rich won’t get you the free shmoozing and perks that are common in wooing this segment, the person said.

    Largest Wealth Custodian?

    While the super-rich segment has won substantial new funds, UBS frets that not all of it is as lucrative as it hoped – some clients use UBS solely for trading or execution, which isn’t a lucrative business for the bank.

    Khan is battling against UBS becoming the world’s largest custodian of assets – as opposed to an active wealth manager, earning fees and commissions based on its advice.

    In the future, clients will only command the luxe service if they truly draw the sophisticated (and pricey) services that UBS wants to put at their disposal. The reversal undermines Stadler, who had emerged as hugely influential in a mega-merger, overseeing more than $1 trillion in assets at the end of last year.

    Most notably, Stadler and his team won entry into the U.S. wealth market, where UBS is scaling its way up the ladder in a bid to win wealthier clients and families with least $50 million). Stadler launched a U.S. capital markets team for the super-rich push under long-time investment banker Reinhardt Olsen several months ago.

    But Stadler’s efforts are constantly accompanied by turf wars: he clashed over territory with Europe boss Christine Novakovic. The reorganization in the super-rich segment hands considerable influence back to Novakovic, to Asian wealth co-heads Amy Lo and August Hatecke, and to U.S. boss Jason Chandler.

    UBS plans to cut as much as 5 percent of staff as a result of the move, «Inside Paradeplatz» reported, citing bank insiders. Stalder oversees more than 1,000 private bankers. The segment is the second-costliest to operate, after the Americas: its cost-income ratio is 76 percent, just under the wider private bank’s 77 percent total in the third quarter.

  • UBS Reorganization Claims First Casualty

    UBS Reorganization Claims First Casualty

    UBS’ new co-head of wealth management Iqbal Khan’s plans for the ultra-high net worth business have cost the firm its biggest banker in Asia. The resignation sparks fears of further instability.

    Even before staff in Asia can come to terms with Iqbal Khan’s plans to reorganize the bank’s ultra-high-net-worth services, they have been left leaderless. UBS’ head of ultra-high net worth and one of its best-known bankers in Asia, Ravi Raju, has resigned after four years in the role.

    Raju’s resignation comes in the wake of new boss Khan’s latest announcement and his recent tour of Asia. He was previously APAC head of asset and wealth management at Deutsche Bank and his appointment as head of its billionaire client group was seen by many as a stepping stone towards a bigger role. However constant organizational changes at the bank meant the larger role – if it was ever promised – never materialized.

    The reorganization has come as a bit of a shock, says one employee of the bank in Asia who did not envisage the changes to the existing structure or Raju’s consequential departure when he spent time with Khan in early November this year.

    He must have his own reasons for playing his cards close to his chest but it has left some of us feeling more removed from the decision-making process,» he says of his new boss’ style. The changes are wide-reaching because they will impact clients and bankers.

    He is skeptical, however, that Raju’s departure was prompted by the reorganization. Ravi heads both the ultra and the global family office business so for him the new structure would have been a consolidation of power rather than a loss, he says.

    Neither UBS or Raju have commented on the reason for his departure, although industry sources indicate it is not for another role.

  • HSBC Nets Bankers From UBS and Credit Suisse

    HSBC Nets Bankers From UBS and Credit Suisse

    HSBC Private Bank appointed four senior executives to strengthen the key areas of family advisory services and philanthropy within the Private Wealth Solutions business in Asia Pacific.

    As part of its push to grow its private banking business in the Asia Pacific, HSBC announced four senior hires on Monday. Aik-Ping Ng joins as Co-Head of Family Office Advisory and Senior Family Governance Advisor, Asia Pacific while Edith Ang will be Co-Head of Family Office Advisory and Senior Family Governance Advisor, Asia Pacific, the bank said in a media statement on Monday.

    Both of them will work with client families to develop long-term succession plans, which includes providing the highest standard of advisory on establishing and professionalizing family offices, trusts and estate planning, family governance and preparing for the transition of responsibility to the next generation.

    Aik-Ping Ng has over 17 years of international and China-based experience in private equity, corporate finance, strategic M&A, family office advisory and asset management to HSBC. Most recently, Ng was a Senior Advisor at UBS, working with Ultra High Net Worth (UHNW) clients in the formulation, review, and implementation of family office solutions.

    Edith Ang joins HSBC after 13 years at UBS, where she worked with UHNW families in Asia on the formulation, review, and implementation of family legacy solutions.

    In addition, Dorothy Chan has been appointed to be Head of Philanthropy Advisory and Charitable Services, Asia Pacific, while Christine Wong will take up the role of Head of Greater China Market, Private Wealth Solutions. Dorothy Chan succeeds Cynthia D’Anjou-Brown, the previous head, as the latter will retire from HSBC in December this year after almost 15 years of service.

    As a leading private and institutional client trustee platform, we are dedicated to building lasting relationships with HNW and UHNW families to identify the solutions to support them across the generations,» said Cynthia Lee, Regional Head of Private Wealth Solutions, the Asia Pacific in a media statement.

    Dorothy Chan joins HSBC after 19 years of experience in a variety of senior roles in the private, public and not-for-profit sectors. She previously worked at Galaxy Entertainment as Vice President, Corporate Relations. Chan has deep experience working with a number of leaders to define a vision and create solutions that contribute to the sustainable development of a range of diverse communities.

    Working closely with HSBC’s teams in EMEA and the Americas, Chan will help drive coordinated philanthropy efforts including building charities and connecting. She will also lead the team supporting clients in the development of their charitable goals.

    Christine Wong joins HSBC from Credit Suisse, where she was Director of Trust and Estate Advisory Team for the Greater China Market. Prior to joining HSBC, she gained 25 years of experience in cross-border trusts in senior wealth planner roles at Credit Suisse, Edmond de Rothschild, UBS, and J.P. Morgan.

    She also has served as Managing Director of the Asiaciti Trust group’s Hong Kong office with responsibility for the fiduciary management and trust operations of the business. In her new role, Christine Wong will be integral to the further development of HSBC’s Private Wealth Solutions business in Greater China.

  • Bangkok Bank Snaps Up Bank Permata

    Bangkok Bank Snaps Up Bank Permata

    Bangkok Bank emerges as the buyer of PT Bank Permata after Singapore’s DBS and OCBC reportedly backed out from bidding. Thailand’s second-largest lender Bangkok Bank bought Permata for about $2.7 billion to obtain a near 90 percent stake from Standard Chartered and PT Astra. The deal, which was advised by Morgan Stanley, was valued at 1.77 times Permata’s book value.

    According to a Bangkok Bank release, it found the acquisition attractive due to Permata’s «leading retail deposit franchise and best-in-class digital capabilities» with more than 300 branches in 60 cities in Indonesia.

    According to a filing, the acquisition is part of Bangkok Bank’s strategic transformation to become a regional lender, describing Indonesia as a «highly attractive and fast-growing market”.

    International expansion is our key strategy,» said Piti Sithi-Amnuai, chairman of Bangkok Bank. «Indonesia, in particular, is a key focus for us, as it is one of the fastest-growing major economies in Asia with highly attractive macroeconomic fundamentals, favorable demographics, and increasing ASEAN regional integration.

    Standard Chartered had signaled its intention to dispose of the stake in February, as it was no longer core to its strategy, and the funds raised from the sales could be used to further its share repurchase program which has already returned $1 billion.

  • Ant Financial and Vanguard Launch Advisory Joint Venture

    Ant Financial and Vanguard Launch Advisory Joint Venture

    Ant Financial and Vanguard establish a joint venture to provide advisory services to China’s onshore retail market.

    U.S. asset manager Vanguard would provide customized solutions to investors based on their risk profile, time horizon, and investment objectives, according to a report citing a statement, with a minimum investment of 800 yuan ($115) to access the service through Ant Financial’s Alipay app.

    The tie-up marks the second partnership Ant Financial has established in the last month. In late November, it signed a partnership with Postal Savings Bank of China to focus on areas such as digital payments, online lending, rural finance, and corporate finance alongside the establishment of a joint lab to explore other innovations.

    Vanguard, which launched a wholly foreign-owned enterprise in China in May 2017, recently bolstered its onshore capabilities with the hire of Yan Pu as its managing director and China head of investment management group.

  • HSBC Nets Bankers From UBS and Credit Suisse

    HSBC Nets Bankers From UBS and Credit Suisse

    HSBC Private Bank appointed four senior executives to strengthen the key areas of family advisory services and philanthropy within the Private Wealth Solutions business in Asia Pacific.

    As part of its push to grow its private banking business in the Asia Pacific, HSBC announced four senior hires on Monday. Aik-Ping Ng joins as Co-Head of Family Office Advisory and Senior Family Governance Advisor, Asia Pacific while Edith Ang will be Co-Head of Family Office Advisory and Senior Family Governance Advisor, Asia Pacific, the bank said in a media statement on Monday.

    Both of them will work with client families to develop long-term succession plans, which includes providing the highest standard of advisory on establishing and professionalizing family offices, trusts and estate planning, family governance and preparing for the transition of responsibility to the next generation.

    Aik-Ping Ng has over 17 years of international and China-based experience in private equity, corporate finance, strategic M&A, family office advisory and asset management to HSBC. Most recently, Ng was a Senior Advisor at UBS, working with Ultra High Net Worth (UHNW) clients in the formulation, review, and implementation of family office solutions.

    Edith Ang joins HSBC after 13 years at UBS, where she worked with UHNW families in Asia on the formulation, review, and implementation of family legacy solutions.

    In addition, Dorothy Chan has been appointed to be Head of Philanthropy Advisory and Charitable Services, Asia Pacific, while Christine Wong will take up the role of Head of Greater China Market, Private Wealth Solutions. Dorothy Chan succeeds Cynthia D’Anjou-Brown, the previous head, as the latter will retire from HSBC in December this year after almost 15 years of service.

    As a leading private and institutional client trustee platform, we are dedicated to building lasting relationships with HNW and UHNW families to identify the solutions to support them across the generations, said Cynthia Lee, Regional Head of Private Wealth Solutions, the Asia Pacific in a media statement.

    Dorothy Chan joins HSBC after 19 years of experience in a variety of senior roles in the private, public and not-for-profit sectors. She previously worked at Galaxy Entertainment as Vice President, Corporate Relations. Chan has deep experience working with a number of leaders to define a vision and create solutions that contribute to the sustainable development of a range of diverse communities.

    Working closely with HSBC’s teams in EMEA and the Americas, Chan will help drive coordinated philanthropy efforts including building charities and connecting. She will also lead the team supporting clients in the development of their charitable goals.

    Christine Wong joins HSBC from Credit Suisse, where she was Director of Trust and Estate Advisory Team for the Greater China Market. Prior to joining HSBC, she gained 25 years of experience in cross-border trusts in senior wealth planner roles at Credit Suisse, Edmond de Rothschild, UBS, and J.P. Morgan.

    She also has served as Managing Director of the Asiaciti Trust group’s Hong Kong office with responsibility for the fiduciary management and trust operations of the business. In her new role, Christine Wong will be integral to the further development of HSBC’s Private Wealth Solutions business in Greater China.

  • AXA Consortium Nets Student Housing Portfolio

    AXA Consortium Nets Student Housing Portfolio

    The acquisition aims to capitalize on the high demand for student housing in Australia, the third most popular country for international students.

    A joint venture comprising AXA Investment Managers – Real Assets, Allianz and APG have agreed to acquire Urbanest, a portfolio of student accommodation properties in four major Australian cities, AXA IM – Real Assets announced in a press release on Wednesday.

    The 14 properties, located in Sydney, Melbourne, Brisbane and Adelaide, have 6,805 beds, and will be operated by student accommodation manager Scape, which also manages the consortium’s Atira portfolio comprising 3,510 beds, which was acquired in September.

    «The sector has favorable demand drivers and growing institutional appeal, assets are tightly held and the barriers to entry are relatively high, particularly in Sydney, which makes this opportunity even more appealing,» Kumar Kalyanakumar, Head of Australia at AXA IM – Real Assets, said about the deal.