Weekly Investor Roundup: Philippines’ Social Security System Loses $ 8 Billion; SGX imposes ESG reporting | Fund managers

TOP NEWS OF THE WEEK:

The Philippine Social Security System (SSS) suffered a net loss in 2020 that was 31.5% greater than in 2019, according to a recently released audit report.

The loss was suffered primarily as a result of the drop in contributions as a result of the coronavirus crisis and its adoption of new accounting standards.

The fund’s net loss fell to $ 8.3 billion (427.27 billion pesos) from $ 6.5 billion (324.85 billion pesos) in 2019, according to the Audit Commission, which verifies the accounts of all government funds and property.

The SSS manages the retirement savings of private sector employees and had total assets of $ 12.82 billion (639.99 billion pesos) at the end of 2020.

Source: Asset management in Asia

The Singapore Stock Exchange (SGX) has made climate reporting mandatory for issuers in certain sectors from 2023, with others to follow by 2024.

In two years, listed companies in the financial sectors of energy and agriculture, food and forest products will have to provide climate-related information based on the recommendations of the TCFD (Task Force of Climate-related Financial Disclosures).

By 2024, companies in the materials and construction and transport sectors will also be subject to mandatory reporting.

Source: Business time

New Zealand Super (NZ Super) has awarded UBS Asset Management two ESG index equity fund mandates.

UBS AM will manage $ 4.9 billion over the two passive mandates, tailoring funds to the performance of the sovereign wealth fund and responsible investment requirements.

Source: Financial standard

Singapore’s sovereign wealth fund has invested in cryptocurrency firm Anchorage and Colombian startup Buy Now Pay Later (BNPL) Addi.

GIC participated in Anchorage’s Series D fundraising round that raised $ 350 million, alongside a wide range of investors including KKR, Goldman Sachs, Andreessen Horowitz, BlackRock and PayPal Ventures.

The fund also participated in Addi’s latest round of funding, comprising $ 200 million in debt and equity – $ 80 million in equity from GIC, Softbank’s Latin America Fund and others. Goldman Sachs groups have promoted $ 215 million in debt financing. The startup offers BNPL’s services to Latin American clients.

Source: GIC, TechCrunch, Bloomberg

MORE INVESTOR NEWS:

AUSTRALIA

Cbus Super and NSW energy industry super fund EISS Super have signed a memorandum of understanding to complete a merger in 2022.

With $ 67 billion ($ 47.65 billion) in funds under management, Cbus is one of Australia’s oldest and best performing industry super funds, with an average return of 9.25% per year for the past 37 years. Cbus’s MySuper investment option returned 19.34% for fiscal 2021, a record year for the fund.

Cbus CEO Justin Arter said the merger would further strengthen Cbus’s position as an industry-leading fund: “Cbus has had ties and affinities with the electrical industry for decades.

Source: Cbus

CHINA

UBS Group is in talks with China Life Insurance to launch an asset management joint venture in China, two sources said, as part of the Swiss bank’s plan to strengthen its presence in the world’s second-largest economy.

UBS will hold a majority stake in the business unit, which, if finalized, will be the first foreign majority-owned asset management joint venture in China with an insurer as it has cleared majority foreign stakes in such partnerships. in 2019.

China Life and UBS have signed a memorandum of understanding to create the joint venture, the formal launch of which will be subject to approval by the China Banking and Insurance Regulatory Commission (CBIRC), one of the sources said. .

Source: Reuters

Deutsche Bank (China) announced on December 15 that it had received regulatory approval to launch its domestic custodial services for securities investment funds established in China, becoming the EU’s largest bank and the second largest foreign bank. to provide such services in China.

The China Securities Regulatory Commission (CSRC) approved the first such license to Citibank in September.

Source: China daily

Swedish pension fund AP7 updated its blacklist on December 8 and added a total of seven new companies, including five Chinese coal-fired power companies, the fund recently announced.

The blacklist of the AP7 pension fund is updated twice a year, in June and December. This time, five Chinese companies are blacklisted due to the Paris Agreement. These are China Power International Development, China Shenhua Energy Company, Huadian Power International Corp, Shanxi Lu’An Environmental Energy Development and TBEA.

Source: ScandeAsia

HONG KONG

The Hong Kong Stock Exchange announced on December 17 the city’s listing regime for Special Purpose Acquisition Companies (Spac) that will come into effect on January 1, 2022.

It sets the fundraising threshold for Spacs at 1 billion Hong Kong dollars ($ 128 million) but lowered the minimum number of professional institutional investors required to 20 from the 30 initially proposed.

Private investors are prohibited from investing in Spacs.

Source: HKEX

The Mandatory Provident Fund Schemes Authority (MPFA) and Macao’s de facto central bank, the Macao Monetary Authority (AMCM), signed a memorandum of understanding on December 14 to improve their information exchange, professional training and their technical sharing.

Following the signing of this MoU, MPFA will share its experience in its efforts to improve the MPF system and exchange views with AMCM on financial sector regulation.

Source: MPFA

INDIA

The Securities and Exchange Board of India (Sebi) has extended the time frame for fund managers to adopt risk management frameworks and implement a two-tier structure for benchmarking mutual fund systems.

India’s securities regulator initially set the deadline for January 1 when it announced measures to improve investor protection in September. The deadline has been extended three months to April 1.

Source: Asset management in Asia

KOREA

The Public Officials Benefit Association (Poba) and the California State Teachers’ Retirement System (CalSTRS) have jointly invested $ 40 million in multi-family assets in downtown San Jose, Calif., Said a POBA official in Korea. Economic Daily.

The investment was made through the two investors’ $ 600 million joint venture for the investment in commercial real estate loans in the United States, which was founded in April 2021, marking their fourth co-investment fund. since 2018. Los Angeles-based real estate investment company PCCP LLC manages the fund. .

Source: Korea Economic Daily

The National Pension Service (NPS) will support 100 billion won ($ 84 million) in the private equity fund’s acquisition of the country’s largest hydrogen producer, Deokyang, as part of its first investment in the national hydrogen economy.

According to investment banking sources, NPS has decided to join as an investor in the 850 billion won buyout of Deokyang by Macquarie Korea Asset Management.

Source: Impulse

A Korean industry group for small and medium enterprises is soliciting bids from brokerage firms to provide brokerage and investment services for a $ 3 billion foreign mandate and an absolute return mandate that includes a fund of funds at the $ 300 million foreign and 50 billion won ($ 42 million) domestic investment fund.

The Korean Federation of SMEs, or KBIZ, will hire four companies for the $ 3 billion mandate, which will focus on North American stocks and is benchmarked against the S&P 500 index, the group said in a tender. December 17th.

Source: Asset management in Asia

Government Employees Pension Service (GEPS) solicits offers from brokerage firms to provide brokerage services for its foreign investment portfolios.

It will hire nine companies – six for foreign stocks and exchange-traded funds, and three for global bonds, the GEPS said in its Dec. 13 tender. He did not specify the value of the portfolios.

The firms will be appointed for a period of six months from January 1.

Source: Asset management in Asia

MALAYSIA

The Securities Commission Malaysia (SC) has reduced the minimum amount that Special Purpose Acquisition Companies (SPAC) are required to raise in an initial public offering to $ 23.75 million ($ 100 million). ringgits) against 35.5 million ringgit (150 million ringgit) and raised the minimum IPO price to 2 ringgit from 0.50 ringgit.

These are among the major revisions that Malaysia’s Securities Regulator has made to its 12-year SPAC framework, with the aim of promoting the development of the local capital market.

The revised framework will take effect on January 1, the SC said in a December 16 statement. The regulator will now also allow SPACs to issue securities to acquire an eligible target business instead of having to pay everything in cash, as was the previous rule. .

Source: Asset management in Asia

NEW ZEALAND

NZ Super Fund joined a consortium that included Pioneer Capital and Comprador Holdings to purchase a controlling stake in Fertility Associates, the leading provider of fertility treatments in New Zealand.

Fertility Associates is the leading provider of reproductive support, diagnostic services and fertility treatment in New Zealand and Malaysia. To date, Fertility Associates has helped deliver 25,000 babies in New Zealand and 5,000 babies in Malaysia.

The consortium has acquired approximately 70% of the company, with the remainder being owned by the doctors and management team of Fertility Associates.

Source: New Zealand Super Fund

SINGAPORE

Singapore’s UOB Asset Management and insurer NTUC Income have teamed up to give corporate clients of the latter access to UOBAM Invest through the insurance company’s corporate insurance platform, BIX.

UOBAM Invest is Singapore’s premier digital advisory service for business investors, while BIX is Income’s self-service business insurance platform. UOBAM is the first partner on board BIX, the two said in a joint announcement.

Source: Singapore Business Review


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