The firm is repositioning its alts offering in response to demand. Global head of investment funds, Rene Buehlmann, says asset managers can do better in talking up globally diversified product.
Industry firms stump up nearly $20 million in seed capital in order to finance a state-backed online venture meant to reduce traditional distributors’ stranglehold.
The US fund house has appointed Sabrina Gan in the Lion City, to work in conjunction with recent arrival Julia Lee in Hong Kong, as it strives to streamline its product offering.
The regulator fines the firm $3 million for inadequate customer profiling in the distribution of a fund from 2007 to 2012. Separately, it bans a former Morgan Stanley Asia banker for life.
Market forces have converged to drive mutual fund sales, while the need for a solutions-driven approach may see Aberdeen seek to work with distributors on a segregated basis.
Senior distributors recognise the need to drive fund penetration in Asia. The big question is how they can work together more efficiently to make the industry more appealing.
The US firm names Navin Suri from ING Investment Management as head of intermediary distribution for the region in a newly created role. He comes in with a hiring mandate.
Doom and gloom does not seem to apply to Citi’s $200 billion wealth management business in Asia. It is one of the few distributors in Asia not to have cut back on its list of manufacturers.
The firm is striving to get its funds on more bank platforms in Hong Kong, and Myles Morin is leaving the territory to head a similar effort in Canada.