West Kowloon authority changes tack, shortlists consultants

The West Kowloon Cultural District Authority, a new endowment established by the Hong Kong government, has changed its approach to managing its HK$21.6 billion ($2.8 billion) of assets. As previously reported, in April the WKCDA sent out requests for proposals (RFPs) to 30-odd fund managers with offices in Hong Kong. It asked them to pitch on strategies to achieve an annual 6.1% absolute return, assuming a 2% rate of inflation, and probably without the use of derivatives for leverage…