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Tag: asset management

  • Bitcoin Holds Near $75,600 After 6% Drop

    Bitcoin Holds Near $75,600 After 6% Drop

    Bitcoin held near $75,600 on Nov 6 following a sharp selloff that knocked the token down more than 6% from levels above $80,000. The broader retreat across risk assets followed weak chipmaker earnings and a Democratic sweep of the US Congress.

    Smaller tokens including BNB, Ether and Solana traded broadly flat during the session. Dip buyers emerged as a rebound in semiconductor equities steadied broader financial markets, even as economic figures fueled expectations that the US Federal Reserve will raise benchmark interest rates in December.

    Exchange Breach Rattles Market Liquidity

    Digital asset sentiment remains compromised by an October 29 security breach at Binance that saw $6.3 billion impacted. The incident hit confidence across centralized venues, compounding liquidations when macro market volatility accelerated.

    Mining companies that shifted operational capacity toward artificial intelligence data infrastructure over recent years saw equity routs in tech shares feed straight back into digital asset portfolios. Skepticism regarding the timing of returns on substantial artificial intelligence capital spending helped pull speculative funds away from growth assets across Asian and global trading desks.

    “Bitcoin appears to be finding some relief after yesterday’s sharp selloff, although I would be cautious about calling this a reversal just yet,” Dean Chen, an analyst at crypto exchange Bitunix, said in an e-mail. “I would describe the current move as selling pressure easing, rather than fresh accumulation taking hold.”

    Spot ETF Outflows Surpass $1 Billion

    Institutional investment vehicles absorbed heavy redemptions during the downdraft. US-listed spot Bitcoin exchange-traded funds recorded $430 million in net outflows on Nov 5, with the Fidelity Wise Origin Bitcoin Fund shedding roughly $200 million and BlackRock’s IBIT losing about $105 million.

    That withdrawal followed a combined $1.04 billion pulled from US spot funds over the previous Friday and Monday sessions, where BlackRock’s fund alone posted $405 million in exits. Liquidations erased speculative exposure, with approximately $996 million in used positions flushed from trading books during the market drop.

    Capital Allocation and Spillover Risks

    For financial institutions and regional digital asset desks in Asia, the convergence of security failures at large exchanges and political shifts in Washington alters the near-term regulatory baseline. Institutional capital that entered spot wrappers has demonstrated it will pull liquidity quickly when broader equity valuations wobble.

    The selloff also exposes balance sheet strain at mining operations that committed heavy capital expenditures to high-performance computing facilities. As tech valuations recalibrate, these hybrid operators face margin pressure from both softer token prices and cooling equity multiples.

    Earlier Pressure Across Central Venues

    The stabilization follows days of operational containment at Binance, which moved to cover the bulk of stolen assets before resuming token withdrawals. That intervention prevented widespread secondary failures across regional market makers, though custody risks remain front of mind for prime brokers.

    Trading desks now monitor the $77,000 threshold as the immediate technical mark required to establish forward momentum, while equity weakness leaves the $75,000 floor exposed to retesting.

  • Keppel to Mobilize up to $1 Billion Through Vietnam Financial Center

    Keppel to Mobilize up to $1 Billion Through Vietnam Financial Center

    Keppel has joined the Vietnam International Financial Center as an inaugural member, setting up investment platforms to direct up to $1 billion into real estate assets nationwide.

    This week, the Singaporean group received its founding membership certificate from Truong Minh Huy Vu, vice chairman of the Ho Chi Minh City People’s Committee and head of the executive body for the center, known as VIFC.

    Alongside its own balance sheet, Keppel plans to source the bulk of the $1 billion from third-party institutional backers, deploying capital into commercial, residential and infrastructure property.

    Terms of the financial center platform

    The vehicle operates under the charter of the Vietnam International Financial Center, known as VIFC, which Vietnam’s National Assembly authorized in 2025. VIFC runs across dual hubs in Ho Chi Minh City and Da Nang under standalone regulatory rules designed to attract overseas capital.

    Those special rules permit direct foreign-currency settlements, offer tax incentives for registered projects and establish international dispute-resolution mechanisms outside the standard domestic court circuit. Truong Minh Huy Vu, vice chairman of the Ho Chi Minh City People’s Committee and head of the executive body for the VIFC, handed Keppel its founding membership certificate this week.

    Deployments remain contingent on project approvals, market conditions and external partner commitments. Keppel’s Real Estate Division will manage the vehicles, targeting urban developments that mix commercial, residential and retail square footage.

    The shift to fee-bearing asset management

    For cross-border developers, the vehicle shows how global real estate firms are restructuring their presence in Vietnam. Direct balance-sheet acquisitions in Southeast Asian emerging markets tie up heavy capital during lengthy land-clearance and permitting phases. By establishing third-party co-investment platforms, Keppel shifts toward fee-bearing asset management, spreading development exposure across global limited partners while retaining operating control.

    Institutional investors have historically treated Vietnam as a high-yield, high-friction destination. The legal ring-fencing provided by the VIFC, particularly foreign-currency transactions and international arbitration, addresses the primary governance risks that keep global pension funds and sovereign vehicles from underwriting Vietnamese projects at scale.

    Building on four decades in Vietnam

    Keppel entered Vietnam roughly forty years ago, steadily building an operating portfolio that now spans 30 real estate projects. Its registered capital in the country exceeds S$5 billion ($3.9 billion), making the company one of the largest foreign property players in the market.

    The company framed the new setup around long-term economic expansion rather than short-term trading gains.

    Keppel is honored to be selected as an inaugural member of the VIFC. This reflects our longstanding commitment to Vietnam and our confidence in the country’s long-term growth potential.

    Joseph Low, chief representative for Vietnam and president of Vietnam Real Estate at Keppel, confirmed the firm will work with municipal agencies and institutional partners to channel international funding through the center.

    Capital deployment targets to watch

    The financial center’s first 10 members have pledged to raise $2.7 billion for projects, with Keppel accounting for more than a third of that targeted total.

    Attention now turns to the specific asset pipelines Keppel puts forward under the VIFC structure, with the first co-investment vehicles expected to test how quickly municipal regulators process site approvals under the 2025 financial center decree.

  • China Clears 18 Active ETF’s to Funnel Billions into A-Shares

    China Clears 18 Active ETF’s to Funnel Billions into A-Shares

    China approved 18 actively managed exchange-traded funds on Monday, clearing domestic fund managers to channel tens of billions of yuan into mainland equities.

    Each fund could raise around 2 billion yuan, or roughly US$300 million, during subscription drives starting as early as Friday. The China Securities Regulatory Commission cleared the batch from domestic public fund houses after a three-month review. Fund managers may issue initial offer details as early as Tuesday, opening a direct pipeline of institutional cash for Shanghai and Shenzhen listings.

    Terms of the Fund Approvals

    Speaking at the Financial Street Forum in Beijing, CSRC chairman Wu Qing confirmed the approvals while outlining measures to stabilize equity prices. The new batch represents a shift toward active management within the exchange-traded market, giving portfolio managers leeway to select individual stocks rather than mechanically tracking broad equity indexes.

    Unlike passive benchmark trackers that buy across an entire gauge, actively managed funds allow stock pickers to concentrate capital in undervalued names or specific sectors. For domestic institutional investors, this structure offers a mechanism to deploy liquidity quickly without absorbing the broader market drag from troubled legacy sectors.

    State Capital Steps In

    The push follows sharp declines across mainland bourses. The benchmark CSI 300 Index fell 3.4 percent over the five trading sessions through Friday, capping an unprecedented 10-week losing run. Although the index bounced 0.3 percent on Monday following third-quarter growth data, it sits roughly 17 percent below its June peak, flirting with technical bear-market territory.

    State-backed institutional buyers, collectively known as the National Team, have already stepped up purchases. Inflows into leading broad-based ETFs reached their highest levels since July late last week, marked by heavy institutional volume near market close. The rollout of active ETFs expands this liquidity playbook from direct index intervention to discretionary equity allocation.

    Tech Valuations Under Pressure

    Mainland technology companies have borne the brunt of recent equity weakness as global enthusiasm for artificial intelligence hardware shifted. The tech-focused Star 50 Index dropped nearly 40 percent across the half year, turning into one of the weakest major tech gauges worldwide.

    Beijing has relied on equity markets to finance strategic technology developers, but falling secondary valuations threaten primary fundraising. In contrast, Hong Kong has seen growth companies in biotechnology and artificial intelligence rise to 30 percent of its listed pool from 10 percent in 2023, drawing capital that might otherwise seek mainland listings. Funneling fresh fund flows into Shanghai and Shenzhen gives domestic tech counters a valuation buffer at a time when retail sentiment remains fragile.

    Corporate Buybacks and Enforcement

    The regulatory initiative builds on market-support efforts launched in July, when Chinese authorities brought together state funds, domestic insurers, and asset managers to steady trading desks. That intervention curbed outright panic selling but failed to halt the weekly erosion across large-cap benchmarks.

    Regulators are pairing the ETF rollouts with pressure on corporate boards to execute share buybacks, alongside pledges by the CSRC to punish accounting misconduct and illegal trading. Attention now turns to Friday, when fund houses open their books for initial subscriptions to establish how much institutional and retail capital the 18 products collect.

  • China Expands Public REIT Framework to Include Hotel Assets

    China Expands Public REIT Framework to Include Hotel Assets

    China is advancing reforms this week to incorporate hotel properties into its domestic public real estate investment trust market. The expansion opens an institutional exit route for hotel owners seeking to shift toward asset-light operational models.

    Regulators in Beijing are broadening the scope of domestic public REITs beyond 3 traditional asset classes: industrial parks, toll roads, and logistics facilities. Commercial hospitality assets can now access exchange-listed equity capital under the expanded framework.

    Opening Listed Capital to Hotel Portfolios

    The pilot program for infrastructure REITs originally restricted listings to municipal utilities, industrial parks, and affordable rental housing. Expanding the eligible asset pool to hospitality properties allows hotel owners to securitize income-generating developments through domestic exchanges.

    To qualify for a public listing, properties must demonstrate stable operating cash flows, clear land ownership rights, and compliant operational histories. Asset managers package selected hotel real estate into closed-end funds sold to institutional and retail investors.

    Shifting Hospitality Owners to Asset-Light Models

    Hospitality groups operating across mainland China have historically carried heavy balance sheets loaded with freehold real estate. Public hotel trusts provide a domestic vehicle to offload physical properties while retaining long-term management contracts.

    For international and domestic hotel operators, the reform creates an avenue to scale footprint without borrowing heavily from state banks. The capital recycled from asset sales goes directly into brand development, technology platforms, and management operations.

    Pricing Risk and Operational Volatility

    Hotel revenues fluctuate with seasonal travel patterns, corporate spending cuts, and tourism demand far more than standard industrial warehouses or rental housing. That volatility directly affects dividend payouts to public unit holders.

    Trust managers face the challenge of structuring lease and operational agreements that absorb cyclical downturns without breaching minimum yield thresholds. Investors will price these instruments against prevailing corporate bond yields and existing consumer infrastructure trusts.

    Broadening Beyond Traditional Infrastructure

    Chinese financial regulators initiated the domestic REIT market to unlock capital tied up in state and private infrastructure projects. Authorities subsequently expanded the program to shopping centers and consumer infrastructure to support domestic consumption.

    Extending the framework to hospitality assets marks the next phase in establishing a comprehensive commercial property trust market in mainland China. Market participants are monitoring the first batch of hotel trust filings submitted to domestic stock exchanges for indicative valuation multiples and target distribution yields.

  • Global Finance Names Winners of 19Th Annual Stars of China Awards

    Global Finance Names Winners of 19Th Annual Stars of China Awards

    Global Finance revealed the winners of its 19th annual Stars of China Awards on Thursday. The program recognizes commercial banks, fintech providers, and asset management firms across the mainland.

    The annual index benchmarks institutions navigating domestic economic adjustments. It measures operational strength, capital stability, and credit deployment to key industrial sectors.

    Lending Shifts Toward Industry and Tech

    State-owned lenders and regional commercial banks have redirected credit lines away from traditional real estate developers. Capital now flows toward high-end manufacturing, small businesses, and technology ventures. This shift mirrors policy directives from Beijing aimed at stabilizing production while consumer spending recovers at an uneven pace.

    Retail and consumer brands operating in China find their working capital tied directly to these institutional priorities. Supply chain operators, logistics networks, and hardware developers continue to secure competitive borrowing terms. Purely consumer-facing discretionary merchants face tighter credit underwriting from regional lenders.

    China’s resilient economy continues to face challenges from weak domestic demand and the property sector, but policy support, steady industrial activity, and efforts to stimulate lending provide reasons for cautious optimism. The country’s largest banks remain well capitalized and are expanding lending to manufacturing, technology, and small businesses.

    Balancing Property Drag and Small Business Credit

    Asset managers and commercial banks operate amid subdued domestic demand and persistent liquidity stresses in commercial real estate. Even with those pressures, core tier-one capital ratios at China’s top commercial institutions remained steady throughout the year.

    Evaluators assessed cross-border capabilities alongside domestic performance, tracking how Chinese firms handle outbound trade and currency settlement across the Asia-Pacific region. Trade corridors linking mainland suppliers with Southeast Asian retail networks serve as a primary growth driver for trade finance desks.

    Full Report Slated for November Release

    Global Finance founded the China-focused evaluation 19 years ago to track performance inside the world’s second-largest economy. The publication reaches 50,000 corporate and financial decision-makers across 196 countries.

    Full winner lists and the ranking of the Safest Banks in China will run in the November print and digital editions, ahead of an in-person awards ceremony in Beijing later this autumn.

  • Sumitomo Mitsui Trust Expands to Vietnam Through Asset Management Joint Venture

    Sumitomo Mitsui Trust Expands to Vietnam Through Asset Management Joint Venture

    Sumitomo Mitsui Trust Group will enter Vietnam’s asset management sector by forming a joint venture with a state-owned bank to capture shifting retail investment flows.

    The Tokyo-based financial group plans to launch the venture as early as next year. The partnership targets domestic household wealth as rising personal incomes push savers beyond cash deposits, real estate, and physical gold.

    Targeting Vietnam’s Retail Capital

    Vietnamese households hold the bulk of their personal assets in traditional savings accounts, bullion, and property. Sumitomo Mitsui Trust expects growing affluence across the country to accelerate demand for mutual funds, equities, and fixed-income products.

    The joint venture will use the state bank’s branch reach and domestic client network to distribute investment vehicles. Japanese asset managers have increasingly looked abroad to deploy capital expertise as Southeast Asian economies expand their domestic financial markets.

    Japanese Lenders Push Into Southeast Asia

    Japanese financial groups continue to seek fee-generating asset management businesses across ASEAN to offset low domestic loan margins. Vietnam remains a focal point for institutional capital because of sustained factory investment and urban wage growth.

    Regulatory approval for the joint venture and the final equity structure between the two banking institutions will dictate the official rollout date next year.

  • Italian Asset Manager Appoints New Sales Leader for Switzerland

    Italian Asset Manager Appoints New Sales Leader for Switzerland

    Eurizon Asset Management appoints Alain Barthel as Head of Sales Switzerland to enhance its market presence.

    In a significant move to solidify its footprint in the competitive Swiss financial landscape, Eurizon Asset Management has welcomed Alain Barthel as the new Head of Sales for Switzerland, effective April 1st. Operating from Zurich, Barthel brings a wealth of experience and expertise to this critical role.

    A Seasoned Professional Joins Eurizon

    Alain Barthel arrives at Eurizon with over 25 years of robust experience in sales and business development within the asset management and financial sectors. His previous roles include Senior Consultant at Anglo-Swiss Advisors and Head of Continental Europe at Brandywine Global Investment Management, a part of Franklin Templeton Group.

    Barthel’s impressive track record also features stints at leading asset management firms like UBS Asset Management, Goldman Sachs Asset Management, and Morgan Stanley Investment Management, where he held key sales positions and catered to a diverse array of client segments.

    Strengthening Client Partnerships

    Commenting on Barthel’s appointment, Gabriele Miodini, Head of International Business Development at Eurizon Capital SGR, stated, “With Alain, we are gaining an experienced industry expert for the very important Swiss market. His in-depth market knowledge, strategic thinking, and partnership approach with clients will play a key role in further strengthening our local presence.”

    Expanding European Reach

    Eurizon, an Italian asset manager, operates extensively across continental Europe. With offices in countries like Germany, Spain, and France, and subsidiaries in Luxembourg, the UK, Eastern Europe, and Asia, the company is focused on enhancing its investment capabilities and client services across the region.

    Impact on the Retail Sector

    With consumer demand for robust asset management solutions on the rise, Barthel’s leadership may significantly influence Eurizon’s growth strategy in Switzerland. As the firm expands its presence and fosters deeper client relationships, this appointment could reshape the retail investment landscape, bringing forward innovative solutions that align with evolving consumer trends.

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  • Maybank Asset Management sees AUM expanding US$50m in next 2 years

    Maybank Asset Management sees AUM expanding US$50m in next 2 years

    Maybank Asset Management Group (MAMG) expects its assets under management (AUM) to increase between US$30 million (RM126 million) to US$50 million (RM209 million) in the next two years, following its collaboration with Schroder Investment Management (Singapore) Ltd to co-develop investment solutions for sophisticated investors.

    As of end September 2018, MAMG’s AUM stood at RM33.7 billion.

    MAMG and Schroders Singapore announced their first long-term strategic partnership with the launch of two discretionary portfolios, namely Global High Dividend Equity Portfolio and Global High Conviction Portfolio.

    These solutions will be managed by Maybank Asset Management (MAM) Malaysia, a unit of MAMG, with Schroders Singapore as the investment adviser.

    “This is a very targeted high net worth segment so we are leveraging on Maybank private banking customers,” MAMG CEO Badrul Hisyam said.

    “The (market) sentiment right now is quite weak generally, unless the sentiment improves, then we would see better response to this kind of product,” Badrul added, revealing that at least three more products would be available under this collaboration in financial year 2019.

    “By integrating our strength in local wealth management with their global investment capabilities, the resulting synergy will allow us to deepen our foothold in the Malaysian wealth market, through dedicated offerings designed to achieve investors’ desired outcomes.

    “We recognise the growing demand for sophisticated, outcome-oriented global investment solutions, particularly among the high net worth community. We are therefore committed to delivering a range of global investment strategies to cater to their evolving financial needs,” he noted.

    Meanwhile, Schroders Singapore country head Susan Soh said as part of the continuing partnership, both companies would undertake further collaboration projects to co-develop solutions across other asset classes, including Shariah-compliant investment and private assets.

    “We believe our ability to combine the key tenets of asset management and wealth management offers differentiated value proposition to MAM Malaysia’s clients,“ Soh said.

    According to Badrul, the Shariah-compliant investment is expected to be available to the market by third quarter of 2019.

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  • Hui Xian Reit sees steady growth despite slowing Chinese economy

    Hui Xian Reit sees steady growth despite slowing Chinese economy

    Hui Xian Real Estate Investment Trust, the first yuan-denominated reit listed in Hong Kong, said on Tuesday that its amount available for distribution rose 8.4 per cent last year despite the weak growth in the mainland Chinese economy and the ongoing global slowdown.

    The reit said the amount available for distribution grew to 1.48 billion yuan from 1.36 billion yuan a year ago, with 98 per cent to be distributed to unit holders. Distribution per unit for the second half of the year was about 13.4 fen.

    Together with the interim amount announced earlier, the total distribution per unit for the year rose 5.2 per cent year on year to 27 fen. Its distribution yield was 8.11 per cent, based on the closing unit price of 3.33 yuan on December 31, 2015.

    “Last year was challenging, marked by a worldwide economic slowdown and increased international volatility,” said Kam Hing-lam, chairman of Hui Xian Asset Management, the manager of the reit, which is partly owned by Cheung Kong Property Holdings.

    Nonetheless, Hui Xian Reit managed to maintain the growth momentum, Kam said, adding that the increase was mainly driven by the organic growth of its existing leasing and hotel portfolio. The reit also gained from the additional income contributed by the newly acquired Chongqing Metropolitan Oriental Plaza from March 2 last year.

    Total revenue for the period was 3.05 billion yuan, up 9.1 per cent on an annual basis, while net property income rose 9.9 per cent to 2.04 billion yuan.

    Hui Xian Reit said its core asset, the Oriental Plaza in Beijing, achieved stable growth as it had heavy visitor flows despite a gloomy retail environment in mainland China.

    The average monthly passing rent surged 9 per cent to 1,193 yuan.

    Last year was challenging, marked by a worldwide economic slowdown and increased international volatility
    KAM HING-LAM, CHAIRMAN, HUI XIAN ASSET MANAGEMENT

    The reit said its offices and serviced apartments showed stable income growth while the hotel sector showed signs of stabilising.

    The average occupancy rate at Grand Hyatt Beijing improved to 58.8 per cent from 55.9 per cent a year ago, with the average room rate per night down 7.9 per cent year on year to 1,461 yuan.

    Hui Xian said all its existing projects were in mainland China, generating revenue in yuan. The currency’s exchange rate volatility, however, did not have a significant impact on the performance of the reit’s projects.

    Though most of its borrowings are in Hong Kong dollars, its yuan exposure will become visible when the currency’s exchange gain or loss is realised upon repayment.

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